Document and Entity Information
Document and Entity Information - shares shares in Millions | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2022 | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Fiscal Year Focus | 2022 | |
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 | 368 | |
Common Class A | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, Par Value $.01 | |
Trading Symbol | PRU | |
Security Exchange Name | NYSE | |
5.625% Junior Subordinated Notes | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.625% Junior Subordinated Notes | |
Trading Symbol | PRS | |
Security Exchange Name | NYSE | |
4.125% Junior Subordinated Notes | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 4.125% Junior Subordinated Notes | |
Trading Symbol | PFH | |
Security Exchange Name | NYSE | |
5.950% Junior Subordinated Notes | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.950% Junior Subordinated Notes | |
Trading Symbol | PRH | |
Security Exchange Name | NYSE |
Unaudited Interim Consolidated
Unaudited Interim Consolidated Statements of Financial Position - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
ASSETS | |||
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2022-$151; 2021-$114) (amortized cost: 2022-$325,957; 2021-$333,459) | [1] | $ 295,841 | $ 372,410 |
Fixed maturities, held-to-maturity, at amortized cost, net of allowance for credit losses (allowance for credit losses: 2022-$2; 2021-$5) (fair value: 2022-$1,371; 2021-$1,803) | [1] | 1,199 | 1,514 |
Fixed maturities, trading, at fair value (amortized cost: 2022-$7,268; 2021-$8,741) | [1] | 5,690 | 8,823 |
Assets supporting experience-rated contractholder liabilities, at fair value | 2,580 | 3,358 | |
Equity securities, at fair value (cost: 2022-$5,378; 2021-$5,815) | [1] | 6,882 | 8,574 |
Commercial mortgage and other loans (net of $218 and $119 allowance for credit losses; includes $978 and $1,263 of loans measured at fair value under the fair value option at September 30, 2022 and December 31, 2021, respectively) | [1] | 56,896 | 58,666 |
Policy loans | 9,920 | 10,386 | |
Other invested assets (net of $1 and $2 allowance for credit losses; includes $6,132 and $8,046 of assets measured at fair value at September 30, 2022 and December 31, 2021, respectively | [1] | 21,050 | 21,833 |
Short-term investments (net of allowance for credit losses: 2022-$5; 2021-$0) | 5,181 | 6,635 | |
Total investments | 405,239 | 492,199 | |
Cash and cash equivalents | [1] | 20,104 | 12,888 |
Accrued investment income | [1] | 2,888 | 2,855 |
Deferred policy acquisition costs | 19,334 | 18,192 | |
Value of business acquired | 532 | 771 | |
Income tax assets | 3,831 | 0 | |
Assets held-for-sale | [2] | 0 | 153,793 |
Other assets (net of allowance for credit losses: 2022-$21; 2021-$19) | [1] | 31,303 | 10,739 |
Separate account assets | 194,525 | 246,145 | |
TOTAL ASSETS | 677,756 | 937,582 | |
LIABILITIES | |||
Future policy benefits | 278,262 | 290,784 | |
Policyholders’ account balances | 131,679 | 122,633 | |
Policyholders’ dividends | 665 | 8,731 | |
Securities sold under agreements to repurchase | 8,223 | 10,185 | |
Cash collateral for loaned securities | 5,865 | 4,251 | |
Income taxes liabilities | 0 | 9,513 | |
Short-term debt | 767 | 722 | |
Long-term debt | 19,898 | 18,622 | |
Liabilities held-for-sale | [2] | 0 | 151,359 |
Other liabilities (including allowance for credit losses: 2022-$17; 2021-$21 ) | [1] | 20,474 | 11,755 |
Notes issued by consolidated variable interest entities | [1] | 218 | 274 |
Separate account liabilities | 194,525 | 246,145 | |
Total liabilities | 660,576 | 874,974 | |
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, 2022 and December 31, 2021) | 6 | 6 | |
Additional paid-in capital | 25,707 | 25,732 | |
Common Stock held in treasury, at cost (297,197,066 and 290,018,851 shares at September 30, 2022 and December 31, 2021, respectively) | (22,736) | (21,838) | |
Accumulated other comprehensive income (loss) | (20,874) | 21,324 | |
Retained earnings | 34,399 | 36,652 | |
Total Prudential Financial, Inc. equity | 16,502 | 61,876 | |
Noncontrolling interests | 678 | 732 | |
Total equity | 17,180 | 62,608 | |
TOTAL LIABILITIES AND EQUITY | 677,756 | 937,582 | |
Consolidated VIEs for Which the Company is the Investment Manager | |||
ASSETS | |||
TOTAL ASSETS | 4,881 | 4,855 | |
LIABILITIES | |||
Total liabilities | 720 | 779 | |
Notes Issued by Consolidated VIEs | Consolidated VIEs for Which the Company is the Investment Manager | |||
LIABILITIES | |||
Total liabilities | $ 218 | $ 274 | |
[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”. |
Unaudited Interim Consolidate_2
Unaudited Interim Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Fixed Maturities, AFS, allowance for credit losses | $ 151 | $ 114 | |
Fixed Maturities, available-for-sale, Amortized Cost | 325,957 | 333,459 | |
Fixed Maturities, HTM, allowance for credit losses | 2 | 5 | |
Fixed Maturities, Held-to maturity, Fair Value | 1,371 | 1,803 | |
Fixed Maturities, Trading, amortized cost | 7,268 | 8,741 | |
Equity securities, AFS, amortized cost | 5,378 | 5,815 | |
Commercial mortgage and other loans, allowance for credit losses | 218 | 119 | |
Commercial mortgage and other loans | [1] | 56,896 | 58,666 |
Other invested assets, allowance for credit losses | [1] | 21,050 | 21,833 |
Other invested assets, at fair value | 6,132 | 8,046 | |
Other liabilities, allowance for credit losses | [1] | $ 20,474 | $ 11,755 |
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 | 297,197,066 | 290,018,851 | |
Fair value option | |||
Commercial mortgage and other loans | $ 978 | $ 1,263 | |
Leveraged lease loans | |||
Other invested assets, allowance for credit losses | 1 | 2 | |
ASU 2016-13 | |||
Short-term investments, allowance for credit losses | 5 | 0 | |
Other assets, allowance for credit losses | 21 | 19 | |
Other liabilities, allowance for credit losses | $ 17 | $ 21 | |
[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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
REVENUES | ||||
Premiums | $ 16,247 | $ 13,193 | $ 31,311 | $ 27,515 |
Policy charges and fee income | 1,233 | 1,570 | 4,243 | 4,460 |
Net investment income | 3,631 | 4,717 | 11,927 | 13,651 |
Asset management and service fees | 966 | 1,229 | 3,086 | 3,603 |
Other income (loss) | (1,083) | 500 | (1,874) | 2,135 |
Realized investment gains (losses), net | (514) | 432 | (1,977) | 3,146 |
Total revenues | 20,480 | 21,641 | 46,716 | 54,510 |
BENEFITS AND EXPENSES | ||||
Policyholders' benefits | 16,581 | 14,401 | 35,061 | 30,126 |
Interest credited to policyholders' account balances | 703 | 917 | 1,537 | 2,759 |
Dividends to policyholders | 90 | 602 | 118 | 2,039 |
Amortization of deferred policy acquisition costs | 485 | 529 | 1,913 | 1,662 |
General and administrative expenses | 3,058 | 3,386 | 9,150 | 9,931 |
Total benefits and expenses | 20,917 | 19,835 | 47,779 | 46,517 |
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | (437) | 1,806 | (1,063) | 7,993 |
Total income tax expense (benefit) | (148) | 259 | (206) | 1,504 |
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | (289) | 1,547 | (857) | 6,489 |
Equity in earnings of operating joint ventures, net of taxes | (1) | 18 | (49) | 63 |
NET INCOME (LOSS) | (290) | 1,565 | (906) | 6,552 |
Less: Income (loss) attributable to noncontrolling interests | (6) | 35 | (26) | 36 |
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. | $ (284) | $ 1,530 | $ (880) | $ 6,516 |
Basic earnings per share-Common Stock: | ||||
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) | $ (0.78) | $ 3.92 | $ (2.41) | $ 16.44 |
Diluted earnings per share-Common Stock: | ||||
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) | $ (0.78) | $ 3.90 | $ (2.41) | $ 16.32 |
Unaudited Interim Consolidate_4
Unaudited Interim Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME (LOSS) | $ (290) | $ 1,565 | $ (906) | $ 6,552 |
Other comprehensive income (loss), before tax: | ||||
Foreign currency translation adjustments for the period | (592) | (160) | (1,928) | (889) |
Net unrealized investment gains (losses) | (13,182) | (1,740) | (52,692) | (10,515) |
Defined benefit pension and postretirement unrecognized periodic benefit (cost) | 52 | 69 | 505 | 239 |
Total | (13,722) | (1,831) | (54,115) | (11,165) |
Less: Income tax expense (benefit) related to other comprehensive income (loss) | (3,025) | (397) | (11,915) | (2,254) |
Other comprehensive income (loss), net of taxes | (10,697) | (1,434) | (42,200) | (8,911) |
Comprehensive income (loss) | (10,987) | 131 | (43,106) | (2,359) |
Less: Comprehensive income (loss) attributable to noncontrolling interests | (7) | 42 | (28) | 27 |
Comprehensive income (loss) attributable to Prudential Financial, Inc. | $ (10,980) | $ 89 | $ (43,078) | $ (2,386) |
Unaudited Interim Consolidate_5
Unaudited Interim Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Common Stock Held in Treasury Common Stock | Accumulated Other Comprehensive Income (Loss) | Total Prudential Financial, Inc. Equity | Noncontrolling Interests |
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 | 65 | 66 | 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 | ||||||
Consolidations (deconsolidations) of 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 |
Balance at Dec. 31, 2021 | 62,608 | 6 | 25,732 | 36,652 | (21,838) | 21,324 | 61,876 | 732 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common Stock acquired | (375) | (375) | (375) | |||||
Contributions from noncontrolling interests | 3 | 3 | ||||||
Distributions to noncontrolling interests | (21) | (21) | ||||||
Stock-based compensation programs | 89 | (73) | 162 | 89 | ||||
Dividends declared on Common Stock | (462) | (462) | (462) | |||||
Comprehensive income: | ||||||||
Net income (loss) | (44) | (31) | (31) | (13) | ||||
Other comprehensive income (loss), net of tax | (17,120) | (17,119) | (17,119) | (1) | ||||
Total comprehensive income (loss) | (17,164) | (17,150) | (14) | |||||
Balance at Mar. 31, 2022 | 44,678 | 6 | 25,659 | 36,159 | (22,051) | 4,205 | 43,978 | 700 |
Balance at Dec. 31, 2021 | 62,608 | 6 | 25,732 | 36,652 | (21,838) | 21,324 | 61,876 | 732 |
Comprehensive income: | ||||||||
Net income (loss) | (906) | |||||||
Other comprehensive income (loss), net of tax | (42,200) | |||||||
Total comprehensive income (loss) | (43,106) | |||||||
Balance at Sep. 30, 2022 | 17,180 | 6 | 25,707 | 34,399 | (22,736) | (20,874) | 16,502 | 678 |
Balance at Mar. 31, 2022 | 44,678 | 6 | 25,659 | 36,159 | (22,051) | 4,205 | 43,978 | 700 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common Stock acquired | (375) | (375) | (375) | |||||
Contributions from noncontrolling interests | 26 | 26 | ||||||
Distributions to noncontrolling interests | (36) | (36) | ||||||
Stock-based compensation programs | 37 | 2 | 35 | 37 | ||||
Dividends declared on Common Stock | (457) | (457) | (457) | |||||
Comprehensive income: | ||||||||
Net income (loss) | (572) | (565) | (565) | (7) | ||||
Other comprehensive income (loss), net of tax | (14,383) | (14,383) | (14,383) | 0 | ||||
Total comprehensive income (loss) | (14,955) | (14,948) | (7) | |||||
Balance at Jun. 30, 2022 | 28,918 | 6 | 25,661 | 35,137 | (22,391) | (10,178) | 28,235 | 683 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common Stock acquired | (375) | (375) | (375) | |||||
Contributions from noncontrolling interests | 14 | 14 | ||||||
Distributions to noncontrolling interests | (12) | (12) | ||||||
Stock-based compensation programs | 76 | 46 | 30 | 76 | ||||
Dividends declared on Common Stock | (454) | (454) | (454) | |||||
Comprehensive income: | ||||||||
Net income (loss) | (290) | (284) | (284) | (6) | ||||
Other comprehensive income (loss), net of tax | (10,697) | (10,696) | (10,696) | (1) | ||||
Total comprehensive income (loss) | (10,987) | (10,980) | (7) | |||||
Balance at Sep. 30, 2022 | $ 17,180 | $ 6 | $ 25,707 | $ 34,399 | $ (22,736) | $ (20,874) | $ 16,502 | $ 678 |
Unaudited Interim Consolidate_6
Unaudited Interim Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income (loss) | $ (906) | $ 6,552 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Realized investment (gains) losses, net | 1,977 | (3,146) | ||
Policy charges and fee income | (1,915) | (1,730) | ||
Interest credited to policyholders’ account balances | 1,537 | 2,759 | ||
Depreciation and amortization | 62 | 87 | ||
(Gains) losses on assets supporting experience-rated contractholder liabilities, net | 1,100 | 167 | ||
Change in: | ||||
Deferred policy acquisition costs | 277 | (287) | ||
Future policy benefits and other insurance liabilities | 6,403 | 5,779 | ||
Income taxes | (1,437) | 506 | ||
Derivatives, net | (913) | (2,893) | ||
Other, net | (405) | [1] | (1,315) | |
Cash flows from (used in) operating activities | 5,780 | 6,479 | ||
Proceeds from the sale/maturity/prepayment of: | ||||
Fixed maturities, available-for-sale | 38,851 | 48,950 | ||
Fixed maturities, held-to-maturity | 24 | 155 | ||
Fixed maturities, trading | 1,421 | 2,357 | ||
Assets supporting experience-rated contractholder liabilities | 11,011 | 13,878 | ||
Equity securities | 3,070 | 3,463 | ||
Commercial mortgage and other loans | 4,294 | 5,506 | ||
Policy loans | 1,278 | 1,591 | ||
Other invested assets | 1,427 | 2,151 | ||
Short-term investments | 30,119 | 24,692 | ||
Payments for the purchase/origination of: | ||||
Fixed maturities, available-for-sale | (45,004) | (46,831) | ||
Fixed maturities, trading | (385) | (5,525) | ||
Assets supporting experience-rated contractholder liabilities | (11,346) | (15,187) | ||
Equity securities | (2,992) | (2,959) | ||
Commercial mortgage and other loans | (3,832) | (5,624) | ||
Policy loans | (904) | (924) | ||
Other invested assets | (2,127) | (2,434) | ||
Short-term investments | (27,823) | (21,641) | ||
Dispositions, net of cash disposed | 422 | [2] | 132 | |
Derivatives, net | (1,701) | (622) | ||
Other, net | (65) | (531) | ||
Cash flows from (used in) investing activities | (4,262) | 597 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Policyholders’ account deposits | 22,108 | 23,582 | ||
Policyholders’ account withdrawals | (18,212) | (22,131) | ||
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities | (142) | (110) | ||
Cash dividends paid on Common Stock | (1,371) | (1,374) | ||
Net change in financing arrangements (maturities 90 days or less) | (245) | 108 | ||
Common Stock acquired | (1,113) | (2,097) | ||
Common Stock reissued for exercise of stock options | 128 | 150 | ||
Proceeds from the issuance of debt (maturities longer than 90 days) | 2,538 | 73 | ||
Repayments of debt (maturities longer than 90 days) | (1,181) | (1,167) | ||
Other, net | 1,565 | [3] | (561) | |
Cash flows from (used in) financing activities | 4,075 | (3,527) | ||
Effect of foreign exchange rate changes on cash balances | (446) | (252) | ||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS INCLUDING BALANCES CLASSIFIED AS HELD-FOR-SALE | 5,147 | 3,297 | ||
NET CHANGE IN CASH BALANCES CLASSIFIED AS HELD-FOR-SALE | [2] | (2,071) | 1,499 | |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS | 7,218 | 1,798 | ||
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR | 12,934 | 13,855 | ||
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD | 20,152 | 15,653 | ||
HELD-FOR-SALE CLASSIFICATION | ||||
Change in assets classified as held-for-sale | [2] | (153,793) | 143,910 | |
Change in liabilities classified as held-for-sale | [2] | (151,359) | 140,736 | |
Change in net assets classified as held-for-sale | [2] | (2,434) | 3,174 | |
NON-CASH TRANSACTIONS DURING THE PERIOD | ||||
Treasury Stock shares issued for stock-based compensation programs | 232 | 135 | ||
Novation of annuity contracts | 2,611 | [4] | 0 | |
RECONCILIATION TO THE UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||
Cash and cash equivalents | 20,104 | [5] | 15,605 | |
Restricted cash and restricted cash equivalents (included in “Other assets”) | 48 | 48 | ||
Total cash, cash equivalents, restricted cash and restricted cash equivalents | 20,152 | 15,653 | ||
Pension Risk Transfer | ||||
NON-CASH TRANSACTIONS DURING THE PERIOD | ||||
Assets Received, excluding cash and cash equivalents | 8,246 | 5,377 | ||
Liabilities Assumed | 8,764 | 6,397 | ||
Net cash received | $ 518 | $ 1,020 | ||
[1]The amount for the nine months ended September 30, 2022 includes the recognized gains on the sales of Prudential Annuities Life Assurance Corporation (“PALAC”) and the Full Service Retirement business, which were completed on April 1, 2022. See Note 1 for additional information on these dispositions.[2]See Note 1 for more information on the dispositions.[3]The amount for the nine months ended September 30, 2022 includes approximately $1.6 billion cash receipt from a secured borrowing related to the PALAC disposition. The secured borrowing was later derecognized as part of a non-cash transaction during the period. See Note 1 for more information.[4]“Cash flows from (used in) operating activities” and “Cash flows from (used in) investing activities” exclude certain non-cash activities related to the novation of certain, previously reinsured, annuity products, from Fortitude Group Holdings, LLC to the Company. See Note 1 for more information.[5]See Note 4 for details of balances associated with variable interest entities. |
Unaudited Interim Consolidate_7
Unaudited Interim Consolidated Statements of Cash Flows (Parenthetical) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Held-for-sale | PALAC | |
Secured borrowing | $ 1,600 |
Business and Basis of Presentat
Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
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 solutions, mutual funds and investment management. In October 2021, the Company announced the creation of Retirement Strategies, a new U.S. business that would serve the retirement needs of both its institutional and individual customers by bringing the institutional investment and pension solutions offered through the Retirement business together with the financial solutions and capabilities of the Individual Annuities business. Commencing with the second quarter of 2022, this new structure has been fully operationalized; therefore, the results of the former Retirement segment (now known as the “Institutional Retirement Strategies” operating segment) and the former Individual Annuities segment (now known as the “Individual Retirement Strategies” operating segment) have been aggregated into the Retirement Strategies segment. Prior periods have been updated to conform to this new presentation. The Company’s principal operations consist of PGIM (the Company’s global investment management business), the U.S. Businesses (consisting of the Retirement Strategies, Group Insurance, 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, 2021. 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. Out of Period Adjustments In the second quarter of 2022, the Company recorded out of period adjustments within the Individual Life business, resulting in an aggregate net benefit of $125 million to “Income (loss) from continuing operations before income taxes and equity in earnings of operating joint ventures” for the second quarter of 2022. The adjustments included (i) a $230 million benefit from a reduction to cost of reinsurance liabilities related to universal and variable life products; (ii) an $80 million net benefit from a reduction in reserves, partially offset by an increase in cost of reinsurance liabilities, for certain universal and variable universal life products; and (iii) a $185 million charge from an increase in reserves for certain universal life insurance products. The impact of these out of period adjustments, individually and in the aggregate, was not material to any previously reported quarterly or annual financial statements and is not expected to be material to the 2022 annual financial statements. See Note 13 for additional information on the impact of these adjustments to the Company’s operating segments. 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. 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 have manifested, and may continue to manifest, in the Company’s financial statements in the areas of, among others, (i) 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.) and; (ii) investments: increased risk of loss on our investments due to default or deterioration in credit quality or value. 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 On April 1, 2022, the Company completed the sale of Prudential Annuities Life Assurance Corporation (“PALAC”), a wholly owned subsidiary, representing a portion of its in-force traditional variable annuity block of business, to Fortitude Group Holdings, LLC (“Fortitude”). The PALAC block primarily consisted of non-New York traditional variable annuities with guaranteed living benefits that were issued prior to 2011, which constituted approximately $30 billion of Prudential’s total in-force individual annuity account values at the closing of the transaction. The Company, through co-insurance and modified co-insurance agreements, has retained the results of certain variable annuities, indexed annuities, and fixed annuities with a guaranteed lifetime withdrawal income feature issued by PALAC. The Company recognized a pre-tax gain on sale of $852 million in the second quarter of 2022 within “Other income”, which is included in adjusted operating income within the Retirement Strategies segment. During the second quarter of 2022, the economics of approximately $1.7 billion of commercial mortgage and other loans and fixed maturities, available-for-sale, held by PALAC were transferred to Fortitude via participation agreements. This transfer did not meet the requirements of sale accounting and was therefore accounted for as a secured borrowing as of June 30, 2022. During the third quarter of 2022, the secured borrowing was derecognized when the assets were legally transferred from Fortitude back to the Company as part of the novation of certain, previously reinsured, annuity products. Full Service Retirement Business On April 1, 2022, the Company completed the sale of its Full Service Retirement business to Great-West Life & Annuity Insurance Company (“Great-West”), 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 recognized a net pre-tax gain of $690 million in the second quarter of 2022, composed of (i) an $890 million gain recorded in “Other income”; (ii) $150 million of realized losses recorded in “Realized investment gains (losses), net”, related to assets transferred as part of the reinsurance of certain retained policies to Great-West; and (iii) $50 million of indirect expenses and charges recorded in “General and administrative expenses” on the Unaudited Interim Consolidated Statements of Operations. The net gain is excluded from adjusted operating income and reported within Divested Businesses as part of Corporate and Other operations. In addition, the Company recognized a deferred gain of approximately $400 million fo r the ceding of certain insurance policies through reinsurance to Great-West, including a true-up in the third quarter of 2022. This deferred reinsurance gain will be recognized in income over the term of the ceded policies. The transaction agreement includes a post-closing adjustment provision. Any such adjustment will be finalized by the fourth quarter of 2022 and could impact the amount of the pre-tax gain referred to above; however, the Company does not expect that any such adjustment will have a material impact on its results. Excluding the gain on sale recognized in the second quarter of 2022, the Full Service Retirement business generated pre-tax income/(loss) of approximately $0 million and $(200) million for the three and nine months ended September 30, 2022, respectively, and approximately $18 million and $117 million for the three and nine months ended September 30, 2021, respectively. These amounts exclude the impact of overhead costs retained in the Company’s Corporate and Other operations and not transferred to Great-West. The assets and liabilities of both the Full Service Retirement business and PALAC were classified as held-for-sale prior to completion of these dispositions. The table below reflects their carrying amounts as of December 31, 2021: December 31, 2021 Retirement Individual Total (in millions) Assets held-for-sale: Fixed maturities, available-for-sale, at fair value(1) $ 4,798 $ 8,771 $ 13,569 Fixed maturities, trading, at fair value 374 27 401 Assets supporting experience-rated contractholder liabilities, at fair value 18,818 0 18,818 Equity securities 0 322 322 Commercial mortgage and other loans(1) 5,068 1,497 6,565 Policy loans 0 12 12 Other invested assets 10 94 104 Short-term investments 3 875 878 Cash and cash equivalents 56 2,015 2,071 Accrued investment income 160 61 221 Deferred policy acquisition costs 100 1,097 1,197 Value of business acquired 185 30 215 Other assets(2) 674 10,644 11,318 Separate account assets 65,835 32,267 98,102 Total assets held-for-sale $ 96,081 $ 57,712 $ 153,793 Liabilities held-for-sale: Future policy benefits $ 157 $ 4,505 $ 4,662 Policyholders’ account balances 28,164 11,750 39,914 Other liabilities 374 8,307 8,681 Separate account liabilities 65,835 32,267 98,102 Total liabilities held-for-sale $ 94,530 $ 56,829 $ 151,359 __________ (1) Includes “Fixed maturities, available-for-sale, at fair value” with an allowance for credit losses of $1 million and “Commercial mortgage and other loans” net of allowance for credit losses of $15 million as of December 31, 2021, respectively. (2) Includes $455 million of goodwill associated with the Retirement Full Service business as of December 31, 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 NT$5.5 billion, equal to approximately $200 million at then current exchange rates. The terms of the transaction included additional contingent consideration tied to the level of yields for the 10-year Taiwanese Government bond for two years after the signing of the transaction. This consideration was measured at fair value each period and resulted in the receipt of the maximum contractual amount of $100 million during the third quarter of 2022. Also in connection with the transaction, the Company recognized a liability with a fair value of approximately $33 million as of September 30, 2022, representing its financial guarantee of certain insurance obligations of POT. 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. 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. |
Significant Accounting Policies
Significant Accounting Policies and Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022, 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, 2022 — 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, and was amended by ASU 2019-09, Financial Services - Insurance (Topic 944): Effective Date , issued in October 2019, and ASU 2020-11, Financial Services—Insurance (Topic 944): Effective Date and Early Application , issued in November 2020. The Company will adopt ASU 2018-12 effective January 1, 2023 using the modified retrospective transition method where permitted, and apply the guidance as of January 1, 2021 (and record transition adjustments as of January 1, 2021) in the 2023 financial statements. The Company has an established governance framework to manage the implementation of the standard. The Company’s implementation efforts continue to progress including, but not limited to, implementing refinements to key accounting policy decisions, modifications to actuarial valuation models, updates to data sourcing capabilities, automation of key financial reporting and analytical processes and updates to internal control over financial reporting. A SU 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 its Consolidated Financial Statements and will significantly increase disclosures. As of the January 1, 2021 transition date, the Company estimates that the implementation of the standard will result in a decrease to “Retained earnings” of approximately $2 billion to $3 billion primarily from reclassifying the cumulative effect of changes in non-performance risk from “Retained earnings” to “Accumulated other comprehensive income” (“AOCI”) and other changes in reserves, and will result in a decrease to AOCI of approximately $40 billion to $45 billion primarily from remeasuring in-force contract liabilities using upper-medium grade fixed income instrument yields as of the transition date. As of June 30, 2022, the estimated impacts amounted to a decrease to “Retained earnings” of approximately $2 billion to $3 billion and an increase to AOCI of approximately $3 billion to $8 billion, respectively. The changes in the estimates from January 1, 2021 to June 30, 2022 are primarily due to the increases in interest rates during 2021 and 2022. In addition to the impacts to the balance sheet, 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 policy 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 AOCI or (2) a full retrospective transition method. The Company will adopt this guidance effective January 1, 2023 using the modified retrospective transition method. As a result of the modified retrospective transition method, the Company expects the vast majority of the impact of updating cash flow assumptions as of the transition date to be reflected in the pattern of earnings in subsequent periods. The Company also expects some decrease to “Retained earnings” upon adoption from cash flow assumption updates isolated to the impact on certain issue year cohorts. 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 will adopt the guidance for the liability for future policy benefits effective January 1, 2023 using the modified retrospective transition method. Based on interest rates as of June 30, 2022, the Company expects an increase to AOCI as a result of remeasuring in-force contract liabilities using upper-medium grade fixed income instrument yields. The adjustment will largely reflect the difference between discount rates locked-in at contract inception versus discount rates as of the adoption date. ASU 2018-12 Amended Topic Description Method of adoption Effect on the financial statements or other significant matters 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 will adopt this guidance effective January 1, 2023 using the modified retrospective transition method. Under the modified retrospective transition method, the Company does 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 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 will adopt this guidance effective January 1, 2023 using the retrospective transition method. Upon adoption, the Company expects a decrease to “Retained earnings” and offsetting increase to AOCI from reclassifying the cumulative effect of changes in NPR from retained earnings to AOCI. There will also be 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). Other ASU issued but not yet adopted as of September 30, 2022 Standard Description Effective date and method of adoption Effect on the financial statements or other significant matters ASU 2022-02 , Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure This ASU eliminates the accounting guidance for Troubled Debt Restructurings (“TDR”) for creditors and adds enhanced disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty. Following adoption of the ASU, all loan refinancings and restructurings are subject to the modification guidance in ASC 310-20. This ASU also amends the guidance on the vintage disclosures to require disclosure of current-period gross write-offs by year of origination. January 1, 2023 using the prospective method with an option to apply a modified retrospective transition method for the recognition and measurement of TDRs which will include a cumulative effect adjustment on the balance sheet in the period of adoption. Early adoption is permitted beginning January 1, 2022, including adoption in an interim period provided guidance is applied as of the beginning of the year. The Company does not expect the adoption of the ASU to have a significant impact on the Consolidated Financial Statements and Notes to the Consolidated Financial Statements. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 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 $ 30,701 $ 1,206 $ 4,227 $ 0 $ 27,680 Obligations of U.S. states and their political subdivisions 10,495 216 968 0 9,743 Foreign government bonds 68,665 5,310 4,181 1 69,793 U.S. public corporate securities 98,482 1,349 15,734 25 84,072 U.S. private corporate securities(1) 37,818 687 3,803 57 34,645 Foreign public corporate securities 22,419 394 2,358 23 20,432 Foreign private corporate securities 31,148 138 6,686 40 24,560 Asset-backed securities(2) 11,952 168 380 5 11,735 Commercial mortgage-backed securities 11,976 28 917 0 11,087 Residential mortgage-backed securities(3) 2,301 28 235 0 2,094 Total fixed maturities, available-for-sale(1) $ 325,957 $ 9,524 $ 39,489 $ 151 $ 295,841 September 30, 2022 Amortized Gross Gross Fair Allowance for Credit Losses Amortized Cost, (in millions) Fixed maturities, held-to-maturity: Foreign government bonds $ 661 $ 140 $ 0 $ 801 $ 0 $ 661 Foreign public corporate securities 396 22 0 418 2 394 Foreign private corporate securities 7 0 0 7 0 7 Residential mortgage-backed securities(3) 137 8 0 145 0 137 Total fixed maturities, held-to-maturity(4) $ 1,201 $ 170 $ 0 $ 1,371 $ 2 $ 1,199 __________ (1) Excludes notes with amortized cost of $6,366 million (fair value, $6,366 million), which have been offset with the associated debt under a netting agreement. (2) Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans, home equity loans and other asset types. (3) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (4) Excludes notes with amortized cost of $4,500 million (fair value, $4,500 million), which have been offset with the associated debt under a netting agreement. December 31, 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 $ 26,231 $ 5,958 $ 31 $ 0 $ 32,158 Obligations of U.S. states and their political subdivisions 10,445 1,781 8 0 12,218 Foreign government bonds 83,363 11,842 529 7 94,669 U.S. public corporate securities 98,836 13,721 390 12 112,155 U.S. private corporate securities(2) 35,019 2,583 162 58 37,382 Foreign public corporate securities 24,877 2,571 118 21 27,309 Foreign private corporate securities 28,047 1,448 442 16 29,037 Asset-backed securities(3) 11,402 137 14 0 11,525 Commercial mortgage-backed securities 12,490 631 22 0 13,099 Residential mortgage-backed securities(4) 2,749 123 14 0 2,858 Total fixed maturities, available-for-sale(1)(2) $ 333,459 $ 40,795 $ 1,730 $ 114 $ 372,410 December 31, 2021 Amortized Gross Gross Fair Allowance for Credit Losses Amortized (in millions) Fixed maturities, held-to-maturity: Foreign government bonds $ 833 $ 221 $ 0 $ 1,054 $ 0 $ 833 Foreign public corporate securities 486 49 0 535 5 481 Foreign private corporate securities 9 0 0 9 0 9 Residential mortgage-backed securities(4) 191 14 0 205 0 191 Total fixed maturities, held-to-maturity(5) $ 1,519 $ 284 $ 0 $ 1,803 $ 5 $ 1,514 __________ (1) Excludes “Assets held-for-sale” with amortized cost of $13,145 million, fair value of $13,569 million, unrealized gains of $572 million, unrealized losses of $147 million and allowance for credit losses of $1 million. See Note 1 for additional information. (2) Excludes notes with amortized cost of $5,941 million (fair value, $5,995 million), which have been offset with the associated debt under a netting agreement. (3) Includes credit-tranched securities collateralized loan obligations, education loans, auto 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 $4,750 million (fair value, $5,394 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, 2022 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 $ 21,689 $ 4,215 $ 31 $ 12 $ 21,720 $ 4,227 Obligations of U.S. states and their political subdivisions 6,764 903 180 65 6,944 968 Foreign government bonds 17,926 2,591 6,397 1,560 24,323 4,151 U.S. public corporate securities 67,571 13,336 5,724 2,352 73,295 15,688 U.S. private corporate securities 27,194 3,240 2,342 563 29,536 3,803 Foreign public corporate securities 13,482 1,828 1,778 504 15,260 2,332 Foreign private corporate securities 19,948 4,987 3,789 1,699 23,737 6,686 Asset-backed securities 6,785 261 3,000 110 9,785 371 Commercial mortgage-backed securities 10,295 792 618 125 10,913 917 Residential mortgage-backed securities 1,361 138 375 94 1,736 232 Total fixed maturities, available-for-sale $ 193,015 $ 32,291 $ 24,234 $ 7,084 $ 217,249 $ 39,375 December 31, 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 $ 1,521 $ 15 $ 269 $ 16 $ 1,790 $ 31 Obligations of U.S. states and their political subdivisions 289 5 71 3 360 8 Foreign government bonds 4,534 244 6,945 282 11,479 526 U.S. public corporate securities 12,403 219 2,947 152 15,350 371 U.S. private corporate securities 4,362 84 848 78 5,210 162 Foreign public corporate securities 3,652 76 802 42 4,454 118 Foreign private corporate securities 6,350 270 1,604 169 7,954 439 Asset-backed securities 6,568 13 170 1 6,738 14 Commercial mortgage-backed securities 921 11 263 11 1,184 22 Residential mortgage-backed securities 751 13 18 1 769 14 Total fixed maturities, available-for-sale(1) $ 41,351 $ 950 $ 13,937 $ 755 $ 55,288 $ 1,705 __________ (1) Excludes “Assets held-for-sale” with fair value of $4,644 million and gross unrealized losses of $147 million. See Note 1 for additional information. As of September 30, 2022 and December 31, 2021, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance were composed of $36,756 million and $1,242 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 $2,619 million and $463 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of September 30, 2022, the $7,084 million of gross unrealized losses of twelve months or more were concentrated in the finance, consumer non-cyclical and utility sectors within corporate securities and foreign government securities. As of December 31, 2021, the $755 million of gross unrealized losses of twelve months or more were concentrated in consumer non-cyclical, utility and finance sectors within corporate securities. 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, 2021, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at September 30, 2022. 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, 2022, 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, 2022 Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost, Net of Allowance Fair Value (in millions) Fixed maturities: Due in one year or less $ 9,029 $ 9,189 $ 0 $ 0 Due after one year through five years 50,728 49,239 394 418 Due after five years through ten years 63,783 59,533 22 23 Due after ten years(1) 176,188 152,964 646 785 Asset-backed securities 11,952 11,735 0 0 Commercial mortgage-backed securities 11,976 11,087 0 0 Residential mortgage-backed securities 2,301 2,094 137 145 Total $ 325,957 $ 295,841 $ 1,199 $ 1,371 __________ (1) Excludes available-for-sale notes with amortized cost of $6,366 million (fair value, $6,366 million) and held-to-maturity notes with amortized cost of $4,500 million (fair value, $4,500 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 2022 2021 2022 2021 (in millions) Fixed maturities, available-for-sale: Proceeds from sales(1) $ 4,978 $ 7,273 $ 24,056 $ 27,041 Proceeds from maturities/prepayments 5,186 7,040 14,792 21,936 Gross investment gains from sales and maturities 325 301 940 2,264 Gross investment losses from sales and maturities (376) (69) (1,963) (558) Write-downs recognized in earnings(2) (21) 0 (113) 0 (Addition to) release of allowance for credit losses (42) (12) (37) 41 Fixed maturities, held-to-maturity: Proceeds from maturities/prepayments(3) $ 7 $ 11 $ 24 $ 155 (Addition to) release of allowance for credit losses 1 1 3 3 __________ (1) Excludes activity from non-cash related proceeds due to the timing of trade settlements of $3 million and $(27) million for the nine months ended September 30, 2022 and 2021, respectively. (2) Amounts represent write-downs on credit adverse securities and securities actively marketed for sale. (3) Excludes activity from non-cash related proceeds due to the timing of trade settlements of less than $1 million and $0 million for the nine months ended September 30, 2022 and 2021, 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, 2022 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 $ 6 $ 102 $ 1 $ 0 $ 0 $ 109 Additions to allowance for credit losses not previously recorded 0 0 30 4 0 0 34 Reductions for securities sold during the period 0 (3) (2) 0 0 0 (5) Reductions for securities with intent to sell 0 0 0 0 0 0 0 Additions (reductions) on securities with previous allowance 0 (2) 15 0 0 0 13 Balance, end of period $ 0 $ 1 $ 145 $ 5 $ 0 $ 0 $ 151 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 / (from) “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. Nine Months Ended September 30, 2022 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 $ 7 $ 107 $ 0 $ 0 $ 0 $ 114 Additions to allowance for credit losses not previously recorded 0 11 103 5 0 0 119 Reductions for securities sold during the period 0 (5) (55) 0 0 0 (60) Reductions for securities with intent to sell 0 (13) (67) 0 0 0 (80) Additions (reductions) on securities with previous allowance 0 1 57 0 0 0 58 Balance, end of period $ 0 $ 1 $ 145 $ 5 $ 0 $ 0 $ 151 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 / (from) “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. Three Months Ended September 30, 2022 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 $ 3 $ 0 $ 0 $ 0 $ 3 Current period provision for expected losses 0 0 (1) 0 0 0 (1) Change in foreign exchange 0 0 0 0 0 0 0 Balance, end of period $ 0 $ 0 $ 2 $ 0 $ 0 $ 0 $ 2 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 Nine Months Ended September 30, 2022 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 $ 5 $ 0 $ 0 $ 0 $ 5 Current period provision for expected losses 0 0 (2) 0 0 0 (2) Change in foreign exchange 0 0 (1) 0 0 0 (1) Balance, end of period $ 0 $ 0 $ 2 $ 0 $ 0 $ 0 $ 2 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 allowance for expected credit losses 0 0 (3) 0 0 0 (3) Balance, end of period $ 0 $ 0 $ 6 $ 0 $ 0 $ 0 $ 6 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, 2021. For the three months ended September 30, 2022, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the consumer non-cyclical, capital goods and utility sectors within corporate securities, partially offset by a net release within the transportation sector. 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 nine months ended September 30, 2022, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the capital goods, consumer non-cyclical and utility sectors within corporate securities, partially offset by net releases in the communications and transportation sectors. 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. The Company did not have any fixed maturity securities purchased with credit deterioration, as of September 30, 2022 or December 31, 2021. 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, 2022 December 31, 2021 Assets Held-for-Sale(1) Amortized Fair Amortized Fair Amortized Fair (in millions) Short-term investments and cash equivalents $ 0 $ 0 $ 30 $ 30 $ 786 $ 786 Fixed maturities: Corporate securities 83 82 101 103 12,112 12,463 Commercial mortgage-backed securities 0 0 0 0 1,799 1,830 Residential mortgage-backed securities(2) 0 0 0 0 658 683 Asset-backed securities(3) 0 0 0 0 2,079 2,093 Foreign government bonds 646 622 761 761 240 237 U.S. government authorities and agencies and obligations of U.S. states 165 183 182 193 344 400 Total fixed maturities(4) 894 887 1,044 1,057 17,232 17,706 Equity securities 1,460 1,693 1,787 2,271 328 326 Total assets supporting experience-rated contractholder liabilities(5) $ 2,354 $ 2,580 $ 2,861 $ 3,358 $ 18,346 $ 18,818 __________ (1) See Note 1 for additional information. (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, was $1,607 million, including “Assets held-for-sale” as of December 31, 2021, all of which were rated AA or higher. (4) As a percentage of amortized cost, 99% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings, as of September 30, 2022. As a percentage of amortized cost, 97% of the portfolio including “Asset held-for-sale” was considered high or highest quality based on NAIC or equivalent ratings, as of December 31, 2021. (5) As a percentage of amortized cost, all of the portfolio consisted of public securities, as of September 30, 2022. As a percentage of amortized cost, 95% of the portfolio including “Assets held-for-sale” consisted of public securities, as of December 31, 2021. The net change in unrealized gains (losses) from assets supporting experience-rated contractholder liabilities still held at period end, recorded within “Other income (loss),” was $(52) million and $(263) million during the three months ended September 30, 2022 and 2021, respectively, and $(743) million and $(557) million during the nine months ended September 30, 2022 and 2021, respectively. Fixed Maturities, Trading The net change in unrealized gains (losses) from fixed maturities, trading still held at period end, recorded within “Other income (loss),” was $(496) million and $88 million during the three months ended September 30, 2022 and 2021, respectively, and $(1,653) million and $(279) million during the nine months ended September 30, 2022 and 2021, respectively. Equity Securities The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $(396) million and $19 million during the three months ended September 30, 2022 and 2021, respectively, and $(1,253) million and $457 million during the nine months ended September 30, 2022 and 2021, 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, 2022 December 31, 2021 Amortized Fair Amortized Fair (in millions) Investments in Japanese government and government agency securities: Fixed maturities, available-for-sale $ 59,330 $ 61,224 $ 73,681 $ 83,382 Fixed maturities, held-to-maturity 644 780 812 1,026 Fixed maturities, trading 18 18 23 23 Assets supporting experience-rated contractholder liabilities 563 547 983 977 Total $ 60,555 $ 62,569 $ 75,499 $ 85,408 September 30, 2022 December 31, 2021 Amortized Fair Amortized Fair (in millions) Investments in Brazil government and government agency securities: Fixed maturities, available-for-sale $ 2,417 $ 2,237 $ 1,982 $ 1,866 Short-term investments 58 58 1 1 Cash equivalents 89 89 133 133 Total $ 2,564 $ 2,384 $ 2,116 $ 2,000 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, 2022 December 31, 2021 Amount % of Amount % of Commercial mortgage and agricultural property loans by property type: Office $ 9,317 16.5 % $ 10,225 17.6 % Retail 6,141 10.9 6,779 11.7 Apartments/Multi-Family 16,431 29.0 16,742 28.8 Industrial 12,790 22.6 13,009 22.4 Hospitality 2,035 3.6 1,876 3.2 Other 3,727 6.6 3,936 6.8 Total commercial mortgage loans 50,441 89.2 52,567 90.5 Agricultural property loans 6,077 10.8 5,520 9.5 Total commercial mortgage and agricultural property loans 56,518 100.0 % 58,087 100.0 % Allowance for credit losses (186) (115) Total net commercial mortgage and agricultural property loans 56,332 57,972 Other loans: Uncollateralized loans 453 561 Residential property loans 42 67 Other collateralized loans 101 70 Total other loans 596 698 Allowance for credit losses (32) (4) Total net other loans 564 694 Total net commercial mortgage and other loans(1)(2) $ 56,896 $ 58,666 __________ (1) Excludes “Assets held-for-sale” of $6,565 million net of allowance for credit losses of $15 million as of December 31, 2021. See Note 1 for additional information. (2) Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of September 30, 2022 and December 31, 2021, the net carrying value of these loans were $978 million and $1,263 million, respectively. As of September 30, 2022, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (31%), Texas (8%) and New York (6%), and included loans secured by properties in Europe (6%), Asia (1%) and Australia (1%). 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, 2022 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 156 $ 8 $ 0 $ 0 $ 32 $ 196 Addition to (release of) allowance for expected losses 22 2 0 0 0 24 Reclassified (to) from “Assets held-for-sale”(1) (6) 0 0 0 0 (6) Other 4 0 0 0 0 4 Allowance, end of period $ 176 $ 10 $ 0 $ 0 $ 32 $ 218 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) from “Assets 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. Nine Months Ended September 30, 2022 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 111 $ 4 $ 0 $ 0 $ 4 $ 119 Addition to (release of) allowance for expected losses 62 6 0 0 28 96 Other 3 0 0 0 0 3 Allowance, end of period $ 176 $ 10 $ 0 $ 0 $ 32 $ 218 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) from “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. 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, 2021. For both the three months and nine months ended September 30, 2022, the net addition to the allowance for credit losses on commercial mortgage and other loans was due to increases in loan-specific reserves as well as increases to reserves to reflect declining market conditions. For both the three months and 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. 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, 2022 Amortized Cost by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total (in millions) Commercial Mortgage Loans Loan-to-Value Ratio: 0%-59.99% $ 1,526 $ 1,410 $ 752 $ 2,158 $ 3,675 $ 15,024 $ 0 $ 24,545 60%-69.99% 1,448 3,271 1,619 3,881 2,912 4,727 0 17,858 70%-79.99% 842 1,707 1,105 983 611 2,131 0 7,379 80% or greater 0 24 7 7 0 621 0 659 Total $ 3,816 $ 6,412 $ 3,483 $ 7,029 $ 7,198 $ 22,503 $ 0 $ 50,441 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 3,595 $ 6,195 $ 3,208 $ 5,893 $ 6,645 $ 18,674 $ 0 $ 44,210 1.0 - 1.2x 221 217 89 632 347 1,778 0 3,284 Less than 1.0x 0 0 186 504 206 2,051 0 2,947 Total $ 3,816 $ 6,412 $ 3,483 $ 7,029 $ 7,198 $ 22,503 $ 0 $ 50,441 Agricultural Property Loans Loan-to-Value Ratio: 0%-59.99% $ 707 $ 2,003 $ 859 $ 481 $ 354 $ 1,421 $ 74 $ 5,899 60%-69.99% 52 85 8 33 0 0 0 178 70%-79.99% 0 0 0 0 0 0 0 0 80% or greater 0 0 0 0 0 0 0 0 Total $ 759 $ 2,088 $ 867 $ 514 $ 354 $ 1,421 $ 74 $ 6,077 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 748 $ 2,044 $ 792 $ 503 $ 343 $ 1,347 $ 74 $ 5,851 1.0 - 1.2x 3 44 75 10 6 27 0 165 Less than 1.0x 8 0 0 1 5 47 0 61 Total $ 759 $ 2,088 $ 867 $ 514 $ 354 $ 1,421 $ 74 $ 6,077 December 31, 2021 Amortized Cost by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total(1) (in millions) Commercial Mortgage Loans Loan-to-Value Ratio: 0%-59.99% $ 1,287 $ 467 $ 2,459 $ 3,211 $ 3,072 $ 14,011 $ 0 $ 24,507 60%-69.99% 3,101 1,941 4,124 3,631 1,356 4,161 0 18,314 70%-79.99% 2,497 1,207 1,327 1,059 631 2,108 0 8,829 80% or greater 184 39 7 62 50 575 0 917 Total $ 7,069 $ 3,654 $ 7,917 $ 7,963 $ 5,109 $ 20,855 $ 0 $ 52,567 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 6,803 $ 3,356 $ 6,828 $ 7,384 $ 4,445 $ 16,864 $ 0 $ 45,680 1.0 - 1.2x 266 154 662 478 234 2,069 0 3,863 Less than 1.0x 0 144 427 101 430 1,922 0 3,024 Total $ 7,069 $ 3,654 $ 7,917 $ 7,963 $ 5,109 $ 20,855 $ 0 $ 52,567 Agricultural Property Loans Loan-to-Value Ratio: 0%-59.99% $ 1,958 $ 887 $ 494 $ 334 $ 370 $ 1,226 $ 80 $ 5,349 60%-69.99% 92 5 29 37 0 0 0 163 70%-79.99% 0 0 0 0 0 0 0 0 80% or greater 0 3 5 0 0 0 0 8 Total $ 2,050 $ 895 $ 528 $ 371 $ 370 $ 1,226 $ 80 $ 5,520 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 2,007 $ 870 $ 517 $ 364 $ 312 $ 1,121 $ 80 $ 5,271 1.0 - 1.2x 43 25 10 1 58 41 0 178 Less than 1.0x 0 0 1 6 0 64 0 71 Total $ 2,050 $ 895 $ 528 $ 371 $ 370 $ 1,226 $ 80 $ 5,520 __________ (1) Excludes “Assets held-for-sale” of $6,580 million. See Note 1 for additional information. 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, 2021. 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, 2022 Current 30-59 Days 60-89 Days 90 Days or More Past Due(1) Total Past Total Non-Accrual (in millions) Commercial mortgage loans $ 50,441 $ 0 $ 0 $ 0 $ 0 $ 50,441 $ 2 Agricultural property loans 6,067 0 4 6 10 6,077 17 Residential property loans 42 0 0 0 0 42 0 Other collateralized loans 101 0 0 0 0 101 0 Uncollateralized loans 406 0 47 0 47 453 0 Total $ 57,057 $ 0 $ 51 $ 6 $ 57 $ 57,114 $ 19 __________ (1) As of September 30, 2022, 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, 2021. December 31, 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 $ 52,565 $ 0 $ 0 $ 2 $ 2 $ 52,567 $ 2 Agricultural property loans 5,520 0 0 0 0 5,520 19 Residential property loans 66 0 0 1 1 67 1 Other collateralized loans 70 0 0 0 0 70 0 Uncollateralized loans 561 0 0 0 0 561 0 Total(3) $ 58,782 $ 0 $ 0 $ 3 $ 3 $ 58,785 $ 22 __________ (1) As of December 31, 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, 2021. (3) Excludes “Assets held-for-sale” of $6,580 million. See Note 1 for additional information. Loans on non-accrual status recognized interest of less than $1 million and $2 million for both the three and nine months ended September 30, 2022 and 2021, respectively. Loans on non-accrual status that did not have a related allowance for credit losses were $17 million and $20 million as of September 30, 2022 and December 31, 2021, respectively. The Company did not have any significant losses on commercial mortgage and other loans purchased with credit deterioration as of both September 30, 2022 and December 31, 2021. Other Invested Assets The following table sets forth the composition of “Other invested assets,” as of the dates indicated: September 30, 2022 December 31, 2021 (in millions) LPs/LLCs: Equity method: Private equity $ 7,008 $ 6,5 |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021. 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 $ 166 $ 200 $ 204 $ 262 Fixed maturities, held-to-maturity 7 9 628 790 Fixed maturities, trading 171 178 0 0 Equity securities 107 79 0 0 Commercial mortgage and other loans 763 915 0 0 Other invested assets 3,082 2,846 120 138 Cash and cash equivalents 178 128 0 0 Accrued investment income 1 1 3 3 Other assets 406 499 639 785 Total assets of consolidated VIEs $ 4,881 $ 4,855 $ 1,594 $ 1,978 Other liabilities $ 502 $ 505 $ 0 $ 2 Notes issued by consolidated VIEs(2) 218 274 0 0 Total liabilities of consolidated VIEs $ 720 $ 779 $ 0 $ 2 __________ (1) Total assets of consolidated VIEs reflect $3,099 million and $2,885 million as of September 30, 2022 and December 31, 2021, 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, 2022, the maturity of this obligation was within 2 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 $864 million and $997 million as of September 30, 2022 and December 31, 2021, 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 was $16,558 million as of September 30, 2022, and $15,966 million as of December 31, 2021, excluding “Assets held-for-sale.” 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, 2022 | |
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, 2021. 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 of the netting effects of master netting agreements and cash collateral. This netting impact results in total derivative assets of $1,914 million and $3,266 million as of September 30, 2022 and December 31, 2021, respectively, and total derivative liabilities of $3,203 million and $2,278 million as of September 30, 2022 and December 31, 2021, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position. Primary Underlying Risk /Instrument Type September 30, 2022 December 31, 2021 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 $ 3,691 $ 70 $ (227) $ 3,591 $ 805 $ (69) Interest Rate Forwards 497 0 (97) 248 15 (2) Foreign Currency Foreign Currency Forwards 4,919 308 (366) 4,789 62 (107) Currency/Interest Rate Foreign Currency Swaps 24,853 5,173 (498) 21,272 1,151 (193) Total Derivatives Designated as Hedge Accounting Instruments $ 33,960 $ 5,551 $ (1,188) $ 29,900 $ 2,033 $ (371) Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate Interest Rate Swaps $ 202,590 $ 9,506 $ (20,542) $ 196,124 $ 10,515 $ (14,430) Interest Rate Futures 18,468 35 (80) 17,429 76 (9) Interest Rate Options 10,753 275 (317) 15,353 710 (265) Interest Rate Forwards 4,723 20 (116) 4,709 41 (11) Foreign Currency Foreign Currency Forwards 32,761 2,442 (2,842) 28,235 1,046 (1,209) Foreign Currency Options 0 0 0 0 0 0 Currency/Interest Rate Foreign Currency Swaps 10,602 1,677 (262) 12,683 751 (216) Credit Credit Default Swaps 12,881 11 (192) 3,489 128 (1) Equity Equity Futures 3,960 2 (46) 6,178 1 (10) Equity Options 53,758 874 (1,857) 60,057 2,065 (2,640) Total Return Swaps 9,983 980 (11) 13,850 49 (430) Other Other(1) 1,250 0 0 1,255 0 0 Synthetic GICs 85,149 1 (1) 81,984 1 0 Total Derivatives Not Qualifying as Hedge Accounting Instruments $ 446,878 $ 15,823 $ (26,266) $ 441,346 $ 15,383 $ (19,221) Total Derivatives(2)(3)(4) $ 480,838 $ 21,374 $ (27,454) $ 471,246 $ 17,416 $ (19,592) __________ (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 $8,230 million and $10,245 million as of September 30, 2022 and December 31, 2021, respectively, primarily included in “Future policy benefits” and "Policyholder account balances." (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 $1,643 million as of December 31, 2021 and “Liabilities held-for-sale” with fair value of $1,503 million as of December 31, 2021 with an outstanding gross notional amount of $41,179 million as of December 31, 2021. See Note 1 for additional information. As of September 30, 2022, 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, 2022 December 31, 2021 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 $ 458 $ 49 $ 641 $ 63 Commercial mortgage and other loans $ 0 $ 0 $ 17 $ 1 Policyholders’ account balances $ (1,206) $ 219 $ (1,552) $ (170) Future policy benefits $ (2,236) $ 510 $ (3,001) $ (279) __________ (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 tables present 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, 2022 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets: Derivatives $ 21,247 $ (19,460) $ 1,787 $ (1,135) $ 652 Securities purchased under agreement to resell 167 0 167 (167) 0 Total assets $ 21,414 $ (19,460) $ 1,954 $ (1,302) $ 652 Offsetting of Financial Liabilities: Derivatives $ 27,453 $ (24,251) $ 3,202 $ (2,628) $ 574 Securities sold under agreement to repurchase 8,223 0 8,223 (7,647) 576 Total liabilities $ 35,676 $ (24,251) $ 11,425 $ (10,275) $ 1,150 December 31, 2021 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets(2): Derivatives $ 17,272 $ (14,150) $ 3,122 $ (802) $ 2,320 Securities purchased under agreement to resell 704 0 704 (704) 0 Total assets $ 17,976 $ (14,150) $ 3,826 $ (1,506) $ 2,320 Offsetting of Financial Liabilities(2): Derivatives $ 19,587 $ (17,314) $ 2,273 $ (797) $ 1,476 Securities sold under agreement to repurchase 10,185 0 10,185 (9,699) 486 Total liabilities $ 29,772 $ (17,314) $ 12,458 $ (10,496) $ 1,962 __________ (1) Amounts exclude the excess of collateral received/pledged from/to the counterparty. (2) Excludes “Assets held-for-sale” with fair value of $1,643 million as of December 31, 2021 and “Liabilities held-for-sale” with fair value of $1,503 million as of December 31, 2021. See Note 1 for additional information. 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, 2021. 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. The following tables provide 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, 2022 Realized Net Other Interest Interest Policyholders’ Benefits Change in AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ 11 $ (1) $ 0 $ 0 $ (106) $ (114) $ 0 Currency 1 0 0 0 0 (144) 0 Total gains (losses) on derivatives designated as hedge instruments 12 (1) 0 0 (106) (258) 0 Gains (losses) on the hedged item: Interest Rate (11) 3 0 0 104 109 0 Currency (1) 2 0 0 0 151 0 Total gains (losses) on hedged item (12) 5 0 0 104 260 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 (1) (74) Total Amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 (1) (74) Total gains (losses) on fair value hedges net of hedged item 0 4 0 0 (2) 1 (74) Cash flow hedges Interest Rate 1 1 0 0 0 0 (76) Currency 6 0 0 0 0 0 181 Currency/Interest Rate 27 77 279 0 0 0 1,548 Total gains (losses) on cash flow hedges 34 78 279 0 0 0 1,653 Net investment hedges Currency 0 0 0 0 0 0 23 Currency/Interest Rate 0 0 0 0 0 0 0 Total gains (losses) on net investment hedges 0 0 0 0 0 0 23 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (2,071) 0 0 0 0 0 0 Currency 2 0 2 0 0 0 0 Currency/Interest Rate 501 0 4 0 0 0 0 Credit (11) 0 0 0 0 0 0 Equity (54) 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 Embedded Derivatives 1,238 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments (395) 0 6 0 0 0 0 Total $ (361) $ 82 $ 285 $ 0 $ (2) $ 1 $ 1,602 Nine Months Ended September 30, 2022 Realized Net Other Interest Interest Policyholders’ Benefits Change in AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ 39 $ (4) $ 0 $ 0 $ (373) $ (432) $ 0 Currency (29) (1) 0 0 0 (351) 0 Total gains (losses) on derivatives designated as hedge instruments 10 (5) 0 0 (373) (783) 0 Gains (losses) on the hedged item: Interest Rate (39) 10 0 0 389 441 0 Currency 31 8 0 0 0 348 0 Total gains (losses) on hedged item (8) 18 0 0 389 789 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 (3) (11) Total Amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 (3) (11) Total gains (losses) on fair value hedges net of hedged item 2 13 0 0 16 3 (11) Cash flow hedges Interest Rate (5) 2 0 0 0 0 (210) Currency 10 0 0 0 0 0 325 Currency/Interest Rate 76 214 750 0 0 0 2,965 Total gains (losses) on cash flow hedges 81 216 750 0 0 0 3,080 Net investment hedges Currency 0 0 0 0 0 0 33 Currency/Interest Rate 0 0 0 0 0 0 0 Total gains (losses) on net investment hedges 0 0 0 0 0 0 33 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (9,317) 0 0 0 0 0 0 Currency (369) 0 1 0 0 0 0 Currency/Interest Rate 1,287 0 8 0 0 0 0 Credit (174) 0 0 0 0 0 0 Equity 1,601 0 0 0 0 0 0 Other 2 0 0 0 0 0 0 Embedded Derivatives 6,104 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments (866) 0 9 0 0 0 0 Total $ (783) $ 229 $ 759 $ 0 $ 16 $ 3 $ 3,102 Three Months Ended September 30, 2021 Realized Net Other Interest Interest Policyholders’ Benefits Change in 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 Change in 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 _______ (1) Excluding changes related to net investment hedges using non-derivative instruments of $2 million and $134 million for the three months ended and nine months ended September 30, 2022, and $(7) million and $7 million for the three months ended and nine months ended September 30, 2021, respectively. Presented below is a rollforward of current period cash flow hedges in AOCI before taxes: (in millions) Balance, December 31, 2021 $ 1,019 Amount recorded in AOCI: Interest Rate (213) Currency 335 Currency/Interest Rate 4,005 Total amount recorded in AOCI 4,127 Amount reclassified from AOCI to income: Interest Rate 3 Currency (10) Currency/Interest Rate (1,040) Total amount reclassified from AOCI to income (1,047) Balance, September 30, 2022 $ 4,099 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, 2022 values, it is estimated that a pre-tax gain of approximately $311 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending September 30, 2023. 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 29 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 $26 million and $166 million for the three and nine months ended September 30, 2022, respectively, and $(6) million and $(5) million for the three and nine months ended September 30, 2021, respectively. Credit Derivatives The following tables provide a summary of the notional and fair value of written credit protection, presented as assets (liabilities). 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 25 years for Index Reference. September 30, 2022 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) 49 0 0 0 10,742 (174) 0 0 0 0 834 (18) 11,625 (192) Total $ 49 $ 0 $ 0 $ 0 $ 10,742 $ (174) $ 0 $ 0 $ 0 $ 0 $ 834 $ (18) $ 11,625 $ (192) December 31, 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) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Index reference(2) 49 0 0 0 2,397 41 0 0 0 0 928 87 3,374 128 Total $ 49 $ 0 $ 0 $ 0 $ 2,397 $ 41 $ 0 $ 0 $ 0 $ 0 $ 928 $ 87 $ 3,374 $ 128 _________ (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 to 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 $54 million as of December 31, 2021 and “Liabilities held-for-sale” with fair value of $0 million as of December 31, 2021, with an outstanding notional amount of $1,971 million as of December 31, 2021. See Note 1 for additional information. 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, 2022 and December 31, 2021, the Company had $1,256 million and $115 million of outstanding notional amounts and reported at fair value as an asset of $11 million and a liability of $1 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 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, 2022, 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, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | 6. 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, 2021. 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, 2022 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 $ 27,680 $ 0 $ $ 27,680 Obligations of U.S. states and their political subdivisions 0 9,736 7 9,743 Foreign government bonds 0 69,785 8 69,793 U.S. corporate public securities 0 84,010 62 84,072 U.S. corporate private securities(3) 0 32,407 2,238 34,645 Foreign corporate public securities 0 20,367 65 20,432 Foreign corporate private securities 0 23,426 1,134 24,560 Asset-backed securities(4) 0 11,117 618 11,735 Commercial mortgage-backed securities 0 10,059 1,028 11,087 Residential mortgage-backed securities 0 2,084 10 2,094 Subtotal 0 290,671 5,170 295,841 Assets supporting experience-rated contractholder liabilities: U.S. Treasury securities and obligations of U.S. government authorities and agencies 0 183 0 183 Obligations of U.S. states and their political subdivisions 0 0 0 0 Foreign government bonds 0 622 0 622 Corporate securities 0 82 0 82 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 697 996 0 1,693 All other(5) 0 0 0 0 Subtotal 697 1,883 0 2,580 Fixed maturities, trading 0 5,368 322 5,690 Equity securities 4,016 2,213 653 6,882 Commercial mortgage and other loans 0 978 0 978 Other invested assets(6) 37 21,336 502 (19,460) 2,415 Short-term investments 30 4,390 4 4,424 Cash equivalents 671 9,411 0 10,082 Other assets 0 0 139 139 Separate account assets(7)(8) 9,217 156,962 1,091 167,270 Total assets $ 14,668 $ 493,212 $ 7,881 $ (19,460) $ 496,301 Future policy benefits(9) $ 0 $ 0 $ 5,163 $ $ 5,163 Policyholders’ account balances 0 0 3,745 3,745 Other liabilities 130 26,952 1 (24,251) 2,832 Notes issued by consolidated VIEs 0 0 0 0 Total liabilities $ 130 $ 26,952 $ 8,909 $ (24,251) $ 11,740 As of December 31, 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 $ 32,158 $ 0 $ $ 32,158 Obligations of U.S. states and their political subdivisions 0 12,210 8 12,218 Foreign government bonds 0 94,659 10 94,669 U.S. corporate public securities 0 112,073 82 112,155 U.S. corporate private securities(3) 0 35,344 2,038 37,382 Foreign corporate public securities 0 27,184 125 27,309 Foreign corporate private securities 0 25,966 3,071 29,037 Asset-backed securities(4) 0 11,200 325 11,525 Commercial mortgage-backed securities 0 11,763 1,336 13,099 Residential mortgage-backed securities 0 2,533 325 2,858 Subtotal 0 365,090 7,320 372,410 Assets supporting experience-rated contractholder liabilities: U.S. Treasury securities and obligations of U.S. government authorities and agencies 0 193 0 193 Obligations of U.S. states and their political subdivisions 0 0 0 0 Foreign government bonds 0 761 0 761 Corporate securities 0 103 0 103 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 862 1,409 0 2,271 All other(5) 2 18 0 20 Subtotal 864 2,484 0 3,348 Fixed maturities, trading 0 8,402 421 8,823 Equity securities 7,386 192 799 8,377 Commercial mortgage and other loans 0 1,263 0 1,263 Other invested assets(6) 409 17,004 493 (14,150) 3,756 Short-term investments 1,199 4,114 330 5,643 Cash equivalents 753 4,436 70 5,259 Other assets 0 0 164 164 Separate account assets(7)(8) 12,305 206,383 1,283 219,971 Total assets $ 22,916 $ 609,368 $ 10,880 $ (14,150) $ 629,014 Future policy benefits(9) $ 0 $ 0 $ 9,068 $ $ 9,068 Policyholders’ account balances 0 0 1,436 1,436 Other liabilities 33 19,141 0 (17,314) 1,860 Notes issued by consolidated VIEs 0 0 0 0 Total liabilities $ 33 $ 19,141 $ 10,504 $ (17,314) $ 12,364 __________ (1) Excludes amounts for financial instruments reclassified to “Assets held-for-sale” of $129,579 million, “Liabilities held-for-sale” of $6,214 million as of December 31, 2021. 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. (2) “Netting” amounts represent cash collateral of $(4,791) million and $(3,164) million as of September 30, 2022 and December 31, 2021, respectively. (3) Excludes notes with fair value of $6,366 million (carrying amount of $6,366 million) and $5,995 million (carrying amount of $5,941 million) as of September 30, 2022 and December 31, 2021, 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, 2022 and December 31, 2021, the fair values of such investments were $3,717 million and $4,290 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, 2022 and December 31, 2021, the fair value of such investments was $27,255 million and $26,174 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, 2022, the net embedded derivative liability position of $5,164 million includes $762 million of embedded derivatives in an asset position and $5,926 million of embedded derivatives in a liability position. As of December 31, 2021, the net embedded derivative liability position of $9,069 million includes $611 million of embedded derivatives in an asset position and $9,680 million 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, 2022 Fair Value Valuation Unobservable Inputs Minimum Maximum Weighted Impact of (in millions) Assets: Corporate securities(2)(3) $ 2,810 Discounted Discount rate 0.44% 20% 9.10% Decrease Market comparables EBITDA multiples(4) 1.8X 18.5X 7.8X Increase Liquidation Liquidation value 13.05% 13.19% 13.11% Increase Equity securities $ 311 Discounted Discount rate 0.16% 20% Decrease Market comparables EBITDA multiples(4) 1.0X 17.4X 5.4X Increase Net Asset Value Share price $6 $1,708 $592 Increase Separate account assets-commercial mortgage loans(6) $ 96 Discounted Spread 1.15% 2.20% 1.42% Decrease Liabilities: Future policy benefits(7) $ 5,163 Discounted Lapse rate(9) 1% 20% Decrease Spread over SOFR(10) 0.50% 2.35% Decrease Utilization rate(11) 38% 95% Increase Withdrawal rate See table footnote (12) below. Mortality rate(13) 0% 15% Decrease Equity volatility curve 18% 29% Increase Policyholders’ account balances(8) $ 3,745 Discounted Lapse rate(9) 1% 80% Decrease Spread over SOFR(10) 0.28% 2.06% Decrease Mortality rate(13) 0% 23% Decrease Equity volatility curve 6% 38% Increase As of December 31, 2021 Fair Value Valuation Unobservable Inputs Minimum Maximum Weighted Impact of (in millions) Assets: Corporate securities(2)(3) $ 4,800 Discounted Discount rate 0.31% 20% 5.00% Decrease Market comparables EBITDA multiples(4) 4.1X 19.2X 8.9X Increase Liquidation Liquidation value 11.31% 62.58% 55.57% Increase Equity securities $ 277 Discounted Discount rate 0.5% 20% Decrease Market comparables EBITDA multiples(4) 1X 7.5X 4.0X Increase Net Asset Value Share price $1 $1,498 $594 Increase Separate account assets-commercial mortgage loans(6) $ 150 Discounted Spread 1.05% 1.98% 1.18% Decrease Liabilities: Future policy benefits(7) $ 9,068 Discounted Lapse rate(9) 1% 20% Decrease Spread over LIBOR(10) 0.03% 1.14% Decrease Utilization rate(11) 39% 96% Increase Withdrawal rate See table footnote (12) below. Mortality rate(13) 0% 15% Decrease Equity volatility curve 16% 25% Increase Policyholders’ account balances(8) $ 1,436 Discounted Lapse rate(9) 1% 42% Decrease Spread over LIBOR(10) 0.03% 1.14% Decrease Mortality rate(13) 0% 23% Decrease Equity volatility curve 6% 31% 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 Secured Overnight Financing Rate (“SOFR”) swap curve and the London Inter-Bank Offered Rate (“LIBOR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR or LIBOR, as applicable) 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 as of September 30, 2022 and December 31, 2021, respectively. 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, 2022 and December 31, 2021, the minimum withdrawal rate assumption is 77% and 76% respectively. As of September 30, 2022 and December 31, 2021, 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, 2022 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(2) (in millions) Fixed maturities, available-for-sale: U.S. government $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 U.S. states 7 0 0 0 0 0 0 0 0 7 0 Foreign government 9 0 0 (1) 0 0 0 0 0 8 0 Corporate securities(3) 3,539 (122) 288 (57) 0 (256) 92 90 (75) 3,499 (136) Structured securities(4) 1,482 (40) 424 0 0 (128) (3) 0 (79) 1,656 (40) Assets supporting experience-rated contractholder liabilities: Foreign government 0 0 0 0 0 0 0 0 0 0 0 Corporate securities(3) 0 0 0 0 0 0 0 0 0 0 0 Structured securities(4) 0 0 0 0 0 0 0 0 0 0 0 Equity securities 0 0 0 0 0 0 0 0 0 0 0 All other activity 0 0 0 0 0 0 0 0 0 0 0 Other assets: Fixed maturities, trading 347 2 8 (3) 0 (29) (3) 0 0 322 3 Equity securities 766 (23) 10 (94) 0 0 (4) 0 (2) 653 (28) Other invested assets 499 (13) 20 (1) 0 (2) (1) 0 0 502 (7) Short-term investments 204 (5) 5 0 0 (205) 6 0 (1) 4 (5) Cash equivalents 0 0 0 0 0 0 0 0 0 0 0 Other assets 243 30 (8) 0 0 (8) (118) 0 0 139 31 Separate account assets(5) 1,040 (45) 137 (95) 0 (36) 1 93 (4) 1,091 (28) Liabilities: Future policy benefits (5,946) 1,036 0 0 (252) 0 (1) 0 0 (5,163) 1,000 Policyholders’ account balances(6) (3,544) 222 0 0 (424) 0 1 0 0 (3,745) 845 Other liabilities (1) 0 0 0 0 0 0 0 0 (1) 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 0 0 Three Months Ended September 30, 2022 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) 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)(7) (in millions) Fixed maturities, available-for-sale $ (10) $ 0 $ 0 $ (159) $ 7 $ (15) $ 0 $ 0 $ (162) Assets supporting experience-rated contractholder liabilities 0 0 0 0 0 0 0 0 0 Other assets: Fixed maturities, trading 0 4 0 0 (2) 0 3 0 0 Equity securities 0 (23) 0 0 0 0 (28) 0 0 Other invested assets (14) 1 0 0 0 (8) 1 0 0 Short-term investments (5) 0 0 0 0 (5) 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Other assets 30 0 0 0 0 31 0 0 0 Separate account assets(5) 0 0 (45) 0 0 0 0 (28) 0 Liabilities: Future policy benefits 1,036 0 0 0 0 1,000 0 0 0 Policyholders’ account balances 222 0 0 0 0 845 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, 2022 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(2) (in millions) Fixed maturities, available-for-sale: U.S. government $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 U.S. states 8 (1) 0 0 0 0 0 0 0 7 (1) Foreign government 10 (1) 0 (1) 0 0 0 0 0 8 (1) Corporate securities(3) 5,316 (588) 1,088 (140) 9 (721) 65 106 (1,636) 3,499 (602) Structured securities(4) 1,986 (318) 625 (22) 0 (349) (12) 6 (260) 1,656 (319) Assets supporting experience-rated contractholder liabilities: Foreign government 0 0 0 0 0 0 0 0 0 0 0 Corporate securities(3) 0 0 0 0 0 0 0 0 0 0 0 Structured securities(4) 0 0 0 0 0 0 0 0 0 0 0 Equity securities 0 0 0 0 0 0 0 0 0 0 0 All other activity 0 0 0 0 0 0 0 0 0 0 0 Other assets: Fixed maturities, trading 421 (26) 41 (33) 0 (69) 3 0 (15) 322 (25) Equity securities 799 5 41 (239) 0 (4) (20) 73 (2) 653 (18) Other invested assets 493 (3) 57 (39) 0 (4) (2) 0 0 502 (3) Short-term investments 330 (5) 9 0 0 (335) 6 0 (1) 4 (5) Cash equivalents 70 (1) 7 0 0 (73) (3) 0 0 0 (2) Other assets 164 18 10 0 0 (11) (42) 0 0 139 (43) Separate account assets(5) 1,283 (237) 181 (111) 0 (43) 0 93 (75) 1,091 (234) Liabilities: Future policy benefits (9,068) 4,918 0 0 (771) 0 (242) 0 0 (5,163) 4,803 Policyholders’ account balances(6) (1,436) 502 0 0 (808) 0 (2,003) 0 0 (3,745) 1,601 Other liabilities 0 0 0 0 0 0 0 (1) 0 (1) 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 0 0 Nine Months Ended September 30, 2022 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) 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)(7) (in millions) Fixed maturities, available-for-sale $ (78) $ 0 $ 0 $ (837) $ 7 $ (97) $ 0 $ 0 $ (826) Assets supporting experience-rated contractholder liabilities 0 0 0 0 0 0 0 0 0 Other assets: Fixed maturities, trading 0 (26) 0 0 0 0 (25) 0 0 Equity securities 0 5 0 0 0 0 (18) 0 0 Other invested assets (19) 16 0 0 0 (19) 16 0 0 Short-term investments (5) 0 0 0 0 (5) 0 0 0 Cash equivalents (1) 0 0 0 0 (2) 0 0 0 Other assets (49) 0 0 67 0 (43) 0 0 0 Separate account assets(5) 0 0 (237) 0 0 0 0 (234) 0 Liabilities: Future policy benefits 4,918 0 0 0 0 4,806 (3) 0 0 Policyholders’ account balances 502 0 0 0 0 1,601 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, 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 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (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(3) 5,528 (67) 496 (12) 18 (374) (1) 97 (319) 5,366 (82) Structured securities(4) 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(3) 549 (3) 1 0 0 (81) (157) 0 (309) 0 (2) Structured securities(4) 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(5) 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(6) (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(2) 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)(7) (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(5) 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 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (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(3) 5,335 (229) 1,183 (33) 38 (868) 0 386 (446) 5,366 (284) Structured securities(4) 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(3) 482 5 17 0 0 (109) (157) 71 (309) 0 (2) Structured securities(4) 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(5) 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(6) (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(2) 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)(7) (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(5) 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 __________ (1) “Other,” includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities, such as the increase in Policyholders’ account balances for the period ended September 30, 2022, which is driven by embedded derivatives associated with the Company’s reinsurance of index-linked annuity products held by the sold PALAC entity. See Note 1 for additional information. (2) 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. (3) Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities. (4) Includes asset-backed, co |
Closed Block
Closed Block | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021. As of September 30, 2022, the Company recognized a policyholder dividend obligation of $3,502 million to Closed Block policyholders for the excess of actual cumulative earnings over expected cumulative earnings; however, due to accumulated net unrealized investment losses in excess of this amount, the policyholder dividend obligation balance as of September 30, 2022 was reduced to zero. At December 31, 2021, the Company recognized a policyholder dividend obligation of $4,387 million to Closed Block policyholders for the excess of actual cumulative earnings over expected cumulative earnings. Additionally, accumulated net unrealized investment gains (losses) were reflected as a policyholder dividend obligation of $3,640 million at December 31, 2021, 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 $ 44,615 $ 45,596 Policyholders’ dividends payable 612 616 Policyholders’ dividend obligation 0 8,027 Policyholders’ account balances 4,634 4,737 Other Closed Block liabilities 2,634 3,107 Total Closed Block liabilities 52,495 62,083 Closed Block assets Fixed maturities, available-for-sale, at fair value 29,442 38,160 Fixed maturities, trading, at fair value 887 1,137 Equity securities, at fair value 1,599 2,288 Commercial mortgage and other loans 8,070 8,241 Policy loans 3,665 3,815 Other invested assets 4,118 4,358 Short-term investments 137 557 Total investments 47,918 58,556 Cash and cash equivalents 1,076 451 Accrued investment income 423 392 Other Closed Block assets 101 137 Total Closed Block assets 49,518 59,536 Excess of reported Closed Block liabilities over Closed Block assets 2,977 2,547 Portion of above representing accumulated other comprehensive income (loss): Net unrealized investment gains (losses) (4,113) 3,535 Allocated to policyholder dividend obligation 3,502 (3,640) Future earnings to be recognized from Closed Block assets and Closed Block liabilities $ 2,366 $ 2,442 Information regarding the policyholder dividend obligation is as follows: Nine Months Ended (in millions) Balance, December 31, 2021 $ 8,027 Impact from earnings allocable to policyholder dividend obligation (885) Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation (7,142) Balance, September 30, 2022 $ 0 Closed Block revenues and benefits and expenses are as follows for the periods indicated: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in millions) Revenues Premiums $ 397 $ 419 $ 1,247 $ 1,313 Net investment income 435 654 1,514 1,876 Realized investment gains (losses), net 29 168 69 505 Other income (loss) (150) 113 (621) 644 Total Closed Block revenues 711 1,354 2,209 4,338 Benefits and Expenses Policyholders’ benefits 552 599 1,817 1,885 Interest credited to policyholders’ account balances 31 31 91 93 Dividends to policyholders 72 583 55 1,978 General and administrative expenses 76 78 224 236 Total Closed Block benefits and expenses 731 1,291 2,187 4,192 Closed Block revenues, net of Closed Block benefits and expenses, before income taxes (20) 63 22 146 Income tax expense (benefit) (40) 38 (49) 92 Closed Block revenues, net of Closed Block benefits and expenses and income taxes $ 20 $ 25 $ 71 $ 54 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
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 determining the full year projected tax rate, the Company considers the realizability of deferred tax assets, including those associated with unrealized investment losses, and has determined based upon the weight of available evidence that no valuation allowance is necessary related to unrealized investment losses. 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 benefit of $(206) million, or 19.4% of income (loss) before income taxes and equity in earnings of operating joint ventures, in the first nine months of 2022, compared to an income tax expense of $1,504 million, or 18.8%, in the first nine months of 2021. 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. Foreign Tax Credit Regulations. The Treasury Department and the IRS published Final Regulations in the Federal Register on January 4, 2022, which affect the creditability of certain foreign taxes for U.S. federal income tax purposes. The Final Regulations create uncertainty as to whether a U.S. foreign tax credit may be claimed for taxes paid to Brazil. The ability to claim a foreign tax credit for taxes paid to Brazil impacts the benefit of the election made pursuant to Internal Revenue Code Section 952 to subject earnings from the Company’s insurance operations in Brazil to tax in the U.S. in the tax year earned, net of related foreign tax credits. Based on the Company’s analysis and current interpretation of the Final Regulations, a $23 million tax benefit is reflected as part of the Company’s results for the first nine months of 2022. The Final Regulations are complex and have broad application that may also impact the creditability of taxes paid to other foreign jurisdictions, and their full impact to the Company is still being evaluated. GILTI High Tax Exclusion. On July 20, 2020, the U.S. Treasury and the Internal Revenue Service issued Final Regulations which allows an annual election to exclude from the U.S. tax return certain GILTI amounts when the taxes paid by a foreign affiliate exceed 18.9% (90% of U.S. statutory rate of 21%) of the GILTI amount for that foreign affiliate (the “high-tax exception”). These regulations are effective for the 2021 taxable year with an election to apply to any taxable year beginning after 2017. In many of the countries in which the Company operates, including Japan, there are differences between local tax rules used to determine the tax base and the U.S. tax principles used to determine GILTI. Also, the Company’s Japan affiliates have a different tax year than the U.S. calendar tax year used to determine GILTI; therefore, while many of the countries, including Japan, have a statutory tax rate above the 18.9% threshold, separate affiliates may not meet the 18.9% threshold each year and, as such, may not qualify for this annual exclusion. The Company anticipates making the high-tax exception election for the 2021 and 2022 tax years and reflected the impact of the election in its full year projected effective tax rate used to calculate year-to-date taxes for the first nine months of 2021 and 2022. Regulatory Developments |
Short-Term and Long-Term Debt
Short-Term and Long-Term Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Short-Term and Long-Term Debt | SHORT-TERM AND LONG-TERM DEBT Short-term Debt The table below presents the Company’s short-term debt as of the dates indicated: September 30, 2022 December 31, 2021 ($ in millions) Commercial paper: Prudential Financial $ 25 $ 25 Prudential Funding, LLC 403 395 Subtotal commercial paper 428 420 Current portion of long-term debt: Senior Notes 173 0 Mortgage debt 155 197 Surplus notes subject to set-off arrangements(1) 500 500 Subtotal current portion of long-term debt 828 697 Other(2) 11 105 Subtotal 1,267 1,222 Less: assets under set-off arrangements(1) 500 500 Total short-term debt(3) $ 767 $ 722 Supplemental short-term debt information: Portion of commercial paper borrowings due overnight $ 156 $ 150 Daily average commercial paper outstanding for the quarter ended $ 1,046 $ 1,414 Weighted average maturity of outstanding commercial paper, in days 11 16 Weighted average interest rate on outstanding commercial paper 2.96 % 0.08 % _________ (1) The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in short-term debt. (2) Includes $11 million and $7 million drawn on a revolving line of credit held by a subsidiary, and a $0 million and $98 million bridge loan at September 30, 2022 and December 31, 2021, respectively. (3) Includes Prudential Financial debt of $25 million at both September 30, 2022 and December 31, 2021. Prudential Financial and certain subsidiaries have access to external sources of liquidity, including membership in the Federal Home Loan Bank of New York (“FHLBNY”), commercial paper programs and contingent financing facilities in the f orm of a put option agreement and facility agreement. In August 2022, PICA issued $1.0 billion in funding agreements under the FHLBNY facility at a rate of 3.700% due in August 2029. As of September 30, 2022, $2.0 billion of funding agreements remain outstanding under this facility. These funding agreements are reflected as “Policyholders’ account balances” on the Unaudited Interim Consolidated Statements of Financial Position and as such are not included in the table above. The Company also maintains syndicated, unsecured committed credit facilities as an alternative source of liquidity. At September 30, 2022, no amounts were drawn on these syndicated, unsecured committed credit facilities. For additional information on these sources of liquidity, 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, 2021. Long-term Debt The table below presents the Company’s long-term debt as of the dates indicated: September 30, 2022 December 31, 2021 (in millions) Fixed-rate obligations: Surplus notes $ 345 $ 344 Surplus notes subject to set-off arrangements(1) 8,036 7,861 Senior notes 10,115 10,282 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) 27 54 Junior subordinated notes(3) 9,087 7,618 Subtotal 30,264 28,813 Less: assets under set-off arrangements(1) 10,366 10,191 Total long-term debt(4) $ 19,898 $ 18,622 __________ (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 $27 million and $29 million of debt denominated in foreign currency at September 30, 2022 and December 31, 2021, respectively. (3) Includes Prudential Financial debt of $9,044 million and $7,564 million at September 30, 2022 and December 31, 2021, respectively. Also includes subsidiary debt of $43 million and $54 million denominated in foreign currency at September 30, 2022 and December 31, 2021, respectively. (4) Includes Prudential Financial debt of $19,159 million and $17,673 million at September 30, 2022 and December 31, 2021, respectively. At September 30, 2022 and December 31, 2021, the Company was in compliance with all debt covenants related to the borrowings in the table above. Junior Subordinated Notes In February 2022, the Company issued $1.0 billion in aggregate principal amount of 5.125% fixed-to-fixed reset rate junior subordinated notes due in March 2052. In August 2022, the Company issued $1.2 billion in aggregate principal amount of 6.00% fixed-to-fixed reset rate junior subordinated notes due in September 2052 and $300 million in aggregate principal amount of 5.95% junior subordinated notes due in September 2062. In September 2022, the Company redeemed, in full, $1.0 billion in aggregate principal amount of 5.875% fixed to floating rate junior subordinated notes due in 2042. Mortgage Debt In January 2022, a new yen-denominated non-recourse mortgage loan program was established by the Company’s Gibraltar Life Insurance Company Ltd. subsidiary. The loan program has an authorized capacity of ¥20 billion that can be increased to ¥46.7 billion and a term of 10 years that can be extended. As of September 30, 2022, $27 million (¥4 billion) in mortgage debt was outstanding under the loan program. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2022 | |
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 (the “traditional formula”), 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 “cash balance formula”). 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 certain 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 2022 2021 2022 2021 (in millions) Components of net periodic (benefit) cost: Service cost $ 65 $ 82 $ 3 $ 7 Interest cost 111 91 14 12 Expected return on plan assets (218) (206) (25) (26) Amortization of prior service cost (1) (1) (2) 2 Amortization of actuarial (gain) loss, net 37 61 2 4 Settlements 2 1 0 0 Curtailments 0 0 0 0 Special termination benefits 0 0 0 0 Net periodic (benefit) cost $ (4) $ 28 $ (8) $ (1) Nine Months Ended September 30, Pension Benefits Other Postretirement Benefits 2022 2021 2022 2021 (in millions) Components of net periodic (benefit) cost: Service cost $ 211 $ 247 $ 10 $ 20 Interest cost 320 273 41 36 Expected return on plan assets (649) (618) (77) (76) Amortization of prior service cost (1) $ (3) (6) 5 Amortization of actuarial (gain) loss, net 124 $ 184 5 12 Settlements 3 3 0 0 Curtailments(1) 0 0 (8) 0 Special termination benefits(2)(3) 4 1 4 0 Net periodic (benefit) cost $ 12 $ 87 $ (31) $ (3) __________ (1) For 2022, curtailments are recognized as a result of the sale of the Full Service Retirement business for other postretirement benefit plans. (2) For 2022, 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 while others were provided enhanced benefits due to the sale of the Full Service Retirement business. (3) For 2021, 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, 2022 | |
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, 2021 666.3 290.0 376.3 Common Stock issued 0.0 0.0 0.0 Common Stock acquired 0.0 10.8 (10.8) Stock-based compensation programs(1) 0.0 (3.6) 3.6 Balance, September 30, 2022 666.3 297.2 369.1 __________ (1) Represents net shares issued from treasury pursuant to the Company’s stock-based compensation programs. In November 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, 2022 through December 31, 2022. As of September 30, 2022, 10.8 million shares of the Company’s Common Stock were repurchased under this authorization at a total cost of $1,125 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 2022 2021 2022 2021 Dividends declared per share of Common Stock $ 1.20 $ 1.15 $ 3.60 $ 3.45 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, 2022 and 2021, are as follows: Accumulated Other Comprehensive Income (Loss) Attributable to Foreign Currency Net Unrealized Pension and Total (in millions) Balance, December 31, 2021 $ (1,150) $ 24,987 $ (2,513) $ 21,324 Change in OCI before reclassifications (1,947) (52,818) 383 (54,382) Amounts reclassified from AOCI 21 126 122 269 Income tax benefit (expense) (71) 12,102 (116) 11,915 Balance, September 30, 2022 $ (3,147) $ (15,603) $ (2,124) $ (20,874) 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 __________ (1) Includes cash flow hedges of $4,099 million and $1,019 million as of September 30, 2022 and December 31, 2021, respectively, and $867 million and $(168) million as of September 30, 2021 and December 31, 2020, respectively, and fair value hedges of $(47) million and $(35) million as of September 30, 2022 and December 31, 2021, respectively, and $(29) million and $10 million as of September 30, 2021 and December 31, 2020, respectively. Reclassifications out of Accumulated Other Comprehensive Income (Loss) Three Months Ended Nine Months Ended Affected line item in Consolidated Statements of Operations 2022 2021 2022 2021 (in millions) Amounts reclassified from AOCI(1)(2): Foreign currency translation adjustment: Foreign currency translation adjustments $ (12) $ 1 $ (21) $ 1 Realized investment gains (losses), net Foreign currency translation adjustments 0 0 0 63 Other income (loss) Total foreign currency translation adjustment (12) 1 (21) 64 Net unrealized investment gains (losses): Cash flow hedges—Interest rate 2 (7) (3) 7 (3) Cash flow hedges—Currency 6 (1) 10 (4) (3) Cash flow hedges—Currency/Interest rate 383 230 1,040 435 (3) Fair value hedges—Currency (1) (1) (3) (4) (3) Net unrealized investment gains (losses) on available-for-sale securities (113) 221 (1,170) 1,750 Realized investment gains (losses), net Total net unrealized investment gains (losses) 277 442 (126) 2,184 (4) Amortization of defined benefit items: Prior service cost 3 (1) 7 (2) (5) Actuarial gain (loss) (39) (65) (129) (196) (5) Total amortization of defined benefit items (36) (66) (122) (198) Total reclassifications for the period $ 229 $ 377 $ (269) $ 2,050 __________ (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 available-for-sale fixed maturity securities on which an allowance for credit losses has been recorded, 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 Recorded 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, 2021 $ 23 $ 40,444 $ (543) $ (3,271) $ (3,657) $ (8,009) $ 24,987 Net investment gains (losses) on investments arising during the period (95) (66,420) 15,092 (51,423) Reclassification adjustment for (gains) losses included in net income 14 112 (29) 97 Reclassification due to allowance for credit losses recorded during the period 0 0 0 0 Impact of net unrealized investment (gains) losses 277 6,268 7,152 (2,961) 10,736 Balance, September 30, 2022 $ (58) $ (25,864) $ (266) $ 2,997 $ 3,495 $ 4,093 $ (15,603) __________ (1) Includes cash flow and fair value hedges. See Note 5 for additional information. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 2021 Income Weighted Per Share Income Weighted Per Share (in millions, except per share amounts) Basic earnings per share Net income (loss) $ (290) $ 1,565 Less: Income (loss) attributable to noncontrolling interests (6) 35 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 6 24 Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ (290) 371.0 $ (0.78) $ 1,506 383.8 $ 3.92 Effect of dilutive securities and compensation programs Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 6 $ 24 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted 6 23 Stock options 0.0 0.8 Deferred and long-term compensation programs 0.0 2.2 Diluted earnings per share(1) Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ (290) 371.0 $ (0.78) $ 1,507 386.8 $ 3.90 __________ (1) For the three months ended September 30, 2022, 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 three months ended September 30, 2022, all potential stock options and compensation programs were considered antidilutive. Nine Months Ended September 30, 2022 2021 Income Weighted Per Share Income Weighted Per Share (in millions, except per share amounts) Basic earnings per share Net income (loss) $ (906) $ 6,552 Less: Income (loss) attributable to noncontrolling interests (26) 36 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 19 99 Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ (899) 373.8 $ (2.41) $ 6,417 390.4 $ 16.44 Effect of dilutive securities and compensation programs Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 19 $ 99 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted 19 98 Stock options 0.0 0.7 Deferred and long-term compensation programs 0.0 2.1 Diluted earnings per share(1) Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ (899) 373.8 $ (2.41) $ 6,418 393.2 $ 16.32 __________ (1) For the nine months ended September 30, 2022, 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, 2022, 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, 2022 and 2021, as applicable, were based on 4.9 million and 5.7 million of such awards, respectively, and for the nine months ended September 30, 2022 and 2021, as applicable, were based on 5.0 million and 5.9 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, 2022 2021 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 0.7 $ 107.30 0.9 $ 106.99 Antidilutive stock options due to net loss available to holders of Common Stock 0.3 0.0 Antidilutive shares based on application of the treasury stock method 0.0 0.0 Antidilutive shares due to net loss available to holders of Common Stock 1.8 0.0 Total antidilutive stock options and shares 2.8 0.9 Nine Months Ended September 30, 2022 2021 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 0.5 $ 107.95 1.3 $ 101.78 Antidilutive stock options due to net loss available to holders of Common Stock 0.5 0.0 Antidilutive shares based on application of the treasury stock method 0.1 0.0 Antidilutive shares due to net loss available to holders of Common Stock 2.1 0.0 Total antidilutive stock options and shares 3.2 1.3 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION Segments In October 2021, we announced the creation of Retirement Strategies, a new U.S. business that would serve the retirement needs of both our institutional and individual customers by bringing the institutional investment and pension solutions offered through our Retirement business together with the financial solutions and capabilities of our Individual Annuities business. Commencing with the second quarter of 2022, this new structure has been fully operationalized; therefore, the results of our former Retirement segment (now known as the “Institutional Retirement Strategies” operating segment) and our former Individual Annuities segment (now known as the “Individual Retirement Strategies” operating segment) have been aggregated into the Retirement Strategies segment. Prior periods have been updated to conform to this new presentation. The Company’s principal operations consist of PGIM (the Company’s global investment management business), the U.S. Businesses (consisting of the Retirement Strategies, Group Insurance, 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, 2021. As discussed in Note 1, during the second quarter of 2022 the Company recorded out of period adjustments within the Individual Life business resulting in an aggregate net benefit of $125 million to “Income (loss) from continuing operations before income taxes and equity in earnings of operating joint ventures” for the second quarter of 2022. These adjustments resulted in an aggregate $310 million benefit to the Company’s pre-tax adjusted operating income for the second quarter of 2022, reflected within the Individual Life segment. 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 2022 2021 2022 2021 (in millions) Adjusted operating income before income taxes by segment: PGIM $ 219 $ 327 $ 613 $ 1,293 U.S. Businesses: Institutional Retirement Strategies 233 571 1,199 1,635 Individual Retirement Strategies 445 499 2,222 1,415 Retirement Strategies(1) 678 1,070 3,421 3,050 Group Insurance 27 (135) (31) (250) Individual Life 41 210 (1,233) 312 Assurance IQ (44) (55) (142) (132) Total U.S. Businesses 702 1,090 2,015 2,980 International Businesses 430 887 1,786 2,561 Corporate and Other (325) (460) (950) (1,118) Total segment adjusted operating income before income taxes 1,026 1,844 3,464 5,716 Reconciling items: Realized investment gains (losses), net, and related adjustments (1,455) 116 (4,610) 1,765 Charges related to realized investment gains (losses), net (9) (18) (564) (254) Market experience updates 133 (199) 658 330 Divested and Run-off Businesses: Closed Block division (24) 27 12 92 Other Divested and Run-off Businesses (76) 48 27 432 Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests (22) (3) (23) (53) Other adjustments(2) (10) (9) (27) (35) Income (loss) before income taxes and equity in earnings of operating joint ventures per Unaudited Interim Consolidated Financial Statements $ (437) $ 1,806 $ (1,063) $ 7,993 ________ (1) The Retirement Strategies segment’s results reflect DAC as if the 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. (2) Includes 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 contingent consideration. 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 Unaudited Interim Consolidated Financial Statements. September 30, December 31, (in millions) Assets by segment: PGIM $ 49,944 $ 53,566 U.S. Businesses: Institutional Retirement Strategies 107,738 114,016 Individual Retirement Strategies 126,068 201,273 Retirement Strategies(1) 233,806 315,289 Group Insurance 37,521 43,286 Individual Life 98,369 118,237 Assurance IQ 1,577 1,788 Total U.S. Businesses 371,273 478,600 International Businesses 178,848 222,736 Corporate and Other(1) 27,796 122,701 Closed Block division 49,895 59,979 Total assets per Unaudited Interim Consolidated Financial Statements $ 677,756 $ 937,582 ________ (1) Certain assets were classified as “held-for-sale” as of December 31, 2021. See Note 1 for additional information. Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in millions) Revenues on an adjusted operating income basis: PGIM $ 907 $ 1,072 $ 2,662 $ 3,395 U.S. Businesses: Institutional Retirement Strategies 11,566 8,386 17,003 12,658 Individual Retirement Strategies 1,067 1,260 4,258 3,687 Retirement Strategies 12,633 9,646 21,261 16,345 Group Insurance 1,527 1,553 4,567 4,627 Individual Life 1,623 1,839 5,388 5,090 Assurance IQ 99 110 285 331 Total U.S. Businesses 15,882 13,148 31,501 26,393 International Businesses 4,858 5,618 15,320 16,642 Corporate and Other (36) (175) (441) (393) Total revenues on an adjusted operating income basis 21,611 19,663 49,042 46,037 Reconciling items: Realized investment gains (losses), net, and related adjustments (1,478) 178 (4,780) 2,070 Charges related to realized investment gains (losses), net (39) (59) (174) (178) Market experience updates 118 (56) 466 158 Divested and Run-off Businesses: Closed Block division 711 1,321 2,205 4,299 Other Divested and Run-off Businesses (427) 617 (60) 2,196 Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests (16) (23) 17 (72) Total revenues per Unaudited Interim Consolidated Financial Statements $ 20,480 $ 21,641 $ 46,716 $ 54,510 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 2022 2021 2022 2021 (in millions) PGIM segment intersegment revenues $ 199 $ 248 $ 631 $ 697 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, 2022 2021 2022 2021 (in millions) Asset-based management fees $ 820 $ 1,047 $ 2,642 $ 3,058 Performance-based incentive fees 15 19 25 70 Other fees 131 163 419 475 Total asset management and service fees $ 966 $ 1,229 $ 3,086 $ 3,603 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
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) $ 2,713 $ 2,300 Portion of commitment where prearrangement to sell to investor exists $ 1,293 $ 1,102 __________ (1) Includes commitments of $21 million related to held-for-sale operations as of December 31, 2021. See Note 1 for additional information. 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 prearranges 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 both September 30, 2022 and December 31, 2021. The change in allowance is $0 million for both the three months ended September 30, 2022 and 2021, respectively, and $0 million for both the nine months ended September 30, 2022 and 2021, 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) $ 9,477 $ 10,347 Expected to be funded from separate accounts $ 187 $ 236 __________ (1) Includes commitments of $118 million related to held-for-sale operations as of December 31, 2021. See Note 1 for additional information. 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, 2022 or 2021. 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) $ 6,531 $ 6,499 Fair value of related collateral associated with above indemnifications(2) $ 6,691 $ 6,635 Accrued liability associated with guarantee $ 0 $ 0 __________ (1) Includes $19 million and $30 million related to securities repurchase transactions as of September 30, 2022 and December 31, 2021, respectively. (2) Includes $18 million and $29 million related to securities repurchase transactions as of September 30, 2022 and December 31, 2021, 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 $ 85,149 $ 81,984 Fair value of collateral supporting these assets $ 80,009 $ 83,609 Asset (liability) associated with guarantee, carried at fair value $ 1 $ 1 Certain contracts underwritten by the Retirement Strategies 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 $ 2,876 $ 2,930 First-loss exposure portion of above $ 836 $ 854 Accrued liability associated with guarantees(1) $ 32 $ 41 __________ (1) The accrued liability associated with guarantees includes an allowance for credit losses of $16 million and $20 million as of September 30, 2022 and December 31, 2021, respectively. The change in allowance is a reduction of $1 million and an increase of $1 million for the three months ended September 30, 2022, and 2021, respectively, and a reduction of $4 million and $0 million for the nine months ended September 30, 2022 and 2021, respectively. 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 $22,968 million and $22,963 million of mortgages subject to these loss-sharing arrangements as of September 30, 2022 and December 31, 2021, respectively, all of which are collateralized by first priority liens on the underlying multi-family residential properties. As of September 30, 2022, these mortgages had a weighted-average debt service coverage ratio of 1.99 times and a weighted-average loan-to-value ratio of 62%. As of December 31, 2021, these mortgages had a weighted-average debt service coverage ratio of 1.93 times and a weighted-average loan-to-value ratio of 63%. The Company had no losses related to indemnifications that were settled for the nine months ended September 30, 2022 and $2 million of losses for the nine months ended September 30, 2021. Other Guarantees September 30, December 31, (in millions) Other guarantees where amount can be determined $ 56 $ 47 Accrued liability for other guarantees and indemnifications $ 33 $ 34 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. 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 In October 2019, the Company completed its acquisition of Assurance IQ. For additional information regarding the transaction, including the contingent consideration liability, 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, 2021. The contingent consideration liability is reported at fair value, which is determined based on the present value of expected payments under the arrangement, using an internally-developed option pricing model based on a number of assumptions, including certain unobservable assumptions discounted at an estimated market interest rate. 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, 2022 and December 31, 2021. 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 leg al 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, 2022, 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, 2021, and should be read in conjunction with the complete descriptions provided in the Form 10-K. Assurance IQ, LLC William James Griffin, et al. v. Benefytt Technologies, Inc., et al. and Assurance IQ, LLC In March 2022, the court issued an order granting Assurance IQ, LLC’s motion to dismiss the claims for declaratory and injunctive relief and denying the motion to dismiss as to the remaining claims. In May 2022, plaintiffs filed a second amended complaint narrowing the scope of the putative plaintiff class, and the Company filed its answer. Other Matters Cho v. PICA, et al. In August 2022, the court: (i) dismissed, with prejudice, the breach of the fiduciary duty of loyalty and prohibited transaction claims based on the inclusion of Prudential-affiliated funds in the Plan’s investment options; (ii) dismissed, without prejudice, the breach of fiduciary duty claims based on certain alleged underperforming Plan funds; and (iii) denied the motion to dismiss plaintiffs’ claims for breach of the fiduciary duties of prudence and to monitor other fiduciaries, based on alleged delays in removing other alleged underperforming funds. In September 2022, plaintiff filed a third amended complaint asserting claims for breach of duty of prudence and to monitor fiduciaries, and in October 2022, defendants filed their answer to the third amended complaint. LIBOR Litigation Prudential Investment Portfolios 2, f/k/a Dryden Core Investment Fund, o/b/o Prudential Core Short-Term Bond Fund and Prudential Core Taxable Money Market Fund v. Bank of America Corporation, et al. In March 2022, defendants petitioned the United States Supreme Court for a writ of certiorari to review the Second Circuit Court of Appeals judgment that personal jurisdiction extends to foreign defendants. In June 2022, the United States Supreme Court denied defendants’ petition. 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, 2022 | |
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, 2021. |
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, 2022 — 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, and was amended by ASU 2019-09, Financial Services - Insurance (Topic 944): Effective Date , issued in October 2019, and ASU 2020-11, Financial Services—Insurance (Topic 944): Effective Date and Early Application , issued in November 2020. The Company will adopt ASU 2018-12 effective January 1, 2023 using the modified retrospective transition method where permitted, and apply the guidance as of January 1, 2021 (and record transition adjustments as of January 1, 2021) in the 2023 financial statements. The Company has an established governance framework to manage the implementation of the standard. The Company’s implementation efforts continue to progress including, but not limited to, implementing refinements to key accounting policy decisions, modifications to actuarial valuation models, updates to data sourcing capabilities, automation of key financial reporting and analytical processes and updates to internal control over financial reporting. A SU 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 its Consolidated Financial Statements and will significantly increase disclosures. As of the January 1, 2021 transition date, the Company estimates that the implementation of the standard will result in a decrease to “Retained earnings” of approximately $2 billion to $3 billion primarily from reclassifying the cumulative effect of changes in non-performance risk from “Retained earnings” to “Accumulated other comprehensive income” (“AOCI”) and other changes in reserves, and will result in a decrease to AOCI of approximately $40 billion to $45 billion primarily from remeasuring in-force contract liabilities using upper-medium grade fixed income instrument yields as of the transition date. As of June 30, 2022, the estimated impacts amounted to a decrease to “Retained earnings” of approximately $2 billion to $3 billion and an increase to AOCI of approximately $3 billion to $8 billion, respectively. The changes in the estimates from January 1, 2021 to June 30, 2022 are primarily due to the increases in interest rates during 2021 and 2022. In addition to the impacts to the balance sheet, 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 policy 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 AOCI or (2) a full retrospective transition method. The Company will adopt this guidance effective January 1, 2023 using the modified retrospective transition method. As a result of the modified retrospective transition method, the Company expects the vast majority of the impact of updating cash flow assumptions as of the transition date to be reflected in the pattern of earnings in subsequent periods. The Company also expects some decrease to “Retained earnings” upon adoption from cash flow assumption updates isolated to the impact on certain issue year cohorts. 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 will adopt the guidance for the liability for future policy benefits effective January 1, 2023 using the modified retrospective transition method. Based on interest rates as of June 30, 2022, the Company expects an increase to AOCI as a result of remeasuring in-force contract liabilities using upper-medium grade fixed income instrument yields. The adjustment will largely reflect the difference between discount rates locked-in at contract inception versus discount rates as of the adoption date. ASU 2018-12 Amended Topic Description Method of adoption Effect on the financial statements or other significant matters 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 will adopt this guidance effective January 1, 2023 using the modified retrospective transition method. Under the modified retrospective transition method, the Company does 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 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 will adopt this guidance effective January 1, 2023 using the retrospective transition method. Upon adoption, the Company expects a decrease to “Retained earnings” and offsetting increase to AOCI from reclassifying the cumulative effect of changes in NPR from retained earnings to AOCI. There will also be 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). Other ASU issued but not yet adopted as of September 30, 2022 Standard Description Effective date and method of adoption Effect on the financial statements or other significant matters ASU 2022-02 , Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure This ASU eliminates the accounting guidance for Troubled Debt Restructurings (“TDR”) for creditors and adds enhanced disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty. Following adoption of the ASU, all loan refinancings and restructurings are subject to the modification guidance in ASC 310-20. This ASU also amends the guidance on the vintage disclosures to require disclosure of current-period gross write-offs by year of origination. January 1, 2023 using the prospective method with an option to apply a modified retrospective transition method for the recognition and measurement of TDRs which will include a cumulative effect adjustment on the balance sheet in the period of adoption. Early adoption is permitted beginning January 1, 2022, including adoption in an interim period provided guidance is applied as of the beginning of the year. The Company does not expect the adoption of the ASU to have a significant impact on the Consolidated Financial Statements and Notes to the Consolidated Financial Statements. |
Business and Basis of Present_2
Business and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Assets and liabilities held-for-sale | December 31, 2021 Retirement Individual Total (in millions) Assets held-for-sale: Fixed maturities, available-for-sale, at fair value(1) $ 4,798 $ 8,771 $ 13,569 Fixed maturities, trading, at fair value 374 27 401 Assets supporting experience-rated contractholder liabilities, at fair value 18,818 0 18,818 Equity securities 0 322 322 Commercial mortgage and other loans(1) 5,068 1,497 6,565 Policy loans 0 12 12 Other invested assets 10 94 104 Short-term investments 3 875 878 Cash and cash equivalents 56 2,015 2,071 Accrued investment income 160 61 221 Deferred policy acquisition costs 100 1,097 1,197 Value of business acquired 185 30 215 Other assets(2) 674 10,644 11,318 Separate account assets 65,835 32,267 98,102 Total assets held-for-sale $ 96,081 $ 57,712 $ 153,793 Liabilities held-for-sale: Future policy benefits $ 157 $ 4,505 $ 4,662 Policyholders’ account balances 28,164 11,750 39,914 Other liabilities 374 8,307 8,681 Separate account liabilities 65,835 32,267 98,102 Total liabilities held-for-sale $ 94,530 $ 56,829 $ 151,359 __________ (1) Includes “Fixed maturities, available-for-sale, at fair value” with an allowance for credit losses of $1 million and “Commercial mortgage and other loans” net of allowance for credit losses of $15 million as of December 31, 2021, respectively. (2) Includes $455 million of goodwill associated with the Retirement Full Service business as of December 31, 2021. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 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 $ 30,701 $ 1,206 $ 4,227 $ 0 $ 27,680 Obligations of U.S. states and their political subdivisions 10,495 216 968 0 9,743 Foreign government bonds 68,665 5,310 4,181 1 69,793 U.S. public corporate securities 98,482 1,349 15,734 25 84,072 U.S. private corporate securities(1) 37,818 687 3,803 57 34,645 Foreign public corporate securities 22,419 394 2,358 23 20,432 Foreign private corporate securities 31,148 138 6,686 40 24,560 Asset-backed securities(2) 11,952 168 380 5 11,735 Commercial mortgage-backed securities 11,976 28 917 0 11,087 Residential mortgage-backed securities(3) 2,301 28 235 0 2,094 Total fixed maturities, available-for-sale(1) $ 325,957 $ 9,524 $ 39,489 $ 151 $ 295,841 __________ (1) Excludes notes with amortized cost of $6,366 million (fair value, $6,366 million), which have been offset with the associated debt under a netting agreement. (2) Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans, home equity loans and other asset types. (3) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (4) Excludes notes with amortized cost of $4,500 million (fair value, $4,500 million), which have been offset with the associated debt under a netting agreement. December 31, 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 $ 26,231 $ 5,958 $ 31 $ 0 $ 32,158 Obligations of U.S. states and their political subdivisions 10,445 1,781 8 0 12,218 Foreign government bonds 83,363 11,842 529 7 94,669 U.S. public corporate securities 98,836 13,721 390 12 112,155 U.S. private corporate securities(2) 35,019 2,583 162 58 37,382 Foreign public corporate securities 24,877 2,571 118 21 27,309 Foreign private corporate securities 28,047 1,448 442 16 29,037 Asset-backed securities(3) 11,402 137 14 0 11,525 Commercial mortgage-backed securities 12,490 631 22 0 13,099 Residential mortgage-backed securities(4) 2,749 123 14 0 2,858 Total fixed maturities, available-for-sale(1)(2) $ 333,459 $ 40,795 $ 1,730 $ 114 $ 372,410 __________ (1) Excludes “Assets held-for-sale” with amortized cost of $13,145 million, fair value of $13,569 million, unrealized gains of $572 million, unrealized losses of $147 million and allowance for credit losses of $1 million. See Note 1 for additional information. (2) Excludes notes with amortized cost of $5,941 million (fair value, $5,995 million), which have been offset with the associated debt under a netting agreement. (3) Includes credit-tranched securities collateralized loan obligations, education loans, auto 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 $4,750 million (fair value, $5,394 million), which have been offset with the associated debt under a netting agreement. |
Fixed Maturities, Held-to-maturity Securities | September 30, 2022 Amortized Gross Gross Fair Allowance for Credit Losses Amortized Cost, (in millions) Fixed maturities, held-to-maturity: Foreign government bonds $ 661 $ 140 $ 0 $ 801 $ 0 $ 661 Foreign public corporate securities 396 22 0 418 2 394 Foreign private corporate securities 7 0 0 7 0 7 Residential mortgage-backed securities(3) 137 8 0 145 0 137 Total fixed maturities, held-to-maturity(4) $ 1,201 $ 170 $ 0 $ 1,371 $ 2 $ 1,199 __________ (1) Excludes notes with amortized cost of $6,366 million (fair value, $6,366 million), which have been offset with the associated debt under a netting agreement. (2) Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans, home equity loans and other asset types. (3) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (4) Excludes notes with amortized cost of $4,500 million (fair value, $4,500 million), which have been offset with the associated debt under a netting agreement. December 31, 2021 Amortized Gross Gross Fair Allowance for Credit Losses Amortized (in millions) Fixed maturities, held-to-maturity: Foreign government bonds $ 833 $ 221 $ 0 $ 1,054 $ 0 $ 833 Foreign public corporate securities 486 49 0 535 5 481 Foreign private corporate securities 9 0 0 9 0 9 Residential mortgage-backed securities(4) 191 14 0 205 0 191 Total fixed maturities, held-to-maturity(5) $ 1,519 $ 284 $ 0 $ 1,803 $ 5 $ 1,514 __________ (1) Excludes “Assets held-for-sale” with amortized cost of $13,145 million, fair value of $13,569 million, unrealized gains of $572 million, unrealized losses of $147 million and allowance for credit losses of $1 million. See Note 1 for additional information. (2) Excludes notes with amortized cost of $5,941 million (fair value, $5,995 million), which have been offset with the associated debt under a netting agreement. (3) Includes credit-tranched securities collateralized loan obligations, education loans, auto 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 $4,750 million (fair value, $5,394 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, 2022 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 $ 21,689 $ 4,215 $ 31 $ 12 $ 21,720 $ 4,227 Obligations of U.S. states and their political subdivisions 6,764 903 180 65 6,944 968 Foreign government bonds 17,926 2,591 6,397 1,560 24,323 4,151 U.S. public corporate securities 67,571 13,336 5,724 2,352 73,295 15,688 U.S. private corporate securities 27,194 3,240 2,342 563 29,536 3,803 Foreign public corporate securities 13,482 1,828 1,778 504 15,260 2,332 Foreign private corporate securities 19,948 4,987 3,789 1,699 23,737 6,686 Asset-backed securities 6,785 261 3,000 110 9,785 371 Commercial mortgage-backed securities 10,295 792 618 125 10,913 917 Residential mortgage-backed securities 1,361 138 375 94 1,736 232 Total fixed maturities, available-for-sale $ 193,015 $ 32,291 $ 24,234 $ 7,084 $ 217,249 $ 39,375 December 31, 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 $ 1,521 $ 15 $ 269 $ 16 $ 1,790 $ 31 Obligations of U.S. states and their political subdivisions 289 5 71 3 360 8 Foreign government bonds 4,534 244 6,945 282 11,479 526 U.S. public corporate securities 12,403 219 2,947 152 15,350 371 U.S. private corporate securities 4,362 84 848 78 5,210 162 Foreign public corporate securities 3,652 76 802 42 4,454 118 Foreign private corporate securities 6,350 270 1,604 169 7,954 439 Asset-backed securities 6,568 13 170 1 6,738 14 Commercial mortgage-backed securities 921 11 263 11 1,184 22 Residential mortgage-backed securities 751 13 18 1 769 14 Total fixed maturities, available-for-sale(1) $ 41,351 $ 950 $ 13,937 $ 755 $ 55,288 $ 1,705 __________ (1) Excludes “Assets held-for-sale” with fair value of $4,644 million and gross unrealized losses of $147 million. See Note 1 for additional information. |
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, 2022 Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost, Net of Allowance Fair Value (in millions) Fixed maturities: Due in one year or less $ 9,029 $ 9,189 $ 0 $ 0 Due after one year through five years 50,728 49,239 394 418 Due after five years through ten years 63,783 59,533 22 23 Due after ten years(1) 176,188 152,964 646 785 Asset-backed securities 11,952 11,735 0 0 Commercial mortgage-backed securities 11,976 11,087 0 0 Residential mortgage-backed securities 2,301 2,094 137 145 Total $ 325,957 $ 295,841 $ 1,199 $ 1,371 __________ (1) Excludes available-for-sale notes with amortized cost of $6,366 million (fair value, $6,366 million) and held-to-maturity notes with amortized cost of $4,500 million (fair value, $4,500 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 2022 2021 2022 2021 (in millions) Fixed maturities, available-for-sale: Proceeds from sales(1) $ 4,978 $ 7,273 $ 24,056 $ 27,041 Proceeds from maturities/prepayments 5,186 7,040 14,792 21,936 Gross investment gains from sales and maturities 325 301 940 2,264 Gross investment losses from sales and maturities (376) (69) (1,963) (558) Write-downs recognized in earnings(2) (21) 0 (113) 0 (Addition to) release of allowance for credit losses (42) (12) (37) 41 Fixed maturities, held-to-maturity: Proceeds from maturities/prepayments(3) $ 7 $ 11 $ 24 $ 155 (Addition to) release of allowance for credit losses 1 1 3 3 __________ (1) Excludes activity from non-cash related proceeds due to the timing of trade settlements of $3 million and $(27) million for the nine months ended September 30, 2022 and 2021, respectively. (2) Amounts represent write-downs on credit adverse securities and securities actively marketed for sale. (3) Excludes activity from non-cash related proceeds due to the timing of trade settlements of less than $1 million and $0 million for the nine months ended September 30, 2022 and 2021, 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, 2022 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 $ 6 $ 102 $ 1 $ 0 $ 0 $ 109 Additions to allowance for credit losses not previously recorded 0 0 30 4 0 0 34 Reductions for securities sold during the period 0 (3) (2) 0 0 0 (5) Reductions for securities with intent to sell 0 0 0 0 0 0 0 Additions (reductions) on securities with previous allowance 0 (2) 15 0 0 0 13 Balance, end of period $ 0 $ 1 $ 145 $ 5 $ 0 $ 0 $ 151 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 / (from) “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. Nine Months Ended September 30, 2022 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 $ 7 $ 107 $ 0 $ 0 $ 0 $ 114 Additions to allowance for credit losses not previously recorded 0 11 103 5 0 0 119 Reductions for securities sold during the period 0 (5) (55) 0 0 0 (60) Reductions for securities with intent to sell 0 (13) (67) 0 0 0 (80) Additions (reductions) on securities with previous allowance 0 1 57 0 0 0 58 Balance, end of period $ 0 $ 1 $ 145 $ 5 $ 0 $ 0 $ 151 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 / (from) “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. Three Months Ended September 30, 2022 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 $ 3 $ 0 $ 0 $ 0 $ 3 Current period provision for expected losses 0 0 (1) 0 0 0 (1) Change in foreign exchange 0 0 0 0 0 0 0 Balance, end of period $ 0 $ 0 $ 2 $ 0 $ 0 $ 0 $ 2 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 Nine Months Ended September 30, 2022 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 $ 5 $ 0 $ 0 $ 0 $ 5 Current period provision for expected losses 0 0 (2) 0 0 0 (2) Change in foreign exchange 0 0 (1) 0 0 0 (1) Balance, end of period $ 0 $ 0 $ 2 $ 0 $ 0 $ 0 $ 2 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 allowance for expected credit losses 0 0 (3) 0 0 0 (3) Balance, end of period $ 0 $ 0 $ 6 $ 0 $ 0 $ 0 $ 6 |
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, 2022 December 31, 2021 Assets Held-for-Sale(1) Amortized Fair Amortized Fair Amortized Fair (in millions) Short-term investments and cash equivalents $ 0 $ 0 $ 30 $ 30 $ 786 $ 786 Fixed maturities: Corporate securities 83 82 101 103 12,112 12,463 Commercial mortgage-backed securities 0 0 0 0 1,799 1,830 Residential mortgage-backed securities(2) 0 0 0 0 658 683 Asset-backed securities(3) 0 0 0 0 2,079 2,093 Foreign government bonds 646 622 761 761 240 237 U.S. government authorities and agencies and obligations of U.S. states 165 183 182 193 344 400 Total fixed maturities(4) 894 887 1,044 1,057 17,232 17,706 Equity securities 1,460 1,693 1,787 2,271 328 326 Total assets supporting experience-rated contractholder liabilities(5) $ 2,354 $ 2,580 $ 2,861 $ 3,358 $ 18,346 $ 18,818 __________ (1) See Note 1 for additional information. (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, was $1,607 million, including “Assets held-for-sale” as of December 31, 2021, all of which were rated AA or higher. (4) As a percentage of amortized cost, 99% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings, as of September 30, 2022. As a percentage of amortized cost, 97% of the portfolio including “Asset held-for-sale” was considered high or highest quality based on NAIC or equivalent ratings, as of December 31, 2021. (5) As a percentage of amortized cost, all of the portfolio consisted of public securities, as of September 30, 2022. As a percentage of amortized cost, 95% of the portfolio including “Assets held-for-sale” consisted of public securities, as of December 31, 2021. |
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, 2022 December 31, 2021 Amortized Fair Amortized Fair (in millions) Investments in Japanese government and government agency securities: Fixed maturities, available-for-sale $ 59,330 $ 61,224 $ 73,681 $ 83,382 Fixed maturities, held-to-maturity 644 780 812 1,026 Fixed maturities, trading 18 18 23 23 Assets supporting experience-rated contractholder liabilities 563 547 983 977 Total $ 60,555 $ 62,569 $ 75,499 $ 85,408 September 30, 2022 December 31, 2021 Amortized Fair Amortized Fair (in millions) Investments in Brazil government and government agency securities: Fixed maturities, available-for-sale $ 2,417 $ 2,237 $ 1,982 $ 1,866 Short-term investments 58 58 1 1 Cash equivalents 89 89 133 133 Total $ 2,564 $ 2,384 $ 2,116 $ 2,000 |
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, 2022 December 31, 2021 Amount % of Amount % of Commercial mortgage and agricultural property loans by property type: Office $ 9,317 16.5 % $ 10,225 17.6 % Retail 6,141 10.9 6,779 11.7 Apartments/Multi-Family 16,431 29.0 16,742 28.8 Industrial 12,790 22.6 13,009 22.4 Hospitality 2,035 3.6 1,876 3.2 Other 3,727 6.6 3,936 6.8 Total commercial mortgage loans 50,441 89.2 52,567 90.5 Agricultural property loans 6,077 10.8 5,520 9.5 Total commercial mortgage and agricultural property loans 56,518 100.0 % 58,087 100.0 % Allowance for credit losses (186) (115) Total net commercial mortgage and agricultural property loans 56,332 57,972 Other loans: Uncollateralized loans 453 561 Residential property loans 42 67 Other collateralized loans 101 70 Total other loans 596 698 Allowance for credit losses (32) (4) Total net other loans 564 694 Total net commercial mortgage and other loans(1)(2) $ 56,896 $ 58,666 __________ (1) Excludes “Assets held-for-sale” of $6,565 million net of allowance for credit losses of $15 million as of December 31, 2021. See Note 1 for additional information. |
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, 2022 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 156 $ 8 $ 0 $ 0 $ 32 $ 196 Addition to (release of) allowance for expected losses 22 2 0 0 0 24 Reclassified (to) from “Assets held-for-sale”(1) (6) 0 0 0 0 (6) Other 4 0 0 0 0 4 Allowance, end of period $ 176 $ 10 $ 0 $ 0 $ 32 $ 218 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) from “Assets 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. Nine Months Ended September 30, 2022 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 111 $ 4 $ 0 $ 0 $ 4 $ 119 Addition to (release of) allowance for expected losses 62 6 0 0 28 96 Other 3 0 0 0 0 3 Allowance, end of period $ 176 $ 10 $ 0 $ 0 $ 32 $ 218 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) from “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. |
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, 2022 Amortized Cost by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total (in millions) Commercial Mortgage Loans Loan-to-Value Ratio: 0%-59.99% $ 1,526 $ 1,410 $ 752 $ 2,158 $ 3,675 $ 15,024 $ 0 $ 24,545 60%-69.99% 1,448 3,271 1,619 3,881 2,912 4,727 0 17,858 70%-79.99% 842 1,707 1,105 983 611 2,131 0 7,379 80% or greater 0 24 7 7 0 621 0 659 Total $ 3,816 $ 6,412 $ 3,483 $ 7,029 $ 7,198 $ 22,503 $ 0 $ 50,441 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 3,595 $ 6,195 $ 3,208 $ 5,893 $ 6,645 $ 18,674 $ 0 $ 44,210 1.0 - 1.2x 221 217 89 632 347 1,778 0 3,284 Less than 1.0x 0 0 186 504 206 2,051 0 2,947 Total $ 3,816 $ 6,412 $ 3,483 $ 7,029 $ 7,198 $ 22,503 $ 0 $ 50,441 Agricultural Property Loans Loan-to-Value Ratio: 0%-59.99% $ 707 $ 2,003 $ 859 $ 481 $ 354 $ 1,421 $ 74 $ 5,899 60%-69.99% 52 85 8 33 0 0 0 178 70%-79.99% 0 0 0 0 0 0 0 0 80% or greater 0 0 0 0 0 0 0 0 Total $ 759 $ 2,088 $ 867 $ 514 $ 354 $ 1,421 $ 74 $ 6,077 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 748 $ 2,044 $ 792 $ 503 $ 343 $ 1,347 $ 74 $ 5,851 1.0 - 1.2x 3 44 75 10 6 27 0 165 Less than 1.0x 8 0 0 1 5 47 0 61 Total $ 759 $ 2,088 $ 867 $ 514 $ 354 $ 1,421 $ 74 $ 6,077 December 31, 2021 Amortized Cost by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total(1) (in millions) Commercial Mortgage Loans Loan-to-Value Ratio: 0%-59.99% $ 1,287 $ 467 $ 2,459 $ 3,211 $ 3,072 $ 14,011 $ 0 $ 24,507 60%-69.99% 3,101 1,941 4,124 3,631 1,356 4,161 0 18,314 70%-79.99% 2,497 1,207 1,327 1,059 631 2,108 0 8,829 80% or greater 184 39 7 62 50 575 0 917 Total $ 7,069 $ 3,654 $ 7,917 $ 7,963 $ 5,109 $ 20,855 $ 0 $ 52,567 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 6,803 $ 3,356 $ 6,828 $ 7,384 $ 4,445 $ 16,864 $ 0 $ 45,680 1.0 - 1.2x 266 154 662 478 234 2,069 0 3,863 Less than 1.0x 0 144 427 101 430 1,922 0 3,024 Total $ 7,069 $ 3,654 $ 7,917 $ 7,963 $ 5,109 $ 20,855 $ 0 $ 52,567 Agricultural Property Loans Loan-to-Value Ratio: 0%-59.99% $ 1,958 $ 887 $ 494 $ 334 $ 370 $ 1,226 $ 80 $ 5,349 60%-69.99% 92 5 29 37 0 0 0 163 70%-79.99% 0 0 0 0 0 0 0 0 80% or greater 0 3 5 0 0 0 0 8 Total $ 2,050 $ 895 $ 528 $ 371 $ 370 $ 1,226 $ 80 $ 5,520 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 2,007 $ 870 $ 517 $ 364 $ 312 $ 1,121 $ 80 $ 5,271 1.0 - 1.2x 43 25 10 1 58 41 0 178 Less than 1.0x 0 0 1 6 0 64 0 71 Total $ 2,050 $ 895 $ 528 $ 371 $ 370 $ 1,226 $ 80 $ 5,520 __________ (1) Excludes “Assets held-for-sale” of $6,580 million. See Note 1 for additional information. |
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, 2022 Current 30-59 Days 60-89 Days 90 Days or More Past Due(1) Total Past Total Non-Accrual (in millions) Commercial mortgage loans $ 50,441 $ 0 $ 0 $ 0 $ 0 $ 50,441 $ 2 Agricultural property loans 6,067 0 4 6 10 6,077 17 Residential property loans 42 0 0 0 0 42 0 Other collateralized loans 101 0 0 0 0 101 0 Uncollateralized loans 406 0 47 0 47 453 0 Total $ 57,057 $ 0 $ 51 $ 6 $ 57 $ 57,114 $ 19 __________ (1) As of September 30, 2022, 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, 2021. December 31, 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 $ 52,565 $ 0 $ 0 $ 2 $ 2 $ 52,567 $ 2 Agricultural property loans 5,520 0 0 0 0 5,520 19 Residential property loans 66 0 0 1 1 67 1 Other collateralized loans 70 0 0 0 0 70 0 Uncollateralized loans 561 0 0 0 0 561 0 Total(3) $ 58,782 $ 0 $ 0 $ 3 $ 3 $ 58,785 $ 22 __________ (1) As of December 31, 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, 2021. (3) Excludes “Assets held-for-sale” of $6,580 million. See Note 1 for additional information. |
Other Invested Assets | The following table sets forth the composition of “Other invested assets,” as of the dates indicated: September 30, 2022 December 31, 2021 (in millions) LPs/LLCs: Equity method: Private equity $ 7,008 $ 6,509 Hedge funds 3,087 2,797 Real estate-related 2,746 2,370 Subtotal equity method 12,841 11,676 Fair value: Private equity 1,518 1,852 Hedge funds 1,891 2,119 Real estate-related 308 319 Subtotal fair value 3,717 4,290 Total LPs/LLCs 16,558 15,966 Real estate held through direct ownership(1) 1,516 1,789 Derivative instruments 1,909 3,280 Other(2) 1,067 798 Total other invested assets(3) $ 21,050 $ 21,833 _________ (1) As of September 30, 2022 and December 31, 2021, real estate held through direct ownership had mortgage debt of $205 million and $274 million, respectively. (2) Primarily includes equity investments accounted for under the measurement alternative, strategic investments made by investment management operations, leveraged leases and member and activity stock held in the Federal Home Loan Bank of New York. For additional information regarding the Company’s holdings in the Federal Home Loan Bank 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, 2021. (3) Excludes “Assets held-for-sale” of $104 million as of December 31, 2021. See Note 1 for additional information. |
Accrued Investment Income | The following table sets forth the composition of “Accrued investment income,” as of the dates indicated: September 30, 2022 December 31, 2021 (in millions) Fixed maturities $ 2,394 $ 2,398 Equity securities 7 5 Commercial mortgage and other loans 191 175 Policy loans 250 253 Other invested assets 20 22 Short-term investments and cash equivalents 26 2 Total accrued investment income(1) $ 2,888 $ 2,855 __________ (1) Excludes “Assets held-for-sale” of $221 million as of December 31, 2021. See Note 1 for additional information. |
Net Investment Income | The following table sets forth “Net investment income” by investment type, for the periods indicated: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in millions) Fixed maturities, available-for-sale(1) $ 2,836 $ 2,995 $ 8,666 $ 9,000 Fixed maturities, held-to-maturity(1) 52 56 160 169 Fixed maturities, trading 56 53 171 114 Assets supporting experience-rated contractholder liabilities 11 148 155 474 Equity securities 27 23 103 104 Commercial mortgage and other loans 533 621 1,646 1,882 Policy loans 125 132 376 403 Other invested assets 18 806 899 1,939 Short-term investments and cash equivalents 143 18 218 48 Gross investment income 3,801 4,852 12,394 14,133 Less: investment expenses (170) (135) (467) (482) Net investment income $ 3,631 $ 4,717 $ 11,927 $ 13,651 __________ (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 2022 2021 2022 2021 (in millions) Fixed maturities(1) $ (113) $ 221 $ (1,170) $ 1,750 Commercial mortgage and other loans (9) 67 (75) 158 Investment real estate (7) 49 83 113 LPs/LLCs (13) (43) (19) (26) Derivatives (369) 131 (795) 1,145 Other (3) 7 (1) 6 Realized investment gains (losses), net $ (514) $ 432 $ (1,977) $ 3,146 __________ (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, 2022 December 31, 2021 (in millions) Fixed maturity securities, available-for-sale with an allowance(1) $ (58) $ 23 Fixed maturity securities, available-for-sale without an allowance(1) (29,907) 39,467 Derivatives designated as cash flow hedges(2) 4,099 1,019 Derivatives designated as fair value hedges(2) (47) (35) Other investments(3) (9) (7) Net unrealized gains (losses) on investments $ (25,922) $ 40,467 __________ (1) Includes net unrealized gains (losses) of $425 million on “Assets held-for-sale” as of December 31, 2021. (2) For additional information on cash flow and fair value hedges, see Note 5. (3) As of September 30, 2022 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, 2022 December 31, 2021 Remaining Contractual Maturities of the Agreements Remaining Contractual Maturities of the Agreements Overnight & Continuous Up to 30 Days 30 to 90 Days Total Overnight & Continuous Up to 30 Days 30 to 90 Days Total (in millions) U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 7,042 $ 250 $ 250 $ 7,542 $ 9,044 $ 0 $ 438 $ 9,482 Commercial mortgage-backed securities 576 0 0 576 486 0 0 486 Residential mortgage-backed securities 105 0 0 105 217 0 0 217 Total securities sold under agreements to repurchase $ 7,723 $ 250 $ 250 $ 8,223 $ 9,747 $ 0 $ 438 $ 10,185 . 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, 2022 December 31, 2021 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 $ 1 $ 0 $ 1 $ 1 $ 0 $ 1 Obligations of U.S. states and their political subdivisions 54 0 54 84 0 84 Foreign government bonds 365 0 365 205 0 205 U.S. public corporate securities 4,000 0 4,000 2,834 0 2,834 Foreign public corporate securities 805 0 805 643 0 643 Equity securities 640 0 640 484 0 484 Total cash collateral for loaned securities(1) $ 5,865 $ 0 $ 5,865 $ 4,251 $ 0 $ 4,251 __________ (1) The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 $ 166 $ 200 $ 204 $ 262 Fixed maturities, held-to-maturity 7 9 628 790 Fixed maturities, trading 171 178 0 0 Equity securities 107 79 0 0 Commercial mortgage and other loans 763 915 0 0 Other invested assets 3,082 2,846 120 138 Cash and cash equivalents 178 128 0 0 Accrued investment income 1 1 3 3 Other assets 406 499 639 785 Total assets of consolidated VIEs $ 4,881 $ 4,855 $ 1,594 $ 1,978 Other liabilities $ 502 $ 505 $ 0 $ 2 Notes issued by consolidated VIEs(2) 218 274 0 0 Total liabilities of consolidated VIEs $ 720 $ 779 $ 0 $ 2 __________ (1) Total assets of consolidated VIEs reflect $3,099 million and $2,885 million as of September 30, 2022 and December 31, 2021, 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, 2022, the maturity of this obligation was within 2 years. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 of the netting effects of master netting agreements and cash collateral. This netting impact results in total derivative assets of $1,914 million and $3,266 million as of September 30, 2022 and December 31, 2021, respectively, and total derivative liabilities of $3,203 million and $2,278 million as of September 30, 2022 and December 31, 2021, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position. Primary Underlying Risk /Instrument Type September 30, 2022 December 31, 2021 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 $ 3,691 $ 70 $ (227) $ 3,591 $ 805 $ (69) Interest Rate Forwards 497 0 (97) 248 15 (2) Foreign Currency Foreign Currency Forwards 4,919 308 (366) 4,789 62 (107) Currency/Interest Rate Foreign Currency Swaps 24,853 5,173 (498) 21,272 1,151 (193) Total Derivatives Designated as Hedge Accounting Instruments $ 33,960 $ 5,551 $ (1,188) $ 29,900 $ 2,033 $ (371) Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate Interest Rate Swaps $ 202,590 $ 9,506 $ (20,542) $ 196,124 $ 10,515 $ (14,430) Interest Rate Futures 18,468 35 (80) 17,429 76 (9) Interest Rate Options 10,753 275 (317) 15,353 710 (265) Interest Rate Forwards 4,723 20 (116) 4,709 41 (11) Foreign Currency Foreign Currency Forwards 32,761 2,442 (2,842) 28,235 1,046 (1,209) Foreign Currency Options 0 0 0 0 0 0 Currency/Interest Rate Foreign Currency Swaps 10,602 1,677 (262) 12,683 751 (216) Credit Credit Default Swaps 12,881 11 (192) 3,489 128 (1) Equity Equity Futures 3,960 2 (46) 6,178 1 (10) Equity Options 53,758 874 (1,857) 60,057 2,065 (2,640) Total Return Swaps 9,983 980 (11) 13,850 49 (430) Other Other(1) 1,250 0 0 1,255 0 0 Synthetic GICs 85,149 1 (1) 81,984 1 0 Total Derivatives Not Qualifying as Hedge Accounting Instruments $ 446,878 $ 15,823 $ (26,266) $ 441,346 $ 15,383 $ (19,221) Total Derivatives(2)(3)(4) $ 480,838 $ 21,374 $ (27,454) $ 471,246 $ 17,416 $ (19,592) __________ (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 $8,230 million and $10,245 million as of September 30, 2022 and December 31, 2021, respectively, primarily included in “Future policy benefits” and "Policyholder account balances." (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 $1,643 million as of December 31, 2021 and “Liabilities held-for-sale” with fair value of $1,503 million as of December 31, 2021 with an outstanding gross notional amount of $41,179 million as of December 31, 2021. See Note 1 for additional information. |
Schedule of Derivative instruments (hedged item in fair value hedge accounting relationship) | As of September 30, 2022, 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, 2022 December 31, 2021 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 $ 458 $ 49 $ 641 $ 63 Commercial mortgage and other loans $ 0 $ 0 $ 17 $ 1 Policyholders’ account balances $ (1,206) $ 219 $ (1,552) $ (170) Future policy benefits $ (2,236) $ 510 $ (3,001) $ (279) __________ (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 tables present 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, 2022 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets: Derivatives $ 21,247 $ (19,460) $ 1,787 $ (1,135) $ 652 Securities purchased under agreement to resell 167 0 167 (167) 0 Total assets $ 21,414 $ (19,460) $ 1,954 $ (1,302) $ 652 Offsetting of Financial Liabilities: Derivatives $ 27,453 $ (24,251) $ 3,202 $ (2,628) $ 574 Securities sold under agreement to repurchase 8,223 0 8,223 (7,647) 576 Total liabilities $ 35,676 $ (24,251) $ 11,425 $ (10,275) $ 1,150 December 31, 2021 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets(2): Derivatives $ 17,272 $ (14,150) $ 3,122 $ (802) $ 2,320 Securities purchased under agreement to resell 704 0 704 (704) 0 Total assets $ 17,976 $ (14,150) $ 3,826 $ (1,506) $ 2,320 Offsetting of Financial Liabilities(2): Derivatives $ 19,587 $ (17,314) $ 2,273 $ (797) $ 1,476 Securities sold under agreement to repurchase 10,185 0 10,185 (9,699) 486 Total liabilities $ 29,772 $ (17,314) $ 12,458 $ (10,496) $ 1,962 __________ (1) Amounts exclude the excess of collateral received/pledged from/to the counterparty. (2) Excludes “Assets held-for-sale” with fair value of $1,643 million as of December 31, 2021 and “Liabilities held-for-sale” with fair value of $1,503 million as of December 31, 2021. See Note 1 for additional information. |
Offsetting of Financial Liabilities | The following tables present 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, 2022 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets: Derivatives $ 21,247 $ (19,460) $ 1,787 $ (1,135) $ 652 Securities purchased under agreement to resell 167 0 167 (167) 0 Total assets $ 21,414 $ (19,460) $ 1,954 $ (1,302) $ 652 Offsetting of Financial Liabilities: Derivatives $ 27,453 $ (24,251) $ 3,202 $ (2,628) $ 574 Securities sold under agreement to repurchase 8,223 0 8,223 (7,647) 576 Total liabilities $ 35,676 $ (24,251) $ 11,425 $ (10,275) $ 1,150 December 31, 2021 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets(2): Derivatives $ 17,272 $ (14,150) $ 3,122 $ (802) $ 2,320 Securities purchased under agreement to resell 704 0 704 (704) 0 Total assets $ 17,976 $ (14,150) $ 3,826 $ (1,506) $ 2,320 Offsetting of Financial Liabilities(2): Derivatives $ 19,587 $ (17,314) $ 2,273 $ (797) $ 1,476 Securities sold under agreement to repurchase 10,185 0 10,185 (9,699) 486 Total liabilities $ 29,772 $ (17,314) $ 12,458 $ (10,496) $ 1,962 __________ (1) Amounts exclude the excess of collateral received/pledged from/to the counterparty. (2) Excludes “Assets held-for-sale” with fair value of $1,643 million as of December 31, 2021 and “Liabilities held-for-sale” with fair value of $1,503 million as of December 31, 2021. See Note 1 for additional information. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables provide 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, 2022 Realized Net Other Interest Interest Policyholders’ Benefits Change in AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ 11 $ (1) $ 0 $ 0 $ (106) $ (114) $ 0 Currency 1 0 0 0 0 (144) 0 Total gains (losses) on derivatives designated as hedge instruments 12 (1) 0 0 (106) (258) 0 Gains (losses) on the hedged item: Interest Rate (11) 3 0 0 104 109 0 Currency (1) 2 0 0 0 151 0 Total gains (losses) on hedged item (12) 5 0 0 104 260 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 (1) (74) Total Amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 (1) (74) Total gains (losses) on fair value hedges net of hedged item 0 4 0 0 (2) 1 (74) Cash flow hedges Interest Rate 1 1 0 0 0 0 (76) Currency 6 0 0 0 0 0 181 Currency/Interest Rate 27 77 279 0 0 0 1,548 Total gains (losses) on cash flow hedges 34 78 279 0 0 0 1,653 Net investment hedges Currency 0 0 0 0 0 0 23 Currency/Interest Rate 0 0 0 0 0 0 0 Total gains (losses) on net investment hedges 0 0 0 0 0 0 23 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (2,071) 0 0 0 0 0 0 Currency 2 0 2 0 0 0 0 Currency/Interest Rate 501 0 4 0 0 0 0 Credit (11) 0 0 0 0 0 0 Equity (54) 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 Embedded Derivatives 1,238 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments (395) 0 6 0 0 0 0 Total $ (361) $ 82 $ 285 $ 0 $ (2) $ 1 $ 1,602 Nine Months Ended September 30, 2022 Realized Net Other Interest Interest Policyholders’ Benefits Change in AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ 39 $ (4) $ 0 $ 0 $ (373) $ (432) $ 0 Currency (29) (1) 0 0 0 (351) 0 Total gains (losses) on derivatives designated as hedge instruments 10 (5) 0 0 (373) (783) 0 Gains (losses) on the hedged item: Interest Rate (39) 10 0 0 389 441 0 Currency 31 8 0 0 0 348 0 Total gains (losses) on hedged item (8) 18 0 0 389 789 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 (3) (11) Total Amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 (3) (11) Total gains (losses) on fair value hedges net of hedged item 2 13 0 0 16 3 (11) Cash flow hedges Interest Rate (5) 2 0 0 0 0 (210) Currency 10 0 0 0 0 0 325 Currency/Interest Rate 76 214 750 0 0 0 2,965 Total gains (losses) on cash flow hedges 81 216 750 0 0 0 3,080 Net investment hedges Currency 0 0 0 0 0 0 33 Currency/Interest Rate 0 0 0 0 0 0 0 Total gains (losses) on net investment hedges 0 0 0 0 0 0 33 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (9,317) 0 0 0 0 0 0 Currency (369) 0 1 0 0 0 0 Currency/Interest Rate 1,287 0 8 0 0 0 0 Credit (174) 0 0 0 0 0 0 Equity 1,601 0 0 0 0 0 0 Other 2 0 0 0 0 0 0 Embedded Derivatives 6,104 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments (866) 0 9 0 0 0 0 Total $ (783) $ 229 $ 759 $ 0 $ 16 $ 3 $ 3,102 Three Months Ended September 30, 2021 Realized Net Other Interest Interest Policyholders’ Benefits Change in 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 Change in 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 _______ (1) Excluding changes related to net investment hedges using non-derivative instruments of $2 million and $134 million for the three months ended and nine months ended September 30, 2022, and $(7) million and $7 million for the three months ended and nine months ended September 30, 2021, respectively. |
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, 2021 $ 1,019 Amount recorded in AOCI: Interest Rate (213) Currency 335 Currency/Interest Rate 4,005 Total amount recorded in AOCI 4,127 Amount reclassified from AOCI to income: Interest Rate 3 Currency (10) Currency/Interest Rate (1,040) Total amount reclassified from AOCI to income (1,047) Balance, September 30, 2022 $ 4,099 |
Credit Derivatives | The following tables provide a summary of the notional and fair value of written credit protection, presented as assets (liabilities). 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 25 years for Index Reference. September 30, 2022 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) 49 0 0 0 10,742 (174) 0 0 0 0 834 (18) 11,625 (192) Total $ 49 $ 0 $ 0 $ 0 $ 10,742 $ (174) $ 0 $ 0 $ 0 $ 0 $ 834 $ (18) $ 11,625 $ (192) December 31, 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) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Index reference(2) 49 0 0 0 2,397 41 0 0 0 0 928 87 3,374 128 Total $ 49 $ 0 $ 0 $ 0 $ 2,397 $ 41 $ 0 $ 0 $ 0 $ 0 $ 928 $ 87 $ 3,374 $ 128 _________ (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 to 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 $54 million as of December 31, 2021 and “Liabilities held-for-sale” with fair value of $0 million as of December 31, 2021, with an outstanding notional amount of $1,971 million as of December 31, 2021. See Note 1 for additional information. |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 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 $ 27,680 $ 0 $ $ 27,680 Obligations of U.S. states and their political subdivisions 0 9,736 7 9,743 Foreign government bonds 0 69,785 8 69,793 U.S. corporate public securities 0 84,010 62 84,072 U.S. corporate private securities(3) 0 32,407 2,238 34,645 Foreign corporate public securities 0 20,367 65 20,432 Foreign corporate private securities 0 23,426 1,134 24,560 Asset-backed securities(4) 0 11,117 618 11,735 Commercial mortgage-backed securities 0 10,059 1,028 11,087 Residential mortgage-backed securities 0 2,084 10 2,094 Subtotal 0 290,671 5,170 295,841 Assets supporting experience-rated contractholder liabilities: U.S. Treasury securities and obligations of U.S. government authorities and agencies 0 183 0 183 Obligations of U.S. states and their political subdivisions 0 0 0 0 Foreign government bonds 0 622 0 622 Corporate securities 0 82 0 82 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 697 996 0 1,693 All other(5) 0 0 0 0 Subtotal 697 1,883 0 2,580 Fixed maturities, trading 0 5,368 322 5,690 Equity securities 4,016 2,213 653 6,882 Commercial mortgage and other loans 0 978 0 978 Other invested assets(6) 37 21,336 502 (19,460) 2,415 Short-term investments 30 4,390 4 4,424 Cash equivalents 671 9,411 0 10,082 Other assets 0 0 139 139 Separate account assets(7)(8) 9,217 156,962 1,091 167,270 Total assets $ 14,668 $ 493,212 $ 7,881 $ (19,460) $ 496,301 Future policy benefits(9) $ 0 $ 0 $ 5,163 $ $ 5,163 Policyholders’ account balances 0 0 3,745 3,745 Other liabilities 130 26,952 1 (24,251) 2,832 Notes issued by consolidated VIEs 0 0 0 0 Total liabilities $ 130 $ 26,952 $ 8,909 $ (24,251) $ 11,740 As of December 31, 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 $ 32,158 $ 0 $ $ 32,158 Obligations of U.S. states and their political subdivisions 0 12,210 8 12,218 Foreign government bonds 0 94,659 10 94,669 U.S. corporate public securities 0 112,073 82 112,155 U.S. corporate private securities(3) 0 35,344 2,038 37,382 Foreign corporate public securities 0 27,184 125 27,309 Foreign corporate private securities 0 25,966 3,071 29,037 Asset-backed securities(4) 0 11,200 325 11,525 Commercial mortgage-backed securities 0 11,763 1,336 13,099 Residential mortgage-backed securities 0 2,533 325 2,858 Subtotal 0 365,090 7,320 372,410 Assets supporting experience-rated contractholder liabilities: U.S. Treasury securities and obligations of U.S. government authorities and agencies 0 193 0 193 Obligations of U.S. states and their political subdivisions 0 0 0 0 Foreign government bonds 0 761 0 761 Corporate securities 0 103 0 103 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 862 1,409 0 2,271 All other(5) 2 18 0 20 Subtotal 864 2,484 0 3,348 Fixed maturities, trading 0 8,402 421 8,823 Equity securities 7,386 192 799 8,377 Commercial mortgage and other loans 0 1,263 0 1,263 Other invested assets(6) 409 17,004 493 (14,150) 3,756 Short-term investments 1,199 4,114 330 5,643 Cash equivalents 753 4,436 70 5,259 Other assets 0 0 164 164 Separate account assets(7)(8) 12,305 206,383 1,283 219,971 Total assets $ 22,916 $ 609,368 $ 10,880 $ (14,150) $ 629,014 Future policy benefits(9) $ 0 $ 0 $ 9,068 $ $ 9,068 Policyholders’ account balances 0 0 1,436 1,436 Other liabilities 33 19,141 0 (17,314) 1,860 Notes issued by consolidated VIEs 0 0 0 0 Total liabilities $ 33 $ 19,141 $ 10,504 $ (17,314) $ 12,364 __________ (1) Excludes amounts for financial instruments reclassified to “Assets held-for-sale” of $129,579 million, “Liabilities held-for-sale” of $6,214 million as of December 31, 2021. 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. (2) “Netting” amounts represent cash collateral of $(4,791) million and $(3,164) million as of September 30, 2022 and December 31, 2021, respectively. (3) Excludes notes with fair value of $6,366 million (carrying amount of $6,366 million) and $5,995 million (carrying amount of $5,941 million) as of September 30, 2022 and December 31, 2021, 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, 2022 and December 31, 2021, the fair values of such investments were $3,717 million and $4,290 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, 2022 and December 31, 2021, the fair value of such investments was $27,255 million and $26,174 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, 2022, the net embedded derivative liability position of $5,164 million includes $762 million of embedded derivatives in an asset position and $5,926 million of embedded derivatives in a liability position. As of December 31, 2021, the net embedded derivative liability position of $9,069 million includes $611 million of embedded derivatives in an asset position and $9,680 million 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, 2022 Fair Value Valuation Unobservable Inputs Minimum Maximum Weighted Impact of (in millions) Assets: Corporate securities(2)(3) $ 2,810 Discounted Discount rate 0.44% 20% 9.10% Decrease Market comparables EBITDA multiples(4) 1.8X 18.5X 7.8X Increase Liquidation Liquidation value 13.05% 13.19% 13.11% Increase Equity securities $ 311 Discounted Discount rate 0.16% 20% Decrease Market comparables EBITDA multiples(4) 1.0X 17.4X 5.4X Increase Net Asset Value Share price $6 $1,708 $592 Increase Separate account assets-commercial mortgage loans(6) $ 96 Discounted Spread 1.15% 2.20% 1.42% Decrease Liabilities: Future policy benefits(7) $ 5,163 Discounted Lapse rate(9) 1% 20% Decrease Spread over SOFR(10) 0.50% 2.35% Decrease Utilization rate(11) 38% 95% Increase Withdrawal rate See table footnote (12) below. Mortality rate(13) 0% 15% Decrease Equity volatility curve 18% 29% Increase Policyholders’ account balances(8) $ 3,745 Discounted Lapse rate(9) 1% 80% Decrease Spread over SOFR(10) 0.28% 2.06% Decrease Mortality rate(13) 0% 23% Decrease Equity volatility curve 6% 38% Increase As of December 31, 2021 Fair Value Valuation Unobservable Inputs Minimum Maximum Weighted Impact of (in millions) Assets: Corporate securities(2)(3) $ 4,800 Discounted Discount rate 0.31% 20% 5.00% Decrease Market comparables EBITDA multiples(4) 4.1X 19.2X 8.9X Increase Liquidation Liquidation value 11.31% 62.58% 55.57% Increase Equity securities $ 277 Discounted Discount rate 0.5% 20% Decrease Market comparables EBITDA multiples(4) 1X 7.5X 4.0X Increase Net Asset Value Share price $1 $1,498 $594 Increase Separate account assets-commercial mortgage loans(6) $ 150 Discounted Spread 1.05% 1.98% 1.18% Decrease Liabilities: Future policy benefits(7) $ 9,068 Discounted Lapse rate(9) 1% 20% Decrease Spread over LIBOR(10) 0.03% 1.14% Decrease Utilization rate(11) 39% 96% Increase Withdrawal rate See table footnote (12) below. Mortality rate(13) 0% 15% Decrease Equity volatility curve 16% 25% Increase Policyholders’ account balances(8) $ 1,436 Discounted Lapse rate(9) 1% 42% Decrease Spread over LIBOR(10) 0.03% 1.14% Decrease Mortality rate(13) 0% 23% Decrease Equity volatility curve 6% 31% 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 Secured Overnight Financing Rate (“SOFR”) swap curve and the London Inter-Bank Offered Rate (“LIBOR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR or LIBOR, as applicable) 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 as of September 30, 2022 and December 31, 2021, respectively. 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, 2022 and December 31, 2021, the minimum withdrawal rate assumption is 77% and 76% respectively. As of September 30, 2022 and December 31, 2021, 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, 2022 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(2) (in millions) Fixed maturities, available-for-sale: U.S. government $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 U.S. states 7 0 0 0 0 0 0 0 0 7 0 Foreign government 9 0 0 (1) 0 0 0 0 0 8 0 Corporate securities(3) 3,539 (122) 288 (57) 0 (256) 92 90 (75) 3,499 (136) Structured securities(4) 1,482 (40) 424 0 0 (128) (3) 0 (79) 1,656 (40) Assets supporting experience-rated contractholder liabilities: Foreign government 0 0 0 0 0 0 0 0 0 0 0 Corporate securities(3) 0 0 0 0 0 0 0 0 0 0 0 Structured securities(4) 0 0 0 0 0 0 0 0 0 0 0 Equity securities 0 0 0 0 0 0 0 0 0 0 0 All other activity 0 0 0 0 0 0 0 0 0 0 0 Other assets: Fixed maturities, trading 347 2 8 (3) 0 (29) (3) 0 0 322 3 Equity securities 766 (23) 10 (94) 0 0 (4) 0 (2) 653 (28) Other invested assets 499 (13) 20 (1) 0 (2) (1) 0 0 502 (7) Short-term investments 204 (5) 5 0 0 (205) 6 0 (1) 4 (5) Cash equivalents 0 0 0 0 0 0 0 0 0 0 0 Other assets 243 30 (8) 0 0 (8) (118) 0 0 139 31 Separate account assets(5) 1,040 (45) 137 (95) 0 (36) 1 93 (4) 1,091 (28) Liabilities: Future policy benefits (5,946) 1,036 0 0 (252) 0 (1) 0 0 (5,163) 1,000 Policyholders’ account balances(6) (3,544) 222 0 0 (424) 0 1 0 0 (3,745) 845 Other liabilities (1) 0 0 0 0 0 0 0 0 (1) 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 0 0 Three Months Ended September 30, 2022 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) 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)(7) (in millions) Fixed maturities, available-for-sale $ (10) $ 0 $ 0 $ (159) $ 7 $ (15) $ 0 $ 0 $ (162) Assets supporting experience-rated contractholder liabilities 0 0 0 0 0 0 0 0 0 Other assets: Fixed maturities, trading 0 4 0 0 (2) 0 3 0 0 Equity securities 0 (23) 0 0 0 0 (28) 0 0 Other invested assets (14) 1 0 0 0 (8) 1 0 0 Short-term investments (5) 0 0 0 0 (5) 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Other assets 30 0 0 0 0 31 0 0 0 Separate account assets(5) 0 0 (45) 0 0 0 0 (28) 0 Liabilities: Future policy benefits 1,036 0 0 0 0 1,000 0 0 0 Policyholders’ account balances 222 0 0 0 0 845 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, 2022 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(2) (in millions) Fixed maturities, available-for-sale: U.S. government $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 U.S. states 8 (1) 0 0 0 0 0 0 0 7 (1) Foreign government 10 (1) 0 (1) 0 0 0 0 0 8 (1) Corporate securities(3) 5,316 (588) 1,088 (140) 9 (721) 65 106 (1,636) 3,499 (602) Structured securities(4) 1,986 (318) 625 (22) 0 (349) (12) 6 (260) 1,656 (319) Assets supporting experience-rated contractholder liabilities: Foreign government 0 0 0 0 0 0 0 0 0 0 0 Corporate securities(3) 0 0 0 0 0 0 0 0 0 0 0 Structured securities(4) 0 0 0 0 0 0 0 0 0 0 0 Equity securities 0 0 0 0 0 0 0 0 0 0 0 All other activity 0 0 0 0 0 0 0 0 0 0 0 Other assets: Fixed maturities, trading 421 (26) 41 (33) 0 (69) 3 0 (15) 322 (25) Equity securities 799 5 41 (239) 0 (4) (20) 73 (2) 653 (18) Other invested assets 493 (3) 57 (39) 0 (4) (2) 0 0 502 (3) Short-term investments 330 (5) 9 0 0 (335) 6 0 (1) 4 (5) Cash equivalents 70 (1) 7 0 0 (73) (3) 0 0 0 (2) Other assets 164 18 10 0 0 (11) (42) 0 0 139 (43) Separate account assets(5) 1,283 (237) 181 (111) 0 (43) 0 93 (75) 1,091 (234) Liabilities: Future policy benefits (9,068) 4,918 0 0 (771) 0 (242) 0 0 (5,163) 4,803 Policyholders’ account balances(6) (1,436) 502 0 0 (808) 0 (2,003) 0 0 (3,745) 1,601 Other liabilities 0 0 0 0 0 0 0 (1) 0 (1) 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 0 0 Nine Months Ended September 30, 2022 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) 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)(7) (in millions) Fixed maturities, available-for-sale $ (78) $ 0 $ 0 $ (837) $ 7 $ (97) $ 0 $ 0 $ (826) Assets supporting experience-rated contractholder liabilities 0 0 0 0 0 0 0 0 0 Other assets: Fixed maturities, trading 0 (26) 0 0 0 0 (25) 0 0 Equity securities 0 5 0 0 0 0 (18) 0 0 Other invested assets (19) 16 0 0 0 (19) 16 0 0 Short-term investments (5) 0 0 0 0 (5) 0 0 0 Cash equivalents (1) 0 0 0 0 (2) 0 0 0 Other assets (49) 0 0 67 0 (43) 0 0 0 Separate account assets(5) 0 0 (237) 0 0 0 0 (234) 0 Liabilities: Future policy benefits 4,918 0 0 0 0 4,806 (3) 0 0 Policyholders’ account balances 502 0 0 0 0 1,601 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, 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 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (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(3) 5,528 (67) 496 (12) 18 (374) (1) 97 (319) 5,366 (82) Structured securities(4) 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(3) 549 (3) 1 0 0 (81) (157) 0 (309) 0 (2) Structured securities(4) 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(5) 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(6) (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(2) 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)(7) (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(5) 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 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (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(3) 5,335 (229) 1,183 (33) 38 (868) 0 386 (446) 5,366 (284) Structured securities(4) 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(3) 482 5 17 0 0 (109) (157) 71 (309) 0 (2) Structured securities(4) 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(5) 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(6) (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(2) 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)(7) (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(5) 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 __________ (1) “Other,” includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities, such as the increase in Policyholders’ account balances for the period ended September 30, 2022, which is driven by embedded derivatives associated with the Company’s reinsurance of index-linked annuity products held by the sold PALAC entity. See Note 1 for additional information. (2) 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. (3) Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities. (4) Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities. (5) 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. (6) 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, 2022 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(2) (in millions) Fixed maturities, available-for-sale: U.S. government $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 U.S. states 7 0 0 0 0 0 0 0 0 7 0 Foreign government 9 0 0 (1) 0 0 0 0 0 8 0 Corporate securities(3) 3,539 (122) 288 (57) 0 (256) 92 90 (75) 3,499 (136) Structured securities(4) 1,482 (40) 424 0 0 (128) (3) 0 (79) 1,656 (40) Assets supporting experience-rated contractholder liabilities: Foreign government 0 0 0 0 0 0 0 0 0 0 0 Corporate securities(3) 0 0 0 0 0 0 0 0 0 0 0 Structured securities(4) 0 0 0 0 0 0 0 0 0 0 0 Equity securities 0 0 0 0 0 0 0 0 0 0 0 All other activity 0 0 0 0 0 0 0 0 0 0 0 Other assets: Fixed maturities, trading 347 2 8 (3) 0 (29) (3) 0 0 322 3 Equity securities 766 (23) 10 (94) 0 0 (4) 0 (2) 653 (28) Other invested assets 499 (13) 20 (1) 0 (2) (1) 0 0 502 (7) Short-term investments 204 (5) 5 0 0 (205) 6 0 (1) 4 (5) Cash equivalents 0 0 0 0 0 0 0 0 0 0 0 Other assets 243 30 (8) 0 0 (8) (118) 0 0 139 31 Separate account assets(5) 1,040 (45) 137 (95) 0 (36) 1 93 (4) 1,091 (28) Liabilities: Future policy benefits (5,946) 1,036 0 0 (252) 0 (1) 0 0 (5,163) 1,000 Policyholders’ account balances(6) (3,544) 222 0 0 (424) 0 1 0 0 (3,745) 845 Other liabilities (1) 0 0 0 0 0 0 0 0 (1) 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 0 0 Three Months Ended September 30, 2022 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) 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)(7) (in millions) Fixed maturities, available-for-sale $ (10) $ 0 $ 0 $ (159) $ 7 $ (15) $ 0 $ 0 $ (162) Assets supporting experience-rated contractholder liabilities 0 0 0 0 0 0 0 0 0 Other assets: Fixed maturities, trading 0 4 0 0 (2) 0 3 0 0 Equity securities 0 (23) 0 0 0 0 (28) 0 0 Other invested assets (14) 1 0 0 0 (8) 1 0 0 Short-term investments (5) 0 0 0 0 (5) 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Other assets 30 0 0 0 0 31 0 0 0 Separate account assets(5) 0 0 (45) 0 0 0 0 (28) 0 Liabilities: Future policy benefits 1,036 0 0 0 0 1,000 0 0 0 Policyholders’ account balances 222 0 0 0 0 845 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, 2022 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(2) (in millions) Fixed maturities, available-for-sale: U.S. government $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 U.S. states 8 (1) 0 0 0 0 0 0 0 7 (1) Foreign government 10 (1) 0 (1) 0 0 0 0 0 8 (1) Corporate securities(3) 5,316 (588) 1,088 (140) 9 (721) 65 106 (1,636) 3,499 (602) Structured securities(4) 1,986 (318) 625 (22) 0 (349) (12) 6 (260) 1,656 (319) Assets supporting experience-rated contractholder liabilities: Foreign government 0 0 0 0 0 0 0 0 0 0 0 Corporate securities(3) 0 0 0 0 0 0 0 0 0 0 0 Structured securities(4) 0 0 0 0 0 0 0 0 0 0 0 Equity securities 0 0 0 0 0 0 0 0 0 0 0 All other activity 0 0 0 0 0 0 0 0 0 0 0 Other assets: Fixed maturities, trading 421 (26) 41 (33) 0 (69) 3 0 (15) 322 (25) Equity securities 799 5 41 (239) 0 (4) (20) 73 (2) 653 (18) Other invested assets 493 (3) 57 (39) 0 (4) (2) 0 0 502 (3) Short-term investments 330 (5) 9 0 0 (335) 6 0 (1) 4 (5) Cash equivalents 70 (1) 7 0 0 (73) (3) 0 0 0 (2) Other assets 164 18 10 0 0 (11) (42) 0 0 139 (43) Separate account assets(5) 1,283 (237) 181 (111) 0 (43) 0 93 (75) 1,091 (234) Liabilities: Future policy benefits (9,068) 4,918 0 0 (771) 0 (242) 0 0 (5,163) 4,803 Policyholders’ account balances(6) (1,436) 502 0 0 (808) 0 (2,003) 0 0 (3,745) 1,601 Other liabilities 0 0 0 0 0 0 0 (1) 0 (1) 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 0 0 Nine Months Ended September 30, 2022 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) 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)(7) (in millions) Fixed maturities, available-for-sale $ (78) $ 0 $ 0 $ (837) $ 7 $ (97) $ 0 $ 0 $ (826) Assets supporting experience-rated contractholder liabilities 0 0 0 0 0 0 0 0 0 Other assets: Fixed maturities, trading 0 (26) 0 0 0 0 (25) 0 0 Equity securities 0 5 0 0 0 0 (18) 0 0 Other invested assets (19) 16 0 0 0 (19) 16 0 0 Short-term investments (5) 0 0 0 0 (5) 0 0 0 Cash equivalents (1) 0 0 0 0 (2) 0 0 0 Other assets (49) 0 0 67 0 (43) 0 0 0 Separate account assets(5) 0 0 (237) 0 0 0 0 (234) 0 Liabilities: Future policy benefits 4,918 0 0 0 0 4,806 (3) 0 0 Policyholders’ account balances 502 0 0 0 0 1,601 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, 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 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (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(3) 5,528 (67) 496 (12) 18 (374) (1) 97 (319) 5,366 (82) Structured securities(4) 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(3) 549 (3) 1 0 0 (81) (157) 0 (309) 0 (2) Structured securities(4) 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(5) 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(6) (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(2) 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)(7) (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(5) 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 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (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(3) 5,335 (229) 1,183 (33) 38 (868) 0 386 (446) 5,366 (284) Structured securities(4) 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(3) 482 5 17 0 0 (109) (157) 71 (309) 0 (2) Structured securities(4) 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(5) 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(6) (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(2) 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)(7) (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(5) 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 __________ (1) “Other,” includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities, such as the increase in Policyholders’ account balances for the period ended September 30, 2022, which is driven by embedded derivatives associated with the Company’s reinsurance of index-linked annuity products held by the sold PALAC entity. See Note 1 for additional information. (2) 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. (3) Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities. (4) Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities. (5) 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. (6) 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 certain derivative assets and liabilities measured at fair value on a recurring basis, as of the date indicated, by primary underlying risks. 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, 2022 Level 1 Level 2 Level 3 Netting(1) Total (in millions) Derivative Assets: Interest Rate $ 35 $ 9,871 $ 1 $ $ 9,907 Currency 0 2,750 0 2,750 Credit 0 11 0 11 Currency/Interest Rate 0 6,850 0 6,850 Equity 2 1,854 0 1,856 Other 0 0 0 0 Netting(1) (19,460) (19,460) Total derivative assets $ 37 $ 21,336 $ 1 $ (19,460) $ 1,914 Derivative Liabilities: Interest Rate $ 80 $ 21,299 $ 1 $ $ 21,380 Currency 0 3,208 0 3,208 Credit 0 192 0 192 Currency/Interest Rate 0 760 0 760 Equity 49 1,865 0 1,914 Other 0 0 0 0 Netting(1) (24,251) (24,251) Total derivative liabilities $ 129 $ 27,324 $ 1 $ (24,251) $ 3,203 As of December 31, 2021 Level 1 Level 2 Level 3 Netting(1) Total (in millions) Derivative Assets(2): Interest Rate $ 76 $ 12,086 $ 1 $ $ 12,163 Currency 0 1,108 0 1,108 Credit 0 128 0 128 Currency/Interest Rate 0 1,902 0 1,902 Equity 242 1,872 1 2,115 Other 0 0 0 0 Netting(1) (14,150) (14,150) Total derivative assets $ 318 $ 17,096 $ 2 $ (14,150) $ 3,266 Derivative Liabilities(2): Interest Rate $ 9 $ 14,777 $ 0 $ $ 14,786 Currency 0 1,316 0 1,316 Credit 0 1 0 1 Currency/Interest Rate 0 409 0 409 Equity 11 3,069 0 3,080 Other 0 0 0 0 Netting(1) (17,314) (17,314) Total derivative liabilities $ 20 $ 19,572 $ 0 $ (17,314) $ 2,278 __________ (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 $1,643 million as of December 31, 2021 and “Liabilities held-for-sale” with fair value of $1,503 million as of December 31, 2021. See Note 1 for additional information. |
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, 2022 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 0 0 0 0 0 0 0 0 0 0 Nine Months Ended September 30, 2022 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 $ 1 $ 1 $ 0 $ (2) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 1 Net Derivative - Interest Rate 1 0 0 0 0 0 0 (1) 0 0 0 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 __________ (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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Gains (Losses): Mortgage servicing rights(1) $ (1) $ 0 $ 1 $ (6) Investment real estate $ (6) $ 0 $ (12) $ (9) Investment in JV/LP $ 0 $ 0 $ (75) $ 0 September 30, 2022 December 31, 2021 (in millions) Carrying value after measurement as of period end: Mortgage servicing rights(1) $ 77 $ 75 Investment real estate $ 112 $ 59 Investment in JV/LP $ 60 $ 0 Goodwill(2) $ 0 $ 1,080 __________ (1) 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. (2) Based on the goodwill impairment test performed as of December 31, 2021, the Company recognized a goodwill impairment charge for Assurance IQ. See Note 10 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 for more information on the valuation of Assurance IQ and the resulting impairment charge. |
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 2022 2021 2022 2021 (in millions) Commercial mortgage and other loans: Interest income $ 5 $ 4 $ 11 $ 9 September 30, 2022 December 31, 2021 (in millions) Commercial mortgage and other loans(1): Fair value as of period end $ 978 $ 1,263 Aggregate contractual principal as of period end $ 971 $ 1,253 Other assets: Fair value as of period end $ 3 $ 59 __________ (1) As of September 30, 2022, 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 tables below present 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, 2022 Fair Value Carrying Level 1 Level 2 Level 3 Total Total (in millions) Assets: Fixed maturities, held-to-maturity(3) $ 0 $ 1,364 $ 7 $ 1,371 $ 1,199 Assets supporting experience-rated contractholder liabilities 0 0 0 0 0 Commercial mortgage and other loans 0 45 51,360 51,405 55,918 Policy loans 5 0 9,915 9,920 9,920 Other invested assets 0 0 0 0 0 Short-term investments 683 74 0 757 757 Cash and cash equivalents 9,851 171 0 10,022 10,022 Accrued investment income 0 2,888 0 2,888 2,888 Other assets 49 2,442 600 3,091 3,091 Total assets $ 10,588 $ 6,984 $ 61,882 $ 79,454 $ 83,795 Liabilities: Policyholders’ account balances—investment contracts $ 0 $ 31,413 $ 33,480 $ 64,893 $ 69,037 Securities sold under agreements to repurchase 0 8,223 0 8,223 8,223 Cash collateral for loaned securities 0 5,865 0 5,865 5,865 Short-term debt 0 604 165 769 767 Long-term debt(4) 551 16,880 780 18,211 19,898 Notes issued by consolidated VIEs 0 0 218 218 218 Other liabilities 0 7,896 38 7,934 7,934 Separate account liabilities—investment contracts 0 27,627 26,728 54,355 54,355 Total liabilities $ 551 $ 98,508 $ 61,409 $ 160,468 $ 166,297 December 31, 2021(1) Fair Value Carrying Level 1 Level 2 Level 3 Total Total (in millions) Assets: Fixed maturities, held-to-maturity(3) $ 0 $ 1,794 $ 9 $ 1,803 $ 1,514 Assets supporting experience-rated contractholder liabilities 3 7 0 10 10 Commercial mortgage and other loans 0 64 59,937 60,001 57,403 Policy loans 0 0 10,386 10,386 10,386 Other invested assets 0 81 0 81 81 Short-term investments 972 20 0 992 992 Cash and cash equivalents 7,108 521 0 7,629 7,629 Accrued investment income 0 2,855 0 2,855 2,855 Other assets 47 2,677 39 2,763 2,762 Total assets $ 8,130 $ 8,019 $ 70,371 $ 86,520 $ 83,632 Liabilities: Policyholders’ account balances—investment contracts $ 0 $ 33,550 $ 38,831 $ 72,381 $ 71,290 Securities sold under agreements to repurchase 0 10,185 0 10,185 10,185 Cash collateral for loaned securities 0 4,251 0 4,251 4,251 Short-term debt 0 518 204 722 722 Long-term debt(4) 613 20,414 899 21,926 18,622 Notes issued by consolidated VIEs 0 0 274 274 274 Other liabilities 0 7,053 53 7,106 7,106 Separate account liabilities—investment contracts 0 28,567 24,847 53,414 53,414 Total liabilities $ 613 $ 104,538 $ 65,108 $ 170,259 $ 165,864 __________ (1) Excludes amounts for financial instruments reclassified to “Assets held-for-sale” of $6,936 million and “Liabilities held-for-sale” of $101,992 million as of December 31, 2021. See Note 1 for additional information. (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 $4,500 million (carrying amount of $4,500 million) and $5,394 million (carrying amount of $4,750 million) as of September 30, 2022 and December 31, 2021, respectively, which have been offset with the associated payables under a netting agreement. (4) Includes notes with fair value of $10,866 million (carrying amount of $10,866 million) and $11,389 million (carrying amount of $10,691 million) as of September 30, 2022 and December 31, 2021, respectively, which have been offset with the associated receivables under a netting agreement. |
Closed Block (Tables)
Closed Block (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 $ 44,615 $ 45,596 Policyholders’ dividends payable 612 616 Policyholders’ dividend obligation 0 8,027 Policyholders’ account balances 4,634 4,737 Other Closed Block liabilities 2,634 3,107 Total Closed Block liabilities 52,495 62,083 Closed Block assets Fixed maturities, available-for-sale, at fair value 29,442 38,160 Fixed maturities, trading, at fair value 887 1,137 Equity securities, at fair value 1,599 2,288 Commercial mortgage and other loans 8,070 8,241 Policy loans 3,665 3,815 Other invested assets 4,118 4,358 Short-term investments 137 557 Total investments 47,918 58,556 Cash and cash equivalents 1,076 451 Accrued investment income 423 392 Other Closed Block assets 101 137 Total Closed Block assets 49,518 59,536 Excess of reported Closed Block liabilities over Closed Block assets 2,977 2,547 Portion of above representing accumulated other comprehensive income (loss): Net unrealized investment gains (losses) (4,113) 3,535 Allocated to policyholder dividend obligation 3,502 (3,640) Future earnings to be recognized from Closed Block assets and Closed Block liabilities $ 2,366 $ 2,442 |
Schedule of Closed Block Dividend Obligation | Information regarding the policyholder dividend obligation is as follows: Nine Months Ended (in millions) Balance, December 31, 2021 $ 8,027 Impact from earnings allocable to policyholder dividend obligation (885) Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation (7,142) Balance, September 30, 2022 $ 0 |
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 2022 2021 2022 2021 (in millions) Revenues Premiums $ 397 $ 419 $ 1,247 $ 1,313 Net investment income 435 654 1,514 1,876 Realized investment gains (losses), net 29 168 69 505 Other income (loss) (150) 113 (621) 644 Total Closed Block revenues 711 1,354 2,209 4,338 Benefits and Expenses Policyholders’ benefits 552 599 1,817 1,885 Interest credited to policyholders’ account balances 31 31 91 93 Dividends to policyholders 72 583 55 1,978 General and administrative expenses 76 78 224 236 Total Closed Block benefits and expenses 731 1,291 2,187 4,192 Closed Block revenues, net of Closed Block benefits and expenses, before income taxes (20) 63 22 146 Income tax expense (benefit) (40) 38 (49) 92 Closed Block revenues, net of Closed Block benefits and expenses and income taxes $ 20 $ 25 $ 71 $ 54 |
Short-Term and Long-Term Debt (
Short-Term and Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 December 31, 2021 ($ in millions) Commercial paper: Prudential Financial $ 25 $ 25 Prudential Funding, LLC 403 395 Subtotal commercial paper 428 420 Current portion of long-term debt: Senior Notes 173 0 Mortgage debt 155 197 Surplus notes subject to set-off arrangements(1) 500 500 Subtotal current portion of long-term debt 828 697 Other(2) 11 105 Subtotal 1,267 1,222 Less: assets under set-off arrangements(1) 500 500 Total short-term debt(3) $ 767 $ 722 Supplemental short-term debt information: Portion of commercial paper borrowings due overnight $ 156 $ 150 Daily average commercial paper outstanding for the quarter ended $ 1,046 $ 1,414 Weighted average maturity of outstanding commercial paper, in days 11 16 Weighted average interest rate on outstanding commercial paper 2.96 % 0.08 % _________ (1) The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in short-term debt. (2) Includes $11 million and $7 million drawn on a revolving line of credit held by a subsidiary, and a $0 million and $98 million bridge loan at September 30, 2022 and December 31, 2021, respectively. (3) Includes Prudential Financial debt of $25 million at both September 30, 2022 and December 31, 2021. |
Schedule of Long-term Debt | The table below presents the Company’s long-term debt as of the dates indicated: September 30, 2022 December 31, 2021 (in millions) Fixed-rate obligations: Surplus notes $ 345 $ 344 Surplus notes subject to set-off arrangements(1) 8,036 7,861 Senior notes 10,115 10,282 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) 27 54 Junior subordinated notes(3) 9,087 7,618 Subtotal 30,264 28,813 Less: assets under set-off arrangements(1) 10,366 10,191 Total long-term debt(4) $ 19,898 $ 18,622 __________ (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 $27 million and $29 million of debt denominated in foreign currency at September 30, 2022 and December 31, 2021, respectively. (3) Includes Prudential Financial debt of $9,044 million and $7,564 million at September 30, 2022 and December 31, 2021, respectively. Also includes subsidiary debt of $43 million and $54 million denominated in foreign currency at September 30, 2022 and December 31, 2021, respectively. (4) Includes Prudential Financial debt of $19,159 million and $17,673 million at September 30, 2022 and December 31, 2021, respectively. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 2022 2021 2022 2021 (in millions) Components of net periodic (benefit) cost: Service cost $ 65 $ 82 $ 3 $ 7 Interest cost 111 91 14 12 Expected return on plan assets (218) (206) (25) (26) Amortization of prior service cost (1) (1) (2) 2 Amortization of actuarial (gain) loss, net 37 61 2 4 Settlements 2 1 0 0 Curtailments 0 0 0 0 Special termination benefits 0 0 0 0 Net periodic (benefit) cost $ (4) $ 28 $ (8) $ (1) Nine Months Ended September 30, Pension Benefits Other Postretirement Benefits 2022 2021 2022 2021 (in millions) Components of net periodic (benefit) cost: Service cost $ 211 $ 247 $ 10 $ 20 Interest cost 320 273 41 36 Expected return on plan assets (649) (618) (77) (76) Amortization of prior service cost (1) $ (3) (6) 5 Amortization of actuarial (gain) loss, net 124 $ 184 5 12 Settlements 3 3 0 0 Curtailments(1) 0 0 (8) 0 Special termination benefits(2)(3) 4 1 4 0 Net periodic (benefit) cost $ 12 $ 87 $ (31) $ (3) __________ (1) For 2022, curtailments are recognized as a result of the sale of the Full Service Retirement business for other postretirement benefit plans. (2) For 2022, 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 while others were provided enhanced benefits due to the sale of the Full Service Retirement business. (3) For 2021, 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, 2022 | |
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, 2021 666.3 290.0 376.3 Common Stock issued 0.0 0.0 0.0 Common Stock acquired 0.0 10.8 (10.8) Stock-based compensation programs(1) 0.0 (3.6) 3.6 Balance, September 30, 2022 666.3 297.2 369.1 __________ (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 2022 2021 2022 2021 Dividends declared per share of Common Stock $ 1.20 $ 1.15 $ 3.60 $ 3.45 |
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, 2022 and 2021, are as follows: Accumulated Other Comprehensive Income (Loss) Attributable to Foreign Currency Net Unrealized Pension and Total (in millions) Balance, December 31, 2021 $ (1,150) $ 24,987 $ (2,513) $ 21,324 Change in OCI before reclassifications (1,947) (52,818) 383 (54,382) Amounts reclassified from AOCI 21 126 122 269 Income tax benefit (expense) (71) 12,102 (116) 11,915 Balance, September 30, 2022 $ (3,147) $ (15,603) $ (2,124) $ (20,874) 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 __________ (1) Includes cash flow hedges of $4,099 million and $1,019 million as of September 30, 2022 and December 31, 2021, respectively, and $867 million and $(168) million as of September 30, 2021 and December 31, 2020, respectively, and fair value hedges of $(47) million and $(35) million as of September 30, 2022 and December 31, 2021, respectively, and $(29) million and $10 million as of September 30, 2021 and December 31, 2020, 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 2022 2021 2022 2021 (in millions) Amounts reclassified from AOCI(1)(2): Foreign currency translation adjustment: Foreign currency translation adjustments $ (12) $ 1 $ (21) $ 1 Realized investment gains (losses), net Foreign currency translation adjustments 0 0 0 63 Other income (loss) Total foreign currency translation adjustment (12) 1 (21) 64 Net unrealized investment gains (losses): Cash flow hedges—Interest rate 2 (7) (3) 7 (3) Cash flow hedges—Currency 6 (1) 10 (4) (3) Cash flow hedges—Currency/Interest rate 383 230 1,040 435 (3) Fair value hedges—Currency (1) (1) (3) (4) (3) Net unrealized investment gains (losses) on available-for-sale securities (113) 221 (1,170) 1,750 Realized investment gains (losses), net Total net unrealized investment gains (losses) 277 442 (126) 2,184 (4) Amortization of defined benefit items: Prior service cost 3 (1) 7 (2) (5) Actuarial gain (loss) (39) (65) (129) (196) (5) Total amortization of defined benefit items (36) (66) (122) (198) Total reclassifications for the period $ 229 $ 377 $ (269) $ 2,050 __________ (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 available-for-sale fixed maturity securities on which an allowance for credit losses has been recorded, 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 Recorded 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, 2021 $ 23 $ 40,444 $ (543) $ (3,271) $ (3,657) $ (8,009) $ 24,987 Net investment gains (losses) on investments arising during the period (95) (66,420) 15,092 (51,423) Reclassification adjustment for (gains) losses included in net income 14 112 (29) 97 Reclassification due to allowance for credit losses recorded during the period 0 0 0 0 Impact of net unrealized investment (gains) losses 277 6,268 7,152 (2,961) 10,736 Balance, September 30, 2022 $ (58) $ (25,864) $ (266) $ 2,997 $ 3,495 $ 4,093 $ (15,603) __________ (1) Includes cash flow and fair value hedges. See Note 5 for additional information. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 2021 Income Weighted Per Share Income Weighted Per Share (in millions, except per share amounts) Basic earnings per share Net income (loss) $ (290) $ 1,565 Less: Income (loss) attributable to noncontrolling interests (6) 35 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 6 24 Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ (290) 371.0 $ (0.78) $ 1,506 383.8 $ 3.92 Effect of dilutive securities and compensation programs Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 6 $ 24 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted 6 23 Stock options 0.0 0.8 Deferred and long-term compensation programs 0.0 2.2 Diluted earnings per share(1) Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ (290) 371.0 $ (0.78) $ 1,507 386.8 $ 3.90 __________ (1) For the three months ended September 30, 2022, 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 three months ended September 30, 2022, all potential stock options and compensation programs were considered antidilutive. Nine Months Ended September 30, 2022 2021 Income Weighted Per Share Income Weighted Per Share (in millions, except per share amounts) Basic earnings per share Net income (loss) $ (906) $ 6,552 Less: Income (loss) attributable to noncontrolling interests (26) 36 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 19 99 Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ (899) 373.8 $ (2.41) $ 6,417 390.4 $ 16.44 Effect of dilutive securities and compensation programs Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 19 $ 99 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted 19 98 Stock options 0.0 0.7 Deferred and long-term compensation programs 0.0 2.1 Diluted earnings per share(1) Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ (899) 373.8 $ (2.41) $ 6,418 393.2 $ 16.32 __________ (1) For the nine months ended September 30, 2022, 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, 2022, 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, 2022 2021 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 0.7 $ 107.30 0.9 $ 106.99 Antidilutive stock options due to net loss available to holders of Common Stock 0.3 0.0 Antidilutive shares based on application of the treasury stock method 0.0 0.0 Antidilutive shares due to net loss available to holders of Common Stock 1.8 0.0 Total antidilutive stock options and shares 2.8 0.9 Nine Months Ended September 30, 2022 2021 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 0.5 $ 107.95 1.3 $ 101.78 Antidilutive stock options due to net loss available to holders of Common Stock 0.5 0.0 Antidilutive shares based on application of the treasury stock method 0.1 0.0 Antidilutive shares due to net loss available to holders of Common Stock 2.1 0.0 Total antidilutive stock options and shares 3.2 1.3 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 2022 2021 2022 2021 (in millions) Adjusted operating income before income taxes by segment: PGIM $ 219 $ 327 $ 613 $ 1,293 U.S. Businesses: Institutional Retirement Strategies 233 571 1,199 1,635 Individual Retirement Strategies 445 499 2,222 1,415 Retirement Strategies(1) 678 1,070 3,421 3,050 Group Insurance 27 (135) (31) (250) Individual Life 41 210 (1,233) 312 Assurance IQ (44) (55) (142) (132) Total U.S. Businesses 702 1,090 2,015 2,980 International Businesses 430 887 1,786 2,561 Corporate and Other (325) (460) (950) (1,118) Total segment adjusted operating income before income taxes 1,026 1,844 3,464 5,716 Reconciling items: Realized investment gains (losses), net, and related adjustments (1,455) 116 (4,610) 1,765 Charges related to realized investment gains (losses), net (9) (18) (564) (254) Market experience updates 133 (199) 658 330 Divested and Run-off Businesses: Closed Block division (24) 27 12 92 Other Divested and Run-off Businesses (76) 48 27 432 Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests (22) (3) (23) (53) Other adjustments(2) (10) (9) (27) (35) Income (loss) before income taxes and equity in earnings of operating joint ventures per Unaudited Interim Consolidated Financial Statements $ (437) $ 1,806 $ (1,063) $ 7,993 ________ (1) The Retirement Strategies segment’s results reflect DAC as if the 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. (2) Includes 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 contingent consideration. |
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 Unaudited Interim Consolidated Financial Statements. September 30, December 31, (in millions) Assets by segment: PGIM $ 49,944 $ 53,566 U.S. Businesses: Institutional Retirement Strategies 107,738 114,016 Individual Retirement Strategies 126,068 201,273 Retirement Strategies(1) 233,806 315,289 Group Insurance 37,521 43,286 Individual Life 98,369 118,237 Assurance IQ 1,577 1,788 Total U.S. Businesses 371,273 478,600 International Businesses 178,848 222,736 Corporate and Other(1) 27,796 122,701 Closed Block division 49,895 59,979 Total assets per Unaudited Interim Consolidated Financial Statements $ 677,756 $ 937,582 ________ (1) Certain assets were classified as “held-for-sale” as of December 31, 2021. See Note 1 for additional information. Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in millions) Revenues on an adjusted operating income basis: PGIM $ 907 $ 1,072 $ 2,662 $ 3,395 U.S. Businesses: Institutional Retirement Strategies 11,566 8,386 17,003 12,658 Individual Retirement Strategies 1,067 1,260 4,258 3,687 Retirement Strategies 12,633 9,646 21,261 16,345 Group Insurance 1,527 1,553 4,567 4,627 Individual Life 1,623 1,839 5,388 5,090 Assurance IQ 99 110 285 331 Total U.S. Businesses 15,882 13,148 31,501 26,393 International Businesses 4,858 5,618 15,320 16,642 Corporate and Other (36) (175) (441) (393) Total revenues on an adjusted operating income basis 21,611 19,663 49,042 46,037 Reconciling items: Realized investment gains (losses), net, and related adjustments (1,478) 178 (4,780) 2,070 Charges related to realized investment gains (losses), net (39) (59) (174) (178) Market experience updates 118 (56) 466 158 Divested and Run-off Businesses: Closed Block division 711 1,321 2,205 4,299 Other Divested and Run-off Businesses (427) 617 (60) 2,196 Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests (16) (23) 17 (72) Total revenues per Unaudited Interim Consolidated Financial Statements $ 20,480 $ 21,641 $ 46,716 $ 54,510 |
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 2022 2021 2022 2021 (in millions) PGIM segment intersegment revenues $ 199 $ 248 $ 631 $ 697 |
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, 2022 2021 2022 2021 (in millions) Asset-based management fees $ 820 $ 1,047 $ 2,642 $ 3,058 Performance-based incentive fees 15 19 25 70 Other fees 131 163 419 475 Total asset management and service fees $ 966 $ 1,229 $ 3,086 $ 3,603 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 December 31, 2021 Amount % of Amount % of Commercial mortgage and agricultural property loans by property type: Office $ 9,317 16.5 % $ 10,225 17.6 % Retail 6,141 10.9 6,779 11.7 Apartments/Multi-Family 16,431 29.0 16,742 28.8 Industrial 12,790 22.6 13,009 22.4 Hospitality 2,035 3.6 1,876 3.2 Other 3,727 6.6 3,936 6.8 Total commercial mortgage loans 50,441 89.2 52,567 90.5 Agricultural property loans 6,077 10.8 5,520 9.5 Total commercial mortgage and agricultural property loans 56,518 100.0 % 58,087 100.0 % Allowance for credit losses (186) (115) Total net commercial mortgage and agricultural property loans 56,332 57,972 Other loans: Uncollateralized loans 453 561 Residential property loans 42 67 Other collateralized loans 101 70 Total other loans 596 698 Allowance for credit losses (32) (4) Total net other loans 564 694 Total net commercial mortgage and other loans(1)(2) $ 56,896 $ 58,666 __________ (1) Excludes “Assets held-for-sale” of $6,565 million net of allowance for credit losses of $15 million as of December 31, 2021. See Note 1 for additional information. |
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) $ 2,713 $ 2,300 Portion of commitment where prearrangement to sell to investor exists $ 1,293 $ 1,102 __________ (1) Includes commitments of $21 million related to held-for-sale operations as of December 31, 2021. See Note 1 for additional information. |
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) $ 9,477 $ 10,347 Expected to be funded from separate accounts $ 187 $ 236 __________ (1) Includes commitments of $118 million related to held-for-sale operations as of December 31, 2021. See Note 1 for additional information. |
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) $ 6,531 $ 6,499 Fair value of related collateral associated with above indemnifications(2) $ 6,691 $ 6,635 Accrued liability associated with guarantee $ 0 $ 0 __________ (1) Includes $19 million and $30 million related to securities repurchase transactions as of September 30, 2022 and December 31, 2021, respectively. (2) Includes $18 million and $29 million related to securities repurchase transactions as of September 30, 2022 and December 31, 2021, 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 $ 2,876 $ 2,930 First-loss exposure portion of above $ 836 $ 854 Accrued liability associated with guarantees(1) $ 32 $ 41 __________ (1) The accrued liability associated with guarantees includes an allowance for credit losses of $16 million and $20 million as of September 30, 2022 and December 31, 2021, respectively. The change in allowance is a reduction of $1 million and an increase of $1 million for the three months ended September 30, 2022, and 2021, respectively, and a reduction of $4 million and $0 million for the nine months ended September 30, 2022 and 2021, respectively. |
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 $ 85,149 $ 81,984 Fair value of collateral supporting these assets $ 80,009 $ 83,609 Asset (liability) associated with guarantee, carried at fair value $ 1 $ 1 |
Other Guarantees | |
Commitments and Contingent Liabilities [Line Items] | |
Guarantees | Other Guarantees September 30, December 31, (in millions) Other guarantees where amount can be determined $ 56 $ 47 Accrued liability for other guarantees and indemnifications $ 33 $ 34 |
Business and Basic Presentation
Business and Basic Presentation (Narrative) (Details) $ in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Apr. 01, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2021 TWD ($) | Mar. 01, 2021 | |
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 | $ (437) | $ 1,806 | $ (1,063) | $ 7,993 | ||||||
Other income | (1,083) | 500 | (1,874) | 2,135 | ||||||
General and administrative expenses | 3,058 | 3,386 | 9,150 | 9,931 | ||||||
Out of period adjustments | ||||||||||
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 | $ 125 | |||||||||
Universal and variable universal life products | Out of period adjustments | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Net benefit from a reduction in reserves | 80 | |||||||||
Benefit from a reduction to cost of reinsurance liabilities | 230 | |||||||||
Universal life products | Out of period adjustments | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Charge from an increase in reserves | 185 | |||||||||
Other Guarantees | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Accrued liability associated with guarantee | 33 | 33 | $ 34 | |||||||
Held-for-sale | PALAC | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Cash considerations for sale of a business | $ 852 | |||||||||
Held-for-sale | 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 | |||||||||
Commercial mortgage and other loans, and fixed maturities available-for-sale | $ 1,700 | |||||||||
Held-for-sale | Retirement Full Service | ||||||||||
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 | 0 | $ 18 | (200) | 117 | ||||||
Gain (Loss) on Disposition of Business | 690 | |||||||||
Other income | 890 | |||||||||
Gain (Loss) on Investments | (150) | |||||||||
General and administrative expenses | 50 | |||||||||
Equity Method Investment, Deferred Gain on Sale | $ 400 | |||||||||
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 | $ 5,500 | ||||||||
Business Combination, Consideration Transferred | 100 | |||||||||
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 | $ 33 | $ 33 | ||||||||
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 | |||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Pramerica SGR | Pramerica SGR | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 35% |
Business and Basis of Present_3
Business and Basis of Presentation (Assets and Liabilities Held-for-sale) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |||
Assets held-for-sale | |||||||||
Debt Securities, Available-for-Sale, Amortized Cost | $ 325,957 | $ 333,459 | |||||||
Debt Securities, Trading, Amortized Cost | 7,268 | 8,741 | |||||||
Assets supporting experience-rated contractholder liabilities, at fair value | 2,580 | 3,358 | |||||||
Equity securities | [1] | 6,882 | 8,574 | ||||||
Commercial mortgage and other loans (net of $218 and $119 allowance for credit losses; includes $978 and $1,263 of loans measured at fair value under the fair value option at September 30, 2022 and December 31, 2021, respectively) | [1] | 56,896 | 58,666 | ||||||
Commercial mortgage and other loans, allowance for credit losses | 218 | $ 196 | 119 | $ 117 | $ 172 | $ 235 | |||
Policy loans | 9,920 | 10,386 | |||||||
Other invested assets | [1] | 21,050 | 21,833 | ||||||
Cash and cash equivalents | 20,104 | [1] | 12,888 | [1] | $ 15,605 | ||||
Accrued investment income | [1] | 2,888 | 2,855 | ||||||
Deferred policy acquisition costs | 19,334 | 18,192 | |||||||
Value of business acquired | 532 | 771 | |||||||
Other assets | [1] | 31,303 | 10,739 | ||||||
Separate account assets | 194,525 | 246,145 | |||||||
Disposal Group, Including Discontinued Operation, Assets, Total | [2] | 0 | 153,793 | ||||||
Liabilities held-for-sale | |||||||||
Future policy benefits | 278,262 | 290,784 | |||||||
Policyholders’ account balances | 131,679 | 122,633 | |||||||
Cash collateral for loaned securities | 5,865 | 4,251 | |||||||
Other liabilities | [1] | 20,474 | 11,755 | ||||||
Separate account liabilities | 194,525 | 246,145 | |||||||
Fixed maturities | |||||||||
Assets held-for-sale | |||||||||
Debt Securities, Available-for-Sale, Amortized Cost | 325,957 | 333,459 | |||||||
Assets supporting experience-rated contractholder liabilities, at fair value | 887 | 1,057 | |||||||
Accrued investment income | $ 2,394 | 2,398 | |||||||
Retirement Full Service | |||||||||
Liabilities held-for-sale | |||||||||
Goodwill | 455 | ||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | |||||||||
Assets held-for-sale | |||||||||
Debt Securities, Available-for-Sale, Amortized Cost | 13,569 | ||||||||
Debt Securities, Trading, Amortized Cost | 401 | ||||||||
Assets supporting experience-rated contractholder liabilities, at fair value | 18,818 | ||||||||
Equity securities | 322 | ||||||||
Commercial mortgage and other loans (net of $218 and $119 allowance for credit losses; includes $978 and $1,263 of loans measured at fair value under the fair value option at September 30, 2022 and December 31, 2021, respectively) | 6,565 | ||||||||
Policy loans | 12 | ||||||||
Other invested assets | 104 | ||||||||
Short-term investments | 878 | ||||||||
Cash and cash equivalents | 2,071 | ||||||||
Accrued investment income | 221 | ||||||||
Deferred policy acquisition costs | 1,197 | ||||||||
Value of business acquired | 215 | ||||||||
Other assets | 11,318 | ||||||||
Separate account assets | 98,102 | ||||||||
Disposal Group, Including Discontinued Operation, Assets, Total | 153,793 | ||||||||
Liabilities held-for-sale | |||||||||
Future policy benefits | 4,662 | ||||||||
Policyholders’ account balances | 39,914 | ||||||||
Other liabilities | 8,681 | ||||||||
Separate account liabilities | 98,102 | ||||||||
Disposal Group, Including Discontinued Operation, Liabilities, Total | 151,359 | ||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Retirement Full Service | |||||||||
Assets held-for-sale | |||||||||
Debt Securities, Available-for-Sale, Amortized Cost | 4,798 | ||||||||
Debt Securities, Trading, Amortized Cost | 374 | ||||||||
Assets supporting experience-rated contractholder liabilities, at fair value | 18,818 | ||||||||
Equity securities | 0 | ||||||||
Commercial mortgage and other loans (net of $218 and $119 allowance for credit losses; includes $978 and $1,263 of loans measured at fair value under the fair value option at September 30, 2022 and December 31, 2021, respectively) | 5,068 | ||||||||
Policy loans | 0 | ||||||||
Other invested assets | 10 | ||||||||
Short-term investments | 3 | ||||||||
Cash and cash equivalents | 56 | ||||||||
Accrued investment income | 160 | ||||||||
Deferred policy acquisition costs | 100 | ||||||||
Value of business acquired | 185 | ||||||||
Other assets | 674 | ||||||||
Separate account assets | 65,835 | ||||||||
Disposal Group, Including Discontinued Operation, Assets, Total | 96,081 | ||||||||
Liabilities held-for-sale | |||||||||
Future policy benefits | 157 | ||||||||
Policyholders’ account balances | 28,164 | ||||||||
Other liabilities | 374 | ||||||||
Separate account liabilities | 65,835 | ||||||||
Disposal Group, Including Discontinued Operation, Liabilities, Total | 94,530 | ||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | PALAC | |||||||||
Assets held-for-sale | |||||||||
Debt Securities, Available-for-Sale, Amortized Cost | 8,771 | ||||||||
Debt Securities, Trading, Amortized Cost | 27 | ||||||||
Assets supporting experience-rated contractholder liabilities, at fair value | 0 | ||||||||
Equity securities | 322 | ||||||||
Commercial mortgage and other loans (net of $218 and $119 allowance for credit losses; includes $978 and $1,263 of loans measured at fair value under the fair value option at September 30, 2022 and December 31, 2021, respectively) | 1,497 | ||||||||
Policy loans | 12 | ||||||||
Other invested assets | 94 | ||||||||
Short-term investments | 875 | ||||||||
Cash and cash equivalents | 2,015 | ||||||||
Accrued investment income | 61 | ||||||||
Deferred policy acquisition costs | 1,097 | ||||||||
Value of business acquired | 30 | ||||||||
Other assets | 10,644 | ||||||||
Separate account assets | 32,267 | ||||||||
Disposal Group, Including Discontinued Operation, Assets, Total | 57,712 | ||||||||
Liabilities held-for-sale | |||||||||
Future policy benefits | 4,505 | ||||||||
Policyholders’ account balances | 11,750 | ||||||||
Other liabilities | 8,307 | ||||||||
Separate account liabilities | 32,267 | ||||||||
Disposal Group, Including Discontinued Operation, Liabilities, Total | 56,829 | ||||||||
Held-for-sale | |||||||||
Assets held-for-sale | |||||||||
Assets supporting experience-rated contractholder liabilities, at fair value | 18,818 | ||||||||
Other invested assets | 104 | ||||||||
Accrued investment income | 221 | ||||||||
Liabilities held-for-sale | |||||||||
Allowance for credit losses, Other loans | 15 | ||||||||
Held-for-sale | Fixed maturities | |||||||||
Assets held-for-sale | |||||||||
Debt Securities, Available-for-Sale, Amortized Cost | 13,145 | ||||||||
Assets supporting experience-rated contractholder liabilities, at fair value | $ 17,706 | ||||||||
[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”. |
Significant Accounting Polici_3
Significant Accounting Policies and Pronouncements (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total equity | $ 17,180 | $ 28,918 | $ 44,678 | $ 62,608 | $ 62,559 | $ 63,684 | $ 58,776 | $ 68,210 | |
AOCI | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total equity | (20,874) | (10,178) | 4,205 | 21,324 | 21,836 | 23,277 | 19,219 | 30,738 | |
Retained Earnings | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total equity | $ 34,399 | 35,137 | $ 36,159 | $ 36,652 | $ 35,887 | $ 34,808 | $ 33,110 | $ 30,749 | |
Maximum | AOCI | Pro Forma | Cumulative effect of adoption of accounting changes | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total equity | 8,000 | $ (40,000) | |||||||
Maximum | Retained Earnings | Pro Forma | Cumulative effect of adoption of accounting changes | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total equity | (2,000) | (2,000) | |||||||
Minimum | AOCI | Pro Forma | Cumulative effect of adoption of accounting changes | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total equity | 3,000 | (45,000) | |||||||
Minimum | Retained Earnings | Pro Forma | Cumulative effect of adoption of accounting changes | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total equity | $ (3,000) | $ (3,000) |
Investments (Fixed Maturities S
Investments (Fixed Maturities Securities Excluding Investments Classified as Trading) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | $ 325,957 | $ 333,459 | |
Fixed Maturities, AFS, allowance for credit losses | 151 | 114 | |
Fixed Maturities, Available for Sale, Fair Value | [1] | 295,841 | 372,410 |
Amortized Cost | [1] | 1,199 | 1,514 |
Fixed Maturities, Held-to maturity, Fair Value | 1,371 | 1,803 | |
Fixed Maturities, HTM, allowance for credit losses | 2 | 5 | |
Fixed maturities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 325,957 | 333,459 | |
Gross Unrealized Gains | 9,524 | 40,795 | |
Gross Unrealized Losses | 39,489 | 1,730 | |
Fixed Maturities, AFS, allowance for credit losses | 151 | 114 | |
Fixed Maturities, Available for Sale, Fair Value | 295,841 | 372,410 | |
Amortized Cost | 1,201 | 1,519 | |
Gross Unrealized Gains | 170 | 284 | |
Gross Unrealized Losses | 0 | 0 | |
Fixed Maturities, Held-to maturity, Fair Value | 1,371 | 1,803 | |
Fixed Maturities, HTM, allowance for credit losses | 2 | 5 | |
Amortized Cost, Net of Allowance | 1,199 | 1,514 | |
Fixed maturities | Held-for-sale | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 13,145 | ||
Gross Unrealized Gains | 572 | ||
Gross Unrealized Losses | 147 | ||
Fixed Maturities, AFS, allowance for credit losses | 1 | ||
Fixed Maturities, Available for Sale, Fair Value | 13,569 | ||
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] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 30,701 | 26,231 | |
Gross Unrealized Gains | 1,206 | 5,958 | |
Gross Unrealized Losses | 4,227 | 31 | |
Fixed Maturities, AFS, allowance for credit losses | 0 | 0 | |
Fixed Maturities, Available for Sale, Fair Value | 27,680 | 32,158 | |
Fixed maturities | Obligations of U.S. states and their political subdivisions | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 10,495 | 10,445 | |
Gross Unrealized Gains | 216 | 1,781 | |
Gross Unrealized Losses | 968 | 8 | |
Fixed Maturities, AFS, allowance for credit losses | 0 | 0 | |
Fixed Maturities, Available for Sale, Fair Value | 9,743 | 12,218 | |
Fixed maturities | Foreign government bonds | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 68,665 | 83,363 | |
Gross Unrealized Gains | 5,310 | 11,842 | |
Gross Unrealized Losses | 4,181 | 529 | |
Fixed Maturities, AFS, allowance for credit losses | 1 | 7 | |
Fixed Maturities, Available for Sale, Fair Value | 69,793 | 94,669 | |
Amortized Cost | 661 | 833 | |
Gross Unrealized Gains | 140 | 221 | |
Gross Unrealized Losses | 0 | 0 | |
Fixed Maturities, Held-to maturity, Fair Value | 801 | 1,054 | |
Fixed Maturities, HTM, allowance for credit losses | 0 | 0 | |
Amortized Cost, Net of Allowance | 661 | 833 | |
Fixed maturities | U.S. public corporate securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 98,482 | 98,836 | |
Gross Unrealized Gains | 1,349 | 13,721 | |
Gross Unrealized Losses | 15,734 | 390 | |
Fixed Maturities, AFS, allowance for credit losses | 25 | 12 | |
Fixed Maturities, Available for Sale, Fair Value | 84,072 | 112,155 | |
Fixed maturities | U.S. private corporate securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 37,818 | 35,019 | |
Gross Unrealized Gains | 687 | 2,583 | |
Gross Unrealized Losses | 3,803 | 162 | |
Fixed Maturities, AFS, allowance for credit losses | 57 | 58 | |
Fixed Maturities, Available for Sale, Fair Value | 34,645 | 37,382 | |
Fixed maturities | Foreign public corporate securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 22,419 | 24,877 | |
Gross Unrealized Gains | 394 | 2,571 | |
Gross Unrealized Losses | 2,358 | 118 | |
Fixed Maturities, AFS, allowance for credit losses | 23 | 21 | |
Fixed Maturities, Available for Sale, Fair Value | 20,432 | 27,309 | |
Amortized Cost | 396 | 486 | |
Gross Unrealized Gains | 22 | 49 | |
Gross Unrealized Losses | 0 | 0 | |
Fixed Maturities, Held-to maturity, Fair Value | 418 | 535 | |
Fixed Maturities, HTM, allowance for credit losses | 2 | 5 | |
Amortized Cost, Net of Allowance | 394 | 481 | |
Fixed maturities | Foreign private corporate securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 31,148 | 28,047 | |
Gross Unrealized Gains | 138 | 1,448 | |
Gross Unrealized Losses | 6,686 | 442 | |
Fixed Maturities, AFS, allowance for credit losses | 40 | 16 | |
Fixed Maturities, Available for Sale, Fair Value | 24,560 | 29,037 | |
Amortized Cost | 7 | 9 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Fixed Maturities, Held-to maturity, Fair Value | 7 | 9 | |
Fixed Maturities, HTM, allowance for credit losses | 0 | 0 | |
Amortized Cost, Net of Allowance | 7 | 9 | |
Fixed maturities | Asset-backed securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 11,952 | 11,402 | |
Gross Unrealized Gains | 168 | 137 | |
Gross Unrealized Losses | 380 | 14 | |
Fixed Maturities, AFS, allowance for credit losses | 5 | 0 | |
Fixed Maturities, Available for Sale, Fair Value | 11,735 | 11,525 | |
Fixed maturities | Commercial mortgage-backed securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 11,976 | 12,490 | |
Gross Unrealized Gains | 28 | 631 | |
Gross Unrealized Losses | 917 | 22 | |
Fixed Maturities, AFS, allowance for credit losses | 0 | 0 | |
Fixed Maturities, Available for Sale, Fair Value | 11,087 | 13,099 | |
Fixed maturities | Residential mortgage-backed securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 2,301 | 2,749 | |
Gross Unrealized Gains | 28 | 123 | |
Gross Unrealized Losses | 235 | 14 | |
Fixed Maturities, AFS, allowance for credit losses | 0 | 0 | |
Fixed Maturities, Available for Sale, Fair Value | 2,094 | 2,858 | |
Amortized Cost | 137 | 191 | |
Gross Unrealized Gains | 8 | 14 | |
Gross Unrealized Losses | 0 | 0 | |
Fixed Maturities, Held-to maturity, Fair Value | 145 | 205 | |
Fixed Maturities, HTM, allowance for credit losses | 0 | 0 | |
Amortized Cost, Net of Allowance | 137 | 191 | |
Prudential Netting Agreement | Fixed maturities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Amortized Cost | 4,500 | 4,750 | |
Fixed Maturities, Held-to maturity, Fair Value | 4,500 | 5,394 | |
Prudential Netting Agreement | Fixed maturities | U.S. private corporate securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 6,366 | 5,941 | |
Fixed Maturities, Available for Sale, Fair Value | $ 6,366 | $ 5,995 | |
[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, 2022 | Dec. 31, 2021 |
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | $ 193,015 | $ 41,351 |
Less than Twelve Months, Unrealized Losses | 32,291 | 950 |
Twelve Months or More, Fair Value | 24,234 | 13,937 |
Twelve Months or More, Unrealized Losses | 7,084 | 755 |
Total Fair Value | 217,249 | 55,288 |
Total Unrealized Losses | 39,375 | 1,705 |
Held-for-sale | ||
Debt Securities [Line Items] | ||
Total Fair Value | 4,644 | |
Total Unrealized Losses | 147 | |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 21,689 | 1,521 |
Less than Twelve Months, Unrealized Losses | 4,215 | 15 |
Twelve Months or More, Fair Value | 31 | 269 |
Twelve Months or More, Unrealized Losses | 12 | 16 |
Total Fair Value | 21,720 | 1,790 |
Total Unrealized Losses | 4,227 | 31 |
Obligations of U.S. states and their political subdivisions | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 6,764 | 289 |
Less than Twelve Months, Unrealized Losses | 903 | 5 |
Twelve Months or More, Fair Value | 180 | 71 |
Twelve Months or More, Unrealized Losses | 65 | 3 |
Total Fair Value | 6,944 | 360 |
Total Unrealized Losses | 968 | 8 |
Foreign government bonds | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 17,926 | 4,534 |
Less than Twelve Months, Unrealized Losses | 2,591 | 244 |
Twelve Months or More, Fair Value | 6,397 | 6,945 |
Twelve Months or More, Unrealized Losses | 1,560 | 282 |
Total Fair Value | 24,323 | 11,479 |
Total Unrealized Losses | 4,151 | 526 |
U.S. public corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 67,571 | 12,403 |
Less than Twelve Months, Unrealized Losses | 13,336 | 219 |
Twelve Months or More, Fair Value | 5,724 | 2,947 |
Twelve Months or More, Unrealized Losses | 2,352 | 152 |
Total Fair Value | 73,295 | 15,350 |
Total Unrealized Losses | 15,688 | 371 |
U.S. private corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 27,194 | 4,362 |
Less than Twelve Months, Unrealized Losses | 3,240 | 84 |
Twelve Months or More, Fair Value | 2,342 | 848 |
Twelve Months or More, Unrealized Losses | 563 | 78 |
Total Fair Value | 29,536 | 5,210 |
Total Unrealized Losses | 3,803 | 162 |
Foreign public corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 13,482 | 3,652 |
Less than Twelve Months, Unrealized Losses | 1,828 | 76 |
Twelve Months or More, Fair Value | 1,778 | 802 |
Twelve Months or More, Unrealized Losses | 504 | 42 |
Total Fair Value | 15,260 | 4,454 |
Total Unrealized Losses | 2,332 | 118 |
Foreign private corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 19,948 | 6,350 |
Less than Twelve Months, Unrealized Losses | 4,987 | 270 |
Twelve Months or More, Fair Value | 3,789 | 1,604 |
Twelve Months or More, Unrealized Losses | 1,699 | 169 |
Total Fair Value | 23,737 | 7,954 |
Total Unrealized Losses | 6,686 | 439 |
Asset-backed securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 6,785 | 6,568 |
Less than Twelve Months, Unrealized Losses | 261 | 13 |
Twelve Months or More, Fair Value | 3,000 | 170 |
Twelve Months or More, Unrealized Losses | 110 | 1 |
Total Fair Value | 9,785 | 6,738 |
Total Unrealized Losses | 371 | 14 |
Commercial mortgage-backed securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 10,295 | 921 |
Less than Twelve Months, Unrealized Losses | 792 | 11 |
Twelve Months or More, Fair Value | 618 | 263 |
Twelve Months or More, Unrealized Losses | 125 | 11 |
Total Fair Value | 10,913 | 1,184 |
Total Unrealized Losses | 917 | 22 |
Residential mortgage-backed securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 1,361 | 751 |
Less than Twelve Months, Unrealized Losses | 138 | 13 |
Twelve Months or More, Fair Value | 375 | 18 |
Twelve Months or More, Unrealized Losses | 94 | 1 |
Total Fair Value | 1,736 | 769 |
Total Unrealized Losses | $ 232 | $ 14 |
Investments (Amortized Cost and
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Available-for-sale, Amortized Cost | |||
Due in one year or less | $ 9,029 | ||
Due after one year through five years | 50,728 | ||
Due after five years through ten years | 63,783 | ||
Due after ten years | 176,188 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 325,957 | $ 333,459 | |
Available-for-sale, Fair Value | |||
Due in one year or less | 9,189 | ||
Due after one year through five years | 49,239 | ||
Due after five years through ten years | 59,533 | ||
Due after ten years | 152,964 | ||
Fixed Maturities, Available for Sale, Fair Value | [1] | 295,841 | 372,410 |
Held-to-maturity, Amortized Cost, Net of Allowance | |||
Due in one year or less | 0 | ||
Due after one year through five years | 394 | ||
Due after five years through ten years | 22 | ||
Due after ten years | 646 | ||
Amortized Cost | 1,199 | ||
Held-to-maturity, Fair Value | |||
Due in one year or less | 0 | ||
Due after one year through five years | 418 | ||
Due after five years through ten years | 23 | ||
Due after ten years | 785 | ||
Fixed Maturities, Held-to maturity, Fair Value | 1,371 | 1,803 | |
Amortized Cost | [1] | 1,199 | 1,514 |
Asset-backed securities | |||
Available-for-sale, Amortized Cost | |||
Debt Maturities, without single maturity date | 11,952 | ||
Available-for-sale, Fair Value | |||
Debt Maturities, without single maturity date | 11,735 | ||
Held-to-maturity, Amortized Cost, Net of Allowance | |||
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 | 11,976 | ||
Available-for-sale, Fair Value | |||
Debt Maturities, without single maturity date | 11,087 | ||
Held-to-maturity, Amortized Cost, Net of Allowance | |||
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 | 2,301 | ||
Available-for-sale, Fair Value | |||
Debt Maturities, without single maturity date | 2,094 | ||
Held-to-maturity, Amortized Cost, Net of Allowance | |||
Debt Maturities, without single maturity date | 137 | ||
Held-to-maturity, Fair Value | |||
Debt Maturities, without single maturity date | 145 | ||
Fixed maturities | |||
Available-for-sale, Amortized Cost | |||
Fixed Maturities, available-for-sale, Amortized Cost | 325,957 | 333,459 | |
Available-for-sale, Fair Value | |||
Fixed Maturities, Available for Sale, Fair Value | 295,841 | 372,410 | |
Held-to-maturity, Fair Value | |||
Fixed Maturities, Held-to maturity, Fair Value | 1,371 | 1,803 | |
Amortized Cost | 1,201 | 1,519 | |
Fixed maturities | Held-for-sale | |||
Available-for-sale, Amortized Cost | |||
Fixed Maturities, available-for-sale, Amortized Cost | 13,145 | ||
Available-for-sale, Fair Value | |||
Fixed Maturities, Available for Sale, Fair Value | 13,569 | ||
Fixed maturities | U.S. private corporate securities | |||
Available-for-sale, Amortized Cost | |||
Fixed Maturities, available-for-sale, Amortized Cost | 37,818 | 35,019 | |
Available-for-sale, Fair Value | |||
Fixed Maturities, Available for Sale, Fair Value | 34,645 | 37,382 | |
Fixed maturities | Asset-backed securities | |||
Available-for-sale, Amortized Cost | |||
Fixed Maturities, available-for-sale, Amortized Cost | 11,952 | 11,402 | |
Available-for-sale, Fair Value | |||
Fixed Maturities, Available for Sale, Fair Value | 11,735 | 11,525 | |
Fixed maturities | Commercial mortgage-backed securities | |||
Available-for-sale, Amortized Cost | |||
Fixed Maturities, available-for-sale, Amortized Cost | 11,976 | 12,490 | |
Available-for-sale, Fair Value | |||
Fixed Maturities, Available for Sale, Fair Value | 11,087 | 13,099 | |
Fixed maturities | Residential mortgage-backed securities | |||
Available-for-sale, Amortized Cost | |||
Fixed Maturities, available-for-sale, Amortized Cost | 2,301 | 2,749 | |
Available-for-sale, Fair Value | |||
Fixed Maturities, Available for Sale, Fair Value | 2,094 | 2,858 | |
Held-to-maturity, Fair Value | |||
Fixed Maturities, Held-to maturity, Fair Value | 145 | 205 | |
Amortized Cost | 137 | 191 | |
Fixed maturities | Prudential Netting Agreement | |||
Held-to-maturity, Fair Value | |||
Fixed Maturities, Held-to maturity, Fair Value | 4,500 | 5,394 | |
Amortized Cost | 4,500 | 4,750 | |
Fixed maturities | Prudential Netting Agreement | U.S. private corporate securities | |||
Available-for-sale, Amortized Cost | |||
Fixed Maturities, available-for-sale, Amortized Cost | 6,366 | 5,941 | |
Available-for-sale, Fair Value | |||
Fixed Maturities, Available for Sale, Fair Value | $ 6,366 | $ 5,995 | |
[1]See Note 4 for details of balances associated with variable interest entities. |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Schedule of Investments [Line Items] | |||||
Fixed maturity securities purchased with credit deterioration | $ 0 | $ 0 | |||
Loans on non-accrual status recognized in interest income | $ 1 | $ 2 | 1 | $ 2 | |
Loans on non-accrual status, do not have allowance for credit losses | 17 | 20 | |||
Commercial mortgage and other loans purchased with credit deterioration | 0 | 0 | |||
Write-down on accrued investment income receivable | 1 | 1 | 1 | 1 | |
Fixed maturities | |||||
Schedule of Investments [Line Items] | |||||
Total Unrealized Losses | 39,375 | 39,375 | 1,705 | ||
Twelve Months or More, Unrealized Losses | 7,084 | 7,084 | 755 | ||
Fixed maturities | Held-for-sale | |||||
Schedule of Investments [Line Items] | |||||
Total Unrealized Losses | 147 | ||||
Corporate securities | |||||
Schedule of Investments [Line Items] | |||||
Twelve Months or More, Unrealized Losses | 7,084 | 7,084 | 755 | ||
Other income | Fixed maturities | Trading | |||||
Schedule of Investments [Line Items] | |||||
Unrealized gains (losses) on investments | (496) | 88 | (1,653) | (279) | |
Other income | Equity securities | |||||
Schedule of Investments [Line Items] | |||||
Unrealized gains (losses) on investments | (396) | 19 | (1,253) | 457 | |
Other income | Assets supporting experience-rated contractholder liabilities | Held-for-sale | |||||
Schedule of Investments [Line Items] | |||||
Unrealized gains (losses) on investments | $ (52) | $ (263) | $ (743) | $ (557) | |
California | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 31% | 31% | |||
Texas | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 8% | 8% | |||
New York | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 6% | 6% | |||
Europe | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 6% | 6% | |||
Australia | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 1% | 1% | |||
Asia | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 1% | 1% | |||
NAIC High or Highest Quality Rating | Fixed maturities | |||||
Schedule of Investments [Line Items] | |||||
Total Unrealized Losses | $ 36,756 | $ 36,756 | 1,242 | ||
NAIC Other Than High or Highest Quality Rating | Fixed maturities | |||||
Schedule of Investments [Line Items] | |||||
Total Unrealized Losses | $ 2,619 | $ 2,619 | $ 463 |
Investments (Fixed Maturity Pro
Investments (Fixed Maturity Proceeds) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Securities [Line Items] | ||||
Proceeds from maturities/prepayments - AFS | $ 38,851 | $ 48,950 | ||
Proceeds from maturities/prepayments - HTM | 24 | 155 | ||
Fixed maturities | Available-for-sale | ||||
Debt Securities [Line Items] | ||||
Proceeds from sales | $ 4,978 | $ 7,273 | 24,056 | 27,041 |
Proceeds from maturities/prepayments - AFS | 5,186 | 7,040 | 14,792 | 21,936 |
Gross investment gains from sales and maturities | 325 | 301 | 940 | 2,264 |
Gross investment losses from sales and maturities | (376) | (69) | (1,963) | (558) |
Write-down recognized in earnings | (21) | 0 | (113) | 0 |
(Addition to) release of allowance for credit losses - AFS | (42) | (12) | (37) | 41 |
Fixed maturities | Held-to-maturity | ||||
Debt Securities [Line Items] | ||||
Proceeds from maturities/prepayments - HTM | 7 | 11 | 24 | 155 |
(Addition to) release of allowance for credit Losses - HTM | $ 1 | $ 1 | 3 | 3 |
Fixed maturities | Available-for-sale | ||||
Debt Securities [Line Items] | ||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received (Paid) | 3 | (27) | ||
Fixed maturities | Held-to-maturity | ||||
Debt Securities [Line Items] | ||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received (Paid) | $ 1 | $ 0 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Available-for-sale | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | $ 109 | $ 80 | $ 114 | $ 133 |
Additions to allowance for credit losses not previously recorded | 34 | 35 | 119 | 75 |
Reductions for securities sold during the period | (5) | (16) | (60) | (55) |
Reductions for securities with intent to sell | 0 | (80) | ||
Additions (reductions) on securities with previous allowance | 13 | (5) | 58 | (59) |
Reclassified to / (from) “Assets held-for sale” | (2) | (2) | ||
Balance, ending of period | 151 | 92 | 151 | 92 |
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 |
Reductions for securities with intent to sell | 0 | 0 | ||
Additions (reductions) on securities with previous allowance | 0 | 0 | 0 | 0 |
Reclassified to / (from) “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 | 6 | 0 | 7 | 0 |
Additions to allowance for credit losses not previously recorded | 0 | 0 | 11 | 0 |
Reductions for securities sold during the period | (3) | 0 | (5) | 0 |
Reductions for securities with intent to sell | 0 | (13) | ||
Additions (reductions) on securities with previous allowance | (2) | 0 | 1 | 0 |
Reclassified to / (from) “Assets held-for sale” | 0 | 0 | ||
Balance, ending of period | 1 | 0 | 1 | 0 |
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 | 102 | 80 | 107 | 123 |
Additions to allowance for credit losses not previously recorded | 30 | 35 | 103 | 75 |
Reductions for securities sold during the period | (2) | (16) | (55) | (46) |
Reductions for securities with intent to sell | 0 | (67) | ||
Additions (reductions) on securities with previous allowance | 15 | (5) | 57 | (58) |
Reclassified to / (from) “Assets held-for sale” | (2) | (2) | ||
Balance, ending of period | 145 | 92 | 145 | 92 |
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 | 1 | 0 | 0 | 0 |
Additions to allowance for credit losses not previously recorded | 4 | 0 | 5 | 0 |
Reductions for securities sold during the period | 0 | 0 | 0 | 0 |
Reductions for securities with intent to sell | 0 | 0 | ||
Additions (reductions) on securities with previous allowance | 0 | 0 | 0 | 0 |
Reclassified to / (from) “Assets held-for sale” | 0 | 0 | ||
Balance, ending of period | 5 | 0 | 5 | 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 | 0 | 0 | 10 |
Additions to allowance for credit losses not previously recorded | 0 | 0 | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 | 0 | (9) |
Reductions for securities with intent to sell | 0 | 0 | ||
Additions (reductions) on securities with previous allowance | 0 | 0 | 0 | (1) |
Reclassified to / (from) “Assets held-for sale” | 0 | 0 | ||
Balance, ending of period | 0 | 0 | 0 | 0 |
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 |
Reductions for securities with intent to sell | 0 | 0 | ||
Additions (reductions) on securities with previous allowance | 0 | 0 | 0 | 0 |
Reclassified to / (from) “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 | 3 | 7 | 5 | 9 |
Current period provision for expected losses | (1) | 0 | (2) | (3) |
Change in foreign exchange | 0 | (1) | (1) | |
Balance, ending of period | 2 | 6 | 2 | 6 |
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 |
Current period provision for expected losses | 0 | 0 | 0 | 0 |
Change in foreign exchange | 0 | 0 | 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 |
Current period provision for expected losses | 0 | 0 | 0 | 0 |
Change in foreign exchange | 0 | 0 | 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 | 3 | 7 | 5 | 9 |
Current period provision for expected losses | (1) | 0 | (2) | (3) |
Change in foreign exchange | 0 | (1) | (1) | |
Balance, ending of period | 2 | 6 | 2 | 6 |
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 |
Current period provision for expected losses | 0 | 0 | 0 | 0 |
Change in foreign exchange | 0 | 0 | 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 |
Current period provision for expected losses | 0 | 0 | 0 | 0 |
Change in foreign exchange | 0 | 0 | 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 |
Current period provision for expected losses | 0 | 0 | 0 | 0 |
Change in foreign exchange | 0 | 0 | 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, 2022 | Dec. 31, 2021 |
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | $ 2,354 | $ 2,861 |
Assets supporting experience-rated contractholder liabilities, at fair value | 2,580 | 3,358 |
Held-for-sale | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 18,346 | |
Assets supporting experience-rated contractholder liabilities, at fair value | 18,818 | |
Fixed maturities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 894 | 1,044 |
Assets supporting experience-rated contractholder liabilities, at fair value | 887 | 1,057 |
Fixed maturities | Held-for-sale | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 17,232 | |
Assets supporting experience-rated contractholder liabilities, at fair value | 17,706 | |
Equity securities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 1,460 | 1,787 |
Assets supporting experience-rated contractholder liabilities, at fair value | 1,693 | 2,271 |
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 | 326 | |
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 | 0 | 30 |
Assets supporting experience-rated contractholder liabilities, at fair value | 0 | 30 |
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 | 786 | |
Assets supporting experience-rated contractholder liabilities, at fair value | 786 | |
Corporate securities | Fixed maturities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 83 | 101 |
Assets supporting experience-rated contractholder liabilities, at fair value | 82 | 103 |
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 | 12,112 | |
Assets supporting experience-rated contractholder liabilities, at fair value | 12,463 | |
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 | 0 |
Assets supporting experience-rated contractholder liabilities, at fair value | 0 | 0 |
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 | 1,799 | |
Assets supporting experience-rated contractholder liabilities, at fair value | 1,830 | |
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 | 0 |
Assets supporting experience-rated contractholder liabilities, at fair value | 0 | 0 |
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 | 658 | |
Assets supporting experience-rated contractholder liabilities, at fair value | 683 | |
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 | 0 |
Assets supporting experience-rated contractholder liabilities, at fair value | 0 | 0 |
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 | 2,079 | |
Assets supporting experience-rated contractholder liabilities, at fair value | 2,093 | |
Foreign government bonds | Fixed maturities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 646 | 761 |
Assets supporting experience-rated contractholder liabilities, at fair value | 622 | 761 |
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 | 240 | |
Assets supporting experience-rated contractholder liabilities, at fair value | 237 | |
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 | 165 | 182 |
Assets supporting experience-rated contractholder liabilities, at fair value | $ 183 | 193 |
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 | 344 | |
Assets supporting experience-rated contractholder liabilities, at fair value | $ 400 | |
Public Securities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost percentage | 95% | |
Collateralized loan obligations | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at fair value | $ 1,607 | |
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 | 99% | 97% |
Investments (Concentrations of
Investments (Concentrations of Credit Risk) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Investments in Japanese government and government agency securities: | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | $ 60,555 | $ 75,499 |
Concentrations of credit risk at fair value | 62,569 | 85,408 |
Investments in Brazil Government and Agencies Securities | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 2,564 | 2,116 |
Concentrations of credit risk at fair value | 2,384 | 2,000 |
Assets supporting experience-rated contractholder liabilities | Investments in Japanese government and government agency securities: | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 563 | 983 |
Concentrations of credit risk at fair value | 547 | 977 |
Short-term investments | Investments in Brazil Government and Agencies Securities | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 58 | 1 |
Concentrations of credit risk at fair value | 58 | 1 |
Cash equivalents | Investments in Brazil Government and Agencies Securities | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 89 | 133 |
Concentrations of credit risk at fair value | 89 | 133 |
Available-for-sale | Fixed maturities | Investments in Japanese government and government agency securities: | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 59,330 | 73,681 |
Concentrations of credit risk at fair value | 61,224 | 83,382 |
Available-for-sale | Fixed maturities | Investments in Brazil Government and Agencies Securities | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 2,417 | 1,982 |
Concentrations of credit risk at fair value | 2,237 | 1,866 |
Held-to-maturity | Fixed maturities | Investments in Japanese government and government agency securities: | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 644 | 812 |
Concentrations of credit risk at fair value | 780 | 1,026 |
Trading | Fixed maturities | Investments in Japanese government and government agency securities: | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 18 | 23 |
Concentrations of credit risk at fair value | $ 18 | $ 23 |
Investments (Commercial Mortgag
Investments (Commercial Mortgage and Other Loans) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 56,518 | $ 58,087 |
Other loans | 596 | 698 |
Total commercial mortgage and other loans | $ 56,896 | $ 58,666 |
% of Total | 100% | 100% |
Net carrying value of commercial loans held for sale | $ 978 | $ 1,263 |
Held-for-sale | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Allowance for credit losses, Other loans | 15 | |
Total commercial mortgage and other loans | 6,565 | |
Commercial Mortgage Loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 50,441 | $ 52,567 |
% of Total | 89.20% | 90.50% |
Commercial mortgage and agricultural property loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Allowance for credit losses | $ (186) | $ (115) |
Total net loans | 56,332 | 57,972 |
Uncollateralized loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Other loans | 453 | 561 |
Residential property loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Other loans | 42 | 67 |
Other Collateralized Loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Other loans | 101 | 70 |
Other loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Total net loans | 564 | 694 |
Allowance for credit losses, Other loans | (32) | (4) |
Office | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 9,317 | $ 10,225 |
% of Total | 16.50% | 17.60% |
Retail | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 6,141 | $ 6,779 |
% of Total | 10.90% | 11.70% |
Apartments/Multi-Family | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 16,431 | $ 16,742 |
% of Total | 29% | 28.80% |
Industrial | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 12,790 | $ 13,009 |
% of Total | 22.60% | 22.40% |
Hospitality | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 2,035 | $ 1,876 |
% of Total | 3.60% | 3.20% |
Other | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 3,727 | $ 3,936 |
% of Total | 6.60% | 6.80% |
Agricultural property loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 6,077 | $ 5,520 |
% of Total | 10.80% | 9.50% |
Investments (Allowance for Cred
Investments (Allowance for Credit Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of year | $ 196 | $ 172 | $ 119 | $ 235 |
Addition to (release of) allowance for expected losses | 24 | (44) | 96 | (106) |
Reclassified (to) from “Assets held-for sale” | (6) | (12) | (12) | |
Other | 4 | 1 | 3 | 0 |
Total ending balance | 218 | 117 | 218 | 117 |
Commercial Mortgage Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of year | 156 | 160 | 111 | 218 |
Addition to (release of) allowance for expected losses | 22 | (40) | 62 | (98) |
Reclassified (to) from “Assets held-for sale” | (6) | (12) | (12) | |
Other | 4 | 0 | 3 | 0 |
Total ending balance | 176 | 108 | 176 | 108 |
Agricultural Property Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of year | 8 | 6 | 4 | 9 |
Addition to (release of) allowance for expected losses | 2 | (2) | 6 | (5) |
Reclassified (to) from “Assets held-for sale” | 0 | 0 | 0 | |
Other | 0 | 0 | 0 | 0 |
Total ending balance | 10 | 4 | 10 | 4 |
Residential Property Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of year | 0 | 0 | 0 | 0 |
Addition to (release of) allowance for expected losses | 0 | 0 | 0 | 0 |
Reclassified (to) from “Assets held-for sale” | 0 | 0 | 0 | |
Other | 0 | 0 | 0 | 0 |
Total ending balance | 0 | 0 | 0 | 0 |
Other Collateralized Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of year | 0 | 2 | 0 | 3 |
Addition to (release of) allowance for expected losses | 0 | (2) | 0 | (2) |
Reclassified (to) from “Assets held-for sale” | 0 | 0 | 0 | |
Other | 0 | 1 | 0 | 0 |
Total ending balance | 0 | 1 | 0 | 1 |
Uncollateralized Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of year | 32 | 4 | 4 | 5 |
Addition to (release of) allowance for expected losses | 0 | 0 | 28 | (1) |
Reclassified (to) from “Assets held-for sale” | 0 | 0 | 0 | |
Other | 0 | 0 | 0 | 0 |
Total ending balance | $ 32 | $ 4 | $ 32 | $ 4 |
Investments (Credit Quality Ind
Investments (Credit Quality Indicators) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Recording investment gross of allowance for credit losses | $ 57,114 | $ 58,785 |
Commercial mortgage and other loans | 56,896 | 58,666 |
Held-for-sale | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Recording investment gross of allowance for credit losses | 6,580 | |
Commercial mortgage and other loans | 6,565 | |
Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 3,816 | 7,069 |
One Years Prior | 6,412 | 3,654 |
Two Years Prior | 3,483 | 7,917 |
Three Years Prior | 7,029 | 7,963 |
Four Years Prior | 7,198 | 5,109 |
Prior | 22,503 | 20,855 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 50,441 | 52,567 |
Commercial Mortgage Loans | ≥ 1.2X | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 3,595 | 6,803 |
One Years Prior | 6,195 | 3,356 |
Two Years Prior | 3,208 | 6,828 |
Three Years Prior | 5,893 | 7,384 |
Four Years Prior | 6,645 | 4,445 |
Prior | 18,674 | 16,864 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 44,210 | 45,680 |
Commercial Mortgage Loans | 1.0X to 1.2X | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 221 | 266 |
One Years Prior | 217 | 154 |
Two Years Prior | 89 | 662 |
Three Years Prior | 632 | 478 |
Four Years Prior | 347 | 234 |
Prior | 1,778 | 2,069 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 3,284 | 3,863 |
Commercial Mortgage Loans | Less than 1.0X | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 0 | 0 |
One Years Prior | 0 | 144 |
Two Years Prior | 186 | 427 |
Three Years Prior | 504 | 101 |
Four Years Prior | 206 | 430 |
Prior | 2,051 | 1,922 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 2,947 | 3,024 |
Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 759 | 2,050 |
One Years Prior | 2,088 | 895 |
Two Years Prior | 867 | 528 |
Three Years Prior | 514 | 371 |
Four Years Prior | 354 | 370 |
Prior | 1,421 | 1,226 |
Revolving Loans | 74 | 80 |
Recording investment gross of allowance for credit losses | 6,077 | 5,520 |
Agricultural property loans | ≥ 1.2X | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 748 | 2,007 |
One Years Prior | 2,044 | 870 |
Two Years Prior | 792 | 517 |
Three Years Prior | 503 | 364 |
Four Years Prior | 343 | 312 |
Prior | 1,347 | 1,121 |
Revolving Loans | 74 | 80 |
Recording investment gross of allowance for credit losses | 5,851 | 5,271 |
Agricultural property loans | 1.0X to 1.2X | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 3 | 43 |
One Years Prior | 44 | 25 |
Two Years Prior | 75 | 10 |
Three Years Prior | 10 | 1 |
Four Years Prior | 6 | 58 |
Prior | 27 | 41 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 165 | 178 |
Agricultural property loans | Less than 1.0X | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 8 | 0 |
One Years Prior | 0 | 0 |
Two Years Prior | 0 | 1 |
Three Years Prior | 1 | 6 |
Four Years Prior | 5 | 0 |
Prior | 47 | 64 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 61 | 71 |
0%-59.99% | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 1,526 | 1,287 |
One Years Prior | 1,410 | 467 |
Two Years Prior | 752 | 2,459 |
Three Years Prior | 2,158 | 3,211 |
Four Years Prior | 3,675 | 3,072 |
Prior | 15,024 | 14,011 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 24,545 | 24,507 |
0%-59.99% | Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 707 | 1,958 |
One Years Prior | 2,003 | 887 |
Two Years Prior | 859 | 494 |
Three Years Prior | 481 | 334 |
Four Years Prior | 354 | 370 |
Prior | 1,421 | 1,226 |
Revolving Loans | 74 | 80 |
Recording investment gross of allowance for credit losses | 5,899 | 5,349 |
60%-69.99% | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 1,448 | 3,101 |
One Years Prior | 3,271 | 1,941 |
Two Years Prior | 1,619 | 4,124 |
Three Years Prior | 3,881 | 3,631 |
Four Years Prior | 2,912 | 1,356 |
Prior | 4,727 | 4,161 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 17,858 | 18,314 |
60%-69.99% | Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 52 | 92 |
One Years Prior | 85 | 5 |
Two Years Prior | 8 | 29 |
Three Years Prior | 33 | 37 |
Four Years Prior | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 178 | 163 |
70%-79.99% | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 842 | 2,497 |
One Years Prior | 1,707 | 1,207 |
Two Years Prior | 1,105 | 1,327 |
Three Years Prior | 983 | 1,059 |
Four Years Prior | 611 | 631 |
Prior | 2,131 | 2,108 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 7,379 | 8,829 |
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 |
Revolving Loans | 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 | 0 | 184 |
One Years Prior | 24 | 39 |
Two Years Prior | 7 | 7 |
Three Years Prior | 7 | 62 |
Four Years Prior | 0 | 50 |
Prior | 621 | 575 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 659 | 917 |
80% or greater | Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 0 | 0 |
One Years Prior | 0 | 3 |
Two Years Prior | 0 | 5 |
Three Years Prior | 0 | 0 |
Four Years Prior | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | $ 0 | $ 8 |
Investments (Analysis of Past D
Investments (Analysis of Past Due Commercial Mortgage and Other Loans) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 57,114 | $ 58,785 |
Non-Accrual Status | 19 | 22 |
Held-for-sale | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 6,580 | |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 57,057 | 58,782 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 51 | 0 |
90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 6 | 3 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 57 | 3 |
Commercial Mortgage Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 50,441 | 52,567 |
Non-Accrual Status | 2 | 2 |
Commercial Mortgage Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 50,441 | 52,565 |
Commercial Mortgage Loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Commercial Mortgage Loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Commercial Mortgage Loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 2 |
Commercial Mortgage Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 2 |
Agricultural property loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 6,077 | 5,520 |
Non-Accrual Status | 17 | 19 |
Agricultural property loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 6,067 | 5,520 |
Agricultural property loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
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 | 6 | 0 |
Agricultural property loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 10 | 0 |
Residential Property Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 42 | 67 |
Non-Accrual Status | 0 | 1 |
Residential Property Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 42 | 66 |
Residential Property Loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
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 | 0 | 1 |
Residential Property Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 1 |
Other Collateralized Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 101 | 70 |
Non-Accrual Status | 0 | 0 |
Other Collateralized Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 101 | 70 |
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 | 453 | 561 |
Non-Accrual Status | 0 | 0 |
Uncollateralized loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 406 | 561 |
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 | 47 | 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 | 47 | 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, 2022 | Dec. 31, 2021 | |
Other Invested Assets [Line Items] | |||
Other invested assets | [1] | $ 21,050 | $ 21,833 |
Held-for-sale | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 104 | ||
LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 16,558 | 15,966 | |
Real estate held through direct ownership | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 1,516 | 1,789 | |
Derivative instruments | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 1,909 | 3,280 | |
Other | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 1,067 | 798 | |
Mortgage Debt | Real estate-related | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 205 | 274 | |
Equity method | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 12,841 | 11,676 | |
Equity method | Private equity | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 7,008 | 6,509 | |
Equity method | Hedge funds | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 3,087 | 2,797 | |
Equity method | Real estate-related | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 2,746 | 2,370 | |
Fair Value | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 0 | 81 | |
Fair Value | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 3,717 | 4,290 | |
Fair Value | Private equity | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 1,518 | 1,852 | |
Fair Value | Hedge funds | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 1,891 | 2,119 | |
Fair Value | Real estate-related | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | $ 308 | $ 319 | |
[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, 2022 | Dec. 31, 2021 | |
Net Investment Income [Line Items] | |||
Accrued investment income | [1] | $ 2,888 | $ 2,855 |
Held-for-sale | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 221 | ||
Fixed maturities | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 2,394 | 2,398 | |
Equity securities | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 7 | 5 | |
Commercial mortgage and other loans | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 191 | 175 | |
Policy loans | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 250 | 253 | |
Other invested assets | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 20 | 22 | |
Short-term investments and cash equivalents | |||
Net Investment Income [Line Items] | |||
Accrued investment income | $ 26 | $ 2 | |
[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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | $ 3,801 | $ 4,852 | $ 12,394 | $ 14,133 |
Less: investment expenses | (170) | (135) | (467) | (482) |
Net investment income | 3,631 | 4,717 | 11,927 | 13,651 |
Assets supporting experience-rated contractholder liabilities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 11 | 148 | 155 | 474 |
Equity securities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 27 | 23 | 103 | 104 |
Commercial mortgage and other loans | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 533 | 621 | 1,646 | 1,882 |
Policy loans | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 125 | 132 | 376 | 403 |
Other invested assets | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 18 | 806 | 899 | 1,939 |
Short-term investments and cash equivalents | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 143 | 18 | 218 | 48 |
Available-for-sale | Fixed maturities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 2,836 | 2,995 | 8,666 | 9,000 |
Held-to-maturity | Fixed maturities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 52 | 56 | 160 | 169 |
Trading | Fixed maturities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | $ 56 | $ 53 | $ 171 | $ 114 |
Investments (Realized Investmen
Investments (Realized Investment Gains Losses, Net) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Gain (Loss) on Securities [Line Items] | ||||
Realized investment gains (losses), net | $ (514) | $ 432 | $ (1,977) | $ 3,146 |
Fixed maturities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Realized investment gains (losses), net | (113) | 221 | (1,170) | 1,750 |
Commercial mortgage and other loans | ||||
Gain (Loss) on Securities [Line Items] | ||||
Realized investment gains (losses), net | (9) | 67 | (75) | 158 |
Investment real estate | ||||
Gain (Loss) on Securities [Line Items] | ||||
Realized investment gains (losses), net | (7) | 49 | 83 | 113 |
LPs/LLCs | ||||
Gain (Loss) on Securities [Line Items] | ||||
Realized investment gains (losses), net | (13) | (43) | (19) | (26) |
Derivatives | ||||
Gain (Loss) on Securities [Line Items] | ||||
Realized investment gains (losses), net | (369) | 131 | (795) | 1,145 |
Other | ||||
Gain (Loss) on Securities [Line Items] | ||||
Realized investment gains (losses), net | $ (3) | $ 7 | $ (1) | $ 6 |
Investments (Net Unrealized Gai
Investments (Net Unrealized Gains Losses on Investments) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | $ (25,922) | $ 40,467 |
Held-for-sale | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | 425 | |
Fixed maturities | Available-for-sale | With an allowance | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | (58) | 23 |
Fixed maturities | Available-for-sale | Without an allowance | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | (29,907) | 39,467 |
Derivatives designated as cash flow hedges | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | 4,099 | 1,019 |
Derivatives designated as fair value hedges | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | (47) | (35) |
Other investments | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | (9) | $ (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, 2022 | Dec. 31, 2021 |
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | $ 8,223 | $ 10,185 |
Total cash collateral for loaned securities | 5,865 | 4,251 |
Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 7,723 | 9,747 |
Total cash collateral for loaned securities | 5,865 | 4,251 |
Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 250 | 0 |
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 | 250 | 438 |
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 | 7,542 | 9,482 |
Total cash collateral for loaned securities | 1 | 1 |
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 | 7,042 | 9,044 |
Total cash collateral for loaned securities | 1 | 1 |
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 | 250 | 0 |
Total cash collateral for loaned securities | 0 | 0 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | 30 days or greater | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 250 | 438 |
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 | 54 | 84 |
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 | 54 | 84 |
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 | 365 | 205 |
Foreign government bonds | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 365 | 205 |
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 | 4,000 | 2,834 |
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 | 4,000 | 2,834 |
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 | 805 | 643 |
Foreign public corporate securities | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 805 | 643 |
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 | 576 | 486 |
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 | 576 | 486 |
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 |
Commercial mortgage-backed securities | 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 |
Residential mortgage-backed securities | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 105 | 217 |
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 | 105 | 217 |
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 |
Residential mortgage-backed securities | 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 |
Equity securities | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 640 | 484 |
Equity securities | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 640 | 484 |
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, 2022 | Dec. 31, 2021 | |
Variable Interest Entity [Line Items] | ||
Total assets of consolidated VIEs | $ 677,756 | $ 937,582 |
Total liabilities | 660,576 | 874,974 |
Consolidated VIEs for Which the Company is the Investment Manager | ||
Variable Interest Entity [Line Items] | ||
Total assets of consolidated VIEs | 4,881 | 4,855 |
Total liabilities | 720 | 779 |
Consolidated VIEs for Which the Company is the Investment Manager | Wholly-owned beneficial interests | ||
Variable Interest Entity [Line Items] | ||
Total assets of consolidated VIEs | 3,099 | 2,885 |
Other Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Total assets of consolidated VIEs | 1,594 | 1,978 |
Total liabilities | 0 | 2 |
Equity securities | Consolidated VIEs for Which the Company is the Investment Manager | ||
Variable Interest Entity [Line Items] | ||
Total assets of consolidated VIEs | 107 | 79 |
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 | 763 | 915 |
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 | 3,082 | 2,846 |
Other | Other Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Total assets of consolidated VIEs | 120 | 138 |
Cash and cash equivalents | Consolidated VIEs for Which the Company is the Investment Manager | ||
Variable Interest Entity [Line Items] | ||
Total assets of consolidated VIEs | 178 | 128 |
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 | 1 | 1 |
Accrued investment income | Other Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Total assets of consolidated VIEs | 3 | 3 |
Other assets | Consolidated VIEs for Which the Company is the Investment Manager | ||
Variable Interest Entity [Line Items] | ||
Total assets of consolidated VIEs | 406 | 499 |
Other assets | Other Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Total assets of consolidated VIEs | 639 | 785 |
Other liabilities | Consolidated VIEs for Which the Company is the Investment Manager | ||
Variable Interest Entity [Line Items] | ||
Total liabilities | 502 | 505 |
Other liabilities | Other Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Total liabilities | 0 | 2 |
Notes Issued by Consolidated VIEs | Consolidated VIEs for Which the Company is the Investment Manager | ||
Variable Interest Entity [Line Items] | ||
Total liabilities | 218 | 274 |
Notes Issued by Consolidated VIEs | Other Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Total liabilities | 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 | 166 | 200 |
Available-for-sale | Fixed maturities | Other Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Total assets of consolidated VIEs | 204 | 262 |
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 | 7 | 9 |
Held-to-maturity | Fixed maturities | Other Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Total assets of consolidated VIEs | 628 | 790 |
Trading | Fixed maturities | Consolidated VIEs for Which the Company is the Investment Manager | ||
Variable Interest Entity [Line Items] | ||
Total assets of consolidated VIEs | 171 | 178 |
Trading | Fixed maturities | Other Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Total assets of consolidated VIEs | $ 0 | $ 0 |
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) | 2 years |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Total liabilities | $ 660,576,000,000 | $ 874,974,000,000 |
Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Total liabilities | 0 | |
Unconsolidated VIEs | 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 | 864,000,000 | 997,000,000 |
Unconsolidated VIEs | Other invested assets | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss on these investments | $ 16,558,000,000 | $ 15,966,000,000 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Total derivative assets | $ 1,914 | $ 1,914 | $ 3,266 | ||
Total derivative liabilities | 3,203 | 3,203 | 2,278 | ||
Anticipated pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to earnings | $ 311 | ||||
Maximum Length of Time Hedged in Cash Flow Hedge (future cash flows) | 29 years | ||||
Net Investment Hedges income (loss) before taxes | 26 | $ (6) | $ 166 | $ (5) | |
Non-derivative Net Investment Hedges income (loss) before taxes | 2 | $ (7) | 134 | $ 7 | |
Credit Derivatives [Line Items] | |||||
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | (192) | (192) | 128 | ||
Credit Derivative Protection Purchased Notional Amount | 1,256 | 1,256 | 115 | ||
Credit Default Swap, Buying Protection | |||||
Credit Derivatives [Line Items] | |||||
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | $ 11 | $ 11 | |||
Credit Risk Derivative Liabilities, at Fair Value | $ 1 | ||||
Credit Default Swaps Referencing Indices | |||||
Credit Derivatives [Line Items] | |||||
Credit Derivatives Written Max Length Of Maturities (less than) | 25 years |
Derivative Instruments (Gross N
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Notional | $ 480,838 | $ 471,246 |
Assets | 21,374 | 17,416 |
Liabilities | (27,454) | (19,592) |
Embedded Derivative, Fair Value of Embedded Derivative, Net | (8,230) | (10,245) |
Held-for-sale | ||
Derivative [Line Items] | ||
Notional | 41,179 | |
Assets | 1,643 | |
Liabilities | (1,503) | |
Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative [Line Items] | ||
Notional | 33,960 | 29,900 |
Assets | 5,551 | 2,033 |
Liabilities | (1,188) | (371) |
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Swaps | ||
Derivative [Line Items] | ||
Notional | 3,691 | 3,591 |
Assets | 70 | 805 |
Liabilities | (227) | (69) |
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Forwards | ||
Derivative [Line Items] | ||
Notional | 497 | 248 |
Assets | 0 | 15 |
Liabilities | (97) | (2) |
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Notional | 4,919 | 4,789 |
Assets | 308 | 62 |
Liabilities | (366) | (107) |
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Swaps | ||
Derivative [Line Items] | ||
Notional | 24,853 | 21,272 |
Assets | 5,173 | 1,151 |
Liabilities | (498) | (193) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative [Line Items] | ||
Notional | 446,878 | 441,346 |
Assets | 15,823 | 15,383 |
Liabilities | (26,266) | (19,221) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Swaps | ||
Derivative [Line Items] | ||
Notional | 202,590 | 196,124 |
Assets | 9,506 | 10,515 |
Liabilities | (20,542) | (14,430) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Forwards | ||
Derivative [Line Items] | ||
Notional | 4,723 | 4,709 |
Assets | 20 | 41 |
Liabilities | (116) | (11) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Notional | 32,761 | 28,235 |
Assets | 2,442 | 1,046 |
Liabilities | (2,842) | (1,209) |
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 | 10,602 | 12,683 |
Assets | 1,677 | 751 |
Liabilities | (262) | (216) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Futures | ||
Derivative [Line Items] | ||
Notional | 18,468 | 17,429 |
Assets | 35 | 76 |
Liabilities | (80) | (9) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Options | ||
Derivative [Line Items] | ||
Notional | 10,753 | 15,353 |
Assets | 275 | 710 |
Liabilities | (317) | (265) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Default Swaps | ||
Derivative [Line Items] | ||
Notional | 12,881 | 3,489 |
Assets | 11 | 128 |
Liabilities | (192) | (1) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Futures | ||
Derivative [Line Items] | ||
Notional | 3,960 | 6,178 |
Assets | 2 | 1 |
Liabilities | (46) | (10) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Options | ||
Derivative [Line Items] | ||
Notional | 53,758 | 60,057 |
Assets | 874 | 2,065 |
Liabilities | (1,857) | (2,640) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Total Return Swap | ||
Derivative [Line Items] | ||
Notional | 9,983 | 13,850 |
Assets | 980 | 49 |
Liabilities | (11) | (430) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Other | ||
Derivative [Line Items] | ||
Notional | 1,250 | 1,255 |
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Synthetic Gics | ||
Derivative [Line Items] | ||
Notional | 85,149 | 81,984 |
Assets | 1 | 1 |
Liabilities | $ (1) | $ 0 |
Derivative Instruments (Hedged
Derivative Instruments (Hedged Item Offset By Derivatives Achieving Fair Value Hedge Accounting) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Fixed maturities, available-for-sale | [1] | $ 295,841 | $ 372,410 |
Commercial mortgage and other loans | [1] | 56,896 | 58,666 |
Policyholders’ account balances | (131,679) | (122,633) | |
Future policy benefits | (278,262) | (290,784) | |
Carrying Amount of the Hedged Assets (Liabilities) | |||
Derivative [Line Items] | |||
Fixed maturities, available-for-sale | 458 | 641 | |
Commercial mortgage and other loans | 0 | 17 | |
Policyholders’ account balances | (1,206) | (1,552) | |
Future policy benefits | (2,236) | (3,001) | |
Cumulative Adjustment Included in Carrying Amount | |||
Derivative [Line Items] | |||
Fixed maturities, available-for-sale | 49 | 63 | |
Commercial mortgage and other loans | 0 | 1 | |
Policyholders’ account balances | 219 | (170) | |
Future policy benefits | $ 510 | $ (279) | |
[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, 2022 | Dec. 31, 2021 |
Derivative Assets | ||
Gross Amounts of Recognized Financial Instruments | $ 21,247 | $ 17,272 |
Gross Amounts Offset in the Statements of Financial Position | (19,460) | (14,150) |
Net Amounts Presented in the Statements of Financial Position | 1,787 | 3,122 |
Financial Instruments/Collateral | (1,135) | (802) |
Net Amount | 652 | 2,320 |
Securities purchased under agreement to resell | ||
Gross Amounts of Recognized Financial Instruments | 167 | 704 |
Gross Amounts Offset in the Statements of Financial Position | 0 | 0 |
Net Amounts Presented in the Statements of Financial Position | 167 | 704 |
Financial Instruments/Collateral | (167) | (704) |
Net Amount | 0 | 0 |
Total assets | ||
Gross Amounts of Recognized Financial Instruments | 21,414 | 17,976 |
Gross Amounts Offset in the Statements of Financial Position | (19,460) | (14,150) |
Net Amounts Presented in the Statements of Financial Position | 1,954 | 3,826 |
Financial Instruments/Collateral | (1,302) | (1,506) |
Net Amount | 652 | 2,320 |
Derivative Liabilities | ||
Gross Amounts of Recognized Financial Instruments | 27,453 | 19,587 |
Gross Amounts Offset in the Statements of Financial Position | (24,251) | (17,314) |
Net Amounts Presented in the Statements of Financial Position | 3,202 | 2,273 |
Financial Instruments/Collateral | (2,628) | (797) |
Net Amount | 574 | 1,476 |
Securities sold under agreement to repurchase | ||
Gross Amounts of Recognized Financial Instruments | 8,223 | 10,185 |
Gross Amounts Offset in the Statements of Financial Position | 0 | 0 |
Net Amounts Presented in the Statements of Financial Position | 8,223 | 10,185 |
Financial Instruments/Collateral | (7,647) | (9,699) |
Net Amount | 576 | 486 |
Total liabilities | ||
Gross Amounts of Recognized Financial Instruments | 35,676 | 29,772 |
Gross Amounts Offset in the Statements of Financial Position | (24,251) | (17,314) |
Net Amounts Presented in the Statements of Financial Position | 11,425 | 12,458 |
Financial Instruments/Collateral | (10,275) | (10,496) |
Net Amount | $ 1,150 | 1,962 |
Held-for-sale | ||
Derivative Assets | ||
Gross Amounts of Recognized Financial Instruments | 1,643 | |
Derivative Liabilities | ||
Gross Amounts of Recognized Financial Instruments | $ 1,503 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-derivative Net Investment Hedges income (loss) before taxes | $ 2 | $ (7) | $ 134 | $ 7 |
Realized Investment Gains (Losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (361) | 128 | (783) | 1,140 |
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 | (395) | 123 | (866) | 1,087 |
Net Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 82 | 68 | 229 | 211 |
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 | 285 | 148 | 759 | 173 |
Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 6 | 3 | 9 | (2) |
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 | (2) | 11 | 16 | 30 |
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 | 1 | 5 | 3 | 12 |
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 | 1,602 | 595 | 3,102 | 984 |
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 | 12 | 4 | 10 | 16 |
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 | (1) | (2) | (5) | (7) |
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 | (106) | (16) | (373) | (108) |
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 | (258) | (31) | (783) | (101) |
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 | (12) | (9) | (8) | (21) |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 0 | (5) | 2 | (5) |
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 | 5 | 4 | 18 | 13 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 4 | 2 | 13 | 6 |
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 | 104 | 27 | 389 | 138 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | (2) | 11 | 16 | 30 |
Fair Value Hedged Item | Policyholder Benefts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 260 | 37 | 789 | 117 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 1 | 5 | 3 | 12 |
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 | (74) | (12) | (11) | (39) |
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 | 34 | 10 | 81 | 58 |
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 | 78 | 66 | 216 | 205 |
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 | 279 | 145 | 750 | 175 |
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 | 1,653 | 606 | 3,080 | 1,035 |
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 |
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 | 0 | 0 | 0 |
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 | 23 | 1 | 33 | (12) |
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 | (2,071) | (413) | (9,317) | (2,969) |
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 | 11 | 3 | 39 | 17 |
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 | (1) | (2) | (4) | (7) |
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 | (106) | (16) | (373) | (108) |
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 | (114) | (15) | (432) | (93) |
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 | (11) | (9) | (39) | (22) |
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 | 3 | 4 | 10 | 12 |
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 | 104 | 27 | 389 | 138 |
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 | 109 | 21 | 441 | 109 |
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 | 1 | (7) | (5) | 6 |
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 | 1 | 0 | 2 | 1 |
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 | (76) | 0 | (210) | (30) |
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 | 2 | 88 | (369) | (249) |
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 | 2 | 1 | 1 | (3) |
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 | (29) | (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 | (1) | 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 | (144) | (16) | (351) | (8) |
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 | (1) | 0 | 31 | 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 | 2 | 0 | 8 | 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 | 151 | 16 | 348 | 8 |
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) | (3) | (4) |
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 | (74) | (12) | (11) | (39) |
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 | 6 | (1) | 10 | (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 | 181 | 55 | 325 | 53 |
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 | 0 | 0 | 0 |
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 | 0 | 0 | 0 |
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 | 23 | 1 | 33 | (12) |
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 | 501 | 205 | 1,287 | 620 |
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 | 4 | 2 | 8 | 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 | 27 | 18 | 76 | 56 |
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 | 77 | 66 | 214 | 204 |
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 | 279 | 145 | 750 | 175 |
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 | 1,548 | 551 | 2,965 | 1,012 |
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 | (11) | 1 | (174) | 28 |
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 | (54) | (111) | 1,601 | (2,017) |
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 | 0 | (1) | 2 | 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 | 1,238 | 354 | 6,104 | 5,673 |
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, 2022 USD ($) | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Balance, beginning | $ 1,019 |
Total amount recorded in AOCI | 4,127 |
Amount reclassified from AOCI to income | (1,047) |
Balance, ending | 4,099 |
Interest Rate | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Total amount recorded in AOCI | (213) |
Amount reclassified from AOCI to income | 3 |
Currency | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Total amount recorded in AOCI | 335 |
Amount reclassified from AOCI to income | (10) |
Currency/Interest Rate | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Total amount recorded in AOCI | 4,005 |
Amount reclassified from AOCI to income | $ (1,040) |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments (Credit Derivatives) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | $ 11,625 | $ 3,374 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | (192) | 128 |
Held-for-sale | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 1,971 | |
Credit Risk Derivative Liabilities, at Fair Value | 0 | |
Credit Risk Derivative Assets, at Fair Value | 54 | |
Single Name | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 0 | 0 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 0 | 0 |
Credit Default Index | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 11,625 | 3,374 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | (192) | 128 |
NAIC 1 | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 49 | 49 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 0 | 0 |
NAIC 1 | Single Name | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 0 | 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 | 49 | 49 |
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 | 10,742 | 2,397 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | (174) | 41 |
NAIC 3 | Single Name | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 0 | 0 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 0 | 0 |
NAIC 3 | Credit Default Index | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 10,742 | 2,397 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | (174) | 41 |
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 | 834 | 928 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | (18) | 87 |
NAIC 6 | Single Name | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 0 | 0 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 0 | 0 |
NAIC 6 | Credit Default Index | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 834 | 928 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | $ (18) | $ 87 |
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, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | [1] | $ 295,841 | $ 372,410 |
Assets supporting experience-rated contractholder liabilities | 2,580 | 3,358 | |
Fixed maturities, trading | [1] | 5,690 | 8,823 |
Equity securities | [1] | 6,882 | 8,574 |
Commercial mortgage and other loans | [1] | 56,896 | 58,666 |
Other invested assets | [1] | 21,050 | 21,833 |
Other assets | [1] | 31,303 | 10,739 |
Separate account assets | 194,525 | 246,145 | |
TOTAL ASSETS | 677,756 | 937,582 | |
Future policy benefits | 278,262 | 290,784 | |
Other liabilities | [1] | 20,474 | 11,755 |
Total liabilities | 660,576 | 874,974 | |
Netting | (19,460) | (14,150) | |
Embedded Derivative, Fair Value of Embedded Derivative, Net Liability | 8,230 | 10,245 | |
Fixed Maturities, available-for-sale, Amortized Cost | 325,957 | 333,459 | |
Held-for-sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets supporting experience-rated contractholder liabilities | 18,818 | ||
Other invested assets | 104 | ||
Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 295,841 | 372,410 | |
Assets supporting experience-rated contractholder liabilities | 887 | 1,057 | |
Fixed Maturities, available-for-sale, Amortized Cost | 325,957 | 333,459 | |
Fixed maturities | Held-for-sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 13,569 | ||
Assets supporting experience-rated contractholder liabilities | 17,706 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 13,145 | ||
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 | 5,164 | 9,069 | |
Embedded Derivative, Fair Value of Embedded Derivative Gross Asset | 762 | 611 | |
Embedded Derivative, Fair Value of Embedded Derivative Gross Liability | 5,926 | 9,680 | |
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 | 27,680 | 32,158 | |
Fixed Maturities, available-for-sale, Amortized Cost | 30,701 | 26,231 | |
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 | 9,743 | 12,218 | |
Fixed Maturities, available-for-sale, Amortized Cost | 10,495 | 10,445 | |
Foreign government bonds | Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 69,793 | 94,669 | |
Assets supporting experience-rated contractholder liabilities | 622 | 761 | |
Fixed Maturities, available-for-sale, Amortized Cost | 68,665 | 83,363 | |
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 | 237 | ||
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 | 84,072 | 112,155 | |
Fixed Maturities, available-for-sale, Amortized Cost | 98,482 | 98,836 | |
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 | 34,645 | 37,382 | |
Fixed Maturities, available-for-sale, Amortized Cost | 37,818 | 35,019 | |
Foreign public corporate securities | Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 20,432 | 27,309 | |
Fixed Maturities, available-for-sale, Amortized Cost | 22,419 | 24,877 | |
Foreign private corporate securities | Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 24,560 | 29,037 | |
Fixed Maturities, available-for-sale, Amortized Cost | 31,148 | 28,047 | |
Corporate securities | Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets supporting experience-rated contractholder liabilities | 82 | 103 | |
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 | 12,463 | ||
Asset-backed securities | Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 11,735 | 11,525 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
Fixed Maturities, available-for-sale, Amortized Cost | 11,952 | 11,402 | |
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 | 2,093 | ||
Commercial mortgage-backed securities | Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 11,087 | 13,099 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
Fixed Maturities, available-for-sale, Amortized Cost | 11,976 | 12,490 | |
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 | 1,830 | ||
Residential mortgage-backed securities | Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 2,094 | 2,858 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
Fixed Maturities, available-for-sale, Amortized Cost | 2,301 | 2,749 | |
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 | 683 | ||
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 295,841 | 372,410 | |
Assets supporting experience-rated contractholder liabilities | 2,580 | 3,348 | |
Fixed maturities, trading | 5,690 | 8,823 | |
Equity securities | 6,882 | 8,377 | |
Commercial mortgage and other loans | 978 | 1,263 | |
Other invested assets | 2,415 | 3,756 | |
Short-term investments | 4,424 | 5,643 | |
Cash equivalents | 10,082 | 5,259 | |
Other assets | 139 | 164 | |
Separate account assets | 167,270 | 219,971 | |
TOTAL ASSETS | 496,301 | 629,014 | |
Future policy benefits | 5,163 | 9,068 | |
Policyholders' account balances | 3,745 | 1,436 | |
Other liabilities | 2,832 | 1,860 | |
Notes issued by consolidated VIEs | 0 | 0 | |
Total liabilities | 11,740 | 12,364 | |
Assets Netting | (19,460) | (14,150) | |
Liabilities Netting | (24,251) | (17,314) | |
Netting | (4,791) | (3,164) | |
Fair Value, Measurements, Recurring | Held-for-sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
TOTAL ASSETS | 129,579 | ||
Total liabilities | 6,214 | ||
Fair Value, Measurements, Recurring | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets Netting | (19,460) | (14,150) | |
Fair Value, Measurements, Recurring | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities Netting | (24,251) | (17,314) | |
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 | 27,680 | 32,158 | |
Assets supporting experience-rated contractholder liabilities | 183 | 193 | |
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 | 9,743 | 12,218 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
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 | 69,793 | 94,669 | |
Assets supporting experience-rated contractholder liabilities | 622 | 761 | |
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 | 84,072 | 112,155 | |
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 | 34,645 | 37,382 | |
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 | 20,432 | 27,309 | |
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 | 24,560 | 29,037 | |
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 | 82 | 103 | |
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 | 11,735 | 11,525 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
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 | 11,087 | 13,099 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
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 | 2,094 | 2,858 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
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 | 1,693 | 2,271 | |
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 | 0 | 20 | |
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 | 697 | 864 | |
Fixed maturities, trading | 0 | 0 | |
Equity securities | 4,016 | 7,386 | |
Commercial mortgage and other loans | 0 | 0 | |
Other invested assets | 37 | 409 | |
Short-term investments | 30 | 1,199 | |
Cash equivalents | 671 | 753 | |
Other assets | 0 | 0 | |
Separate account assets | 9,217 | 12,305 | |
TOTAL ASSETS | 14,668 | 22,916 | |
Future policy benefits | 0 | 0 | |
Policyholders' account balances | 0 | 0 | |
Other liabilities | 130 | 33 | |
Notes issued by consolidated VIEs | 0 | 0 | |
Total liabilities | 130 | 33 | |
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 | 697 | 862 | |
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 | 0 | 2 | |
Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 290,671 | 365,090 | |
Assets supporting experience-rated contractholder liabilities | 1,883 | 2,484 | |
Fixed maturities, trading | 5,368 | 8,402 | |
Equity securities | 2,213 | 192 | |
Commercial mortgage and other loans | 978 | 1,263 | |
Other invested assets | 21,336 | 17,004 | |
Short-term investments | 4,390 | 4,114 | |
Cash equivalents | 9,411 | 4,436 | |
Other assets | 0 | 0 | |
Separate account assets | 156,962 | 206,383 | |
TOTAL ASSETS | 493,212 | 609,368 | |
Future policy benefits | 0 | 0 | |
Policyholders' account balances | 0 | 0 | |
Other liabilities | 26,952 | 19,141 | |
Notes issued by consolidated VIEs | 0 | 0 | |
Total liabilities | 26,952 | 19,141 | |
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 | 27,680 | 32,158 | |
Assets supporting experience-rated contractholder liabilities | 183 | 193 | |
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 | 9,736 | 12,210 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
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 | 69,785 | 94,659 | |
Assets supporting experience-rated contractholder liabilities | 622 | 761 | |
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 | 84,010 | 112,073 | |
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 | 32,407 | 35,344 | |
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 | 20,367 | 27,184 | |
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 | 23,426 | 25,966 | |
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 | 82 | 103 | |
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 | 11,117 | 11,200 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
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 | 10,059 | 11,763 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
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 | 2,084 | 2,533 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
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 | 996 | 1,409 | |
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 | 0 | 18 | |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 5,170 | 7,320 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
Fixed maturities, trading | 322 | 421 | |
Equity securities | 653 | 799 | |
Commercial mortgage and other loans | 0 | 0 | |
Other invested assets | 502 | 493 | |
Short-term investments | 4 | 330 | |
Cash equivalents | 0 | 70 | |
Other assets | 139 | 164 | |
Separate account assets | 1,091 | 1,283 | |
TOTAL ASSETS | 7,881 | 10,880 | |
Future policy benefits | 5,163 | 9,068 | |
Policyholders' account balances | 3,745 | 1,436 | |
Other liabilities | 1 | 0 | |
Notes issued by consolidated VIEs | 0 | 0 | |
Total liabilities | 8,909 | 10,504 | |
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 | 0 | 0 | |
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 | 7 | 8 | |
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 | 8 | 10 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
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 | 62 | 82 | |
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 | 2,238 | 2,038 | |
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 | 65 | 125 | |
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 | 1,134 | 3,071 | |
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 | 0 | |
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 | 618 | 325 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
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 | 1,028 | 1,336 | |
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 | 10 | 325 | |
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 | 0 | |
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 | 6,366 | 5,995 | |
Fixed Maturities, available-for-sale, Amortized Cost | 6,366 | 5,941 | |
Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value investment measured at NAV per share | 3,717 | 4,290 | |
Separate account assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value investment measured at NAV per share | $ 27,255 | $ 26,174 | |
[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, 2022 | Dec. 31, 2021 | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Future policy benefits | $ 278,262 | $ 290,784 |
Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Future policy benefits | 5,163 | 9,068 |
Policyholders' account balances | $ 3,745 | 1,436 |
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% | |
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 | $ 5,163 | 9,068 |
Policyholders' account balances | $ 3,745 | $ 1,436 |
Level 3 | Internal | Minimum | Discounted cash flow | Future policy benefits | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Lapse rate | 1% | 1% |
Spread over SOFR/LIBOR | 0.50% | 0.03% |
Utilization rate | 38% | 39% |
Withdrawal rate (greater than maximum range) | 77% | 76% |
Mortality rate | 0% | 0% |
Equity volatility curve | 18% | 16% |
Level 3 | Internal | Minimum | Discounted cash flow | Policyholders' account balances | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Lapse rate | 1% | 1% |
Spread over SOFR/LIBOR | 0.28% | 0.03% |
Mortality rate | 0% | 0% |
Equity volatility curve | 6% | 6% |
Level 3 | Internal | Minimum | Discounted cash flow | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Discount rate | 0.44% | 0.31% |
Level 3 | Internal | Minimum | Discounted cash flow | Equity securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Discount rate | 0.16% | 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 | 1.15% | 1.05% |
Level 3 | Internal | Minimum | Market comparables | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
EBITDA multiples | 1.8 | 4.1 |
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 | 13.05% | 11.31% |
Level 3 | Internal | Minimum | Net asset value | Equity securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Share price | 6 | 1 |
Level 3 | Internal | Maximum | Discounted cash flow | Future policy benefits | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Lapse rate | 20% | 20% |
Spread over SOFR/LIBOR | 2.35% | 1.14% |
Utilization rate | 95% | 96% |
Withdrawal rate (greater than maximum range) | 100% | 100% |
Mortality rate | 15% | 15% |
Equity volatility curve | 29% | 25% |
Level 3 | Internal | Maximum | Discounted cash flow | Policyholders' account balances | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Lapse rate | 80% | 42% |
Spread over SOFR/LIBOR | 2.06% | 1.14% |
Mortality rate | 23% | 23% |
Equity volatility curve | 38% | 31% |
Level 3 | Internal | Maximum | Discounted cash flow | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Discount rate | 20% | 20% |
Level 3 | Internal | Maximum | Discounted cash flow | Equity securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Discount rate | 20% | 20% |
Level 3 | Internal | Maximum | Discounted cash flow | Separate accounts commercial mortgage loan | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Spread | 2.20% | 1.98% |
Level 3 | Internal | Maximum | Market comparables | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
EBITDA multiples | 18.5 | 19.2 |
Level 3 | Internal | Maximum | Market comparables | Equity securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
EBITDA multiples | 17.4 | 7.5 |
Level 3 | Internal | Maximum | Liquidation | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Liquidation value | 13.19% | 62.58% |
Level 3 | Internal | Maximum | Net asset value | Equity securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Share price | 1,708 | 1,498 |
Level 3 | Internal | Weighted Average | Discounted cash flow | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Discount rate | 9.10% | 5% |
Level 3 | Internal | Weighted Average | Discounted cash flow | Separate accounts commercial mortgage loan | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Spread | 1.42% | 1.18% |
Level 3 | Internal | Weighted Average | Market comparables | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
EBITDA multiples | 7.8 | 8.9 |
Level 3 | Internal | Weighted Average | Market comparables | Equity securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
EBITDA multiples | 5.4 | 4 |
Level 3 | Internal | Weighted Average | Liquidation | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Liquidation value | 13.11% | 55.57% |
Level 3 | Internal | Weighted Average | Net asset value | Equity securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Share price | 592 | 594 |
Level 3 | Internal | Fair Value, Measurements, Recurring | Future policy benefits | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Future policy benefits | $ 5,163 | $ 9,068 |
Level 3 | Internal | Fair Value, Measurements, Recurring | Policyholders' account balances | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Policyholders' account balances | 3,745 | 1,436 |
Level 3 | Internal | Fair Value, Measurements, Recurring | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Corporate securities | 2,810 | 4,800 |
Level 3 | Internal | Fair Value, Measurements, Recurring | Equity securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Equity securities | 311 | 277 |
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 | $ 96 | $ 150 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Equity securities | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | $ 766 | $ 715 | $ 799 | $ 660 |
Purchases | 10 | 8 | 41 | 99 |
Sales | (94) | (66) | (239) | (128) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | (4) | (9) |
Other | (4) | 0 | (20) | (23) |
Transfers into Level 3 | 0 | 0 | 73 | 36 |
Transfers out of Level 3 | (2) | 0 | (2) | (35) |
Fair Value, end of period | 653 | 757 | 653 | 757 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (23) | 100 | 5 | 157 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (28) | 73 | (18) | 124 |
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 | (23) | 100 | 5 | 157 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (28) | 73 | (18) | 124 |
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 | 0 | (5) | 0 | (5) |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | (3) | 0 | (7) |
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 | 0 | 1 | 0 | 5 |
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 | 0 | 17 | 0 | 19 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | (2) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | (17) | 0 | (17) |
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 | Corporate securities | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 0 | 549 | 0 | 482 |
Purchases | 0 | 1 | 0 | 17 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | (81) | 0 | (109) |
Other | 0 | (157) | 0 | (157) |
Transfers into Level 3 | 0 | 0 | 0 | 71 |
Transfers out of Level 3 | 0 | (309) | 0 | (309) |
Fair Value, end of period | 0 | 0 | 0 | 0 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | (3) | 0 | 5 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | (2) | 0 | (2) |
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 | 0 | 114 | 0 | 114 |
Purchases | 0 | 40 | 0 | 213 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | (9) | 0 | (31) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 2 | 0 | 2 |
Transfers out of Level 3 | 0 | (146) | 0 | (293) |
Fair Value, end of period | 0 | 0 | 0 | 0 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | (1) | 0 | (5) |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | (1) | 0 | (5) |
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 | 0 | 0 | 20 |
Purchases | 0 | 1 | 0 | 1 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | (20) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | (1) | 0 | (1) |
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 |
Other invested assets | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 499 | 393 | 493 | 366 |
Purchases | 20 | 10 | 57 | 34 |
Sales | (1) | (33) | (39) | (47) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (2) | (1) | (4) | (1) |
Other | (1) | 0 | (2) | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, end of period | 502 | 376 | 502 | 376 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (13) | 7 | (3) | 24 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (7) | 8 | (3) | 25 |
Other invested assets | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (14) | (14) | (19) | 1 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (8) | (13) | (19) | 1 |
Other invested assets | Other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 1 | 21 | 16 | 23 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 1 | 21 | 16 | 24 |
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 | 204 | 445 | 330 | 177 |
Purchases | 5 | 66 | 9 | 519 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (205) | (176) | (335) | (339) |
Other | 6 | 1 | 6 | (26) |
Transfers into Level 3 | 0 | 0 | 0 | 5 |
Transfers out of Level 3 | (1) | (10) | (1) | (10) |
Fair Value, end of period | 4 | 327 | 4 | 327 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (5) | 1 | (5) | 1 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (5) | 0 | (5) | (1) |
Short-term investments | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (5) | 1 | (5) | 1 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (5) | 0 | (5) | (1) |
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 | 0 | 1 | 70 | 1 |
Purchases | 0 | 0 | 7 | 4 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | (73) | 0 |
Other | 0 | (1) | (3) | (4) |
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 | (1) | (1) |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | (2) | (1) |
Cash equivalents | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | (1) | (1) |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | (2) | (1) |
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 | 243 | 190 | 164 | 268 |
Purchases | (8) | 3 | 10 | 27 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (8) | 5 | (11) | 0 |
Other | (118) | 0 | (42) | 0 |
Transfers into Level 3 | 0 | (64) | 0 | (64) |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, end of period | 139 | 111 | 139 | 111 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 30 | (23) | 18 | (120) |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 31 | (9) | (43) | (116) |
Other assets | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 30 | (23) | (49) | (120) |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 31 | (9) | (43) | (116) |
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 | 0 | 39 | 67 | 39 |
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 | 0 | (39) | 0 | (39) |
Separate accounts assets | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 1,040 | 1,476 | 1,283 | 1,821 |
Purchases | 137 | (70) | 181 | 79 |
Sales | (95) | 6 | (111) | (21) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (36) | 0 | (43) | (12) |
Other | 1 | 615 | 0 | 0 |
Transfers into Level 3 | 93 | 28 | 93 | 58 |
Transfers out of Level 3 | (4) | (689) | (75) | (767) |
Fair Value, end of period | 1,091 | 1,291 | 1,091 | 1,291 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (45) | (75) | (237) | 133 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (28) | (2) | (234) | 124 |
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 | (45) | (75) | (237) | 133 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (28) | (2) | (234) | 124 |
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 | (5,946) | (13,579) | (9,068) | (18,879) |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | (252) | (331) | (771) | (993) |
Settlements | 0 | 0 | 0 | 0 |
Other | (1) | 0 | (242) | 12 |
Transfers Into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 4,295 | 0 | 4,295 |
Fair Value, end of period | (5,163) | (9,230) | (5,163) | (9,230) |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 1,036 | 385 | 4,918 | 6,335 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 1,000 | 229 | 4,803 | 5,694 |
Future policy benefits | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 1,036 | 385 | 4,918 | 6,335 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 1,000 | 229 | 4,806 | 5,694 |
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 | (3) | 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 | (3,544) | (2,690) | (1,436) | (1,914) |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | (424) | (83) | (808) | (311) |
Settlements | 0 | 0 | 0 | 0 |
Other | 1 | 0 | (2,003) | 0 |
Transfers Into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 1,458 | 0 | 1,458 |
Fair Value, end of period | (3,745) | (1,320) | (3,745) | (1,320) |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 222 | (5) | 502 | (553) |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 845 | 568 | 1,601 | 106 |
Policyholders' account balances | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 222 | (5) | 502 | (553) |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 845 | 568 | 1,601 | 106 |
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 | (1) | 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 | (1) | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, end of period | (1) | 0 | (1) | 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 |
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 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
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 | 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 |
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 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
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) | (10) | (78) | 19 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (15) | (33) | (97) | (34) |
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 | (159) | (59) | (837) | (223) |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (162) | (54) | (826) | (245) |
Available-for-sale | Fixed maturities | Net investment income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 7 | 4 | 7 | 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 | 0 | 150 | 0 | 150 |
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 | (15) | 0 | (15) |
Fair Value, end of period | 0 | 135 | 0 | 135 |
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 | 7 | 9 | 8 | 4 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Other | 0 | (1) | 0 | 4 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, end of period | 7 | 8 | 7 | 8 |
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 |
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 | 9 | 10 | 10 | 11 |
Purchases | 0 | 0 | 0 | 0 |
Sales | (1) | 0 | (1) | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 1 | 0 | 0 |
Other | 0 | (1) | 0 | (1) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, end of period | 8 | 10 | 8 | 10 |
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 |
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 | 3,539 | 5,528 | 5,316 | 5,335 |
Purchases | 288 | 496 | 1,088 | 1,183 |
Sales | (57) | (12) | (140) | (33) |
Issuances | 0 | 18 | 9 | 38 |
Settlements | (256) | (374) | (721) | (868) |
Other | 92 | (1) | 65 | 0 |
Transfers into Level 3 | 90 | 97 | 106 | 386 |
Transfers out of Level 3 | (75) | (319) | (1,636) | (446) |
Fair Value, end of period | 3,499 | 5,366 | 3,499 | 5,366 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (122) | (67) | (588) | (229) |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (136) | (82) | (602) | (284) |
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 | 1,482 | 874 | 1,986 | 543 |
Purchases | 424 | 608 | 625 | 1,384 |
Sales | 0 | 0 | (22) | (1) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (128) | (38) | (349) | (218) |
Other | (3) | (1) | (12) | 13 |
Transfers into Level 3 | 0 | 130 | 6 | 441 |
Transfers out of Level 3 | (79) | (488) | (260) | (1,106) |
Fair Value, end of period | 1,656 | 1,087 | 1,656 | 1,087 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (40) | 2 | (318) | 31 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (40) | (5) | (319) | 5 |
Trading | Fixed maturities | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 347 | 269 | 421 | 243 |
Purchases | 8 | 3 | 41 | 26 |
Sales | (3) | (27) | (33) | (35) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (29) | (6) | (69) | (6) |
Other | (3) | 157 | 3 | 159 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | (44) | (15) | (46) |
Fair Value, end of period | 322 | 364 | 322 | 364 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 2 | 12 | (26) | 23 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 3 | 11 | (25) | 22 |
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 | 4 | 11 | (26) | 22 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 3 | 11 | (25) | 22 |
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 | $ (2) | $ 1 | $ 0 | $ 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, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | $ 1,914 | $ 3,266 |
Netting | (19,460) | (14,150) |
Total derivative liabilities | 3,203 | 2,278 |
Netting | (24,251) | (17,314) |
Held-for-sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 1,643 | |
Total derivative liabilities | 1,503 | |
Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 9,907 | 12,163 |
Total derivative liabilities | 21,380 | 14,786 |
Currency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 2,750 | 1,108 |
Total derivative liabilities | 3,208 | 1,316 |
Credit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 11 | 128 |
Total derivative liabilities | 192 | 1 |
Currency/Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 6,850 | 1,902 |
Total derivative liabilities | 760 | 409 |
Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 1,856 | 2,115 |
Total derivative liabilities | 1,914 | 3,080 |
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 | 37 | 318 |
Total derivative liabilities | 129 | 20 |
Level 1 | Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 35 | 76 |
Total derivative liabilities | 80 | 9 |
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 | 2 | 242 |
Total derivative liabilities | 49 | 11 |
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 | 21,336 | 17,096 |
Total derivative liabilities | 27,324 | 19,572 |
Level 2 | Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 9,871 | 12,086 |
Total derivative liabilities | 21,299 | 14,777 |
Level 2 | Currency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 2,750 | 1,108 |
Total derivative liabilities | 3,208 | 1,316 |
Level 2 | Credit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 11 | 128 |
Total derivative liabilities | 192 | 1 |
Level 2 | Currency/Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 6,850 | 1,902 |
Total derivative liabilities | 760 | 409 |
Level 2 | Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 1,854 | 1,872 |
Total derivative liabilities | 1,865 | 3,069 |
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 | 2 |
Total derivative liabilities | 1 | 0 |
Level 3 | Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 1 | 1 |
Total derivative liabilities | 1 | 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 | 1 |
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 | $ (4,791) | $ (3,164) |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
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 | $ 1 | $ 0 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 1 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | (2) | 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 |
Unrealized Gain (Loss) for assets still held | ||||
Included in earnings | 0 | 0 | 1 | 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 | 0 | 1 | 1 | 0 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 1 |
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 | (1) | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, end of period | 0 | 1 | 0 | 1 |
Unrealized Gain (Loss) for assets still held | ||||
Included in earnings | $ 0 | $ 0 | $ 0 | $ 1 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Mortgage servicing rights | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Realized investment gains (losses) net | $ (1) | $ 0 | $ 1 | $ (6) | |
Carrying value after measurement as of period end | 77 | 77 | $ 75 | ||
Investment real estate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Realized investment gains (losses) net | (6) | 0 | (12) | (9) | |
Carrying value after measurement as of period end | 112 | 112 | 59 | ||
Investment in JV/LP | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Realized investment gains (losses) net | 0 | $ 0 | (75) | $ 0 | |
Carrying value after measurement as of period end | 60 | 60 | 0 | ||
Goodwill | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying value after measurement as of period end | $ 0 | $ 0 | $ 1,080 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Commercial mortgage and other loans | [1] | $ 56,896 | $ 56,896 | $ 58,666 | ||
Other assets | [1] | 31,303 | 31,303 | 10,739 | ||
Commercial mortgage and other loans | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Interest income | 5 | $ 4 | 11 | $ 9 | ||
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 | ||||
Fair value option | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Commercial mortgage and other loans | 978 | 978 | 1,263 | |||
Other assets | 3 | 3 | 59 | |||
Fair value option, aggregate contractual principal | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Commercial mortgage and other loans | $ 971 | $ 971 | $ 1,253 | |||
[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, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |||
Assets: | ||||||
Amortized Cost | [1] | $ 1,199 | $ 1,514 | |||
Assets supporting experience-rated contractholder liabilities | 2,580 | 3,358 | ||||
Commercial mortgage and other loans | [1] | 56,896 | 58,666 | |||
Policy loans | 9,920 | 10,386 | ||||
Other invested assets | [1] | 21,050 | 21,833 | |||
Cash and cash equivalents | 20,104 | [1] | 12,888 | [1] | $ 15,605 | |
Accrued investment income | [1] | 2,888 | 2,855 | |||
Liabilities: | ||||||
Securities sold under agreements to repurchase | 8,223 | 10,185 | ||||
Cash collateral for loaned securities | 5,865 | 4,251 | ||||
Short-term debt | 767 | 722 | ||||
Long-term debt | 19,898 | 18,622 | ||||
Held-for-sale | ||||||
Assets: | ||||||
Assets supporting experience-rated contractholder liabilities | 18,818 | |||||
Other invested assets | 104 | |||||
Accrued investment income | 221 | |||||
Fair Value | ||||||
Assets: | ||||||
Amortized Cost | 1,371 | 1,803 | ||||
Assets supporting experience-rated contractholder liabilities | 0 | 10 | ||||
Commercial mortgage and other loans | 51,405 | 60,001 | ||||
Policy loans | 9,920 | 10,386 | ||||
Other invested assets | 0 | 81 | ||||
Short-term Investments | 757 | 992 | ||||
Cash and cash equivalents | 10,022 | 7,629 | ||||
Accrued investment income | 2,888 | 2,855 | ||||
Other assets | 3,091 | 2,763 | ||||
Total assets | 79,454 | 86,520 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 64,893 | 72,381 | ||||
Securities sold under agreements to repurchase | 8,223 | 10,185 | ||||
Cash collateral for loaned securities | 5,865 | 4,251 | ||||
Short-term debt | 769 | 722 | ||||
Long-term debt | 18,211 | 21,926 | ||||
Notes issued by consolidated VIEs | 218 | 274 | ||||
Other liabilities | 7,934 | 7,106 | ||||
Separate account liabilities—investment contracts | 54,355 | 53,414 | ||||
Total liabilities | 160,468 | 170,259 | ||||
Fair Value | Held-for-sale | ||||||
Assets: | ||||||
Total assets | 6,936 | |||||
Liabilities: | ||||||
Total liabilities | 101,992 | |||||
Carrying Amount | ||||||
Assets: | ||||||
Amortized Cost | 1,199 | 1,514 | ||||
Assets supporting experience-rated contractholder liabilities | 0 | 10 | ||||
Commercial mortgage and other loans | 55,918 | 57,403 | ||||
Policy loans | 9,920 | 10,386 | ||||
Other invested assets | 0 | 81 | ||||
Short-term Investments | 757 | 992 | ||||
Cash and cash equivalents | 10,022 | 7,629 | ||||
Accrued investment income | 2,888 | 2,855 | ||||
Other assets | 3,091 | 2,762 | ||||
Total assets | 83,795 | 83,632 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 69,037 | 71,290 | ||||
Securities sold under agreements to repurchase | 8,223 | 10,185 | ||||
Cash collateral for loaned securities | 5,865 | 4,251 | ||||
Short-term debt | 767 | 722 | ||||
Long-term debt | 19,898 | 18,622 | ||||
Notes issued by consolidated VIEs | 218 | 274 | ||||
Other liabilities | 7,934 | 7,106 | ||||
Separate account liabilities—investment contracts | 54,355 | 53,414 | ||||
Total liabilities | 166,297 | 165,864 | ||||
Level 1 | Fair Value | ||||||
Assets: | ||||||
Amortized Cost | 0 | 0 | ||||
Assets supporting experience-rated contractholder liabilities | 0 | 3 | ||||
Commercial mortgage and other loans | 0 | 0 | ||||
Policy loans | 5 | 0 | ||||
Other invested assets | 0 | 0 | ||||
Short-term Investments | 683 | 972 | ||||
Cash and cash equivalents | 9,851 | 7,108 | ||||
Accrued investment income | 0 | 0 | ||||
Other assets | 49 | 47 | ||||
Total assets | 10,588 | 8,130 | ||||
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 | 551 | 613 | ||||
Notes issued by consolidated VIEs | 0 | 0 | ||||
Other liabilities | 0 | 0 | ||||
Separate account liabilities—investment contracts | 0 | 0 | ||||
Total liabilities | 551 | 613 | ||||
Level 2 | Fair Value | ||||||
Assets: | ||||||
Amortized Cost | 1,364 | 1,794 | ||||
Assets supporting experience-rated contractholder liabilities | 0 | 7 | ||||
Commercial mortgage and other loans | 45 | 64 | ||||
Policy loans | 0 | 0 | ||||
Other invested assets | 0 | 81 | ||||
Short-term Investments | 74 | 20 | ||||
Cash and cash equivalents | 171 | 521 | ||||
Accrued investment income | 2,888 | 2,855 | ||||
Other assets | 2,442 | 2,677 | ||||
Total assets | 6,984 | 8,019 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 31,413 | 33,550 | ||||
Securities sold under agreements to repurchase | 8,223 | 10,185 | ||||
Cash collateral for loaned securities | 5,865 | 4,251 | ||||
Short-term debt | 604 | 518 | ||||
Long-term debt | 16,880 | 20,414 | ||||
Notes issued by consolidated VIEs | 0 | 0 | ||||
Other liabilities | 7,896 | 7,053 | ||||
Separate account liabilities—investment contracts | 27,627 | 28,567 | ||||
Total liabilities | 98,508 | 104,538 | ||||
Level 3 | Fair Value | ||||||
Assets: | ||||||
Amortized Cost | 7 | 9 | ||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | ||||
Commercial mortgage and other loans | 51,360 | 59,937 | ||||
Policy loans | 9,915 | 10,386 | ||||
Other invested assets | 0 | 0 | ||||
Short-term Investments | 0 | 0 | ||||
Cash and cash equivalents | 0 | 0 | ||||
Accrued investment income | 0 | 0 | ||||
Other assets | 600 | 39 | ||||
Total assets | 61,882 | 70,371 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 33,480 | 38,831 | ||||
Securities sold under agreements to repurchase | 0 | 0 | ||||
Cash collateral for loaned securities | 0 | 0 | ||||
Short-term debt | 165 | 204 | ||||
Long-term debt | 780 | 899 | ||||
Notes issued by consolidated VIEs | 218 | 274 | ||||
Other liabilities | 38 | 53 | ||||
Separate account liabilities—investment contracts | 26,728 | 24,847 | ||||
Total liabilities | 61,409 | 65,108 | ||||
Prudential Netting Agreement | Fair Value | ||||||
Assets: | ||||||
Amortized Cost | 4,500 | 5,394 | ||||
Liabilities: | ||||||
Long-term debt | 10,866 | 11,389 | ||||
Prudential Netting Agreement | Carrying Amount | ||||||
Assets: | ||||||
Amortized Cost | 4,500 | 4,750 | ||||
Liabilities: | ||||||
Long-term debt | $ 10,866 | $ 10,691 | ||||
[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, 2022 | Dec. 31, 2021 |
Closed Block Dividend Obligation | $ 0 | $ 8,027 |
Accumulated Distributions in Excess of Net Income | ||
Closed Block Dividend Obligation | $ 3,502 | 4,387 |
Net Unrealized Investment Gains (Losses) | ||
Closed Block Dividend Obligation | $ 3,640 |
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, 2022 | Dec. 31, 2021 |
Closed Block liabilities | ||
Future policy benefits | $ 44,615 | $ 45,596 |
Policyholders’ dividends payable | 612 | 616 |
Policyholders’ dividend obligation | 0 | 8,027 |
Policyholders’ account balances | 4,634 | 4,737 |
Closed Block Liabilities, Other Closed Block Liabilities | 2,634 | 3,107 |
Total Closed Block liabilities | 52,495 | 62,083 |
Closed Block assets | ||
Assets Designated to Closed Block, Fixed Maturity, Available-for-Sale, at Fair Value | 29,442 | 38,160 |
Fixed maturities, trading, at fair value | 887 | 1,137 |
Assets Designated to Closed Block, Equity Securities, at Fair Value | 1,599 | 2,288 |
Commercial mortgage and other loans | 8,070 | 8,241 |
Policy loans | 3,665 | 3,815 |
Assets Designated to Closed Block, Other Investments | 4,118 | 4,358 |
Short-term investments | 137 | 557 |
Total investments | 47,918 | 58,556 |
Cash and cash equivalents | 1,076 | 451 |
Accrued investment income | 423 | 392 |
Other Closed Block assets | 101 | 137 |
Total Closed Block assets | 49,518 | 59,536 |
Excess of reported Closed Block liabilities over Closed Block assets | 2,977 | 2,547 |
Portion of above representing accumulated other comprehensive income (loss): | ||
Net unrealized investment gains (losses) | (4,113) | 3,535 |
Allocated to policyholder dividend obligation | 3,502 | (3,640) |
Future earnings to be recognized from Closed Block assets and Closed Block liabilities | $ 2,366 | $ 2,442 |
Closed Block (Information Regar
Closed Block (Information Regarding Policyholder Dividend Obligation) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Movement in Closed Block Dividend Obligation [Roll Forward] | |
Balance, beginning | $ 8,027 |
Impact from earnings allocable to policyholder dividend obligation | (885) |
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation | (7,142) |
Balance, ending | $ 0 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | ||||
Premiums | $ 397 | $ 419 | $ 1,247 | $ 1,313 |
Net investment income | 435 | 654 | 1,514 | 1,876 |
Realized investment gains (losses), net | 29 | 168 | 69 | 505 |
Other income (loss) | (150) | 113 | (621) | 644 |
Total Closed Block revenues | 711 | 1,354 | 2,209 | 4,338 |
Benefits and Expenses | ||||
Policyholders’ benefits | 552 | 599 | 1,817 | 1,885 |
Interest credited to policyholders’ account balances | 31 | 31 | 91 | 93 |
Dividends to policyholders | 72 | 583 | 55 | 1,978 |
General and administrative expenses | 76 | 78 | 224 | 236 |
Total Closed Block benefits and expenses | 731 | 1,291 | 2,187 | 4,192 |
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes | (20) | 63 | 22 | 146 |
Income tax expense (benefit) | (40) | 38 | (49) | 92 |
Closed Block revenues, net of Closed Block benefits and expenses and income taxes | $ 20 | $ 25 | $ 71 | $ 54 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Total income tax expense (benefit) | $ (148) | $ 259 | $ (206) | $ 1,504 |
Effective Income Tax Rate, Percent | 19.40% | 18.80% | ||
Federal Statutory Income Tax Rate, Percent | 21% | |||
High Tax Exception Percentage | 18.90% | |||
Percentage of the Effective Income Tax Rate Rec at Federal Statutory Income | 90% | |||
Tax benefit from change in foreign tax credit regulations | $ 23 | $ 23 | ||
Book-income Alternative Minimum Tax Rate | 15% |
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, 2022 | Dec. 31, 2021 | |
Short-term Debt [Line Items] | ||
Short-term debt | $ 767 | $ 722 |
Weighted average interest rate on outstanding short-term debt | 2.96% | 0.08% |
Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-term debt | $ 428 | $ 420 |
Weighted average maturity of outstanding commercial paper, in days | 11 days | 16 days |
Long-term debt | ||
Short-term Debt [Line Items] | ||
Long-term Debt, Current Maturities | $ 828 | $ 697 |
Short-term Debt | ||
Short-term Debt [Line Items] | ||
Long-term Debt, Current Maturities | 1,267 | 1,222 |
Borrowings due overnight | Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-term debt | 156 | 150 |
Daily average outstanding | Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-term debt | 1,046 | 1,414 |
Prudential Financial | ||
Short-term Debt [Line Items] | ||
Short-term debt | 25 | 25 |
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 | 403 | 395 |
Mortgages | ||
Short-term Debt [Line Items] | ||
Long-term Debt, Current Maturities | 155 | 197 |
Line of Credit | ||
Short-term Debt [Line Items] | ||
Short-term debt | 11 | 7 |
Long-term Debt, Current Maturities | 11 | 105 |
Bridge Loan | ||
Short-term Debt [Line Items] | ||
Short-term debt | 0 | 98 |
Senior notes | Long-term debt | ||
Short-term Debt [Line Items] | ||
Long-term Debt, Current Maturities | 173 | 0 |
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 |
Short-Term and Long-Term Debt_3
Short-Term and Long-Term Debt (Narrative) (Details) ¥ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 USD ($) Rate | Dec. 31, 2021 USD ($) | Sep. 30, 2022 JPY (¥) Rate | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 19,898,000,000 | $ 18,622,000,000 | |
Debt, Current | $ 767,000,000 | 722,000,000 | |
Document Period End Date | Sep. 30, 2022 | ||
Amounts drawn on credit facilities | $ 0 | ||
Line of Credit | |||
Debt Instrument [Line Items] | |||
Debt, Current | 11,000,000 | 7,000,000 | |
Long-term Debt, Current Maturities | 11,000,000 | 105,000,000 | |
Assets Under Set-Off Arrangements | |||
Debt Instrument [Line Items] | |||
Long-term debt | 10,366,000,000 | 10,191,000,000 | |
Debt, Current | 500,000,000 | 500,000,000 | |
Junior Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | 9,087,000,000 | 7,618,000,000 | |
Mortgage Debt - Gibraltar Program Max Capacity | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unused Borrowing Capacity, Amount | ¥ | ¥ 46,700 | ||
Mortgage Debt - Gibraltar Program Authorized Capacity | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unused Borrowing Capacity, Amount | ¥ | ¥ 20,000 | ||
Parent Company | |||
Debt Instrument [Line Items] | |||
Long-term debt | 19,159,000,000 | 17,673,000,000 | |
Debt, Current | 25,000,000 | 25,000,000 | |
Parent Company | Junior Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | 9,044,000,000 | 7,564,000,000 | |
Subsidiaries | Federal Home Loan Bank of New York | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,000,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | 3.70% | |
Subsidiaries | Junior Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 43,000,000 | 54,000,000 | |
Long-term debt | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Current Maturities | 828,000,000 | 697,000,000 | |
Long-term debt | Senior notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Current Maturities | 173,000,000 | $ 0 | |
Long-term debt | Subsidiaries | Federal Home Loan Bank of New York | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 2,000,000,000 | ||
Junior Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,000,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 5.125% | 5.125% | |
Junior Subordinated Debt | 6.000% Junior Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,200,000,000 | ||
Junior Subordinated Debt | 5.95% Junior Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 300,000,000 | ||
Junior Subordinated Debt | 5.875% Junior Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,000,000,000 | ||
6.000% Junior Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 6% | 6% | |
5.95% Junior Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 5.95% | 5.95% | |
5.875% Junior Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 5.875% | 5.875% | |
Commercial paper | |||
Debt Instrument [Line Items] | |||
Weighted average maturity of outstanding commercial paper, in days | 11 days | 16 days | |
Debt, Current | $ 428,000,000 | $ 420,000,000 | |
Commercial paper | Parent Company | |||
Debt Instrument [Line Items] | |||
Debt, Current | 25,000,000 | 25,000,000 | |
Fed Funds Effective Rate Overnight Index Swap Rate | Senior notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | 10,115,000,000 | 10,282,000,000 | |
Fed Funds Effective Rate Overnight Index Swap Rate | Mortgages | |||
Debt Instrument [Line Items] | |||
Long-term debt | 24,000,000 | $ 24,000,000 | |
Mortgage Debt - Gibraltar Outstanding Amount | Mortgages | |||
Debt Instrument [Line Items] | |||
Long-term debt | ¥ | ¥ 4,000 | ||
Long-term Debt | $ 27,000,000 |
Short-Term and Long-Term Debt_4
Short-Term and Long-Term Debt (Long-Term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 19,898 | $ 18,622 |
Subtotal | 30,264 | 28,813 |
Surplus notes | Fixed-rate notes: | ||
Debt Instrument [Line Items] | ||
Long-term debt | 345 | 344 |
Surplus notes subject to set-off arrangements | Fixed-rate notes: | ||
Debt Instrument [Line Items] | ||
Long-term debt | 8,036 | 7,861 |
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 | 10,115 | 10,282 |
Mortgages | Fixed-rate notes: | ||
Debt Instrument [Line Items] | ||
Long-term debt | 24 | 24 |
Mortgages | Floating-rate notes: | ||
Debt Instrument [Line Items] | ||
Long-term debt | 27 | 54 |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Line of credit | 300 | 300 |
Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 9,087 | 7,618 |
Less: assets under set-off arrangements | ||
Debt Instrument [Line Items] | ||
Long-term debt | 10,366 | 10,191 |
Debt denominated in foreign currency | Mortgages | Floating-rate notes: | ||
Debt Instrument [Line Items] | ||
Long-term debt | 27 | 29 |
Prudential Financial | ||
Debt Instrument [Line Items] | ||
Long-term debt | 19,159 | 17,673 |
Prudential Financial | Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 9,044 | 7,564 |
Subsidiaries | Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 43 | $ 54 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - Other Postretirement Benefits | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 65 | $ 82 | $ 211 | $ 247 |
Interest cost | 111 | 91 | 320 | 273 |
Expected return on plan assets | (218) | (206) | (649) | (618) |
Amortization of prior service cost | (1) | (1) | (1) | (3) |
Amortization of actuarial (gain) loss, net | 37 | 61 | 124 | 184 |
Settlements | 2 | 1 | 3 | 3 |
Curtailments | 0 | 0 | 0 | 0 |
Special Termination Benefits | 0 | 0 | 4 | 1 |
Net periodic (benefit) cost | (4) | 28 | 12 | 87 |
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 3 | 7 | 10 | 20 |
Interest cost | 14 | 12 | 41 | 36 |
Expected return on plan assets | (25) | (26) | (77) | (76) |
Amortization of prior service cost | (2) | 2 | (6) | 5 |
Amortization of actuarial (gain) loss, net | 2 | 4 | 5 | 12 |
Settlements | 0 | 0 | 0 | 0 |
Curtailments | 0 | 0 | (8) | 0 |
Special Termination Benefits | 0 | 0 | 4 | 0 |
Net periodic (benefit) cost | $ (8) | $ (1) | $ (31) | $ (3) |
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, 2022 shares | |
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 | 290,000,000 |
Common Stock issued | 0 |
Common Stock acquired | (10,800,000) |
Stock-based compensation programs | (3,600,000) |
Balance, ending | 297,200,000 |
Outstanding | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance, beginning | 376,300,000 |
Common Stock issued | 0 |
Common Stock acquired | (10,800,000) |
Stock-based compensation programs | 3,600,000 |
Balance, ending | 369,100,000 |
Equity (Dividends Declared) (De
Equity (Dividends Declared) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Equity [Abstract] | ||||
Dividends declared per share of Common Stock | $ 1.20 | $ 1.15 | $ 3.60 | $ 3.45 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) shares in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Cost of Treasury Stock Acquired | $ 1,113,000,000 | $ 2,097,000,000 | |
Under November 2021 Board Of Directors Authorization | |||
Class of Stock [Line Items] | |||
Amount of Stock Repurchases Authorized by the Board of Directors | $ 1,500,000,000 | ||
Under November 2021 Board Of Directors Authorization | Common Stock | |||
Class of Stock [Line Items] | |||
Number of Treasury Stock Shares Acquired | 10.8 | ||
Cost of Treasury Stock Acquired | $ 1,125,000,000 |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | $ 21,324 | |||
Income tax benefit (expense) | $ 3,025 | $ 397 | 11,915 | $ 2,254 |
Ending balance | (20,874) | (20,874) | ||
Foreign Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (1,150) | 52 | ||
Change in OCI before reclassifications | (1,947) | (816) | ||
Amounts reclassified from AOCI | 21 | (64) | ||
Income tax benefit (expense) | (71) | (63) | ||
Ending balance | (3,147) | (891) | (3,147) | (891) |
Net Unrealized Investment Gains (Losses) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 24,987 | 34,065 | ||
Change in OCI before reclassifications | (52,818) | (8,331) | ||
Amounts reclassified from AOCI | 126 | (2,184) | ||
Income tax benefit (expense) | 12,102 | 2,374 | ||
Ending balance | (15,603) | 25,924 | (15,603) | 25,924 |
Pension and Postretirement Unrecognized Net Periodic Benefit (Cost) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (2,513) | (3,379) | ||
Change in OCI before reclassifications | 383 | 41 | ||
Amounts reclassified from AOCI | 122 | 198 | ||
Income tax benefit (expense) | (116) | (57) | ||
Ending balance | (2,124) | (3,197) | (2,124) | (3,197) |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 21,324 | 30,738 | ||
Change in OCI before reclassifications | (54,382) | (9,106) | ||
Amounts reclassified from AOCI | 269 | (2,050) | ||
Income tax benefit (expense) | 11,915 | 2,254 | ||
Ending balance | (20,874) | 21,836 | (20,874) | 21,836 |
Cash flow hedges | Net Unrealized Investment Gains (Losses) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 1,019 | (168) | ||
Ending balance | 4,099 | 867 | 4,099 | 867 |
Fair value hedges | Net Unrealized Investment Gains (Losses) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (35) | 10 | ||
Ending balance | $ (47) | $ (29) | $ (47) | $ (29) |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Realized investment gains (losses), net | $ (514) | $ 432 | $ (1,977) | $ 3,146 |
Other income | (1,083) | 500 | (1,874) | 2,135 |
Total foreign currency translation adjustment | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from AOCI | 21 | (64) | ||
Net Unrealized Investment Gains (Losses) | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from AOCI | 126 | (2,184) | ||
Total amortization of defined benefit items | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from AOCI | 122 | 198 | ||
Accumulated Other Comprehensive Income (Loss) | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from AOCI | 269 | (2,050) | ||
Amounts reclassified from AOCI | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Realized investment gains (losses), net | (12) | 1 | (21) | 1 |
Other income | 0 | 0 | 0 | 63 |
Amortization of defined benefit items: | ||||
Prior service cost | 3 | (1) | 7 | (2) |
Actuarial gain (loss) | (39) | (65) | (129) | (196) |
Amounts reclassified from AOCI | Total foreign currency translation adjustment | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from AOCI | (12) | 1 | (21) | 64 |
Amounts reclassified from AOCI | Net Unrealized Investment Gains (Losses) | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from AOCI | 277 | 442 | (126) | 2,184 |
Amounts reclassified from AOCI | Total amortization of defined benefit items | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from AOCI | (36) | (66) | (122) | (198) |
Amounts reclassified from AOCI | Accumulated Other Comprehensive Income (Loss) | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from AOCI | 229 | 377 | (269) | 2,050 |
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) | (113) | 221 | (1,170) | 1,750 |
Amounts reclassified from AOCI | Interest Rate | Cash flow hedges | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net unrealized investment gains (losses) | 2 | (7) | (3) | 7 |
Amounts reclassified from AOCI | Currency | Cash flow hedges | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net unrealized investment gains (losses) | 6 | (1) | 10 | (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) | (1) | (3) | (4) |
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) | $ 383 | $ 230 | $ 1,040 | $ 435 |
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, 2022 USD ($) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | $ 21,324 |
Ending balance | (20,874) |
Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been Recorded | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | 23 |
Net investment gains (losses) on investments arising during the period | (95) |
Reclassification adjustment for (gains) losses included in net income | 14 |
Reclassification due to allowance for credit losses recorded during the period | 0 |
Ending balance | (58) |
Net Unrealized Investment Gains (Losses) on All Other Investments | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | 40,444 |
Net investment gains (losses) on investments arising during the period | (66,420) |
Reclassification adjustment for (gains) losses included in net income | 112 |
Reclassification due to allowance for credit losses recorded during the period | 0 |
Ending balance | (25,864) |
DAC, DSI, VOBA and Reinsurance Recoverables | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | (543) |
Impact of net unrealized investment (gains) losses | 277 |
Ending balance | (266) |
Future Policy Benefits, Policyholders’ Account Balances and Reinsurance Payables | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | (3,271) |
Impact of net unrealized investment (gains) losses | 6,268 |
Ending balance | 2,997 |
Policyholders’ Dividends | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | (3,657) |
Impact of net unrealized investment (gains) losses | 7,152 |
Ending balance | 3,495 |
Income Tax Benefit (Expense) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | (8,009) |
Net investment gains (losses) on investments arising during the period | 15,092 |
Reclassification adjustment for (gains) losses included in net income | (29) |
Reclassification due to allowance for credit losses recorded during the period | 0 |
Impact of net unrealized investment (gains) losses | (2,961) |
Ending balance | 4,093 |
Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | 24,987 |
Net investment gains (losses) on investments arising during the period | (51,423) |
Reclassification adjustment for (gains) losses included in net income | 97 |
Reclassification due to allowance for credit losses recorded during the period | 0 |
Impact of net unrealized investment (gains) losses | 10,736 |
Ending balance | $ (15,603) |
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, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Basic earnings per share | ||||||||
Net income (loss) | $ (290) | $ (572) | $ (44) | $ 1,565 | $ 2,183 | $ 2,804 | $ (906) | $ 6,552 |
Less: Income (loss) attributable to noncontrolling interests | (6) | 35 | (26) | 36 | ||||
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards | 6 | 24 | 19 | 99 | ||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Income | $ (290) | $ 1,506 | $ (899) | $ 6,417 | ||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Weighted Average Shares | 371 | 383.8 | 373.8 | 390.4 | ||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Per Share Amount | $ (0.78) | $ 3.92 | $ (2.41) | $ 16.44 | ||||
Effect of dilutive securities and compensation programs | ||||||||
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic | $ 6 | $ 24 | $ 19 | $ 99 | ||||
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted | $ 6 | $ 23 | $ 19 | $ 98 | ||||
Stock options, Weighted Average Shares | 0 | 0.8 | 0 | 0.7 | ||||
Deferred and long-term compensation programs, Weighted Average Shares | 0 | 2.2 | 0 | 2.1 | ||||
Diluted earnings per share | ||||||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Income | $ (290) | $ 1,507 | $ (899) | $ 6,418 | ||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Weighted Average Shares | 371 | 386.8 | 373.8 | 393.2 | ||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Per Share Amount | $ (0.78) | $ 3.90 | $ (2.41) | $ 16.32 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Undistributed earnings allocated to participating unvested share-based payment awards, weighted outstanding shares | 4.9 | 5.7 | 5 | 5.9 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings, Shares | 2.8 | 0.9 | 3.2 | 1.3 |
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 | 0.7 | 0.9 | 0.5 | 1.3 |
Antidilutive securities excluded from computation of earnings, Exercise Price Per Share | $ 107.30 | $ 106.99 | $ 107.95 | $ 101.78 |
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 | 0.3 | 0 | 0.5 | 0 |
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 | 0.1 | 0 |
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 | 1.8 | 0 | 2.1 | 0 |
Segment Information (Narratives
Segment Information (Narratives) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | |||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ (437) | $ 1,806 | $ (1,063) | $ 7,993 | |
Out of period adjustments | |||||
Segment Reporting Information [Line Items] | |||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ 125 | ||||
Out of period adjustments | Individual Life | |||||
Segment Reporting Information [Line Items] | |||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 125 | ||||
Benefit to pre-tax adjustment operating income | $ 310 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
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 | $ (437) | $ 1,806 | $ (1,063) | $ 7,993 |
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 | 1,026 | 1,844 | 3,464 | 5,716 |
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 | 219 | 327 | 613 | 1,293 |
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 | 430 | 887 | 1,786 | 2,561 |
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 | (325) | (460) | (950) | (1,118) |
Operating Segments | U.S. Businesses Division | Retirement Strategies | ||||
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 | 678 | 1,070 | 3,421 | 3,050 |
Operating Segments | U.S. Businesses Division | Retirement Strategies | Institutional Retirement Strategies | ||||
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 | 233 | 571 | 1,199 | 1,635 |
Operating Segments | U.S. Businesses Division | Retirement Strategies | Individual Retirement Strategies | ||||
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 | 445 | 499 | 2,222 | 1,415 |
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 | 27 | (135) | (31) | (250) |
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 | 41 | 210 | (1,233) | 312 |
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 | (44) | (55) | (142) | (132) |
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 | (1,455) | 116 | (4,610) | 1,765 |
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 | (9) | (18) | (564) | (254) |
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 | 133 | (199) | 658 | 330 |
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 | (22) | (3) | (23) | (53) |
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 | (10) | (9) | (27) | (35) |
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 | (24) | 27 | 12 | 92 |
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 | (76) | 48 | 27 | 432 |
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 | $ 702 | $ 1,090 | $ 2,015 | $ 2,980 |
Segment Information (Reconcil_2
Segment Information (Reconciliation of Select Financial Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 20,480 | $ 21,641 | $ 46,716 | $ 54,510 | |
Total Assets | 677,756 | 677,756 | $ 937,582 | ||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 21,611 | 19,663 | 49,042 | 46,037 | |
Operating Segments | Total PGIM division | PGIM | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 907 | 1,072 | 2,662 | 3,395 | |
Total Assets | 49,944 | 49,944 | 53,566 | ||
Operating Segments | Total International Insurance division | International Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 4,858 | 5,618 | 15,320 | 16,642 | |
Total Assets | 178,848 | 178,848 | 222,736 | ||
Operating Segments | Total Corporate and Other | Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (36) | (175) | (441) | (393) | |
Total Assets | 27,796 | 27,796 | 122,701 | ||
Operating Segments | Total Closed Block division | Closed Block division | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 49,895 | 49,895 | 59,979 | ||
Operating Segments | U.S. Businesses Division | Group Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,527 | 1,553 | 4,567 | 4,627 | |
Total Assets | 37,521 | 37,521 | 43,286 | ||
Operating Segments | U.S. Businesses Division | Individual Life | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,623 | 1,839 | 5,388 | 5,090 | |
Total Assets | 98,369 | 98,369 | 118,237 | ||
Operating Segments | U.S. Businesses Division | Assurance IQ | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 99 | 110 | 285 | 331 | |
Total Assets | 1,577 | 1,577 | 1,788 | ||
Operating Segments | U.S. Businesses Division | Retirement Strategies | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 12,633 | 9,646 | 21,261 | 16,345 | |
Total Assets | 233,806 | 233,806 | 315,289 | ||
Operating Segments | U.S. Businesses Division | Retirement Strategies | Institutional Retirement Strategies | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 11,566 | 8,386 | 17,003 | 12,658 | |
Total Assets | 126,068 | 126,068 | 201,273 | ||
Operating Segments | U.S. Businesses Division | Retirement Strategies | Individual Retirement Strategies | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,067 | 1,260 | 4,258 | 3,687 | |
Total Assets | 107,738 | 107,738 | 114,016 | ||
Segment Reconciling Items | Realized investment gains (losses), net, and related adjustments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (1,478) | 178 | (4,780) | 2,070 | |
Segment Reconciling Items | Charges related to realized investment gains (losses), net | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (39) | (59) | (174) | (178) | |
Segment Reconciling Items | Market experience updates | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 118 | (56) | 466 | 158 | |
Segment Reconciling Items | Segment Reconciling Items, Operating Joint Ventures And Noncontrolling Interests | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (16) | (23) | 17 | (72) | |
Segment Reconciling Items | Closed Block division | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 711 | 1,321 | 2,205 | 4,299 | |
Segment Reconciling Items | Other Divested and Run-off businesses | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (427) | 617 | (60) | 2,196 | |
Intersegment Eliminations | Total PGIM division | PGIM | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 199 | 248 | 631 | 697 | |
U.S. Businesses | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 15,882 | $ 13,148 | 31,501 | $ 26,393 | |
Total Assets | $ 371,273 | $ 371,273 | $ 478,600 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Asset management and service fees | $ 966 | $ 1,229 | $ 3,086 | $ 3,603 |
Asset-based management fees | ||||
Asset management and service fees | 820 | 1,047 | 2,642 | 3,058 |
Performance-based incentive fees | ||||
Asset management and service fees | 15 | 19 | 25 | 70 |
Other fees | ||||
Asset management and service fees | $ 131 | $ 163 | $ 419 | $ 475 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Commitments and Contingent Liabilities [Line Items] | |||||
Fair value of collateral supporting these assets | $ 1,135 | $ 1,135 | $ 802 | ||
Commitments | Commercial Mortgage Loans | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Total outstanding mortgage loan commitments | 2,713 | 2,713 | 2,300 | ||
Portion of commitment where prearrangement to sell to investor exists | 1,293 | 1,293 | 1,102 | ||
Allowance for credit losses | 1 | 1 | 1 | ||
Change in allowance for credit losses | 0 | $ 0 | 0 | $ 0 | |
Commitments | Commercial Mortgage Loans | Held-for-sale | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Total outstanding mortgage loan commitments | 21 | ||||
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) | 9,477 | 9,477 | 10,347 | ||
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) | 118 | ||||
Expected to be funded from separate accounts | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Commitments to Purchase Investment (excluding Commercial Mortgage Loans) | 187 | 187 | 236 | ||
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 | 6,531 | 6,531 | 6,499 | ||
Fair value of related collateral associated with above indemnifications | 6,691 | 6,691 | 6,635 | ||
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 | 19 | 19 | 30 | ||
Fair value of related collateral associated with above indemnifications | 18 | 18 | 29 | ||
Indemnification | Serviced Mortgage Loans | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company | 2,876 | 2,876 | 2,930 | ||
First-loss exposure portion of above | 836 | 836 | 854 | ||
Accrued liability associated with guarantee | 32 | 32 | 41 | ||
Allowance for credit losses | 16 | 16 | 20 | ||
Change in allowance for credit losses | (1) | $ 1 | (4) | $ 0 | |
Guarantees of Asset Values | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Guaranteed value of third-parties’ assets | 85,149 | 85,149 | 81,984 | ||
Fair value of collateral supporting these assets | 80,009 | 80,009 | 83,609 | ||
Asset (liability) associated with guarantee, carried at fair value | 1 | 1 | 1 | ||
Other Guarantees | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Other guarantees where amount can be determined | 56 | 56 | 47 | ||
Accrued liability associated with guarantee | $ 33 | $ 33 | $ 34 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities (Narrative Excluding Litigation) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Commitments | Commercial Mortgage Loans | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Allowance for credit losses | $ 1 | $ 1 | $ 1 | ||
Change in allowance for credit losses | 0 | $ 0 | 0 | $ 0 | |
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% | ||||
Indemnification | Securities Repurchase Transactions | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Guarantor Obligations, Liquidation Proceeds, Percentage | 95% | ||||
Indemnification | Serviced Mortgage Loans | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Allowance for credit losses | 16 | $ 16 | 20 | ||
Change in allowance for credit losses | (1) | $ 1 | (4) | 0 | |
Mortgages subject to loss-sharing arrangements | $ 22,968 | $ 22,968 | $ 22,963 | ||
Weighted-average debt service coverage ratio of mortgages subject to loss-sharing arrangements | 1.99 | 1.99 | 1.93 | ||
Weighted-average loan-to-value ratio of mortgages subject to loss-sharing arrangements | 62% | 62% | 63% | ||
Losses related to indemnifications that were settled | $ 0 | $ 2 | |||
Indemnification | Minimum | Serviced Mortgage Loans | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Percentage share of losses incurred on certain loans serviced | 4% | ||||
Indemnification | Maximum | Serviced Mortgage Loans | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Percentage share of losses incurred on certain loans serviced | 20% |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities (Assurance IQ Contingent Consideration Liability Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Acquisition of Assurance IQ, Inc. | ||
Business Acquisition [Line Items] | ||
Contingent consideration, liability | $ 0 | $ 0 |
Commitments and Contingent Li_6
Commitments and Contingent Liabilities (Litigation Narrative) (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Loss Contingencies [Line Items] | |
Estimate of possible losses in excess of accruals (less than) for litigation and regulatory matters | $ 250 |