Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 26, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001276520 | |
Current Fiscal Year End Date | --12-31 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Entity Registrant Name | GENWORTH FINANCIAL, INC. | |
Entity File Number | 001-32195 | |
Entity Tax Identification Number | 80-0873306 | |
Entity Incorporation, State or Country Code | DE | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Address, Address Line One | 6620 West Broad Street | |
Entity Address, State or Province | VA | |
Entity Address, City or Town | Richmond | |
Entity Address, Postal Zip Code | 23230 | |
Entity Interactive Data Current | Yes | |
City Area Code | 804 | |
Local Phone Number | 281-6000 | |
Trading Symbol | GNW | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Class A Common Stock, par value $.001 per share | |
Entity Common Stock, Shares Outstanding | 510,505,341 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Fixed maturity securities available-for-sale, at fair value (amortized cost of $52,280 and $52,611 and allowance for credit losses of $— as of March 31, 2022 and December 31, 2021) | $ 55,027 | $ 60,480 |
Equity securities, at fair value | 230 | 198 |
Commercial mortgage loans (net of unamortized balance of loan origination fees and costs of $4 as of March 31, 2022 and December 31, 2021) | 6,938 | 6,856 |
Less: Allowance for credit losses | (25) | (26) |
Commercial mortgage loans, net | 6,913 | 6,830 |
Policy loans | 2,028 | 2,050 |
Limited partnerships | 2,007 | 1,900 |
Other invested assets | 671 | 820 |
Total investments | 66,876 | 72,278 |
Cash, cash equivalents and restricted cash | 1,291 | 1,571 |
Accrued investment income | 696 | 647 |
Deferred acquisition costs | 1,310 | 1,146 |
Intangible assets | 159 | 143 |
Reinsurance recoverable | 16,821 | 16,868 |
Less: Allowance for credit losses | (57) | (55) |
Reinsurance recoverable, net | 16,764 | 16,813 |
Other assets | 440 | 388 |
Deferred tax asset | 421 | 119 |
Separate account assets | 5,530 | 6,066 |
Total assets | 93,487 | 99,171 |
Liabilities and equity | ||
Future policy benefits | 38,897 | 41,528 |
Policyholder account balances | 18,197 | 19,354 |
Liability for policy and contract claims | 11,833 | 11,841 |
Unearned premiums | 639 | 672 |
Other liabilities | 1,416 | 1,511 |
Long-term borrowings | 1,819 | 1,899 |
Separate account liabilities | 5,530 | 6,066 |
Liabilities related to discontinued operations | 4 | 34 |
Total liabilities | 78,335 | 82,905 |
Commitments and contingencies | ||
Equity: | ||
Class A common stock, $0.001 par value; 1.5 billion shares authorized; 598 million and 596 million shares issued as of March 31, 2022 and December 31, 2021, respectively; 510 million and 508 million shares outstanding as of March 31, 2022 and December 31, 2021, respectively | 1 | 1 |
Additional paid-in capital | 11,857 | 11,858 |
Accumulated other comprehensive income (loss) | 2,610 | 3,861 |
Retained earnings | 2,639 | 2,490 |
Treasury stock, at cost (88 million shares as of March 31, 2022 and December 31, 2021) | (2,700) | (2,700) |
Total Genworth Financial, Inc.'s stockholders' equity | 14,407 | 15,510 |
Noncontrolling interests | 745 | 756 |
Total equity | 15,152 | 16,266 |
Total liabilities and equity | $ 93,487 | $ 99,171 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Debt securities amortized costs | $ 52,280 | $ 52,611 |
Debt securities allowance for credit losses | 0 | 0 |
Unamortized balance of loan origination fees | $ 4 | $ 4 |
Class A common stock, par value | $ 0.001 | $ 0.001 |
Class A common stock, shares authorized | 1,500,000,000 | 1,500,000,000 |
Class A common stock, shares issued | 598,000,000 | 596,000,000 |
Class A common stock, shares outstanding | 510,000,000 | 508,000,000 |
Treasury stock, shares | 88,000,000 | 88,000,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Revenues: | |||
Premiums | $ 931 | $ 968 | |
Net investment income | 764 | 801 | |
Net investment gains (losses) | 28 | 33 | |
Policy fees and other income | 169 | 183 | |
Total revenues | 1,892 | 1,985 | |
Benefits and expenses: | |||
Benefits and other changes in policy reserves | 1,139 | 1,218 | |
Interest credited | 125 | 131 | |
Acquisition and operating expenses, net of deferrals | 271 | 275 | |
Amortization of deferred acquisition costs and intangibles | 92 | 77 | |
Interest expense | 26 | 51 | |
Total benefits and expenses | 1,653 | 1,752 | |
Income from continuing operations before income taxes | 239 | 233 | |
Provision for income taxes | 58 | 59 | |
Income from continuing operations | 181 | 174 | |
Income (loss) from discontinued operations, net of taxes | (2) | 21 | |
Net income | 179 | 195 | |
Less: net income from continuing operations attributable to noncontrolling interests | 30 | 0 | |
Less: net income from discontinued operations attributable to noncontrolling interests | 0 | 8 | |
Net income available to Genworth Financial, Inc.'s common stockholders | 149 | 187 | |
Net income available to Genworth Financial, Inc.'s common stockholders: | |||
Income from continuing operations available to Genworth Financial, Inc.‘s common stockholders | 151 | 174 | |
Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders | (2) | 13 | |
Net income available to Genworth Financial, Inc.'s common stockholders | $ 149 | $ 187 | |
Income from continuing operations available to Genworth Financial, Inc.‘s common stockholders per share: | |||
Basic | $ 0.30 | $ 0.35 | |
Diluted | 0.29 | 0.34 | |
Net income available to Genworth Financial, Inc.'s common stockholders per share: | |||
Basic | [1] | 0.29 | 0.37 |
Diluted | [1] | $ 0.29 | $ 0.37 |
Weighted-average common shares outstanding: | |||
Basic | 508.3 | 506 | |
Diluted | 517.4 | 513.8 | |
[1] | May not total due to whole number calculation. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 179 | $ 195 |
Other comprehensive income (loss), net of taxes: | ||
Net unrealized gains (losses) on securities without an allowance for credit losses | (1,051) | (322) |
Net unrealized gains (losses) on securities with an allowance for credit losses | 0 | 2 |
Derivatives qualifying as hedges | (236) | (419) |
Foreign currency translation and other adjustments | (5) | 136 |
Total other comprehensive income (loss) | (1,292) | (603) |
Total comprehensive loss | (1,113) | (408) |
Less: comprehensive income (loss) attributable to noncontrolling interests | (11) | 155 |
Total comprehensive loss available to Genworth Financial, Inc.'s common stockholders | $ (1,102) | $ (563) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Common stock | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings | Treasury stock, at cost | Total Genworth Financial, Inc.‘s stockholders' equity | Noncontrolling interests |
Balances, beginning at Dec. 31, 2020 | $ 15,820 | $ 1 | $ 12,008 | $ 4,425 | $ 1,584 | $ (2,700) | $ 15,318 | $ 502 |
Sale of business that included noncontrolling interests | (657) | 0 | 0 | 0 | 0 | 0 | 0 | (657) |
Comprehensive income (loss): | ||||||||
Net income | 195 | 0 | 0 | 0 | 187 | 0 | 187 | 8 |
Other comprehensive income (loss), net of taxes | (603) | 0 | 0 | (750) | 0 | 0 | (750) | 147 |
Total comprehensive loss | (408) | (563) | 155 | |||||
Stock-based compensation expense and exercises and other | 3 | 0 | 3 | 0 | 0 | 0 | 3 | 0 |
Balances, ending at Mar. 31, 2021 | 14,758 | 1 | 12,011 | 3,675 | 1,771 | (2,700) | 14,758 | 0 |
Balances, beginning at Dec. 31, 2021 | 16,266 | 1 | 11,858 | 3,861 | 2,490 | (2,700) | 15,510 | 756 |
Comprehensive income (loss): | ||||||||
Net income | 179 | 0 | 0 | 0 | 149 | 0 | 149 | 30 |
Other comprehensive income (loss), net of taxes | (1,292) | 0 | 0 | (1,251) | 0 | 0 | (1,251) | (41) |
Total comprehensive loss | (1,113) | (1,102) | (11) | |||||
Stock-based compensation expense and exercises and other | (1) | 0 | (1) | 0 | 0 | 0 | (1) | 0 |
Balances, ending at Mar. 31, 2022 | $ 15,152 | $ 1 | $ 11,857 | $ 2,610 | $ 2,639 | $ (2,700) | $ 14,407 | $ 745 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from (used by) operating activities: | ||
Net income | $ 179 | $ 195 |
Less (income) loss from discontinued operations, net of taxes | 2 | (21) |
Adjustments to reconcile net income to net cash used by operating activities: | ||
Amortization of fixed maturity securities discounts and premiums | (34) | (32) |
Net investment (gains) losses | (28) | (33) |
Charges assessed to policyholders | (150) | (159) |
Acquisition costs deferred | (2) | (2) |
Amortization of deferred acquisition costs and intangibles | 92 | 77 |
Deferred income taxes | 57 | 59 |
Derivative instruments, limited partnerships and other | (105) | (113) |
Stock-based compensation expense | 10 | 11 |
Change in certain assets and liabilities: | ||
Accrued investment income and other assets | (43) | (58) |
Insurance reserves | 249 | 326 |
Current tax liabilities | 0 | (4) |
Other liabilities, policy and contract claims and other policy-related balances | (289) | (319) |
Cash used by operating activities — discontinued operations | (30) | (174) |
Net cash used by operating activities | (92) | (247) |
Cash flows from (used by) investing activities: | ||
Fixed maturity securities | 730 | 1,031 |
Commercial mortgage loans | 115 | 129 |
Limited partnerships and other invested assets | 51 | 44 |
Proceeds from sales of investments: | ||
Fixed maturity and equity securities | 581 | 777 |
Purchases and originations of investments: | ||
Fixed maturity and equity securities | (969) | (1,647) |
Commercial mortgage loans | (197) | (142) |
Limited partnerships and other invested assets | (137) | (91) |
Short-term investments, net | (50) | 28 |
Policy loans, net | 14 | 3 |
Proceeds from sale of business, net of cash transferred | 0 | 270 |
Cash used by investing activities — discontinued operations | 0 | (67) |
Net cash from investing activities | 138 | 335 |
Cash flows from (used by) financing activities: | ||
Deposits to universal life and investment contracts | 159 | 176 |
Withdrawals from universal life and investment contracts | (418) | (578) |
Repayment and repurchase of long-term debt | (82) | (470) |
Other, net | 15 | 92 |
Net cash used by financing activities | (326) | (780) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash (includes $— and $(1) related to discontinued operations) | 0 | 0 |
Net change in cash, cash equivalents and restricted cash | (280) | (692) |
Cash, cash equivalents and restricted cash at beginning of period | 1,571 | 2,656 |
Cash, cash equivalents and restricted cash at end of period | 1,291 | 1,964 |
Less cash, cash equivalents and restricted cash of discontinued operations at end of period | 0 | 0 |
Cash, cash equivalents and restricted cash of continuing operations at end of period | $ 1,291 | $ 1,964 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Cash Flows [Abstract] | ||
Discontinued operations exchange rate effect | $ 0 | $ (1) |
Formation of Genworth and Basis
Formation of Genworth and Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Formation of Genworth and Basis of Presentation | (1) Formation of Genworth and Basis of Presentation Genworth Holdings, Inc. (“Genworth Holdings”) (formerly known as Genworth Financial, Inc.) was incorporated in Delaware in 2003 in preparation for an initial public offering (“IPO”) of its common stock, which was completed on May 28, 2004. On April 1, 2013, Genworth Holdings completed a holding company reorganization pursuant to which Genworth Holdings became a direct, 100% owned subsidiary of a new public holding company that it had formed. The new public holding company was incorporated in Delaware on December 5, 2012, in connection with the reorganization, and was renamed Genworth Financial, Inc. (“Genworth Financial”) upon the completion of the reorganization. The accompanying unaudited condensed financial statements include on a consolidated basis the accounts of Genworth Financial and its affiliate companies in which it holds a majority voting interest or power to direct activities of certain variable interest entities (“VIE”), which on a consolidated basis is referred to as “Genworth,” the “Company,” “we,” “us” or “our” unless the context otherwise requires. All intercompany accounts and transactions have been eliminated in consolidation. References to “Genworth Financial” refer solely to Genworth Financial, Inc., and not to any of its consolidated subsidiaries. We operate our business through the following three operating segments: • Enact. • U.S. Life Insurance. • Runoff. In addition to our three operating business segments, we also have Corporate and Other activities which include debt financing expenses that are incurred at the Genworth Holdings level, unallocated corporate income and expenses, eliminations of inter-segment transactions and the results of other businesses that are reported outside of our operating segments, including certain international mortgage insurance businesses and discontinued operations. The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Preparing financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from those estimates. These unaudited condensed consolidated financial statements include all adjustments (including normal recurring adjustments) considered necessary by management to present a fair statement of the financial position, results of operations and cash flows for the periods presented. The results reported in these unaudited condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and related notes contained in our 2021 Annual Report on Form 10-K. Certain prior year amounts have been reclassified to conform to the current year presentation. The impact of the ongoing coronavirus pandemic (“COVID-19”) is very difficult to predict. Its related outcomes and impact on our business and the capital markets, and our ability to raise capital will depend on economic impacts from social, global and political influences as a result of the pandemic, and the shape of the economic recovery, among other factors and uncertainties. |
Accounting Changes
Accounting Changes | 3 Months Ended |
Mar. 31, 2022 | |
Disclosue of Accounting Changes [Abstract] | |
Accounting Changes | (2) Accounting Changes In March 2022, the Financial Accounting Standards Board (the “FASB”) issued new accounting guidance related to troubled debt restructurings and the vintage disclosures included within the accounting guidance for credit losses on financial instruments. The guidance eliminates the recognition and measurement requirements for troubled debt restructurings and requires creditors to instead apply existing guidance related to loan refinancing and restructuring to determine whether a modification results in a new loan or a continuation of an existing loan. The guidance also expands disclosures for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty and requires the presentation of gross write-offs by year of origination. The guidance is currently effective for us on January 1, 2023 using the prospective method, with an option to use the modified retrospective method for the recognition and measurement of troubled debt restructurings. We are permitted to early adopt this new accounting guidance as we adopted the accounting guidance related to credit losses on financial instruments on January 1, 2020. We do not expect any significant impact from this guidance on our consolidated financial statements and disclosures. In August 2018, the FASB issued new accounting guidance that significantly changes the recognition and measurement of long-duration insurance contracts and expands disclosure requirements, which impacts deferred acquisition costs (“DAC”) and liabilities in our U.S. life insurance companies. In accordance with the guidance, the more significant changes include: • assumptions will no longer be locked-in at contract inception and all cash flow assumptions used to estimate the liability for future policy benefits (except the discount rate) will be reviewed at least annually in the same period each year or more frequently if actual experience indicates a change is required. Changes will be recorded in net income (loss) using a retrospective approach with a cumulative catch-up adjustment by recalculating the net premium ratio (which will be capped at 100%) using actual historical and updated future cash flow assumptions; • the discount rate used to determine the liability for future policy benefits will be a current upper-medium grade (low credit risk) fixed-income instrument yield, which is generally interpreted to mean a single-A rated bond rate for the same duration, and is required to be reviewed quarterly, with changes in the discount rate recorded in other comprehensive income (loss); • the provision for adverse deviation and the premium deficiency test will be eliminated; • market risk benefits associated with deposit-type contracts will be measured at fair value with changes related to instrument-specific credit risk recorded in other comprehensive income (loss) and remaining changes recorded in net income (loss); • the amortization method for DAC will generally be on a straight-line basis over the expected contract term; and • disclosures will be greatly expanded to include significant assumptions and product liability rollforwards. T retrospective |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share | (3) Earnings Per Share Basic and diluted earnings per share are calculated by dividing each income (loss) category presented below by the weighted-average basic and diluted common shares outstanding for the periods indicated: Three months ended March 31, (Amounts in millions, except per share amounts) 2022 2021 Weighted-average shares used in basic earnings per share calculations 508.3 506.0 Potentially dilutive securities: Stock options, restricted stock units and other equity-based compensation 9.1 7.8 Weighted-average shares used in diluted earnings per share calculations 517.4 513.8 Income from continuing operations: Income from continuing operations $ 181 $ 174 Less: net income from continuing operations attributable to noncontrolling interests 30 — Income from continuing operations available to Genworth Financial, Inc.’s common stockholders $ 151 $ 174 Basic per share $ 0.30 $ 0.35 Diluted per share $ 0.29 $ 0.34 Income (loss) from discontinued operations: Income (loss) from discontinued operations, net of taxes $ (2 ) $ 21 Less: net income (loss) from discontinued operations attributable to noncontrolling interests — 8 Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders $ (2 ) $ 13 Basic per share $ — $ 0.02 Diluted per share $ — $ 0.02 Net income: Income from continuing operations $ 181 $ 174 Income (loss) from discontinued operations, net of taxes (2 ) 21 Net income 179 195 Less: net income attributable to noncontrolling interests 30 8 Net income available to Genworth Financial, Inc.’s common stockholders $ 149 $ 187 Basic per share (1) $ 0.29 $ 0.37 Diluted per share (1) $ 0.29 $ 0.37 (1) May not total due to whole number calculation. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2022 | |
Investments | (4) Investments (a) Net Investment Income Sources of net investment income were as follows for the periods indicated: Three months ended (Amounts in millions) 2022 2021 Fixed maturity securities—taxable $ 580 $ 599 Fixed maturity securities—non-taxable 1 2 Equity securities 2 3 Commercial mortgage loans 81 78 Policy loans 50 50 Limited partnerships 7 31 Other invested assets 63 58 Gross investment income before expenses and fees 784 821 Expenses and fees (20 ) (20 ) Net investment income $ 764 $ 801 (b) Net Investment Gains (Losses) The following table sets forth net investment gains (losses) for the periods indicated: Three months ended (Amounts in millions) 2022 2021 Realized investment gains (losses): Available-for-sale fixed maturity securities: Realized gains $ 10 $ 7 Realized losses (18 ) (3 ) Net realized gains (losses) on available-for-sale fixed maturity securities (8 ) 4 Net realized gains (losses) on equity securities sold — (5 ) Net realized gains (losses) on limited partnerships — 3 Total net realized investment gains (losses) (8 ) 2 Net change in allowance for credit losses on available-for-sale fixed maturity securities — (2 ) Write-down of available-for-sale fixed maturity securities (1) (2 ) (1 ) Net unrealized gains (losses) on equity securities still held (6 ) (8 ) Net unrealized gains (losses) on limited partnerships 35 34 Commercial mortgage loans 1 (1 ) Derivative instruments (2) 4 8 Other 4 1 Net investment gains (losses) $ 28 $ 33 (1) Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis. (2) See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses). See Note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for a discussion of our policy for evaluating and measuring the allowance for credit losses related to our available-for-sale fixed maturity securities. There was no allowance for credit losses related to our available-for-sale fixed maturity investments as of and for the three months ended March 31, 2022. The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity investments as of and for the three months ended March 31, 2021: (Amounts in millions) Beginning Increase Increase Securities Decrease Write-offs Recoveries Ending Fixed maturity securities: Non-U.S. corporate $ 1 $ — $ 2 $ — $ — $ — $ — $ 3 Commercial mortgage-backed 3 — — — — (3 ) — — Total available-for-sale fixed maturity securities $ 4 $ — $ 2 $ — $ — $ (3 ) $ — $ 3 (c) Unrealized Investment Gains and Losses Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component of accumulated other comprehensive income (loss) were as follows as of the dates indicated: (Amounts in millions) March 31, December 31, Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses (1) $ 2,747 $ 7,869 Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses (1) — — Adjustments to DAC, present value of future profits, sales inducements, benefit reserves and policyholder contract balances (1,700 ) (5,487 ) Income taxes, net (223 ) (507 ) Net unrealized investment gains (losses) 824 1,875 Less: net unrealized investment gains (losses) attributable to noncontrolling interests (26 ) 15 Net unrealized investment gains (losses) attributable to Genworth Financial, Inc. $ 850 $ 1,860 (1) Excludes foreign exchange. The change in net unrealized gains (losses) on available-for-sale investment securities reported in accumulated other comprehensive income (loss) was as follows as of and for the three months ended March 31: (Amounts in millions) 2022 2021 Beginning balance $ 1,860 $ 2,214 Unrealized gains (losses) arising during the period: Unrealized gains (losses) on fixed maturity securities (5,130 ) (3,383 ) Adjustment to DAC 237 (174 ) Adjustment to present value of future profits 1 1 Adjustment to sales inducements 22 3 Adjustment to benefit reserves and policyholder contract balances 3,527 3,145 Provision for income taxes 286 92 Change in unrealized gains (losses) on investment securities (1,057 ) (316 ) Reclassification adjustments to net investment (gains) losses, net of taxes of $(2) and $1 6 (4 ) Change in net unrealized investment gains (losses) (1,051 ) (320 ) Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests (41 ) (25 ) Ending balance $ 850 $ 1,919 Amounts reclassified out of accumulated other comprehensive income (loss) to net investment gains (losses) include realized gains (losses) on sales of securities, which are determined on a specific identification basis. (d) Fixed Maturity Securities As of March 31, 2022, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows: (Amounts in millions) Amortized Gross Gross Allowance Fair Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 3,356 $ 744 $ (3 ) $ — $ 4,097 State and political subdivisions 3,009 206 (81 ) — 3,134 Non-U.S. government 778 48 (42 ) — 784 U.S. corporate: Utilities 4,345 355 (66 ) — 4,634 Energy 2,572 175 (48 ) — 2,699 Finance and insurance 8,026 406 (203 ) — 8,229 Consumer—non-cyclical 5,070 488 (70 ) — 5,488 Technology and communications 3,371 213 (87 ) — 3,497 Industrial 1,301 73 (26 ) — 1,348 Capital goods 2,346 205 (39 ) — 2,512 Consumer—cyclical 1,725 86 (44 ) — 1,767 Transportation 1,133 124 (9 ) — 1,248 Other 381 24 (4 ) — 401 Total U.S. corporate 30,270 2,149 (596 ) — 31,823 Non-U.S. corporate: Utilities 874 19 (15 ) — 878 Energy 1,158 102 (19 ) — 1,241 Finance and insurance 2,129 132 (70 ) — 2,191 Consumer—non-cyclical 665 28 (22 ) — 671 Technology and communications 1,055 61 (17 ) — 1,099 Industrial 918 56 (21 ) — 953 Capital goods 610 25 (16 ) — 619 Consumer—cyclical 316 5 (9 ) — 312 Transportation 392 38 (7 ) — 423 Other 996 86 (16 ) — 1,066 Total non-U.S. corporate 9,113 552 (212 ) — 9,453 Residential mortgage-backed 1,277 57 (14 ) — 1,320 Commercial mortgage-backed 2,369 36 (44 ) — 2,361 Other asset-backed 2,108 7 (60 ) — 2,055 Total available-for-sale fixed maturity securities $ 52,280 $ 3,799 $ (1,052 ) $ — $ 55,027 As of December 31, 2021, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows: (Amounts in millions) Amortized Gross Gross Allowance Fair Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 3,368 $ 1,184 $ — $ — $ 4,552 State and political subdivisions 2,982 474 (6 ) — 3,450 Non-U.S. government 762 86 (13 ) — 835 U.S. corporate: Utilities 4,330 783 (9 ) — 5,104 Energy 2,581 363 (10 ) — 2,934 Finance and insurance 8,003 1,012 (24 ) — 8,991 Consumer—non-cyclical 5,138 1,029 (8 ) — 6,159 Technology and communications 3,345 476 (13 ) — 3,808 Industrial 1,322 175 (3 ) — 1,494 Capital goods 2,334 415 (4 ) — 2,745 Consumer—cyclical 1,703 203 (7 ) — 1,899 Transportation 1,122 249 — — 1,371 Other 379 41 (1 ) — 419 Total U.S. corporate 30,257 4,746 (79 ) — 34,924 Non-U.S. corporate: Utilities 867 63 (2 ) — 928 Energy 1,194 190 (1 ) — 1,383 Finance and insurance 2,171 270 (9 ) — 2,432 Consumer—non-cyclical 664 81 (2 ) — 743 Technology and communications 1,085 166 (1 ) — 1,250 Industrial 933 117 (3 ) — 1,047 Capital goods 640 66 (1 ) — 705 Consumer—cyclical 316 27 (2 ) — 341 Transportation 422 68 (1 ) — 489 Other 1,052 169 (4 ) — 1,217 Total non-U.S. corporate 9,344 1,217 (26 ) — 10,535 Residential mortgage-backed 1,325 116 (1 ) — 1,440 Commercial mortgage-backed 2,435 152 (3 ) — 2,584 Other asset-backed 2,138 29 (7 ) — 2,160 Total available-for-sale fixed maturity securities $ 52,611 $ 8,004 $ (135 ) $ — $ 60,480 The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of March 31, 2022: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair Gross Number Fair Gross Number Fair Gross Number Description of Securities Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 67 $ (2 ) 17 $ 10 $ (1 ) 3 $ 77 $ (3 ) 20 State and political subdivisions 902 (78 ) 157 25 (3 ) 5 927 (81 ) 162 Non-U.S. government 305 (27 ) 46 80 (15 ) 10 385 (42 ) 56 U.S. corporate 8,109 (505 ) 995 627 (91 ) 65 8,736 (596 ) 1,060 Non-U.S. corporate 2,672 (173 ) 355 258 (39 ) 31 2,930 (212 ) 386 Residential mortgage-backed 304 (13 ) 78 5 (1 ) 5 309 (14 ) 83 Commercial mortgage-backed 1,098 (40 ) 160 43 (4 ) 6 1,141 (44 ) 166 Other asset-backed 1,500 (57 ) 254 66 (3 ) 15 1,566 (60 ) 269 Total for fixed maturity securities in an unrealized loss position $ 14,957 $ (895 ) 2,062 $ 1,114 $ (157 ) 140 $ 16,071 $ (1,052 ) 2,202 % Below cost: <20% Below cost $ 14,957 $ (895 ) 2,062 $ 1,066 $ (142 ) 134 $ 16,023 $ (1,037 ) 2,196 20%-50% Below cost — — — 48 (15 ) 6 48 (15 ) 6 Total for fixed maturity securities in an unrealized loss position $ 14,957 $ (895 ) 2,062 $ 1,114 $ (157 ) 140 $ 16,071 $ (1,052 ) 2,202 Investment grade $ 13,796 $ (823 ) 1,896 $ 1,031 $ (140 ) 129 $ 14,827 $ (963 ) 2,025 Below investment grade 1,161 (72 ) 166 83 (17 ) 11 1,244 (89 ) 177 Total for fixed maturity securities in an unrealized loss position $ 14,957 $ (895 ) 2,062 $ 1,114 $ (157 ) 140 $ 16,071 $ (1,052 ) 2,202 The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, based on industry, as of March 31, 2022: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair Gross Number Fair Gross Number of Fair Gross Number of Description of Securities U.S. corporate: Utilities $ 1,089 $ (56 ) 142 $ 59 $ (10 ) 13 $ 1,148 $ (66 ) 155 Energy 740 (40 ) 87 63 (8 ) 7 803 (48 ) 94 Finance and insurance 2,529 (173 ) 293 203 (30 ) 17 2,732 (203 ) 310 Consumer—non-cyclical 916 (56 ) 109 86 (14 ) 7 1,002 (70 ) 116 Technology and communications 1,094 (73 ) 147 93 (14 ) 8 1,187 (87 ) 155 Industrial 361 (26 ) 46 — — — 361 (26 ) 46 Capital goods 553 (35 ) 65 27 (4 ) 4 580 (39 ) 69 Consumer—cyclical 507 (34 ) 65 78 (10 ) 7 585 (44 ) 72 Transportation 247 (9 ) 32 — — — 247 (9 ) 32 Other 73 (3 ) 9 18 (1 ) 2 91 (4 ) 11 Subtotal, U.S. corporate securities 8,109 (505 ) 995 627 (91 ) 65 8,736 (596 ) 1,060 Non-U.S. corporate: Utilities 272 (13 ) 28 12 (2 ) 1 284 (15 ) 29 Energy 291 (18 ) 27 4 (1 ) 1 295 (19 ) 28 Finance and insurance 685 (47 ) 96 157 (23 ) 16 842 (70 ) 112 Consumer—non-cyclical 253 (21 ) 32 6 (1 ) 1 259 (22 ) 33 Technology and communications 269 (17 ) 41 — — — 269 (17 ) 41 Industrial 274 (19 ) 35 18 (2 ) 2 292 (21 ) 37 Capital goods 231 (16 ) 30 — — — 231 (16 ) 30 Consumer—cyclical 128 (7 ) 25 20 (2 ) 4 148 (9 ) 29 Transportation 125 (7 ) 19 — — — 125 (7 ) 19 Other 144 (8 ) 22 41 (8 ) 6 185 (16 ) 28 Subtotal, non-U.S. corporate securities 2,672 (173 ) 355 258 (39 ) 31 2,930 (212 ) 386 Total for corporate securities in an unrealized loss position $ 10,781 $ (678 ) 1,350 $ 885 $ (130 ) 96 $ 11,666 $ (808 ) 1,446 We did not recognize an allowance for credit losses on securities in an unrealized loss position included in the tables above. Based on a qualitative and quantitative review of the issuers of the securities, we believe the decline in fair value was largely due to increasing interest rates and widening credit spreads and was not indicative of credit losses. The issuers continue to make timely principal and interest payments. For all securities in an unrealized loss position without an allowance for credit losses, we expect to recover the amortized cost based on our estimate of the amount and timing of cash flows to be collected. We do not intend to sell nor do we expect that we will be required to sell these securities prior to recovering our amortized cost. The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of December 31, 2021: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair Gross Number Fair Gross Number Fair Gross Number Description of Securities Fixed maturity securities: State and political subdivisions $ 339 $ (6 ) 67 $ — $ — — $ 339 $ (6 ) 67 Non-U.S. government 173 (9 ) 28 19 (4 ) 1 192 (13 ) 29 U.S. corporate 2,593 (64 ) 266 196 (15 ) 22 2,789 (79 ) 288 Non-U.S. corporate 912 (21 ) 124 62 (5 ) 8 974 (26 ) 132 Residential mortgage-backed 97 (1 ) 22 — — — 97 (1 ) 22 Commercial mortgage-backed 113 (2 ) 17 31 (1 ) 4 144 (3 ) 21 Other asset-backed 764 (7 ) 111 — — — 764 (7 ) 111 Total for fixed maturity securities in an unrealized loss position $ 4,991 $ (110 ) 635 $ 308 $ (25 ) 35 $ 5,299 $ (135 ) 670 % Below cost: <20% Below cost $ 4,991 $ (110 ) 635 $ 297 $ (20 ) 33 $ 5,288 $ (130 ) 668 20%-50% Below cost — — — 11 (5 ) 2 11 (5 ) 2 Total for fixed maturity securities in an unrealized loss position $ 4,991 $ (110 ) 635 $ 308 $ (25 ) 35 $ 5,299 $ (135 ) 670 Investment grade $ 4,644 $ (101 ) 587 $ 241 $ (12 ) 25 $ 4,885 $ (113 ) 612 Below investment grade 347 (9 ) 48 67 (13 ) 10 414 (22 ) 58 Total for fixed maturity securities in an unrealized loss position $ 4,991 $ (110 ) 635 $ 308 $ (25 ) 35 $ 5,299 $ (135 ) 670 The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, based on industry, as of December 31, 2021: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair Gross Number of Fair Gross Number of Fair Gross Number of Description of Securities U.S. corporate: Utilities $ 211 $ (7 ) 32 $ 29 $ (2 ) 7 $ 240 $ (9 ) 39 Energy 166 (3 ) 18 25 (7 ) 4 191 (10 ) 22 Finance and insurance 960 (22 ) 89 62 (2 ) 3 1,022 (24 ) 92 Consumer—non-cyclical 296 (7 ) 30 14 (1 ) 2 310 (8 ) 32 Technology and communications 378 (12 ) 37 29 (1 ) 2 407 (13 ) 39 Industrial 143 (3 ) 18 — — — 143 (3 ) 18 Capital goods 171 (3 ) 16 18 (1 ) 2 189 (4 ) 18 Consumer—cyclical 268 (7 ) 26 — — — 268 (7 ) 26 Other — — — 19 (1 ) 2 19 (1 ) 2 Subtotal, U.S. corporate securities 2,593 (64 ) 266 196 (15 ) 22 2,789 (79 ) 288 Non-U.S. corporate: Utilities 69 (2 ) 9 — — — 69 (2 ) 9 Energy 64 (1 ) 10 — — — 64 (1 ) 10 Finance and insurance 366 (8 ) 43 18 (1 ) 2 384 (9 ) 45 Consumer—non-cyclical 67 (1 ) 12 6 (1 ) 1 73 (2 ) 13 Technology and communications 48 (1 ) 8 — — — 48 (1 ) 8 Industrial 122 (3 ) 14 — — — 122 (3 ) 14 Capital goods 78 (1 ) 8 — — — 78 (1 ) 8 Consumer—cyclical 22 (1 ) 8 15 (1 ) 3 37 (2 ) 11 Transportation 37 (1 ) 7 — — — 37 (1 ) 7 Other 39 (2 ) 5 23 (2 ) 2 62 (4 ) 7 Subtotal, non-U.S. corporate securities 912 (21 ) 124 62 (5 ) 8 974 (26 ) 132 Total for corporate securities in an unrealized loss position $ 3,505 $ (85 ) 390 $ 258 $ (20 ) 30 $ 3,763 $ (105 ) 420 The scheduled maturity distribution of fixed maturity securities as of March 31, 2022 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties. (Amounts in millions) Amortized Fair Due one year or less $ 1,407 $ 1,420 Due after one year through five years 8,339 8,501 Due after five years through ten years 13,771 13,943 Due after ten years 23,009 25,427 Subtotal 46,526 49,291 Residential mortgage-backed 1,277 1,320 Commercial mortgage-backed 2,369 2,361 Other asset-backed 2,108 2,055 Total $ 52,280 $ 55,027 As of March 31, 2022, securities issued by finance and insurance, consumer—non-cyclical, utilities and technology and communications industry groups represented approximately 24%, 15%, 13% and 11%, respectively, of our domestic and foreign corporate fixed maturity securities portfolio. No other industry group comprised more than 10% of our investment portfolio. As of March 31, 2022, we did not hold any fixed maturity securities in any single issuer, other than securities issued or guaranteed by the U.S. government, which exceeded 10% of stockholders’ equity. (e) Commercial Mortgage Loans Our mortgage loans are collateralized by commercial properties, including multi-family residential buildings. The carrying value of commercial mortgage loans is stated at original cost net of principal payments, amortization and allowance for credit losses. We diversify our commercial mortgage loans by both property type and geographic region. The following tables set forth the distribution across property type and geographic region for commercial mortgage loans as of the dates indicated: March 31, 2022 December 31, 2021 (Amounts in millions) Carrying % of Carrying % of Property type: Retail $ 2,837 41 % $ 2,774 40 % Office 1,527 22 1,526 22 Industrial 1,461 21 1,420 21 Apartments 577 8 585 9 Mixed use 327 5 330 5 Other 209 3 221 3 Subtotal 6,938 100 % 6,856 100 % Allowance for credit losses (25 ) (26 ) Total $ 6,913 $ 6,830 March 31, 2022 December 31, 2021 (Amounts in millions) Carrying % of Carrying % of Geographic region: South Atlantic $ 1,806 26 % $ 1,770 26 % Pacific 1,357 20 1,360 20 Middle Atlantic 964 14 964 14 Mountain 932 13 892 13 West South Central 493 7 483 7 West North Central 466 7 461 7 East North Central 464 7 465 7 New England 235 3 237 3 East South Central 221 3 224 3 Subtotal 6,938 100 % 6,856 100 % Allowance for credit losses (25 ) (26 ) Total $ 6,913 $ 6,830 As of December 31, 2021, we had one commercial mortgage loan with an amortized cost of $22 million that was 31 to 60 days past due in the office property type. We wrote off $8 million of this commercial mortgage loan during the year ended December 31, 2021 and it was placed on non-accrual status as of December 31, 2021. The carrying value of this commercial mortgage loan was written down to the fair value of its collateral and this loan did not have an allowance for credit losses as of December 31, 2021. As of March 31, 2022, this commercial mortgage loan was more than 90 days past due with an amortized cost of $22 million and was on non-accrual status. As of March 31, 2022, we had no other commercial mortgage loans past due or on non-accrual status. For a discussion of our policy related to placing commercial mortgage loans on non-accrual status, see Note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2021 Annual Report on Form 10-K. During the three months ended March 31, 2022 and the year ended December 31, 2021, we did not have any modifications or extensions that were considered troubled debt restructurings. The following table sets forth the allowance for credit losses related to commercial mortgage loans as of or for the periods indicated: Three months ended (Amounts in millions) 2022 2021 Allowance for credit losses: Beginning balance $ 26 $ 31 Provision (1 ) 1 Write-offs — — Recoveries — — Ending balance $ 25 $ 32 In evaluating the credit quality of commercial mortgage loans, we assess the performance of the underlying loans using both quantitative and qualitative criteria. Certain risks associated with commercial mortgage loans can be evaluated by reviewing both the debt-to-value and debt service coverage ratio to understand both the probability of the borrower not being able to make the necessary loan payments as well as the ability to sell the underlying property for an amount that would enable us to recover our unpaid principal balance in the event of default by the borrower. The average debt-to-value ratio is based on our most recent estimate of the fair value for the underlying property which is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A lower debt-to-value indicates that our loan value is more likely to be recovered in the event of default by the borrower if the property was sold. The debt service coverage ratio is based on “normalized” annual income of the property compared to the payments required under the terms of the loan. Normalization allows for the removal of annual one-time events such as capital expenditures, prepaid or late real estate tax payments or non-recurring third-party fees (such as legal, consulting or contract fees). This ratio is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A higher debt service coverage ratio indicates the borrower is less likely to default on the loan. The debt service coverage ratio is not used without considering other factors associated with the borrower, such as the borrower’s liquidity or access to other resources that may result in our expectation that the borrower will continue to make the future scheduled payments. The following tables set forth commercial mortgage loans by year of origination and credit quality indicator as of March 31, 2022: (Amounts in millions) 2022 2021 2020 2019 2018 2017 and Total Debt-to-value: 0% - 50% $ — $ 23 $ 72 $ 60 $ 161 $ 2,136 $ 2,452 51% - 60% — 40 30 161 272 991 1,494 61% - 75% 197 884 420 505 438 526 2,970 76% - 100% — — — — — — — Greater than 100% — — — — — 22 22 Total amortized cost $ 197 $ 947 $ 522 $ 726 $ 871 $ 3,675 $ 6,938 Debt service coverage ratio: Less than 1.00 $ — $ — $ 10 $ 19 $ 41 $ 150 $ 220 1.00 - 1.25 13 2 69 73 75 317 549 1.26 - 1.50 20 118 32 167 134 333 804 1.51 - 2.00 148 724 219 269 441 1,270 3,071 Greater than 2.00 16 103 192 198 180 1,605 2,294 Total amortized cost $ 197 $ 947 $ 522 $ 726 $ 871 $ 3,675 $ 6,938 The following tables set forth the debt-to-value of commercial mortgage loans by property type as of the dates indicated: March 31, 2022 (Amounts in millions) 0% - 50% 51% - 60% 61% - 75% 76% - 100% Greater Total Property type: Retail $ 849 $ 594 $ 1,394 $ — $ — $ 2,837 Office 492 387 626 — 22 1,527 Industrial 738 233 490 — — 1,461 Apartments 196 99 282 — — 577 Mixed use 121 67 139 — — 327 Other 56 114 39 — — 209 Total amortized cost $ 2,452 $ 1,494 $ 2,970 $ — $ 22 $ 6,938 % of total 35 % 22 % 43 % — % — % 100 % Weighted-average debt service coverage ratio 2.35 1.84 1.62 — — 1.92 December 31, 2021 (Amounts in millions) 0% - 50% 51% - 60% 61% - 75% 76% - 100% Greater Total Property type: Retail $ 853 $ 611 $ 1,310 $ — $ — $ 2,774 Office 505 395 604 — 22 1,526 Industrial 745 240 435 — — 1,420 Apartments 200 102 283 — — 585 Mixed use 120 70 140 — — 330 Other 57 121 43 — — 221 Total amortized cost $ 2,480 $ 1,539 $ 2,815 $ — $ 22 $ 6,856 % of total 36 % 23 % 41 % — % — % 100 % Weighted-average debt service coverage ratio 2.36 1.83 1.61 — 0.68 1.93 The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by property type as of the dates indicated: March 31, 2022 (Amounts in millions) Less than 1.00 1.00 - 1.25 1.26 - 1.50 1.51 - 2.00 Greater Total Property type: Retail $ 100 $ 157 $ 426 $ 1,441 $ 713 $ 2,837 Office 67 108 165 609 578 1,527 Industrial 8 77 80 629 667 1,461 Apartments 17 62 77 230 191 577 Mixed use 23 31 40 118 115 327 Other 5 114 16 44 30 209 Total amortized cost $ 220 $ 549 $ 804 $ 3,071 $ 2,294 $ 6,938 % of total 3 % 8 % 12 % 44 % 33 % 100 % Weighted-average debt-to-value 68 % 60 % 62 % 60 % 44 % 55 % December 31, 2021 (Amounts in millions) Less than 1.00 1.00 - 1.25 1.26 - 1.50 1.51 - 2.00 Greater Total Property type: Retail $ 102 $ 166 $ 405 $ 1,375 $ 726 $ 2,774 Office 67 109 167 593 590 1,526 Industrial 9 64 82 599 666 1,420 Apartments 17 62 84 225 197 585 Mixed use 24 32 40 118 116 330 Other 4 126 13 48 30 221 Total amortized cost $ 223 $ 559 $ 791 $ 2,958 $ 2,325 $ 6,856 % of total 3 % 8 % 12 % 43 % 34 % 100 % Weighted-average debt-to-value 68 % 61 % 61 % 60 % 43 % 55 % (f) Limited Partnerships or Similar Entities Investments in limited partnerships or similar entities are generally considered VIEs when the equity group lacks sufficient financial control. Generally, these investments are limited partner or non-managing member equity investments in a widely held fund that is sponsored and managed by a reputable asset manager. We are not the primary beneficiary of any VIE investment in a limited partnership or similar entity. As of March 31, 2022 and December 31, 2021, the total carrying value of these investments was $1,936 million and $1,829 million, respectively. Our maximum exposure to loss is equal to the outstanding carrying value and future funding commitments. We have not contributed, and do not plan to contribute, any additional financial or other support outside of what is contractually obligated. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments | (5) Derivative Instruments Our business activities routinely deal with fluctuations in interest rates, equity prices, currency exchange rates and other asset and liability prices. We use derivative instruments to mitigate or reduce some of these risks. We have established policies for managing each of these risks, including prohibitions on derivatives market-making and other speculative derivatives activities. These policies require the use of derivative instruments in concert with other techniques to reduce or mitigate these risks. While we use derivatives to mitigate or reduce risks, certain derivatives do not meet the accounting requirements to be designated as hedging instruments and are denoted as “derivatives not designated as hedges” in the following disclosures. For derivatives that meet the accounting requirements to be designated as hedges, the following disclosures for these derivatives are denoted as “derivatives designated as hedges,” which include cash flow hedges. The following table sets forth our positions in derivative instruments as of the dates indicated: Derivative assets Derivative liabilities Fair value Fair value (Amounts in millions) Balance March 31, December 31, Balance sheet March 31, December 31, Derivatives designated as hedges Cash flow hedges: Interest rate swaps Other invested assets $ 162 $ 364 Other liabilities $ 76 $ 26 Foreign currency swaps Other invested assets 5 6 Other liabilities 1 — Total cash flow hedges 167 370 77 26 Total derivatives designated as hedges 167 370 77 26 Derivatives not designated as hedges Equity index options Other invested assets 30 42 Other liabilities — — Financial futures Other invested assets — — Other liabilities — — Other foreign currency contracts Other invested assets — 2 Other liabilities — — GMWB embedded derivatives Reinsurance (1) 17 19 Policyholder (2) 243 271 Fixed index annuity embedded derivatives Other assets — — Policyholder (3) 261 294 Indexed universal life embedded derivatives Reinsurance — — Policyholder (4) 21 25 Total derivatives not designated as hedges 47 63 525 590 Total derivatives $ 214 $ 433 $ 602 $ 616 (1) Represents embedded derivatives associated with the reinsured portion of our guaranteed minimum withdrawal benefits (“GMWB”) liabilities. (2) Represents the embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. (3) Represents the embedded derivatives associated with our fixed index annuity liabilities. (4) Represents the embedded derivatives associated with our indexed universal life liabilities. The fair value of derivative positions presented above was not offset by the respective collateral amounts received or provided under these agreements. The activity associated with derivative instruments can generally be measured by the change in notional value over the periods presented. However, for GMWB embedded derivatives, fixed index annuity embedded derivatives and indexed universal life embedded derivatives, the change between periods is best illustrated by the number of policies. The following tables represent activity associated with derivative instruments as of the dates indicated: (Notional in millions) Measurement December 31, Additions Maturities/ March 31, Derivatives designated as hedges Cash flow hedges: Interest rate swaps Notional $ 7,653 $ — $ (58 ) $ 7,595 Foreign currency swaps Notional 127 — — 127 Total cash flow hedges 7,780 — (58 ) 7,722 Total derivatives designated as hedges 7,780 — (58 ) 7,722 Derivatives not designated as hedges Equity index options Notional 1,446 300 (368 ) 1,378 Financial futures Notional 946 994 (1,042 ) 898 Other foreign currency contracts Notional 83 — (59 ) 24 Total derivatives not designated as hedges 2,475 1,294 (1,469 ) 2,300 Total derivatives $ 10,255 $ 1,294 $ (1,527 ) $ 10,022 (Number of policies) Measurement December 31, Additions Maturities/ March 31, Derivatives not designated as hedges GMWB embedded derivatives Policies 21,804 — (477 ) 21,327 Fixed index annuity embedded derivatives Policies 9,344 — (568 ) 8,776 Indexed universal life embedded derivatives Policies 806 — (7 ) 799 Cash Flow Hedges Certain derivative instruments are designated as cash flow hedges. The changes in fair value of these instruments are recorded as a component of other comprehensive income (loss) (“OCI”). We designate and account for the following as cash flow hedges when they have met the effectiveness requirements: (i) various types of interest rate swaps to convert floating rate investments to fixed rate investments; (ii) various types of interest rate swaps to convert floating rate liabilities into fixed rate liabilities; (iii) receive U.S. dollar fixed on foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated investments; (iv) forward starting interest rate swaps to hedge against changes in interest rates associated with future fixed rate bond purchases and/or interest income; and (v) other instruments to hedge the cash flows of various forecasted transactions. The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended March 31, 2022: (Amounts in millions) Gain (loss) Gain (loss) Classification of gain Gain (loss) Classification of gain Interest rate swaps hedging assets $ (250 ) $ 55 Net investment $ — Net investment gains (losses) Interest rate swaps hedging assets — 2 Net investment — Net investment Interest rate swaps hedging liabilities — (1 ) Interest — Net investment Foreign currency swaps (2 ) 1 Net investment — Net investment Total $ (252 ) $ 57 $ — The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended March 31, 2021: (Amounts in millions) Gain (loss) recognized in OCI Gain (loss) Classification of gain Gain (loss) Classification of gain Interest rate swaps hedging assets $ (529 ) $ 52 Net investment income $ — Net investment gains (losses) Interest rate swaps hedging liabilities 44 — Interest expense — Net investment gains (losses) Foreign currency swaps (2 ) — Net investment income — Net investment gains (losses) Total $ (487 ) $ 52 $ — The following table provides a reconciliation of current period changes, net of applicable income taxes, for these designated derivatives presented in the separate component of stockholders’ equity labeled “derivatives qualifying as hedges,” for the periods indicated: Three months ended (Amounts in millions) 2022 2021 Derivatives qualifying as effective accounting hedges as of January 1 $ 2,025 $ 2,211 Current period increases (decreases) in fair value, net of deferred taxes of $53 and $102 (199 ) (385 ) Reclassification to net (income), net of deferred taxes of $20 and $18 (37 ) (34 ) Derivatives qualifying as effective accounting hedges as of March 31 $ 1,789 $ 1,792 The total of derivatives designated as cash flow hedges of $1,789 million, net of taxes, recorded in stockholders’ equity as of March 31, 2022 is expected to be reclassified to net income (loss) in the future, concurrently with and primarily offsetting changes in interest expense and interest income on floating rate instruments and interest income on future fixed rate bond purchases. Of this amount, $143 million, net of taxes, is expected to be reclassified to net income (loss) in the next 12 months. Actual amounts may vary from this amount as a result of market conditions. All forecasted transactions associated with qualifying cash flow hedges are expected to occur by 2057. During the three months ended March 31, 2022 and 2021, we reclassified $3 million and $2 million, respectively, to net income in connection with forecasted transactions that were no longer considered probable of occurring. Derivatives Not Designated As Hedges We also enter into certain non-qualifying derivative instruments such as: (i) interest rate swaps and financial futures to mitigate interest rate risk as part of managing regulatory capital positions; (ii) equity index options, interest rate swaps and financial futures to mitigate the risks associated with liabilities that have guaranteed minimum benefits, fixed index annuities and indexed universal life; and (iii) foreign currency options and forward contracts to mitigate currency risk associated with dividends, cash payments to AXA S.A. (“AXA”) reported as discontinued operations and/or other cash flows from certain foreign subsidiaries to our holding company. Additionally, we provide GMWBs on certain variable annuities that are required to be bifurcated as embedded derivatives. We also offer fixed index annuity and indexed universal life insurance products and have reinsurance agreements with certain features that are required to be bifurcated as embedded derivatives. The following table provides the pre-tax gain (loss) recognized in net income for the effects of derivatives not designated as hedges for the periods indicated: Three months ended Classification of gain (loss) recognized in net income (Amounts in millions) 2022 2021 Interest rate swaps $ — $ 4 Net investment gains (losses) Equity index options (6 ) 3 Net investment gains (losses) Financial futures (47 ) (110 ) Net investment gains (losses) GMWB embedded derivatives 32 105 Net investment gains (losses) Fixed index annuity embedded derivatives 12 (4 ) Net investment gains (losses) Indexed universal life embedded derivatives 11 10 Net investment gains (losses) Total derivatives not designated as hedges $ 2 $ 8 Derivative Counterparty Credit Risk Most of our derivative arrangements with counterparties require the posting of collateral upon meeting certain net exposure thresholds. The following table presents additional information about derivative assets and liabilities subject to an enforceable master netting arrangement as of the dates indicated: March 31, 2022 December 31, 2021 (Amounts in millions) Derivative (1) Derivative (1) Net Derivative (1) Derivative (1) Net Amounts presented in the balance sheet: Gross amounts recognized $ 198 $ 77 $ 121 $ 414 $ 26 $ 388 Gross amounts offset in the balance sheet — — — — — — Net amounts presented in the balance sheet 198 77 121 414 26 388 Gross amounts not offset in the balance sheet: Financial instruments (2) (49 ) (49 ) — (20 ) (20 ) — Collateral received (110 ) — (110 ) (308 ) — (308 ) Collateral pledged — (567 ) 567 — (536 ) 536 Over collateralization 13 539 (526 ) 2 530 (528 ) Net amount $ 52 $ — $ 52 $ 88 $ — $ 88 (1) Included $1 million of accruals on derivatives classified as other assets as of March 31, 2022 and does not include amounts related to embedded derivatives as of March 31, 2022 and December 31, 2021. (2) Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each counterparty. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value of Financial Instruments | (6) Fair Value of Financial Instruments Recurring Fair Value Measurements We have fixed maturity securities, equity securities, limited partnerships, derivatives, short-term investments, embedded derivatives, separate account assets and certain other financial instruments, which are carried at fair value. Below is a description of the valuation techniques and inputs used to determine fair value by class of instrument. Fixed maturity, short-term investments and equity securities The fair value of fixed maturity securities, short-term investments and equity securities are estimated primarily based on information derived from third-party pricing services (“pricing services”), internal models and/or broker quotes, which use a market approach, income approach or a combination of the market and income approach depending on the type of instrument and availability of information. In general, a market approach is utilized if there is readily available and relevant market activity for an individual security. In certain cases where market information is not available for a specific security but is available for similar securities, that security is valued using market information for similar securities, which is also a market approach. When market information is not available for a specific security (or similar securities) or is available but such information is less relevant or reliable, an income approach or a combination of a market and income approach is utilized. For securities with optionality, such as call or prepayment features (including mortgage-backed or asset-backed securities), an income approach may be used. In addition, a combination of the results from market and income approaches may be used to estimate fair value. These valuation techniques may change from period to period, based on the relevance and availability of market data. Further, while we consider the valuations provided by pricing services and broker quotes to be of high quality, management determines the fair value of our investment securities after considering all relevant and available information. In general, we first obtain valuations from pricing services. If prices are unavailable for public securities, we obtain broker quotes. For all securities, excluding certain private fixed maturity securities, if neither a pricing service nor broker quotes valuation is available, we determine fair value using internal models. For certain private fixed maturity securities where we do not obtain valuations from pricing services, we utilize an internal model to determine fair value since transactions for similar securities are not readily observable and these securities are not typically valued by pricing services. Given our understanding of the pricing methodologies and procedures of pricing services, the securities valued by pricing services are typically classified as Level 2 unless we determine the valuation process for a security or group of securities utilizes significant unobservable inputs, which would result in the valuation being classified as Level 3. Broker quotes are typically based on an income approach given the lack of available market data. As the valuation typically includes significant unobservable inputs, we classify the securities where fair value is based on our consideration of broker quotes as Level 3 measurements. For private fixed maturity securities, we utilize an income approach where we obtain public bond spreads and utilize those in an internal model to determine fair value. Other inputs to the model include rating and weighted-average life, as well as sector which is used to assign the spread. We then add an additional premium, which represents an unobservable input, to the public bond spread to adjust for the liquidity and other features of our private placements. We utilize the estimated market yield to discount the expected cash flows of the security to determine fair value. We utilize price caps for securities where the estimated market yield results in a valuation that may exceed the amount that would be received in a market transaction. When a security does not have an external rating, we assign the security an internal rating to determine the appropriate public bond spread that should be utilized in the valuation. While we generally consider the public bond spreads by sector and maturity to be observable inputs, we evaluate the similarities of our private placement with the public bonds, any price caps utilized, liquidity premiums applied, and whether external ratings are available for our private placements to determine whether the spreads utilized would be considered observable inputs. We classify private securities without an external rating or public bond spread as Level 3. In general, a significant increase (decrease) in credit spreads would have resulted in a significant decrease (increase) in the fair value for our fixed maturity securities as of March 31, 2022. For remaining securities priced using internal models, we determine fair value using an income approach. We maximize the use of observable inputs but typically utilize significant unobservable inputs to determine fair value. Accordingly, the valuations are typically classified as Level 3. Our assessment of whether or not there were significant unobservable inputs related to fixed maturity securities was based on our observations obtained through the course of managing our investment portfolio, including interaction with other market participants, observations related to the availability and consistency of pricing and/or rating, and understanding of general market activity such as new issuance and the level of secondary market trading for a class of securities. Additionally, we considered data obtained from pricing services to determine whether our estimated values incorporate significant unobservable inputs that would result in the valuation being classified as Level 3. A summary of the inputs used for our fixed maturity securities, short-term investments and equity securities based on the level in which instruments are classified is included below. We have combined certain classes of instruments together as the nature of the inputs is similar. Level 1 measurements Equity securities. Separate account assets. Level 2 measurements Fixed maturity securities • Third-party pricing services: The following table presents a summary of the significant inputs used by our pricing services for certain fair value measurements of fixed maturity securities that are classified as Level 2 as of March 31, 2022: (Amounts in millions) Fair value Primary methodologies Significant inputs U.S. government, agencies $4,097 Price quotes from trading desk, broker feeds Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread State and political subdivisions $3,063 Multi-dimensional attribute-based modeling systems, third-party pricing vendors Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes Non-U.S. government $783 Matrix pricing, spread priced to benchmark curves, price quotes from market makers Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources U.S. corporate $27,876 Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, OAS-based models Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports Non-U.S. corporate $7,414 Multi-dimensional attribute-based modeling systems, OAS-based models, price quotes from market makers Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources Residential mortgage-backed $1,287 OAS-based models, single factor binomial models, internally priced Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports Commercial mortgage-backed $2,346 Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage- backed securities analytics model Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swaps curves, TRACE reports Other asset-backed $1,955 Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports • Internal models: Equity securities. Short-term investments. Level 3 measurements Fixed maturity securities • Broker quotes: • Internal models: Equity securities. Limited partnerships. Net asset value Limited partnerships. Derivatives We consider counterparty collateral arrangements and rights of set-off when evaluating our net credit risk exposure to our derivative counterparties. Accordingly, we are permitted to include consideration of these arrangements when determining whether any incremental adjustment should be made for both the counterparty’s and our non-performance risk in measuring fair value for our derivative instruments. As a result of these counterparty arrangements, we determined that any adjustment for credit risk would not be material and we have not recorded any incremental adjustment for our non-performance risk or the non-performance risk of the derivative counterparty for our derivative assets or liabilities. Interest rate swaps. Foreign currency swaps. Equity index options. Financial futures. Other foreign currency contracts. an income approach. The primary inputs into the valuation represent the forward foreign currency exchange rates, which are generally considered observable inputs and results in the derivative being classified as Level 2. GMWB embedded derivatives We are required to bifurcate an embedded derivative for certain features associated with annuity products and related reinsurance agreements where we provide a GMWB to the policyholder and are required to record the GMWB embedded derivative at fair value. The valuation of our GMWB embedded derivative is based on an income approach that incorporates inputs such as forward interest rates, equity index volatility, equity index and fund correlation, and policyholder assumptions such as utilization, lapse and mortality. We determine fair value using an internal model based on the various inputs noted above. Non-performance risk is integrated into the discount rate used to value GMWB liabilities. Our discount rate used to determine fair value of our GMWB liabilities includes market credit spreads above U.S. Treasury rates to reflect an adjustment for the non-performance risk of the GMWB liabilities. As of March 31, 2022 and December 31, 2021, the impact of non-performance risk resulted in a lower fair value of our GMWB liabilities of $42 million and $49 million, respectively. We classify the GMWB valuation as Level 3 based on having significant unobservable inputs, with equity index volatility and non-performance risk being considered the more significant unobservable inputs. As equity index volatility increases, the fair value of the GMWB liabilities will increase. Any increase in non-performance risk would increase the discount rate and would decrease the fair value of the GMWB liability. Additionally, we consider lapse and utilization assumptions to be significant unobservable inputs. An increase in our lapse assumption would decrease the fair value of the GMWB liability, whereas an increase in our utilization rate would increase the fair value. As of March 31, 2022, a significant change in the unobservable inputs discussed above would have resulted in a significantly lower or higher fair value measurement. Fixed index annuity embedded derivatives We have fixed indexed annuity products where interest is credited Indexed universal life embedded derivatives We have indexed universal life insurance products where interest is credited to the policyholder’s account balance based on equity index changes. This feature is required to be bifurcated as an embedded derivative and recorded at fair value. Fair value is determined using an income approach where the present value of the excess cash flows above the guaranteed cash flows is used to determine the value attributed to the equity index feature. The inputs used in determining the fair value include policyholder behavior (lapses and withdrawals), near-term equity index volatility, expected future interest credited, forward interest rates and an adjustment to the discount rate to incorporate non-performance risk and risk margins. As a result of our assumptions for policyholder behavior and expected future interest credited being considered significant unobservable inputs, we classify these instruments as Level 3. As lapses and withdrawals increase, the value of our embedded derivative liability will decrease. As expected future interest credited decreases, the value of our embedded derivative liability will decrease. As of March 31, 2022, a significant change in the unobservable inputs discussed above would have resulted in a significantly lower or higher fair value measurement. The following tables set forth our assets by class of instrument that are measured at fair value on a recurring basis as of the dates indicated: March 31, 2022 (Amounts in millions) Total Level 1 Level 2 Level 3 NAV (1) Assets Investments: Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 4,097 $ — $ 4,097 $ — $ — State and political subdivisions 3,134 — 3,063 71 — Non-U.S. government 784 — 783 1 — U.S. corporate: Utilities 4,634 — 3,722 912 — Energy 2,699 — 2,627 72 — Finance and insurance 8,229 — 7,553 676 — Consumer—non-cyclical 5,488 — 5,396 92 — Technology and communications 3,497 — 3,469 28 — Industrial 1,348 — 1,313 35 — Capital goods 2,512 — 2,471 41 — Consumer—cyclical 1,767 — 1,640 127 — Transportation 1,248 — 1,184 64 — Other 401 — 179 222 — Total U.S. corporate 31,823 — 29,554 2,269 — Non-U.S. corporate: Utilities 878 — 544 334 — Energy 1,241 — 1,103 138 — Finance and insurance 2,191 — 2,048 143 — Consumer—non-cyclical 671 — 611 60 — Technology and communications 1,099 — 1,072 27 — Industrial 953 — 879 74 — Capital goods 619 — 487 132 — Consumer—cyclical 312 — 226 86 — Transportation 423 — 401 22 — Other 1,066 — 1,042 24 — Total non-U.S. corporate 9,453 — 8,413 1,040 — Residential mortgage-backed 1,320 — 1,287 33 — Commercial mortgage-backed 2,361 — 2,346 15 — Other asset-backed 2,055 — 1,955 100 — Total fixed maturity securities 55,027 — 51,498 3,529 — Equity securities 230 137 57 36 — Limited partnerships 1,558 — — 26 1,532 Other invested assets: Derivative assets: Interest rate swaps 162 — 162 — — Foreign currency swaps 5 — 5 — — Equity index options 30 — — 30 — Total derivative assets 197 — 167 30 — Short-term investments 76 — 76 — — Total other invested assets 273 — 243 30 — Reinsurance recoverable (2) 17 — — 17 — Separate account assets 5,530 5,530 — — — Total assets $ 62,635 $ 5,667 $ 51,798 $ 3,638 $ 1,532 (1) Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. (2) Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. December 31, 2021 (Amounts in millions) Total Level 1 Level 2 Level 3 NAV (1) Assets Investments: Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 4,552 $ — $ 4,552 $ — $ — State and political subdivisions 3,450 — 3,368 82 — Non-U.S. government 835 — 833 2 — U.S. corporate: Utilities 5,104 — 4,154 950 — Energy 2,934 — 2,858 76 — Finance and insurance 8,991 — 8,306 685 — Consumer—non-cyclical 6,159 — 6,055 104 — Technology and communications 3,808 — 3,779 29 — Industrial 1,494 — 1,457 37 — Capital goods 2,745 — 2,700 45 — Consumer—cyclical 1,899 — 1,762 137 — Transportation 1,371 — 1,307 64 — Other 419 — 165 254 — Total U.S. corporate 34,924 — 32,543 2,381 — Non-U.S. corporate: Utilities 928 — 583 345 — Energy 1,383 — 1,238 145 — Finance and insurance 2,432 — 2,272 160 — Consumer—non-cyclical 743 — 680 63 — Technology and communications 1,250 — 1,222 28 — Industrial 1,047 — 954 93 — Capital goods 705 — 532 173 — Consumer—cyclical 341 — 265 76 — Transportation 489 — 436 53 — Other 1,217 — 1,191 26 — Total non-U.S. corporate 10,535 — 9,373 1,162 — Residential mortgage-backed 1,440 — 1,413 27 — Commercial mortgage-backed 2,584 — 2,568 16 — Other asset-backed 2,160 — 2,022 138 — Total fixed maturity securities 60,480 — 56,672 3,808 — Equity securities 198 101 60 37 — Limited partnerships 1,462 — — 26 1,436 Other invested assets: Derivative assets: Interest rate swaps 364 — 364 — — Foreign currency swaps 6 — 6 — — Equity index options 42 — — 42 — Other foreign currency contracts 2 — 2 — — Total derivative assets 414 — 372 42 — Short-term investments 26 — 26 — — Total other invested assets 440 — 398 42 — Reinsurance recoverable (2) 19 — — 19 — Separate account assets 6,066 6,066 — — — Total assets $ 68,665 $ 6,167 $ 57,130 $ 3,932 $ 1,436 (1) Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. (2) Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated: Beginning balance as of Total realized and unrealized gains (losses) Ending balance as of Total gains attributable to assets still held (Amounts in millions) Included Included Purchases Sales Issuances Settlements Transfer (1) Transfer (1 ) Included Included Fixed maturity securities: State and political subdivisions $ 82 $ 1 $ (12 ) $ — $ — $ — $ — $ — $ — $ 71 $ 1 $ (12 ) Non-U.S. government 2 — — — (1 ) — — — — 1 — — U.S. corporate: Utilities 950 — (73 ) 35 — — — — — 912 — (73 ) Energy 76 — (4 ) — — — — — — 72 — (4 ) Finance and insurance 685 — (56 ) 66 — — (2 ) — (17 ) 676 — (55 ) Consumer—non-cyclical 104 — (5 ) — — — (7 ) — — 92 — (6 ) Technology and communications 29 — (1 ) — — — — — — 28 — (1 ) Industrial 37 — (2 ) — — — — — — 35 — (2 ) Capital goods 45 — (4 ) — — — — — — 41 — (3 ) Consumer—cyclical 137 — (8 ) — — — (2 ) — — 127 — (8 ) Transportation 64 — (3 ) 5 — — (2 ) — — 64 — (3 ) Other 254 — (11 ) — — — (4 ) — (17 ) 222 — (10 ) Total U.S. corporate 2,381 — (167 ) 106 — — (17 ) — (34 ) 2,269 — (165 ) Non-U.S. corporate: Utilities 345 — (21 ) 10 — — — — — 334 — (21 ) Energy 145 — (7 ) — — — — — — 138 — (7 ) Finance and insurance 160 1 (18 ) — — — — — — 143 1 (18 ) Consumer—non-cyclical 63 — (3 ) — — — — — — 60 — (3 ) Technology and communications 28 — (1 ) — — — — — — 27 — (1 ) Industrial 93 — (6 ) — — — — — (13 ) 74 — (4 ) Capital goods 173 — (8 ) — — — (33 ) — — 132 — (8 ) Consumer—cyclical 76 — (7 ) — — — — 17 — 86 — (7 ) Transportation 53 — (2 ) — — — (29 ) — — 22 — (2 ) Other 26 — (2 ) — — — — — — 24 — (2 ) Total non-U.S. corporate 1,162 1 (75 ) 10 — — (62 ) 17 (13 ) 1,040 1 (73 ) Residential mortgage-backed 27 — (1 ) 9 — — (1 ) 4 (5 ) 33 — — Commercial mortgage-backed 16 — (1 ) — — — — — — 15 — (1 ) Other asset-backed 138 — (7 ) 6 — — (3 ) — (34 ) 100 — (5 ) Total fixed maturity securities 3,808 2 (263 ) 131 (1 ) — (83 ) 21 (86 ) 3,529 2 (256 ) Equity securities 37 — — — — — — — (1 ) 36 — — Limited partnerships 26 — — — — — — — — 26 — — Other invested assets: Derivative assets: Equity index options 42 (6 ) — 5 — — (11 ) — — 30 (3 ) — Total derivative assets 42 (6 ) — 5 — — (11 ) — — 30 (3 ) — Total other invested assets 42 (6 ) — 5 — — (11 ) — — 30 (3 ) — Reinsurance recoverable (2) 19 (2 ) — — — — — — — 17 (2 ) — Total Level 3 assets $ 3,932 $ (6 ) $ (263 ) $ 136 $ (1 ) $ — $ (94 ) $ 21 $ (87 ) $ 3,638 $ (3 ) $ (256 ) (1) The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. (2) Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. Beginning as of Total realized and Ending as of Total gains (Amounts in millions) Included Included Purchases Sales Issuances Settlements Transfer (1) Transfer (1) Included Included Fixed maturity securities: State and political subdivisions $ 66 $ 1 $ 1 $ — $ — $ — $ — $ — $ — $ 68 $ 1 $ 1 U.S. corporate: Utilities 842 — (30 ) 8 — — (13 ) — (14 ) 793 — (29 ) Energy 128 — (4 ) — — — (2 ) — — 122 — (4 ) Finance and insurance 607 — (22 ) 18 — — (17 ) 17 (6 ) 597 — (22 ) Consumer—non-cyclical 109 — (3 ) — — — — — — 106 — (3 ) Technology and communications 47 — (2 ) 12 — — — 4 (21 ) 40 — (2 ) Industrial 40 — — — — — (20 ) — — 20 — — Capital goods 60 — (2 ) — — — — — — 58 — (2 ) Consumer—cyclical 150 — (2 ) — — — (1 ) — — 147 — (2 ) Transportation 70 — (1 ) — — — (2 ) — — 67 — (1 ) Other 219 — (2 ) — — — (3 ) 6 (20 ) 200 — (1 ) Total U.S. corporate 2,272 — (68 ) 38 — — (58 ) 27 (61 ) 2,150 — (66 ) Non-U.S. corporate: Utilities 352 — (7 ) 30 — — — — — 375 — (7 ) Energy 245 — (2 ) — — — — — — 243 — (2 ) Finance and insurance 305 1 (16 ) — — — — — — 290 1 (16 ) Consumer—non-cyclical 67 — (1 ) — — — — — — 66 — (1 ) Technology and communications 28 — — — — — — — — 28 — — Industrial 95 — (2 ) — — — — — — 93 — (2 ) Capital goods 178 — (3 ) — — — — — — 175 — (3 ) Consumer—cyclical 146 — (2 ) 16 — — — — (16 ) 144 — (2 ) Transportation 109 — (1 ) — — — (19 ) — (7 ) 82 — (1 ) Other 83 — (2 ) — — — (1 ) — — 80 — (2 ) Total non-U.S. corporate 1,608 1 (36 ) 46 — — (20 ) — (23 ) 1,576 1 (36 ) Residential mortgage-backed 14 — (1 ) — — — — — — 13 — — Commercial mortgage-backed 20 — (1 ) — — — — — — 19 — (2 ) Other asset-backed 109 — — 3 — — (4 ) 2 (14 ) 96 — — Total fixed maturity securities 4,089 2 (105 ) 87 — — (82 ) 29 (98 ) 3,922 2 (103 ) Equity securities 51 — — — (8 ) — — — — 43 — — Limited partnerships 17 — — 8 — — — — — 25 — — Other invested assets: Derivative assets: Equity index options 63 3 — 5 — — (18 ) — — 53 2 — Total derivative assets 63 3 — 5 — — (18 ) — — 53 2 — Total other invested assets 63 3 — 5 — — (18 ) — — 53 2 — Reinsurance recoverable (2) 26 (8 ) — — — — — — — 18 (8 ) — Total Level 3 assets $ 4,246 $ (3 ) $ (105 ) $ 100 $ (8 ) $ — $ (100 ) $ 29 $ (98 ) $ 4,061 $ (4 ) $ (103 ) (1) The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. (2) Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. The following table presents the gains and losses included in net income from assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the three months ended March 31: (Amounts in millions) 2022 2021 Total realized and unrealized gains (losses) included in net income: Net investment income $ 2 $ 2 Net investment gains (losses) (8 ) (5 ) Total $ (6 ) $ (3 ) Net gains (losses) included in net income attributable to assets still held: Net investment income $ 2 $ 2 Net investment gains (losses) (5 ) (6 ) Total $ (3 ) $ (4 ) The amount presented for realized and unrealized gains (losses) included in net income for fixed maturity securities primarily represents amortization and accretion of premiums and discounts on certain fixed maturity securities. The following table presents a summary of the significant unobservable inputs used for certain asset fair value measurements that are based on internal models and classified as Level 3 as of March 31, 2022: (Amounts in millions) Valuation technique Fair value Unobservable input Range Weighted-average (1) Fixed maturity securities: U.S. corporate: Utilities Internal models $ 880 Credit spreads 49bps - 227bps 148bps Energy Internal models 57 Credit spreads 108bps - 248bps 173bps Finance and insurance Internal models 670 Credit spreads 54bps - 218bps 158bps Consumer—non-cyclical Internal models 92 Credit spreads 54bps - 248bps 132bps Technology and communications Internal models 27 Credit spreads 87bps - 162bps 133bps Industrial Internal models 35 Credit spreads 98bps - 203bps 136bps Capital goods Internal models 41 Credit spreads 67bps - 190bps 145bps Consumer—cyclical Internal models 127 Credit spreads 85bps - 184bps 137bps Transportation Internal models 53 Credit spreads 32bps - 156bps 103bps Other Internal models 158 Credit spreads 90bps - 170bps 109bps Total U.S. corporate Internal models $ 2,140 Credit spreads 32bps - 248bps 146bps Non-U.S. corporate: Utilities Internal models $ 333 Credit spreads 75bps - 218bps 129bps Energy Internal models 129 Credit spreads 83bps - 203bps 138bps Finance and insurance Internal models 143 Credit spreads 88bps - 150bps 135bps Consumer—non-cyclical Internal models 58 Credit spreads 54bps - 154bps 103bps Technology and communications Internal models 27 Credit spreads 83bps - 139bps 108bps Industrial Internal models 74 Credit spreads 67bps - 182bps 113bps Capital goods Internal models 132 Credit spreads 54bps - 236bps 137bps Consumer—cyclical Internal models 57 Credit spreads 98bps - 203bps 137bps Transportation Internal models 21 Credit spreads 126bps - 203bps 141bps Other Internal models 24 Credit spreads 55bps - 130bps 106bps Total non-U.S. corporate Internal models $ 998 Credit spreads 54bps - 236bps 129bps Derivative assets: Equity index options Discounted cash flows $ 30 Equity index 6% - 56% 21% (1) Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity securities and by notional for derivative assets. Certain classes of instruments classified as Level 3 are excluded above as a result of not being material or due to limitations in being able to obtain the underlying inputs used by certain third-party sources, such as broker quotes, used as an input in determining fair value. The following tables set forth our liabilities by class of instrument that are measured at fair value on a recurring basis as of the dates indicated: March 31, 2022 (Amounts in millions) Total Level 1 Level 2 Level 3 Liabilities Policyholder account balances: GMWB embedded derivatives (1) $ 243 $ — $ — $ 243 Fixed index annuity embedded derivatives 261 — — 261 Indexed universal life embedded derivatives 21 — — 21 Total policyholder account balances 525 — — 525 Derivative liabilities: Interest rate swaps 76 — 76 — Foreign currency swaps 1 — 1 — Total derivative liabilities 77 — 77 — Total liabilities $ 602 $ — $ 77 $ 525 (1) Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. December 31, 2021 (Amounts in millions) Total Level 1 Level 2 Level 3 Liabilities Policyholder account balances: GMWB embedded derivatives (1) $ 271 $ — $ — $ 271 Fixed index annuity embedded derivatives 294 — — 294 Indexed universal life embedded derivatives 25 — — 25 Total policyholder account balances 590 — — 590 Derivative liabilities: Interest rate swaps 26 — 26 — Total derivative liabilities 26 — 26 — Total liabilities $ 616 $ — $ 26 $ 590 (1) Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. The following tables present additional information about liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated: Beginning 2022 Total realized and Ending as of Total (gains) losses (Amounts in millions) Included Included Purchases Sales Issuances Settlements Transfer Transfer Included Included Policyholder account balances: GMWB embedded derivatives (1) $ 271 $ (34 ) $ — $ — $ — $ 6 $ — $ — $ — $ 243 $ (30 ) $ — Fixed index annuity embedded derivatives 294 (12 ) — — — — (20 ) — (1 ) 261 (12 ) — Indexed universal life embedded derivatives 25 (11 ) — — — 7 — — — 21 (11 ) — Total policyholder account balances 590 (57 ) — — — 13 (20 ) — (1 ) 525 (53 ) — Total Level 3 liabilities $ 590 $ (57 ) $ — $ — $ — $ 13 $ (20 ) $ — $ (1 ) $ 525 $ (53 ) $ — (1) Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. Beginning as of Total realized and Ending as of Total (gains) losses (Amounts in millions) Included Included Purchases Sales Issuances Settlements Transfer Transfer Included Included Policyholder account balances: GMWB embedded derivatives (1) $ 379 $ (113 ) $ — $ — $ — $ 6 $ — $ — $ — $ 272 $ (107 ) $ — Fixed index annuity embedded derivatives 399 4 — — — — (41 ) — — 362 4 — Indexed universal life embedded derivatives 26 (10 ) — — — 7 — — — 23 (10 ) — Total policyholder account balances 804 (119 ) — — — 13 (41 ) — — 657 (113 ) — Total Level 3 liabilities $ 804 $ (119 ) $ — $ — $ — $ 13 $ (41 ) $ — $ — $ 657 $ (113 ) $ — (1) Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. The following table presents the gains and losses included in net (income) from liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the three months ended March 31: (Amounts in millions) 2022 2021 Total realized and unrealized (gains) losses included in net (income): Net investment income $ — $ — Net investment (gains) losses (57 ) (119 ) Total $ (57 ) $ (119 ) Total (gains) losses included in net (income) attributable to liabilities still held: Net investment income $ — $ — Net investment (gains) losses (53 ) (113 ) Total $ (53 ) $ (113 ) Purchases, sales, issuances and settlements represent the activity that occurred during the period that results in a change of the asset or liability but does not represent changes in fair value for the instruments held at the beginning of the period. Such activity primarily consists of purchases, sales and settlements of fixed maturity and equity securities and purchases, issuances and settlements of derivative instruments. Issuances presented for GMWB embedded derivative liabilities are characterized as the change in fair value associated with the product fees recognized that are attributed to the embedded derivative to equal the expected future benefit costs upon issuance. Issuances for fixed index annuity and indexed universal life embedded derivative liabilities represent the amount of the premium received that is attributed to the value of the embedded derivative. Settlements of embedded derivatives are characterized as the change in fair value upon exercising the embedded derivative instrument, effectively representing a settlement of the embedded derivative instrument. We have shown these changes in fair value separately based on the classification of this activity as effectively issuing and settling the embedded derivative instrument with all remaining changes in the fair value of these embedded derivative instruments being shown separately in the category labeled “included in net (income)” in the tables presented above. The following table presents a summary of the significant unobservable inputs used |
Liability for Policy and Contra
Liability for Policy and Contract Claims | 3 Months Ended |
Mar. 31, 2022 | |
Liability for Policy and Contract Claims | (7) Liability for Policy and Contract Claims The following table sets forth changes in our liability for policy and contract claims as of the dates indicated: As of or for the three (Amounts in millions) 2022 2021 Beginning balance $ 11,841 $ 11,486 Less reinsurance recoverables (2,388 ) (2,431 ) Net beginning balance 9,453 9,055 Incurred related to insured events of: Current year 1,094 1,054 Prior years (293 ) (229 ) Total incurred 801 825 Paid related to insured events of: Current year (202 ) (197 ) Prior years (675 ) (725 ) Total paid (877 ) (922 ) Interest on liability for policy and contract claims 103 101 Net ending balance 9,480 9,059 Add reinsurance recoverables 2,353 2,356 Ending balance $ 11,833 $ 11,415 The liability for policy and contract claims represents our current best estimate; however, there may be future adjustments to this estimate and related assumptions. Such adjustments, reflecting any variety of new and adverse trends, could be significant, and result in increases in reserves by an amount that could be material to our results of operations and financial condition and liquidity. In addition, loss reserves recorded on new delinquencies in our Enact segment have a high degree of estimation, particularly due to the level of uncertainty regarding whether borrowers in forbearance will ultimately cure or result in a claim payment. For the three months ended March 31, 2022, the favorable development of $293 million related to insured events of prior years was primarily attributable to our long-term care insurance business largely related to favorable claim terminations mostly attributable to higher mortality, favorable development on prior year incurred but not reported claims and favorable experience on pending claims that did not become an active claim. COVID-19 significantly increased mortality on our most vulnerable claimants and temporarily decreased the number of new claims submitted. As of March 31, 2022 and December 31, 2021, the balance of incremental claim reserves recorded in connection with changes to claims incidence and mortality experience resulting from COVID-19 was $171 million and $209 million, respectively. During the first quarter of 2022, we reduced our incremental claim reserves associated with insured events of prior years by $38 million as the impacts of COVID-19 lessened. The favorable development related to insured events of prior years was also attributable to our Enact segment, predominantly associated with a $50 million favorable reserve adjustment in the first quarter of 2022 primarily related to COVID-19 delinquencies in 2020 curing at levels above original reserve expectations. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2022 | |
Borrowings | (8) Borrowings The following table sets forth total long-term borrowings as of the dates indicated: (Amounts in millions) March 31, December 31, Genworth Holdings (1) 4.80% Senior Notes, due 2024 $ 200 $ 282 6.50% Senior Notes, due 2034 298 298 Floating Rate Junior Subordinated Notes, due 2066 598 598 Subtotal 1,096 1,178 Bond consent fees (11 ) (12 ) Deferred borrowing charges (7 ) (7 ) Total Genworth Holdings 1,078 1,159 Enact Holdings 6.50% Senior Notes, due 2025 (2) 750 750 Deferred borrowing charges (9 ) (10 ) Total Enact Holdings 741 740 Total $ 1,819 $ 1,899 (1) Genworth Holdings has the option to redeem all or a portion of the senior notes at any time with notice to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an applicable spread. (2) Senior notes issued by Enact Holdings, our majority-owned indirect subsidiary, who has the option to redeem the notes in whole or in part at any time prior to February 15, 2025, by paying a make-whole premium plus accrued and unpaid interest. In the first quarter of 2022, Genworth Holdings repurchased $82 million principal amount of its 4.80% senior notes due in 2024 for a pre-tax loss of $3 million and paid accrued interest thereon. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Taxes | (9) Income Taxes The reconciliation of the federal statutory tax rate to the effective income tax rate was as follows for the periods indicated: Three months ended March 31, 2022 2021 Statutory U.S. federal income tax rate 21.0 % 21.0 % Increase in rate resulting from: Tax on income from terminated swaps 2.8 4.1 Other, net 0.5 0.2 Effective rate 24.3 % 25.3 % The effective tax rate for the three months ended March 31, 2022 and 2021 was above the statutory U.S. federal income tax rate of 21% largely due to tax expense on forward starting swaps, which are tax effected at 35% when amortized into net investment income. The decrease in the effective tax rate for the three months ended March 31, 2022 compared to the three months ended March 31, 2021 was primarily attributable to lower tax expense on forward starting swaps in relation to pre-tax income in the current year. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Information | (10) Segment Information We have the following three operating business segments: Enact; U.S. Life Insurance (which includes our long-term care insurance, life insurance and fixed annuities businesses); and Runoff (which includes the results of non-strategic products which have not been actively sold since 2011). In addition to our three operating business segments, we also have Corporate and Other activities which include debt financing expenses that are incurred at the Genworth Holdings level, unallocated corporate income and expenses, eliminations of inter-segment transactions and the results of other businesses that are reported outside of our operating segments, including certain international mortgage insurance businesses and discontinued operations. We tax our businesses at the U.S. corporate federal income tax rate of 21%. Each segment is then adjusted to reflect the unique tax attributes of that segment, such as permanent differences between U.S. GAAP and tax law. The difference between the consolidated provision for income taxes and the sum of the provision for income taxes in each segment is reflected in Corporate and Other activities. The annually-determined tax rates and adjustments to each segment’s provision for income taxes are estimates which are subject to review and could change from year to year. We use the same accounting policies and procedures to measure segment income (loss) and assets as our consolidated net income and assets. Our chief operating decision maker evaluates segment performance and allocates resources on the basis of “adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders.” We define adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders as income (loss) from continuing operations excluding the after-tax effects of income (loss) from continuing operations attributable to noncontrolling interests, net investment gains (losses), gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions, restructuring costs and infrequent or unusual non-operating items. Initial gains (losses) on insurance block transactions are defined as gains (losses) on the early extinguishment of non-recourse funding obligations, early termination fees for other financing restructuring and/or initial gains (losses) on reinsurance restructuring for certain blocks of business. We exclude net investment gains (losses) and infrequent or unusual non-operating items because we do not consider them to be related to the operating performance of our segments and Corporate and Other activities. A component of our net investment gains (losses) is the result of estimated future credit losses, the size and timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains (losses) can be subject to our discretion and are influenced by market opportunities, as well as asset-liability matching considerations. Gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions and restructuring costs are also excluded from adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders because, in our opinion, they are not indicative of overall operating trends. Infrequent or unusual non-operating items are also excluded from adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders if, in our opinion, they are not indicative of overall operating trends. While some of these items may be significant components of net income (loss) available to Genworth Financial, Inc.’s common stockholders in accordance with U.S. GAAP, we believe that adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders, and measures that are derived from or incorporate adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. However, the items excluded from adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders have occurred in the past and could, and in some cases will, recur in the future. Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders is not a substitute for net income (loss) available to Genworth Financial, Inc.’s common stockholders determined in accordance with U.S. GAAP. In addition, our definition of adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders may differ from the definitions used by other companies. Adjustments to reconcile net income (loss) available to Genworth Financial, Inc.’s common stockholders to adjusted operating income (loss) assume a 21% tax rate and are net of the portion attributable to noncontrolling interests. Net investment gains (losses) are also adjusted for DAC and other intangible amortization and certain benefit reserves. We repurchased $82 million principal amount of Genworth Holdings’ senior notes due in February 2024 and $146 million principal amount of Genworth Holdings’ senior notes with 2021 maturity dates in the first quarters of 2022 and 2021, respectively, for a pre-tax loss of $3 million and $4 million, respectively. These transactions were excluded from adjusted operating income as they relate to losses on the early extinguishment of debt. We recorded a pre-tax expense of $21 million in the first quarter of 2021 related to restructuring costs as we continued to evaluate and appropriately size our organizational needs and expenses. There were no infrequent or unusual items excluded from adjusted operating income during the periods presented. The following is a summary of revenues for our segments and Corporate and Other activities for the periods indicated: Three months ended (Amounts in millions) 2022 2021 Revenues: Enact segment $ 270 $ 288 U.S. Life Insurance segment: Long-term care insurance 1,109 1,140 Life insurance 339 348 Fixed annuities 116 132 U.S. Life Insurance segment 1,564 1,620 Runoff segment 66 76 Corporate and Other activities (8 ) 1 Total revenues $ 1,892 $ 1,985 The following tables present the reconciliation of net income available to Genworth Financial, Inc.’s common stockholders to adjusted operating income available to Genworth Financial, Inc.’s common stockholders and a summary of adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders for our segments and Corporate and Other activities for the periods indicated: Three months ended (Amounts in millions) 2022 2021 Net income available to Genworth Financial, Inc.’s common stockholders $ 149 $ 187 Add: net income from continuing operations attributable to noncontrolling interests 30 — Add: net income from discontinued operations attributable to noncontrolling interests — 8 Net income 179 195 Less: income (loss) from discontinued operations, net of taxes (2 ) 21 Income from continuing operations 181 174 Less: net income from continuing operations attributable to noncontrolling interests 30 — Income from continuing operations available to Genworth Financial, Inc.’s common stockholders 151 174 Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders: Net investment (gains) losses, net (28 ) (33 ) (Gains) losses on early extinguishment of debt 3 4 Expenses related to restructuring — 21 Taxes on adjustments 5 2 Adjusted operating income available to Genworth Financial, Inc.’s common stockholders $ 131 $ 168 Three months ended (Amounts in millions) 2022 2021 Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders: Enact segment $ 135 $ 126 U.S. Life Insurance segment: Long-term care insurance 59 95 Life insurance (79 ) (63 ) Fixed annuities 16 30 U.S. Life Insurance segment (4 ) 62 Runoff segment 9 12 Corporate and Other activities (9 ) (32 ) Adjusted operating income available to Genworth Financial, Inc.’s common stockholders $ 131 $ 168 The following is a summary of total assets for our segments and Corporate and Other activities as of the dates indicated: (Amounts in millions) March 31, December 31, Assets: Enact segment $ 5,790 $ 5,850 U.S. Life Insurance segment 76,482 81,210 Runoff segment 8,960 9,460 Corporate and Other activities 2,255 2,651 Total assets $ 93,487 $ 99,171 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies | (11) Commitments and Contingencies (a) Litigation and Regulatory Matters We face the risk of litigation and regulatory investigations and actions in the ordinary course of operating our businesses, including the risk of class action lawsuits. Our pending legal and regulatory actions include proceedings specific to us and others generally applicable to business practices in the industries in which we operate. In our insurance operations, we are, have been, or may become subject to class actions and individual suits alleging, among other things, issues relating to sales or underwriting practices, increases to in-force long-term care insurance premiums, payment of contingent or other sales commissions, claims payments and procedures, product design, product disclosure, product administration, additional premium charges for premiums paid on a periodic basis, denial or delay of benefits, charging excessive or impermissible fees on products, recommending unsuitable products to customers, our pricing structures and business practices in our mortgage insurance subsidiaries, such as captive reinsurance arrangements with lenders and contract underwriting services, violations of the Real Estate Settlement and Procedures Act of 1974 or related state anti-inducement laws, and mortgage insurance policy rescissions and curtailments, and breaching fiduciary or other duties to customers, including but not limited to breach of customer information. Plaintiffs in class action and other lawsuits against us may seek very large or indeterminate amounts which may remain unknown for substantial periods of time. In our investment-related operations, we are subject to litigation involving commercial disputes with counterparties. We are also subject to litigation arising out of our general business activities such as our contractual and employment relationships, post-closing obligations associated with previous dispositions and securities lawsuits. In addition, we are also subject to various regulatory inquiries, such as information requests, subpoenas, books and record examinations and market conduct and financial examinations from state, federal and international regulators and other authorities. A substantial legal liability or a significant regulatory action against us could have an adverse effect on our business, financial condition and results of operations. Moreover, even if we ultimately prevail in the litigation, regulatory action or investigation, we could suffer significant reputational harm, which could have an adverse effect on our business, financial condition or results of operations. In October 2016, Genworth Financial, certain members of its executive management team, including its former and present chief executive officer, and current and former members of its board of directors were named as defendants in a shareholder derivative suit filed by Esther Chopp in the Court of Chancery of the State of Delaware. The case is captioned Chopp v. McInerney, et al Genworth’s long-term care insurance reserves and concerning Genworth’s former Australian mortgage insurance business, including our plans for an IPO of the business, and seeks unspecified damages, costs, attorneys’ fees and such equitable relief as the Court may deem proper. We filed a motion to dismiss on November 14, 2016. The action was stayed pending the outcome of the proposed China Oceanwide transaction. On April 6, 2021, Genworth Financial terminated the proposed China Oceanwide transaction, thereby lifting the stay. We intend to vigorously defend this action. In September 2018, Genworth Life and Annuity Insurance Company (“GLAIC”), our indirect wholly-owned subsidiary, was named as a defendant in a putative class action lawsuit pending in the United States District Court for the Eastern District of Virginia captioned TVPX ARX INC., as Securities Intermediary for Consolidated Wealth Management, LTD. on behalf of itself and all others similarly situated v. Genworth Life and Annuity Insurance Company In September 2018, Genworth Financial, Genworth Holdings, Genworth North America Corporation, Genworth Financial International Holdings, LLC (“GFIH”) and Genworth Life Insurance Company (“GLIC”) were named as defendants in a putative class action lawsuit pending in the Court of Chancery of the State of Delaware captioned Richard F. Burkhart, William E. Kelly, Richard S. Lavery, Thomas R. Pratt, Gerald Green, individually and on behalf of all other persons similarly situated v. Genworth et al On April 6, 2020, GLAIC was named as a defendant in a putative class action lawsuit filed in the United States District Court for the Eastern District of Virginia, captioned Brighton Trustees, LLC, on behalf of and as trustee for Diamond LS Trust; and Bank of Utah, solely as securities intermediary for Diamond LS Trust; on behalf of themselves and all others similarly situated v. Genworth Life and Annuity Insurance Company Ronald L. Daubenmier, individually and on behalf of himself and all others similarly situated v. Genworth Life and Annuity Insurance Company In January 2021, GLIC and Genworth Life Insurance Company of New York (“GLICNY”) were named as defendants in a putative class action lawsuit pending in the United States District Court for the Eastern District of Virginia captioned Judy Halcom, Hugh Penson, Harold Cherry, and Richard Landino, individually, and on behalf of all others similarly situated v. Genworth Life Insurance Company and Genworth Life Insurance Company of New York In January 2021, GLAIC was named as a defendant in a putative class action lawsuit pending in the United States District Court for the District of Oregon captioned Patsy H. McMillan, Individually and On Behalf Of All Others Similarly Situated, v. Genworth Life and Annuity Insurance Company On August 11, 2021, GLIC and GLICNY received a request for pre-suit mediation related to a potential class action lawsuit that may be brought by five long-term care insurance policyholders, seeking to represent a nationwide class alleging that the defendants made misleading and inadequate disclosures regarding premium increases for long-term care insurance policies. The draft complaint asserts claims for breach of contract, conversion, and declaratory and injunctive relief, and seeks damages in excess of $5 million. Genworth participated in pre-suit mediation in November 2021 and January 2022. On January 15, 2022, the parties reached an agreement in principle to settle the dispute on a nationwide basis, subject to the negotiation and execution of a final settlement agreement, and Court approval thereof. On January 28, 2022, the complaint was filed in the United States District Court for the Eastern District of Virginia captioned Fred Haney, Marsha Merrill, Sylvia Swanson, and Alan Wooten, individually, and on behalf of all others similarly situated v. Genworth Life Insurance Company and Genworth Life Insurance Company of New York At this time we cannot determine or predict the ultimate outcome of any of the pending legal and regulatory matters specifically identified above or the likelihood of potential future legal and regulatory matters against us. Except as disclosed above, we are not able to provide an estimate or range of reasonably possible losses related to these matters. Therefore, we cannot ensure that the current investigations and proceedings will not have a material adverse effect on our business, financial condition or results of operations. In addition, it is possible that related investigations and proceedings may be commenced in the future, and we could become subject to additional unrelated investigations and lawsuits. Increased regulatory scrutiny and any resulting investigations or proceedings could result in new legal precedents and industry-wide regulations or practices that could adversely affect our business, financial condition and results of operations. (b) Commitments As of March 31, 2022, we were committed to fund $1,309 million in limited partnership investments, $75 million in U.S. commercial mortgage loan investments and $20 million in private placement investments. As of March 31, 2022, we were also committed to fund $108 million of bank loan investments which had not yet been drawn. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2022 | |
Changes In Accumulated Other Comprehensive Income (Loss) | (12) Changes in Accumulated Other Comprehensive Income (Loss) The following tables show the changes in accumulated other comprehensive income (loss), net of taxes, by component as of and for the periods indicated: (Amounts in millions) Net (1) Derivatives (2) Foreign Total Balances as of January 1, 2022 $ 1,860 $ 2,025 $ (24 ) $ 3,861 OCI before reclassifications (1,057 ) (199 ) (5 ) (1,261 ) Amounts reclassified from (to) OCI 6 (37 ) — (31 ) Current period OCI (1,051 ) (236 ) (5 ) (1,292 ) Balances as of March 31, 2022 before noncontrolling interests 809 1,789 (29 ) 2,569 Less: change in OCI attributable to noncontrolling interests (41 ) — — (41 ) Balances as of March 31, 2022 $ 850 $ 1,789 $ (29 ) $ 2,610 (1) Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information. (2) See note 5 for additional information. (Amounts in millions) Net (1) Derivatives (2) Foreign Total Balances as of January 1, 2021 $ 2,214 $ 2,211 $ — $ 4,425 OCI before reclassifications (316 ) (385 ) 136 (565 ) Amounts reclassified from (to) OCI (4 ) (34 ) — (38 ) Current period OCI (320 ) (419 ) 136 (603 ) Balances as of March 31, 2021 before noncontrolling interests 1,894 1,792 136 3,822 Less: change in OCI attributable to noncontrolling interests (25 ) — 172 147 Balances as of March 31, 2021 $ 1,919 $ 1,792 $ (36 ) $ 3,675 (1) Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information. (2) See note 5 for additional information. The foreign currency translation and other adjustments balance in the charts above included $(4) million and $(15) million, respectively, net of taxes of $1 million and $4 million, respectively, related to a net unrecognized postretirement benefit obligation as of March 31, 2022 and 2021. The balance also included taxes of $(1) million related to foreign currency translation adjustments as of March 31, 2021. The following table shows reclassifications in (out) of accumulated other comprehensive income (loss), net of taxes, for the periods presented: Amount reclassified from accumulated Affected line item in the consolidated statements of income Three months ended March 31, (Amounts in millions) 2022 2021 Net unrealized investment (gains) losses: Unrealized (gains) losses on (1) $ 8 $ (5 ) Net investment (gains) losses Income taxes (2 ) 1 Provision for income taxes Total $ 6 $ (4 ) Derivatives qualifying as hedges: Interest rate swaps hedging assets $ (55 ) $ (52 ) Net investment income Interest rate swaps hedging assets (2 ) — Net investment (gains) losses Interest rate swaps hedging liabilities 1 — Interest expense Foreign currency swaps (1 ) — Net investment income Income taxes 20 18 Provision for income taxes Total $ (37 ) $ (34 ) (1) Amounts exclude adjustments to DAC, present value of future profits, sales inducements and benefit reserves. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | (13) Discontinued Operations On March 3, 2021, we completed a sale of our entire ownership interest of approximately 52% in Genworth Mortgage Insurance Australia Limited (“Genworth Australia”) through an underwriting agreement. We sold our approximately 214.3 million shares of Genworth Australia for AUD2.28 per share and received approximately AUD483 million ($370 million) in net cash proceeds. A summary of operating results related to Genworth Australia reported as discontinued operations was as follows for the period indicated: (Amounts in millions) Three months Revenues: Premiums $ 51 Net investment income 4 Net investment gains (losses) (5 ) Total revenues 50 Benefits and expenses: Benefits and other changes in policy reserves 11 Acquisition and operating expenses, net of deferrals 7 Amortization of deferred acquisition costs and intangibles 6 Interest expense 1 Total benefits and expenses 25 Income before income taxes and loss on sale (1) 25 Provision for income taxes 7 Income before loss on sale 18 Loss on sale, net of taxes (3 ) Income from discontinued operations, net of taxes 15 Less: net income from discontinued operations attributable to noncontrolling interests 8 Income from discontinued operations available to Genworth Financial, Inc.’s common stockholders $ 7 (1) The three months ended March 31, 2021, includes pre-tax income from discontinued operations available to Genworth Financial, Inc.’s common stockholders of $13 million. In addition, we recorded after-tax income (loss) of $(1) and $11 million for the three months ended March 31, 2022 and 2021, respectively, associated with refinements to our tax matters agreement liability. Lifestyle protection insurance On December 1, 2015, Genworth Financial, through its subsidiaries, completed the sale of its lifestyle protection insurance business to AXA. In 2017, AXA sued us for damages on an indemnity in the 2015 agreement related to alleged remediation it paid to customers who purchased payment protection insurance (“PPI”). On July 20, 2020, we reached a settlement agreement related to losses incurred from mis-selling complaints on policies sold from 1970 through 2004. As part of the settlement agreement, Genworth Holdings agreed to make payments for certain PPI mis-selling claims, along with a significant portion of future claims to be invoiced by AXA. Under the settlement agreement, Genworth Holdings issued a secured promissory note to AXA, in which it agreed to make deferred cash payments in two installments in June 2022 and September 2022. In connection with the Genworth Australia sale, Genworth Holdings made a mandatory principal payment to AXA of approximately £176 million ($245 million) in March 2021. The mandatory payment fully repaid the first installment obligation originally due in June 2022 and partially prepaid the September 2022 installment payment. On September 21, 2021, Genworth Holdings used a portion of the net proceeds from the minority IPO of Enact Holdings to repay the remaining outstanding balance of the secured promissory note of approximately £215 million ($296 million). As of December 31, 2021, we accrued approximately £22 million ($30 million) of estimated future claims still in process of being invoiced. In February 2022, Genworth Holdings paid AXA million, which constitutes the majority of the estimated remaining unprocessed claims. We have established our current best estimates for claims still being processed by AXA, as well as other expenses; however, there may be future adjustments to this estimate. If amounts are different from our estimate, it could result in an adjustment to our liability and an additional amount reflected in income (loss) from discontinued operations. The following table presents the amounts owed to AXA under the settlement agreement reflected as liabilities related to discontinued operations in our condensed consolidated balance sheets as of the periods presented: (Amounts in millions) British Pounds U.S. Dollar March 31, December 31, March 31, December 31, Installment payments due to AXA: June 2022: Beginning balance £ — £ 159 $ — $ 217 Prepayments (1) — (159 ) — (217 ) Ending balance — — — — September 2022: Beginning balance — 187 — 256 Amounts billed as future losses — 45 — 61 Prepayments (1) — (232 ) — (324 ) Foreign exchange and other — — — 7 Ending balance — — — — Total amounts due under the promissory note — — — — Future claims: Estimated beginning balance 22 79 30 108 Plus: Additional amounts invoiced 1 — 1 — Change in estimated future claims — (10 ) — (14 ) Less: Amounts billed and included as mandatory prepayments — (45 ) — (61 ) Less: Amounts paid (22 ) (2 ) (30 ) (3 ) Foreign exchange and other — — — — Estimated future claims 1 22 1 30 Total amounts due to AXA under the settlement £ 1 £ 22 $ 1 $ 30 (1) On March 3, 2021, we completed the sale of Genworth For the three months ended March 31, 2022 and 2021, we recorded an after-tax loss from discontinued operations of $1 million in each period, related to the settlement agreement with AXA. In the event AXA recovers amounts from third parties related to the mis-selling losses, including from the distributor responsible for the sale of the policies, we have certain rights to share in those recoveries to recoup payments for the underlying mis-selling losses. As of March 31, 2022, we have not recorded any amounts associated with recoveries from third parties. In addition to the future claims still being processed under the settlement agreement, we also have an unrelated liability that is owed to AXA associated with a tax gross up on underwriting losses attributable to a product sold by a distributor in our former lifestyle protection insurance business. As of March 31, 2022 and December 31, 2021, the balance of the liability was $3 million and $4 million, respectively liability |
Accounting Changes (Policies)
Accounting Changes (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Disclosue of Accounting Changes [Abstract] | |
Accounting Pronouncements Not Yet Adopted | In March 2022, the Financial Accounting Standards Board (the “FASB”) issued new accounting guidance related to troubled debt restructurings and the vintage disclosures included within the accounting guidance for credit losses on financial instruments. The guidance eliminates the recognition and measurement requirements for troubled debt restructurings and requires creditors to instead apply existing guidance related to loan refinancing and restructuring to determine whether a modification results in a new loan or a continuation of an existing loan. The guidance also expands disclosures for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty and requires the presentation of gross write-offs by year of origination. The guidance is currently effective for us on January 1, 2023 using the prospective method, with an option to use the modified retrospective method for the recognition and measurement of troubled debt restructurings. We are permitted to early adopt this new accounting guidance as we adopted the accounting guidance related to credit losses on financial instruments on January 1, 2020. We do not expect any significant impact from this guidance on our consolidated financial statements and disclosures. In August 2018, the FASB issued new accounting guidance that significantly changes the recognition and measurement of long-duration insurance contracts and expands disclosure requirements, which impacts deferred acquisition costs (“DAC”) and liabilities in our U.S. life insurance companies. In accordance with the guidance, the more significant changes include: • assumptions will no longer be locked-in at contract inception and all cash flow assumptions used to estimate the liability for future policy benefits (except the discount rate) will be reviewed at least annually in the same period each year or more frequently if actual experience indicates a change is required. Changes will be recorded in net income (loss) using a retrospective approach with a cumulative catch-up adjustment by recalculating the net premium ratio (which will be capped at 100%) using actual historical and updated future cash flow assumptions; • the discount rate used to determine the liability for future policy benefits will be a current upper-medium grade (low credit risk) fixed-income instrument yield, which is generally interpreted to mean a single-A rated bond rate for the same duration, and is required to be reviewed quarterly, with changes in the discount rate recorded in other comprehensive income (loss); • the provision for adverse deviation and the premium deficiency test will be eliminated; • market risk benefits associated with deposit-type contracts will be measured at fair value with changes related to instrument-specific credit risk recorded in other comprehensive income (loss) and remaining changes recorded in net income (loss); • the amortization method for DAC will generally be on a straight-line basis over the expected contract term; and • disclosures will be greatly expanded to include significant assumptions and product liability rollforwards. T retrospective |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share | Basic and diluted earnings per share are calculated by dividing each income (loss) category presented below by the weighted-average basic and diluted common shares outstanding for the periods indicated: Three months ended March 31, (Amounts in millions, except per share amounts) 2022 2021 Weighted-average shares used in basic earnings per share calculations 508.3 506.0 Potentially dilutive securities: Stock options, restricted stock units and other equity-based compensation 9.1 7.8 Weighted-average shares used in diluted earnings per share calculations 517.4 513.8 Income from continuing operations: Income from continuing operations $ 181 $ 174 Less: net income from continuing operations attributable to noncontrolling interests 30 — Income from continuing operations available to Genworth Financial, Inc.’s common stockholders $ 151 $ 174 Basic per share $ 0.30 $ 0.35 Diluted per share $ 0.29 $ 0.34 Income (loss) from discontinued operations: Income (loss) from discontinued operations, net of taxes $ (2 ) $ 21 Less: net income (loss) from discontinued operations attributable to noncontrolling interests — 8 Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders $ (2 ) $ 13 Basic per share $ — $ 0.02 Diluted per share $ — $ 0.02 Net income: Income from continuing operations $ 181 $ 174 Income (loss) from discontinued operations, net of taxes (2 ) 21 Net income 179 195 Less: net income attributable to noncontrolling interests 30 8 Net income available to Genworth Financial, Inc.’s common stockholders $ 149 $ 187 Basic per share (1) $ 0.29 $ 0.37 Diluted per share (1) $ 0.29 $ 0.37 (1) May not total due to whole number calculation. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Net Investment Income | Sources of net investment income were as follows for the periods indicated: Three months ended (Amounts in millions) 2022 2021 Fixed maturity securities—taxable $ 580 $ 599 Fixed maturity securities—non-taxable 1 2 Equity securities 2 3 Commercial mortgage loans 81 78 Policy loans 50 50 Limited partnerships 7 31 Other invested assets 63 58 Gross investment income before expenses and fees 784 821 Expenses and fees (20 ) (20 ) Net investment income $ 764 $ 801 |
Net Investment Gains (Losses) | The following table sets forth net investment gains (losses) for the periods indicated: Three months ended (Amounts in millions) 2022 2021 Realized investment gains (losses): Available-for-sale fixed maturity securities: Realized gains $ 10 $ 7 Realized losses (18 ) (3 ) Net realized gains (losses) on available-for-sale fixed maturity securities (8 ) 4 Net realized gains (losses) on equity securities sold — (5 ) Net realized gains (losses) on limited partnerships — 3 Total net realized investment gains (losses) (8 ) 2 Net change in allowance for credit losses on available-for-sale fixed maturity securities — (2 ) Write-down of available-for-sale fixed maturity securities (1) (2 ) (1 ) Net unrealized gains (losses) on equity securities still held (6 ) (8 ) Net unrealized gains (losses) on limited partnerships 35 34 Commercial mortgage loans 1 (1 ) Derivative instruments (2) 4 8 Other 4 1 Net investment gains (losses) $ 28 $ 33 (1) Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis. (2) See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses). |
Allowance for credit losses related to fixed maturity securities | The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity investments as of and for the three months ended March 31, 2021: (Amounts in millions) Beginning Increase Increase Securities Decrease Write-offs Recoveries Ending Fixed maturity securities: Non-U.S. corporate $ 1 $ — $ 2 $ — $ — $ — $ — $ 3 Commercial mortgage-backed 3 — — — — (3 ) — — Total available-for-sale fixed maturity securities $ 4 $ — $ 2 $ — $ — $ (3 ) $ — $ 3 |
Unrealized Investment Gains and Losses | Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component of accumulated other comprehensive income (loss) were as follows as of the dates indicated: (Amounts in millions) March 31, December 31, Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses (1) $ 2,747 $ 7,869 Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses (1) — — Adjustments to DAC, present value of future profits, sales inducements, benefit reserves and policyholder contract balances (1,700 ) (5,487 ) Income taxes, net (223 ) (507 ) Net unrealized investment gains (losses) 824 1,875 Less: net unrealized investment gains (losses) attributable to noncontrolling interests (26 ) 15 Net unrealized investment gains (losses) attributable to Genworth Financial, Inc. $ 850 $ 1,860 (1) Excludes foreign exchange. |
Change in Net Unrealized Gains (Losses) on Available-for-Sale Investment Securities Reported in Accumulated Other Comprehensive Income (Loss) | The change in net unrealized gains (losses) on available-for-sale investment securities reported in accumulated other comprehensive income (loss) was as follows as of and for the three months ended March 31: (Amounts in millions) 2022 2021 Beginning balance $ 1,860 $ 2,214 Unrealized gains (losses) arising during the period: Unrealized gains (losses) on fixed maturity securities (5,130 ) (3,383 ) Adjustment to DAC 237 (174 ) Adjustment to present value of future profits 1 1 Adjustment to sales inducements 22 3 Adjustment to benefit reserves and policyholder contract balances 3,527 3,145 Provision for income taxes 286 92 Change in unrealized gains (losses) on investment securities (1,057 ) (316 ) Reclassification adjustments to net investment (gains) losses, net of taxes of $(2) and $1 6 (4 ) Change in net unrealized investment gains (losses) (1,051 ) (320 ) Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests (41 ) (25 ) Ending balance $ 850 $ 1,919 |
Fixed Maturity Securities | As of March 31, 2022, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows: (Amounts in millions) Amortized Gross Gross Allowance Fair Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 3,356 $ 744 $ (3 ) $ — $ 4,097 State and political subdivisions 3,009 206 (81 ) — 3,134 Non-U.S. government 778 48 (42 ) — 784 U.S. corporate: Utilities 4,345 355 (66 ) — 4,634 Energy 2,572 175 (48 ) — 2,699 Finance and insurance 8,026 406 (203 ) — 8,229 Consumer—non-cyclical 5,070 488 (70 ) — 5,488 Technology and communications 3,371 213 (87 ) — 3,497 Industrial 1,301 73 (26 ) — 1,348 Capital goods 2,346 205 (39 ) — 2,512 Consumer—cyclical 1,725 86 (44 ) — 1,767 Transportation 1,133 124 (9 ) — 1,248 Other 381 24 (4 ) — 401 Total U.S. corporate 30,270 2,149 (596 ) — 31,823 Non-U.S. corporate: Utilities 874 19 (15 ) — 878 Energy 1,158 102 (19 ) — 1,241 Finance and insurance 2,129 132 (70 ) — 2,191 Consumer—non-cyclical 665 28 (22 ) — 671 Technology and communications 1,055 61 (17 ) — 1,099 Industrial 918 56 (21 ) — 953 Capital goods 610 25 (16 ) — 619 Consumer—cyclical 316 5 (9 ) — 312 Transportation 392 38 (7 ) — 423 Other 996 86 (16 ) — 1,066 Total non-U.S. corporate 9,113 552 (212 ) — 9,453 Residential mortgage-backed 1,277 57 (14 ) — 1,320 Commercial mortgage-backed 2,369 36 (44 ) — 2,361 Other asset-backed 2,108 7 (60 ) — 2,055 Total available-for-sale fixed maturity securities $ 52,280 $ 3,799 $ (1,052 ) $ — $ 55,027 As of December 31, 2021, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows: (Amounts in millions) Amortized Gross Gross Allowance Fair Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 3,368 $ 1,184 $ — $ — $ 4,552 State and political subdivisions 2,982 474 (6 ) — 3,450 Non-U.S. government 762 86 (13 ) — 835 U.S. corporate: Utilities 4,330 783 (9 ) — 5,104 Energy 2,581 363 (10 ) — 2,934 Finance and insurance 8,003 1,012 (24 ) — 8,991 Consumer—non-cyclical 5,138 1,029 (8 ) — 6,159 Technology and communications 3,345 476 (13 ) — 3,808 Industrial 1,322 175 (3 ) — 1,494 Capital goods 2,334 415 (4 ) — 2,745 Consumer—cyclical 1,703 203 (7 ) — 1,899 Transportation 1,122 249 — — 1,371 Other 379 41 (1 ) — 419 Total U.S. corporate 30,257 4,746 (79 ) — 34,924 Non-U.S. corporate: Utilities 867 63 (2 ) — 928 Energy 1,194 190 (1 ) — 1,383 Finance and insurance 2,171 270 (9 ) — 2,432 Consumer—non-cyclical 664 81 (2 ) — 743 Technology and communications 1,085 166 (1 ) — 1,250 Industrial 933 117 (3 ) — 1,047 Capital goods 640 66 (1 ) — 705 Consumer—cyclical 316 27 (2 ) — 341 Transportation 422 68 (1 ) — 489 Other 1,052 169 (4 ) — 1,217 Total non-U.S. corporate 9,344 1,217 (26 ) — 10,535 Residential mortgage-backed 1,325 116 (1 ) — 1,440 Commercial mortgage-backed 2,435 152 (3 ) — 2,584 Other asset-backed 2,138 29 (7 ) — 2,160 Total available-for-sale fixed maturity securities $ 52,611 $ 8,004 $ (135 ) $ — $ 60,480 |
Gross Unrealized Losses and Fair Values of Securities in a Continuous Unrealized Loss Position | The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of March 31, 2022: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair Gross Number Fair Gross Number Fair Gross Number Description of Securities Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 67 $ (2 ) 17 $ 10 $ (1 ) 3 $ 77 $ (3 ) 20 State and political subdivisions 902 (78 ) 157 25 (3 ) 5 927 (81 ) 162 Non-U.S. government 305 (27 ) 46 80 (15 ) 10 385 (42 ) 56 U.S. corporate 8,109 (505 ) 995 627 (91 ) 65 8,736 (596 ) 1,060 Non-U.S. corporate 2,672 (173 ) 355 258 (39 ) 31 2,930 (212 ) 386 Residential mortgage-backed 304 (13 ) 78 5 (1 ) 5 309 (14 ) 83 Commercial mortgage-backed 1,098 (40 ) 160 43 (4 ) 6 1,141 (44 ) 166 Other asset-backed 1,500 (57 ) 254 66 (3 ) 15 1,566 (60 ) 269 Total for fixed maturity securities in an unrealized loss position $ 14,957 $ (895 ) 2,062 $ 1,114 $ (157 ) 140 $ 16,071 $ (1,052 ) 2,202 % Below cost: <20% Below cost $ 14,957 $ (895 ) 2,062 $ 1,066 $ (142 ) 134 $ 16,023 $ (1,037 ) 2,196 20%-50% Below cost — — — 48 (15 ) 6 48 (15 ) 6 Total for fixed maturity securities in an unrealized loss position $ 14,957 $ (895 ) 2,062 $ 1,114 $ (157 ) 140 $ 16,071 $ (1,052 ) 2,202 Investment grade $ 13,796 $ (823 ) 1,896 $ 1,031 $ (140 ) 129 $ 14,827 $ (963 ) 2,025 Below investment grade 1,161 (72 ) 166 83 (17 ) 11 1,244 (89 ) 177 Total for fixed maturity securities in an unrealized loss position $ 14,957 $ (895 ) 2,062 $ 1,114 $ (157 ) 140 $ 16,071 $ (1,052 ) 2,202 The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, based on industry, as of March 31, 2022: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair Gross Number Fair Gross Number of Fair Gross Number of Description of Securities U.S. corporate: Utilities $ 1,089 $ (56 ) 142 $ 59 $ (10 ) 13 $ 1,148 $ (66 ) 155 Energy 740 (40 ) 87 63 (8 ) 7 803 (48 ) 94 Finance and insurance 2,529 (173 ) 293 203 (30 ) 17 2,732 (203 ) 310 Consumer—non-cyclical 916 (56 ) 109 86 (14 ) 7 1,002 (70 ) 116 Technology and communications 1,094 (73 ) 147 93 (14 ) 8 1,187 (87 ) 155 Industrial 361 (26 ) 46 — — — 361 (26 ) 46 Capital goods 553 (35 ) 65 27 (4 ) 4 580 (39 ) 69 Consumer—cyclical 507 (34 ) 65 78 (10 ) 7 585 (44 ) 72 Transportation 247 (9 ) 32 — — — 247 (9 ) 32 Other 73 (3 ) 9 18 (1 ) 2 91 (4 ) 11 Subtotal, U.S. corporate securities 8,109 (505 ) 995 627 (91 ) 65 8,736 (596 ) 1,060 Non-U.S. corporate: Utilities 272 (13 ) 28 12 (2 ) 1 284 (15 ) 29 Energy 291 (18 ) 27 4 (1 ) 1 295 (19 ) 28 Finance and insurance 685 (47 ) 96 157 (23 ) 16 842 (70 ) 112 Consumer—non-cyclical 253 (21 ) 32 6 (1 ) 1 259 (22 ) 33 Technology and communications 269 (17 ) 41 — — — 269 (17 ) 41 Industrial 274 (19 ) 35 18 (2 ) 2 292 (21 ) 37 Capital goods 231 (16 ) 30 — — — 231 (16 ) 30 Consumer—cyclical 128 (7 ) 25 20 (2 ) 4 148 (9 ) 29 Transportation 125 (7 ) 19 — — — 125 (7 ) 19 Other 144 (8 ) 22 41 (8 ) 6 185 (16 ) 28 Subtotal, non-U.S. corporate securities 2,672 (173 ) 355 258 (39 ) 31 2,930 (212 ) 386 Total for corporate securities in an unrealized loss position $ 10,781 $ (678 ) 1,350 $ 885 $ (130 ) 96 $ 11,666 $ (808 ) 1,446 The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of December 31, 2021: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair Gross Number Fair Gross Number Fair Gross Number Description of Securities Fixed maturity securities: State and political subdivisions $ 339 $ (6 ) 67 $ — $ — — $ 339 $ (6 ) 67 Non-U.S. government 173 (9 ) 28 19 (4 ) 1 192 (13 ) 29 U.S. corporate 2,593 (64 ) 266 196 (15 ) 22 2,789 (79 ) 288 Non-U.S. corporate 912 (21 ) 124 62 (5 ) 8 974 (26 ) 132 Residential mortgage-backed 97 (1 ) 22 — — — 97 (1 ) 22 Commercial mortgage-backed 113 (2 ) 17 31 (1 ) 4 144 (3 ) 21 Other asset-backed 764 (7 ) 111 — — — 764 (7 ) 111 Total for fixed maturity securities in an unrealized loss position $ 4,991 $ (110 ) 635 $ 308 $ (25 ) 35 $ 5,299 $ (135 ) 670 % Below cost: <20% Below cost $ 4,991 $ (110 ) 635 $ 297 $ (20 ) 33 $ 5,288 $ (130 ) 668 20%-50% Below cost — — — 11 (5 ) 2 11 (5 ) 2 Total for fixed maturity securities in an unrealized loss position $ 4,991 $ (110 ) 635 $ 308 $ (25 ) 35 $ 5,299 $ (135 ) 670 Investment grade $ 4,644 $ (101 ) 587 $ 241 $ (12 ) 25 $ 4,885 $ (113 ) 612 Below investment grade 347 (9 ) 48 67 (13 ) 10 414 (22 ) 58 Total for fixed maturity securities in an unrealized loss position $ 4,991 $ (110 ) 635 $ 308 $ (25 ) 35 $ 5,299 $ (135 ) 670 The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, based on industry, as of December 31, 2021: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair Gross Number of Fair Gross Number of Fair Gross Number of Description of Securities U.S. corporate: Utilities $ 211 $ (7 ) 32 $ 29 $ (2 ) 7 $ 240 $ (9 ) 39 Energy 166 (3 ) 18 25 (7 ) 4 191 (10 ) 22 Finance and insurance 960 (22 ) 89 62 (2 ) 3 1,022 (24 ) 92 Consumer—non-cyclical 296 (7 ) 30 14 (1 ) 2 310 (8 ) 32 Technology and communications 378 (12 ) 37 29 (1 ) 2 407 (13 ) 39 Industrial 143 (3 ) 18 — — — 143 (3 ) 18 Capital goods 171 (3 ) 16 18 (1 ) 2 189 (4 ) 18 Consumer—cyclical 268 (7 ) 26 — — — 268 (7 ) 26 Other — — — 19 (1 ) 2 19 (1 ) 2 Subtotal, U.S. corporate securities 2,593 (64 ) 266 196 (15 ) 22 2,789 (79 ) 288 Non-U.S. corporate: Utilities 69 (2 ) 9 — — — 69 (2 ) 9 Energy 64 (1 ) 10 — — — 64 (1 ) 10 Finance and insurance 366 (8 ) 43 18 (1 ) 2 384 (9 ) 45 Consumer—non-cyclical 67 (1 ) 12 6 (1 ) 1 73 (2 ) 13 Technology and communications 48 (1 ) 8 — — — 48 (1 ) 8 Industrial 122 (3 ) 14 — — — 122 (3 ) 14 Capital goods 78 (1 ) 8 — — — 78 (1 ) 8 Consumer—cyclical 22 (1 ) 8 15 (1 ) 3 37 (2 ) 11 Transportation 37 (1 ) 7 — — — 37 (1 ) 7 Other 39 (2 ) 5 23 (2 ) 2 62 (4 ) 7 Subtotal, non-U.S. corporate securities 912 (21 ) 124 62 (5 ) 8 974 (26 ) 132 Total for corporate securities in an unrealized loss position $ 3,505 $ (85 ) 390 $ 258 $ (20 ) 30 $ 3,763 $ (105 ) 420 |
Maturity Distribution of Fixed Maturity Securities | The scheduled maturity distribution of fixed maturity securities as of March 31, 2022 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties. (Amounts in millions) Amortized Fair Due one year or less $ 1,407 $ 1,420 Due after one year through five years 8,339 8,501 Due after five years through ten years 13,771 13,943 Due after ten years 23,009 25,427 Subtotal 46,526 49,291 Residential mortgage-backed 1,277 1,320 Commercial mortgage-backed 2,369 2,361 Other asset-backed 2,108 2,055 Total $ 52,280 $ 55,027 |
Allowance for Credit Losses and Recorded Investment in Commercial Mortgage Loans | The following table sets forth the allowance for credit losses related to commercial mortgage loans as of or for the periods indicated: Three months ended (Amounts in millions) 2022 2021 Allowance for credit losses: Beginning balance $ 26 $ 31 Provision (1 ) 1 Write-offs — — Recoveries — — Ending balance $ 25 $ 32 |
Commercial Mortgage Loans By Credit Quality Indicator | The following tables set forth commercial mortgage loans by year of origination and credit quality indicator as of March 31, 2022: (Amounts in millions) 2022 2021 2020 2019 2018 2017 and Total Debt-to-value: 0% - 50% $ — $ 23 $ 72 $ 60 $ 161 $ 2,136 $ 2,452 51% - 60% — 40 30 161 272 991 1,494 61% - 75% 197 884 420 505 438 526 2,970 76% - 100% — — — — — — — Greater than 100% — — — — — 22 22 Total amortized cost $ 197 $ 947 $ 522 $ 726 $ 871 $ 3,675 $ 6,938 Debt service coverage ratio: Less than 1.00 $ — $ — $ 10 $ 19 $ 41 $ 150 $ 220 1.00 - 1.25 13 2 69 73 75 317 549 1.26 - 1.50 20 118 32 167 134 333 804 1.51 - 2.00 148 724 219 269 441 1,270 3,071 Greater than 2.00 16 103 192 198 180 1,605 2,294 Total amortized cost $ 197 $ 947 $ 522 $ 726 $ 871 $ 3,675 $ 6,938 |
Loan To Value Ratio | |
Commercial Mortgage Loans By Credit Quality Indicator | The following tables set forth the debt-to-value of commercial mortgage loans by property type as of the dates indicated: March 31, 2022 (Amounts in millions) 0% - 50% 51% - 60% 61% - 75% 76% - 100% Greater Total Property type: Retail $ 849 $ 594 $ 1,394 $ — $ — $ 2,837 Office 492 387 626 — 22 1,527 Industrial 738 233 490 — — 1,461 Apartments 196 99 282 — — 577 Mixed use 121 67 139 — — 327 Other 56 114 39 — — 209 Total amortized cost $ 2,452 $ 1,494 $ 2,970 $ — $ 22 $ 6,938 % of total 35 % 22 % 43 % — % — % 100 % Weighted-average debt service coverage ratio 2.35 1.84 1.62 — — 1.92 December 31, 2021 (Amounts in millions) 0% - 50% 51% - 60% 61% - 75% 76% - 100% Greater Total Property type: Retail $ 853 $ 611 $ 1,310 $ — $ — $ 2,774 Office 505 395 604 — 22 1,526 Industrial 745 240 435 — — 1,420 Apartments 200 102 283 — — 585 Mixed use 120 70 140 — — 330 Other 57 121 43 — — 221 Total amortized cost $ 2,480 $ 1,539 $ 2,815 $ — $ 22 $ 6,856 % of total 36 % 23 % 41 % — % — % 100 % Weighted-average debt service coverage ratio 2.36 1.83 1.61 — 0.68 1.93 The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by property type as of the dates indicated: March 31, 2022 (Amounts in millions) Less than 1.00 1.00 - 1.25 1.26 - 1.50 1.51 - 2.00 Greater Total Property type: Retail $ 100 $ 157 $ 426 $ 1,441 $ 713 $ 2,837 Office 67 108 165 609 578 1,527 Industrial 8 77 80 629 667 1,461 Apartments 17 62 77 230 191 577 Mixed use 23 31 40 118 115 327 Other 5 114 16 44 30 209 Total amortized cost $ 220 $ 549 $ 804 $ 3,071 $ 2,294 $ 6,938 % of total 3 % 8 % 12 % 44 % 33 % 100 % Weighted-average debt-to-value 68 % 60 % 62 % 60 % 44 % 55 % December 31, 2021 (Amounts in millions) Less than 1.00 1.00 - 1.25 1.26 - 1.50 1.51 - 2.00 Greater Total Property type: Retail $ 102 $ 166 $ 405 $ 1,375 $ 726 $ 2,774 Office 67 109 167 593 590 1,526 Industrial 9 64 82 599 666 1,420 Apartments 17 62 84 225 197 585 Mixed use 24 32 40 118 116 330 Other 4 126 13 48 30 221 Total amortized cost $ 223 $ 559 $ 791 $ 2,958 $ 2,325 $ 6,856 % of total 3 % 8 % 12 % 43 % 34 % 100 % Weighted-average debt-to-value 68 % 61 % 61 % 60 % 43 % 55 % |
Other Geographic Area | Commercial Mortgage Loan | |
Distribution Across Property Type and Geographic Region for Commercial Mortgage Loans | The following tables set forth the distribution across property type and geographic region for commercial mortgage loans as of the dates indicated: March 31, 2022 December 31, 2021 (Amounts in millions) Carrying % of Carrying % of Property type: Retail $ 2,837 41 % $ 2,774 40 % Office 1,527 22 1,526 22 Industrial 1,461 21 1,420 21 Apartments 577 8 585 9 Mixed use 327 5 330 5 Other 209 3 221 3 Subtotal 6,938 100 % 6,856 100 % Allowance for credit losses (25 ) (26 ) Total $ 6,913 $ 6,830 March 31, 2022 December 31, 2021 (Amounts in millions) Carrying % of Carrying % of Geographic region: South Atlantic $ 1,806 26 % $ 1,770 26 % Pacific 1,357 20 1,360 20 Middle Atlantic 964 14 964 14 Mountain 932 13 892 13 West South Central 493 7 483 7 West North Central 466 7 461 7 East North Central 464 7 465 7 New England 235 3 237 3 East South Central 221 3 224 3 Subtotal 6,938 100 % 6,856 100 % Allowance for credit losses (25 ) (26 ) Total $ 6,913 $ 6,830 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule Of Positions in Derivative Instruments | The following table sets forth our positions in derivative instruments as of the dates indicated: Derivative assets Derivative liabilities Fair value Fair value (Amounts in millions) Balance March 31, December 31, Balance sheet March 31, December 31, Derivatives designated as hedges Cash flow hedges: Interest rate swaps Other invested assets $ 162 $ 364 Other liabilities $ 76 $ 26 Foreign currency swaps Other invested assets 5 6 Other liabilities 1 — Total cash flow hedges 167 370 77 26 Total derivatives designated as hedges 167 370 77 26 Derivatives not designated as hedges Equity index options Other invested assets 30 42 Other liabilities — — Financial futures Other invested assets — — Other liabilities — — Other foreign currency contracts Other invested assets — 2 Other liabilities — — GMWB embedded derivatives Reinsurance (1) 17 19 Policyholder (2) 243 271 Fixed index annuity embedded derivatives Other assets — — Policyholder (3) 261 294 Indexed universal life embedded derivatives Reinsurance — — Policyholder (4) 21 25 Total derivatives not designated as hedges 47 63 525 590 Total derivatives $ 214 $ 433 $ 602 $ 616 (1) Represents embedded derivatives associated with the reinsured portion of our guaranteed minimum withdrawal benefits (“GMWB”) liabilities. (2) Represents the embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. (3) Represents the embedded derivatives associated with our fixed index annuity liabilities. (4) Represents the embedded derivatives associated with our indexed universal life liabilities. |
Schedule of Notional Amounts Outstanding on Derivative Instruments | The following tables represent activity associated with derivative instruments as of the dates indicated: (Notional in millions) Measurement December 31, Additions Maturities/ March 31, Derivatives designated as hedges Cash flow hedges: Interest rate swaps Notional $ 7,653 $ — $ (58 ) $ 7,595 Foreign currency swaps Notional 127 — — 127 Total cash flow hedges 7,780 — (58 ) 7,722 Total derivatives designated as hedges 7,780 — (58 ) 7,722 Derivatives not designated as hedges Equity index options Notional 1,446 300 (368 ) 1,378 Financial futures Notional 946 994 (1,042 ) 898 Other foreign currency contracts Notional 83 — (59 ) 24 Total derivatives not designated as hedges 2,475 1,294 (1,469 ) 2,300 Total derivatives $ 10,255 $ 1,294 $ (1,527 ) $ 10,022 (Number of policies) Measurement December 31, Additions Maturities/ March 31, Derivatives not designated as hedges GMWB embedded derivatives Policies 21,804 — (477 ) 21,327 Fixed index annuity embedded derivatives Policies 9,344 — (568 ) 8,776 Indexed universal life embedded derivatives Policies 806 — (7 ) 799 |
Schedule of Pre-Tax Income (Loss) Effects of Cash Flow Hedges | The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended March 31, 2022: (Amounts in millions) Gain (loss) Gain (loss) Classification of gain Gain (loss) Classification of gain Interest rate swaps hedging assets $ (250 ) $ 55 Net investment $ — Net investment gains (losses) Interest rate swaps hedging assets — 2 Net investment — Net investment Interest rate swaps hedging liabilities — (1 ) Interest — Net investment Foreign currency swaps (2 ) 1 Net investment — Net investment Total $ (252 ) $ 57 $ — The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended March 31, 2021: (Amounts in millions) Gain (loss) recognized in OCI Gain (loss) Classification of gain Gain (loss) Classification of gain Interest rate swaps hedging assets $ (529 ) $ 52 Net investment income $ — Net investment gains (losses) Interest rate swaps hedging liabilities 44 — Interest expense — Net investment gains (losses) Foreign currency swaps (2 ) — Net investment income — Net investment gains (losses) Total $ (487 ) $ 52 $ — |
Reconciliation of Current Period Changes, Net of Applicable Income Taxes, for Derivatives Qualifying as Hedge | The following table provides a reconciliation of current period changes, net of applicable income taxes, for these designated derivatives presented in the separate component of stockholders’ equity labeled “derivatives qualifying as hedges,” for the periods indicated: Three months ended (Amounts in millions) 2022 2021 Derivatives qualifying as effective accounting hedges as of January 1 $ 2,025 $ 2,211 Current period increases (decreases) in fair value, net of deferred taxes of $53 and $102 (199 ) (385 ) Reclassification to net (income), net of deferred taxes of $20 and $18 (37 ) (34 ) Derivatives qualifying as effective accounting hedges as of March 31 $ 1,789 $ 1,792 |
Schedule of Pre-Tax Gain (Loss) Recognized in Net Income (loss) for Effects of Derivatives Not Designated as Hedges | The following table provides the pre-tax gain (loss) recognized in net income for the effects of derivatives not designated as hedges for the periods indicated: Three months ended Classification of gain (loss) recognized in net income (Amounts in millions) 2022 2021 Interest rate swaps $ — $ 4 Net investment gains (losses) Equity index options (6 ) 3 Net investment gains (losses) Financial futures (47 ) (110 ) Net investment gains (losses) GMWB embedded derivatives 32 105 Net investment gains (losses) Fixed index annuity embedded derivatives 12 (4 ) Net investment gains (losses) Indexed universal life embedded derivatives 11 10 Net investment gains (losses) Total derivatives not designated as hedges $ 2 $ 8 |
Derivative Assets and Liabilities Subject to Master Netting Arrangement | The following table presents additional information about derivative assets and liabilities subject to an enforceable master netting arrangement as of the dates indicated: March 31, 2022 December 31, 2021 (Amounts in millions) Derivative (1) Derivative (1) Net Derivative (1) Derivative (1) Net Amounts presented in the balance sheet: Gross amounts recognized $ 198 $ 77 $ 121 $ 414 $ 26 $ 388 Gross amounts offset in the balance sheet — — — — — — Net amounts presented in the balance sheet 198 77 121 414 26 388 Gross amounts not offset in the balance sheet: Financial instruments (2) (49 ) (49 ) — (20 ) (20 ) — Collateral received (110 ) — (110 ) (308 ) — (308 ) Collateral pledged — (567 ) 567 — (536 ) 536 Over collateralization 13 539 (526 ) 2 530 (528 ) Net amount $ 52 $ — $ 52 $ 88 $ — $ 88 (1) Included $1 million of accruals on derivatives classified as other assets as of March 31, 2022 and does not include amounts related to embedded derivatives as of March 31, 2022 and December 31, 2021. (2) Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each counterparty. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Significant Inputs Used by Third-Party Pricing Services for Certain Fair Value Measurements of Fixed Maturity Securities that Classified as Level 2 | The following table presents a summary of the significant inputs used by our pricing services for certain fair value measurements of fixed maturity securities that are classified as Level 2 as of March 31, 2022: (Amounts in millions) Fair value Primary methodologies Significant inputs U.S. government, agencies $4,097 Price quotes from trading desk, broker feeds Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread State and political subdivisions $3,063 Multi-dimensional attribute-based modeling systems, third-party pricing vendors Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes Non-U.S. government $783 Matrix pricing, spread priced to benchmark curves, price quotes from market makers Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources U.S. corporate $27,876 Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, OAS-based models Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports Non-U.S. corporate $7,414 Multi-dimensional attribute-based modeling systems, OAS-based models, price quotes from market makers Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources Residential mortgage-backed $1,287 OAS-based models, single factor binomial models, internally priced Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports Commercial mortgage-backed $2,346 Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage- backed securities analytics model Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swaps curves, TRACE reports Other asset-backed $1,955 Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports |
Assets by Class of Instrument that are Measured at Fair Value on Recurring Basis | The following tables set forth our assets by class of instrument that are measured at fair value on a recurring basis as of the dates indicated: March 31, 2022 (Amounts in millions) Total Level 1 Level 2 Level 3 NAV (1) Assets Investments: Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 4,097 $ — $ 4,097 $ — $ — State and political subdivisions 3,134 — 3,063 71 — Non-U.S. government 784 — 783 1 — U.S. corporate: Utilities 4,634 — 3,722 912 — Energy 2,699 — 2,627 72 — Finance and insurance 8,229 — 7,553 676 — Consumer—non-cyclical 5,488 — 5,396 92 — Technology and communications 3,497 — 3,469 28 — Industrial 1,348 — 1,313 35 — Capital goods 2,512 — 2,471 41 — Consumer—cyclical 1,767 — 1,640 127 — Transportation 1,248 — 1,184 64 — Other 401 — 179 222 — Total U.S. corporate 31,823 — 29,554 2,269 — Non-U.S. corporate: Utilities 878 — 544 334 — Energy 1,241 — 1,103 138 — Finance and insurance 2,191 — 2,048 143 — Consumer—non-cyclical 671 — 611 60 — Technology and communications 1,099 — 1,072 27 — Industrial 953 — 879 74 — Capital goods 619 — 487 132 — Consumer—cyclical 312 — 226 86 — Transportation 423 — 401 22 — Other 1,066 — 1,042 24 — Total non-U.S. corporate 9,453 — 8,413 1,040 — Residential mortgage-backed 1,320 — 1,287 33 — Commercial mortgage-backed 2,361 — 2,346 15 — Other asset-backed 2,055 — 1,955 100 — Total fixed maturity securities 55,027 — 51,498 3,529 — Equity securities 230 137 57 36 — Limited partnerships 1,558 — — 26 1,532 Other invested assets: Derivative assets: Interest rate swaps 162 — 162 — — Foreign currency swaps 5 — 5 — — Equity index options 30 — — 30 — Total derivative assets 197 — 167 30 — Short-term investments 76 — 76 — — Total other invested assets 273 — 243 30 — Reinsurance recoverable (2) 17 — — 17 — Separate account assets 5,530 5,530 — — — Total assets $ 62,635 $ 5,667 $ 51,798 $ 3,638 $ 1,532 (1) Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. (2) Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. December 31, 2021 (Amounts in millions) Total Level 1 Level 2 Level 3 NAV (1) Assets Investments: Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 4,552 $ — $ 4,552 $ — $ — State and political subdivisions 3,450 — 3,368 82 — Non-U.S. government 835 — 833 2 — U.S. corporate: Utilities 5,104 — 4,154 950 — Energy 2,934 — 2,858 76 — Finance and insurance 8,991 — 8,306 685 — Consumer—non-cyclical 6,159 — 6,055 104 — Technology and communications 3,808 — 3,779 29 — Industrial 1,494 — 1,457 37 — Capital goods 2,745 — 2,700 45 — Consumer—cyclical 1,899 — 1,762 137 — Transportation 1,371 — 1,307 64 — Other 419 — 165 254 — Total U.S. corporate 34,924 — 32,543 2,381 — Non-U.S. corporate: Utilities 928 — 583 345 — Energy 1,383 — 1,238 145 — Finance and insurance 2,432 — 2,272 160 — Consumer—non-cyclical 743 — 680 63 — Technology and communications 1,250 — 1,222 28 — Industrial 1,047 — 954 93 — Capital goods 705 — 532 173 — Consumer—cyclical 341 — 265 76 — Transportation 489 — 436 53 — Other 1,217 — 1,191 26 — Total non-U.S. corporate 10,535 — 9,373 1,162 — Residential mortgage-backed 1,440 — 1,413 27 — Commercial mortgage-backed 2,584 — 2,568 16 — Other asset-backed 2,160 — 2,022 138 — Total fixed maturity securities 60,480 — 56,672 3,808 — Equity securities 198 101 60 37 — Limited partnerships 1,462 — — 26 1,436 Other invested assets: Derivative assets: Interest rate swaps 364 — 364 — — Foreign currency swaps 6 — 6 — — Equity index options 42 — — 42 — Other foreign currency contracts 2 — 2 — — Total derivative assets 414 — 372 42 — Short-term investments 26 — 26 — — Total other invested assets 440 — 398 42 — Reinsurance recoverable (2) 19 — — 19 — Separate account assets 6,066 6,066 — — — Total assets $ 68,665 $ 6,167 $ 57,130 $ 3,932 $ 1,436 (1) Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. (2) Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. |
Assets Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value | The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated: Beginning balance as of Total realized and unrealized gains (losses) Ending balance as of Total gains attributable to assets still held (Amounts in millions) Included Included Purchases Sales Issuances Settlements Transfer (1) Transfer (1 ) Included Included Fixed maturity securities: State and political subdivisions $ 82 $ 1 $ (12 ) $ — $ — $ — $ — $ — $ — $ 71 $ 1 $ (12 ) Non-U.S. government 2 — — — (1 ) — — — — 1 — — U.S. corporate: Utilities 950 — (73 ) 35 — — — — — 912 — (73 ) Energy 76 — (4 ) — — — — — — 72 — (4 ) Finance and insurance 685 — (56 ) 66 — — (2 ) — (17 ) 676 — (55 ) Consumer—non-cyclical 104 — (5 ) — — — (7 ) — — 92 — (6 ) Technology and communications 29 — (1 ) — — — — — — 28 — (1 ) Industrial 37 — (2 ) — — — — — — 35 — (2 ) Capital goods 45 — (4 ) — — — — — — 41 — (3 ) Consumer—cyclical 137 — (8 ) — — — (2 ) — — 127 — (8 ) Transportation 64 — (3 ) 5 — — (2 ) — — 64 — (3 ) Other 254 — (11 ) — — — (4 ) — (17 ) 222 — (10 ) Total U.S. corporate 2,381 — (167 ) 106 — — (17 ) — (34 ) 2,269 — (165 ) Non-U.S. corporate: Utilities 345 — (21 ) 10 — — — — — 334 — (21 ) Energy 145 — (7 ) — — — — — — 138 — (7 ) Finance and insurance 160 1 (18 ) — — — — — — 143 1 (18 ) Consumer—non-cyclical 63 — (3 ) — — — — — — 60 — (3 ) Technology and communications 28 — (1 ) — — — — — — 27 — (1 ) Industrial 93 — (6 ) — — — — — (13 ) 74 — (4 ) Capital goods 173 — (8 ) — — — (33 ) — — 132 — (8 ) Consumer—cyclical 76 — (7 ) — — — — 17 — 86 — (7 ) Transportation 53 — (2 ) — — — (29 ) — — 22 — (2 ) Other 26 — (2 ) — — — — — — 24 — (2 ) Total non-U.S. corporate 1,162 1 (75 ) 10 — — (62 ) 17 (13 ) 1,040 1 (73 ) Residential mortgage-backed 27 — (1 ) 9 — — (1 ) 4 (5 ) 33 — — Commercial mortgage-backed 16 — (1 ) — — — — — — 15 — (1 ) Other asset-backed 138 — (7 ) 6 — — (3 ) — (34 ) 100 — (5 ) Total fixed maturity securities 3,808 2 (263 ) 131 (1 ) — (83 ) 21 (86 ) 3,529 2 (256 ) Equity securities 37 — — — — — — — (1 ) 36 — — Limited partnerships 26 — — — — — — — — 26 — — Other invested assets: Derivative assets: Equity index options 42 (6 ) — 5 — — (11 ) — — 30 (3 ) — Total derivative assets 42 (6 ) — 5 — — (11 ) — — 30 (3 ) — Total other invested assets 42 (6 ) — 5 — — (11 ) — — 30 (3 ) — Reinsurance recoverable (2) 19 (2 ) — — — — — — — 17 (2 ) — Total Level 3 assets $ 3,932 $ (6 ) $ (263 ) $ 136 $ (1 ) $ — $ (94 ) $ 21 $ (87 ) $ 3,638 $ (3 ) $ (256 ) (1) The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. (2) Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. Beginning as of Total realized and Ending as of Total gains (Amounts in millions) Included Included Purchases Sales Issuances Settlements Transfer (1) Transfer (1) Included Included Fixed maturity securities: State and political subdivisions $ 66 $ 1 $ 1 $ — $ — $ — $ — $ — $ — $ 68 $ 1 $ 1 U.S. corporate: Utilities 842 — (30 ) 8 — — (13 ) — (14 ) 793 — (29 ) Energy 128 — (4 ) — — — (2 ) — — 122 — (4 ) Finance and insurance 607 — (22 ) 18 — — (17 ) 17 (6 ) 597 — (22 ) Consumer—non-cyclical 109 — (3 ) — — — — — — 106 — (3 ) Technology and communications 47 — (2 ) 12 — — — 4 (21 ) 40 — (2 ) Industrial 40 — — — — — (20 ) — — 20 — — Capital goods 60 — (2 ) — — — — — — 58 — (2 ) Consumer—cyclical 150 — (2 ) — — — (1 ) — — 147 — (2 ) Transportation 70 — (1 ) — — — (2 ) — — 67 — (1 ) Other 219 — (2 ) — — — (3 ) 6 (20 ) 200 — (1 ) Total U.S. corporate 2,272 — (68 ) 38 — — (58 ) 27 (61 ) 2,150 — (66 ) Non-U.S. corporate: Utilities 352 — (7 ) 30 — — — — — 375 — (7 ) Energy 245 — (2 ) — — — — — — 243 — (2 ) Finance and insurance 305 1 (16 ) — — — — — — 290 1 (16 ) Consumer—non-cyclical 67 — (1 ) — — — — — — 66 — (1 ) Technology and communications 28 — — — — — — — — 28 — — Industrial 95 — (2 ) — — — — — — 93 — (2 ) Capital goods 178 — (3 ) — — — — — — 175 — (3 ) Consumer—cyclical 146 — (2 ) 16 — — — — (16 ) 144 — (2 ) Transportation 109 — (1 ) — — — (19 ) — (7 ) 82 — (1 ) Other 83 — (2 ) — — — (1 ) — — 80 — (2 ) Total non-U.S. corporate 1,608 1 (36 ) 46 — — (20 ) — (23 ) 1,576 1 (36 ) Residential mortgage-backed 14 — (1 ) — — — — — — 13 — — Commercial mortgage-backed 20 — (1 ) — — — — — — 19 — (2 ) Other asset-backed 109 — — 3 — — (4 ) 2 (14 ) 96 — — Total fixed maturity securities 4,089 2 (105 ) 87 — — (82 ) 29 (98 ) 3,922 2 (103 ) Equity securities 51 — — — (8 ) — — — — 43 — — Limited partnerships 17 — — 8 — — — — — 25 — — Other invested assets: Derivative assets: Equity index options 63 3 — 5 — — (18 ) — — 53 2 — Total derivative assets 63 3 — 5 — — (18 ) — — 53 2 — Total other invested assets 63 3 — 5 — — (18 ) — — 53 2 — Reinsurance recoverable (2) 26 (8 ) — — — — — — — 18 (8 ) — Total Level 3 assets $ 4,246 $ (3 ) $ (105 ) $ 100 $ (8 ) $ — $ (100 ) $ 29 $ (98 ) $ 4,061 $ (4 ) $ (103 ) (1) The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. (2) Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. |
Gains and Losses Included in Net Income (Loss) from Assets Measured at Fair Value | The following table presents the gains and losses included in net income from assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the three months ended March 31: (Amounts in millions) 2022 2021 Total realized and unrealized gains (losses) included in net income: Net investment income $ 2 $ 2 Net investment gains (losses) (8 ) (5 ) Total $ (6 ) $ (3 ) Net gains (losses) included in net income attributable to assets still held: Net investment income $ 2 $ 2 Net investment gains (losses) (5 ) (6 ) Total $ (3 ) $ (4 ) |
Summary of Significant Unobservable Inputs Used for Certain Asset Fair Value Measurements | The following table presents a summary of the significant unobservable inputs used for certain asset fair value measurements that are based on internal models and classified as Level 3 as of March 31, 2022: (Amounts in millions) Valuation technique Fair value Unobservable input Range Weighted-average (1) Fixed maturity securities: U.S. corporate: Utilities Internal models $ 880 Credit spreads 49bps - 227bps 148bps Energy Internal models 57 Credit spreads 108bps - 248bps 173bps Finance and insurance Internal models 670 Credit spreads 54bps - 218bps 158bps Consumer—non-cyclical Internal models 92 Credit spreads 54bps - 248bps 132bps Technology and communications Internal models 27 Credit spreads 87bps - 162bps 133bps Industrial Internal models 35 Credit spreads 98bps - 203bps 136bps Capital goods Internal models 41 Credit spreads 67bps - 190bps 145bps Consumer—cyclical Internal models 127 Credit spreads 85bps - 184bps 137bps Transportation Internal models 53 Credit spreads 32bps - 156bps 103bps Other Internal models 158 Credit spreads 90bps - 170bps 109bps Total U.S. corporate Internal models $ 2,140 Credit spreads 32bps - 248bps 146bps Non-U.S. corporate: Utilities Internal models $ 333 Credit spreads 75bps - 218bps 129bps Energy Internal models 129 Credit spreads 83bps - 203bps 138bps Finance and insurance Internal models 143 Credit spreads 88bps - 150bps 135bps Consumer—non-cyclical Internal models 58 Credit spreads 54bps - 154bps 103bps Technology and communications Internal models 27 Credit spreads 83bps - 139bps 108bps Industrial Internal models 74 Credit spreads 67bps - 182bps 113bps Capital goods Internal models 132 Credit spreads 54bps - 236bps 137bps Consumer—cyclical Internal models 57 Credit spreads 98bps - 203bps 137bps Transportation Internal models 21 Credit spreads 126bps - 203bps 141bps Other Internal models 24 Credit spreads 55bps - 130bps 106bps Total non-U.S. corporate Internal models $ 998 Credit spreads 54bps - 236bps 129bps Derivative assets: Equity index options Discounted cash flows $ 30 Equity index 6% - 56% 21% (1) Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity securities and by notional for derivative assets. |
Liabilities by Class of Instrument that are Measured at Fair Value on Recurring Basis | The following tables set forth our liabilities by class of instrument that are measured at fair value on a recurring basis as of the dates indicated: March 31, 2022 (Amounts in millions) Total Level 1 Level 2 Level 3 Liabilities Policyholder account balances: GMWB embedded derivatives (1) $ 243 $ — $ — $ 243 Fixed index annuity embedded derivatives 261 — — 261 Indexed universal life embedded derivatives 21 — — 21 Total policyholder account balances 525 — — 525 Derivative liabilities: Interest rate swaps 76 — 76 — Foreign currency swaps 1 — 1 — Total derivative liabilities 77 — 77 — Total liabilities $ 602 $ — $ 77 $ 525 (1) Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. December 31, 2021 (Amounts in millions) Total Level 1 Level 2 Level 3 Liabilities Policyholder account balances: GMWB embedded derivatives (1) $ 271 $ — $ — $ 271 Fixed index annuity embedded derivatives 294 — — 294 Indexed universal life embedded derivatives 25 — — 25 Total policyholder account balances 590 — — 590 Derivative liabilities: Interest rate swaps 26 — 26 — Total derivative liabilities 26 — 26 — Total liabilities $ 616 $ — $ 26 $ 590 (1) Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. |
Liabilities Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value | The following tables present additional information about liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated: Beginning 2022 Total realized and Ending as of Total (gains) losses (Amounts in millions) Included Included Purchases Sales Issuances Settlements Transfer Transfer Included Included Policyholder account balances: GMWB embedded derivatives (1) $ 271 $ (34 ) $ — $ — $ — $ 6 $ — $ — $ — $ 243 $ (30 ) $ — Fixed index annuity embedded derivatives 294 (12 ) — — — — (20 ) — (1 ) 261 (12 ) — Indexed universal life embedded derivatives 25 (11 ) — — — 7 — — — 21 (11 ) — Total policyholder account balances 590 (57 ) — — — 13 (20 ) — (1 ) 525 (53 ) — Total Level 3 liabilities $ 590 $ (57 ) $ — $ — $ — $ 13 $ (20 ) $ — $ (1 ) $ 525 $ (53 ) $ — (1) Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. Beginning as of Total realized and Ending as of Total (gains) losses (Amounts in millions) Included Included Purchases Sales Issuances Settlements Transfer Transfer Included Included Policyholder account balances: GMWB embedded derivatives (1) $ 379 $ (113 ) $ — $ — $ — $ 6 $ — $ — $ — $ 272 $ (107 ) $ — Fixed index annuity embedded derivatives 399 4 — — — — (41 ) — — 362 4 — Indexed universal life embedded derivatives 26 (10 ) — — — 7 — — — 23 (10 ) — Total policyholder account balances 804 (119 ) — — — 13 (41 ) — — 657 (113 ) — Total Level 3 liabilities $ 804 $ (119 ) $ — $ — $ — $ 13 $ (41 ) $ — $ — $ 657 $ (113 ) $ — (1) Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. |
Gains and Losses Included in Net (Income) from Liabilities Measured at Fair Value | The following table presents the gains and losses included in net (income) from liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the three months ended March 31: (Amounts in millions) 2022 2021 Total realized and unrealized (gains) losses included in net (income): Net investment income $ — $ — Net investment (gains) losses (57 ) (119 ) Total $ (57 ) $ (119 ) Total (gains) losses included in net (income) attributable to liabilities still held: Net investment income $ — $ — Net investment (gains) losses (53 ) (113 ) Total $ (53 ) $ (113 ) |
Summary of Significant Unobservable Inputs Used for Certain Liability Fair Value Measurements | The following table presents a summary of the significant unobservable inputs used for certain liability fair value measurements that are based on internal models and classified as Level 3 as of March 31, 2022: (Amounts in millions) Valuation technique Fair value Unobservable input Range Weighted-average (1) Policyholder account balances: Withdrawal 61% - 89% 77% Lapse rate 2% - 9% 4% Non-performance risk (credit spreads) 23bps - 83bps 66bps GMWB embedded derivatives (2) Stochastic cash flow model $243 Equity index 18% - 27% 23% Fixed index annuity embedded derivatives Option budget method $261 Expected future —% - 3% 1% Indexed universal life embedded derivatives Option budget method $21 Expected future 3% - 12% 5% (1) Unobservable inputs weighted by the policyholder account balances associated with the instrument. (2) Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. The unobservable inputs associated with GMWB embedded derivatives are not interrelated and therefore, a directional change in one input will not affect the other inputs. |
Fair Value Financial Instruments Not Required to be Carried at Fair Value | The following represents our estimated fair value of financial assets and liabilities that are not required to be carried at fair value as of the dates indicated: March 31, 2022 Notional amount Carrying amount Fair value (Amounts in millions) Total Level 1 Level 2 Level 3 Assets: Commercial mortgage loans, net (1) $ 6,913 $ 6,983 $ — $ 22 $ 6,961 Bank loan investments (1) 381 384 — — 384 Liabilities: Long-term borrowings (1) 1,819 1,587 — 1,587 — Investment contracts (1) 8,327 8,582 — — 8,582 Other firm commitments: Commitments to fund bank loan investments 108 — — — — — Ordinary course of business lending commitments 95 — — — — — (1) These financial instruments do not have notional amounts. December 31, 2021 Notional amount Carrying amount Fair value (Amounts in millions) Total Level 1 Level 2 Level 3 Assets: Commercial mortgage loans, net (1) $ 6,830 $ 7,224 $ — $ — $ 7,224 Bank loan investments (1) 363 370 — — 370 Liabilities: Long-term borrowings (1) 1,899 1,767 — 1,767 — Investment contracts (1) 8,657 9,352 — — 9,352 Other firm commitments: Commitments to fund bank loan investments 141 — — — — — Ordinary course of business lending commitments 125 — — — — — (1) These financial instruments do not have notional amounts. |
Summary of carrying value of limited partnerships and commitments to fund | The following table presents the carrying value of limited partnerships and commitments to fund as of the dates indicated: March 31, 2022 December 31, 2021 (Amounts in millions) Carrying value Commitments Carrying Commitments Limited partnerships accounted for at NAV: Private equity funds (1) $ 1,405 $ 975 $ 1,312 $ 950 Real estate funds (2) 72 117 67 101 Infrastructure funds (3) 55 13 57 13 Total limited partnerships accounted for at NAV 1,532 1,105 1,436 1,064 Limited partnerships accounted for at fair value 26 1 26 1 Limited partnerships accounted for under equity method of accounting 448 203 437 120 Low-income housing tax credits (4) 1 — 1 — Total $ 2,007 $ 1,309 $ 1,900 $ 1,185 (1) This class employs various investment strategies such as leveraged buyout, growth equity, venture capital and mezzanine financing, generally investing in debt or equity positions directly in companies or assets of various sizes across diverse industries globally, primarily concentrated in North America. (2) This class invests in real estate in North America, Europe and Asia via direct property ownership, joint ventures, mortgages and investments in debt and equity instruments. (3) This class invests in the debt or equity of cash flow generating assets diversified across a variety of industries, including transportation, energy infrastructure, renewable power, social infrastructure, power generation, water, telecommunications and other regulated entities globally. (4) Relates to limited partnership investments that invest in affordable housing projects that qualify for the Low-Income Housing Tax Credit and are accounted for using the proportional amortization method. |
Liability for Policy and Cont_2
Liability for Policy and Contract Claims (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Changes in Liability for Policy and Contract Claims | The following table sets forth changes in our liability for policy and contract claims as of the dates indicated: As of or for the three (Amounts in millions) 2022 2021 Beginning balance $ 11,841 $ 11,486 Less reinsurance recoverables (2,388 ) (2,431 ) Net beginning balance 9,453 9,055 Incurred related to insured events of: Current year 1,094 1,054 Prior years (293 ) (229 ) Total incurred 801 825 Paid related to insured events of: Current year (202 ) (197 ) Prior years (675 ) (725 ) Total paid (877 ) (922 ) Interest on liability for policy and contract claims 103 101 Net ending balance 9,480 9,059 Add reinsurance recoverables 2,353 2,356 Ending balance $ 11,833 $ 11,415 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule of Long Term Borrowings | The following table sets forth total long-term borrowings as of the dates indicated: (Amounts in millions) March 31, December 31, Genworth Holdings (1) 4.80% Senior Notes, due 2024 $ 200 $ 282 6.50% Senior Notes, due 2034 298 298 Floating Rate Junior Subordinated Notes, due 2066 598 598 Subtotal 1,096 1,178 Bond consent fees (11 ) (12 ) Deferred borrowing charges (7 ) (7 ) Total Genworth Holdings 1,078 1,159 Enact Holdings 6.50% Senior Notes, due 2025 (2) 750 750 Deferred borrowing charges (9 ) (10 ) Total Enact Holdings 741 740 Total $ 1,819 $ 1,899 (1) Genworth Holdings has the option to redeem all or a portion of the senior notes at any time with notice to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an applicable spread. (2) Senior notes issued by Enact Holdings, our majority-owned indirect subsidiary, who has the option to redeem the notes in whole or in part at any time prior to February 15, 2025, by paying a make-whole premium plus accrued and unpaid interest. |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Reconciliation of Federal Statutory Tax Rate to Effective Income Tax Rate | The reconciliation of the federal statutory tax rate to the effective income tax rate was as follows for the periods indicated: Three months ended March 31, 2022 2021 Statutory U.S. federal income tax rate 21.0 % 21.0 % Increase in rate resulting from: Tax on income from terminated swaps 2.8 4.1 Other, net 0.5 0.2 Effective rate 24.3 % 25.3 % |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Revenues of Major Product Groups for Segments and Corporate and Other Activities | The following is a summary of revenues for our segments and Corporate and Other activities for the periods indicated: Three months ended (Amounts in millions) 2022 2021 Revenues: Enact segment $ 270 $ 288 U.S. Life Insurance segment: Long-term care insurance 1,109 1,140 Life insurance 339 348 Fixed annuities 116 132 U.S. Life Insurance segment 1,564 1,620 Runoff segment 66 76 Corporate and Other activities (8 ) 1 Total revenues $ 1,892 $ 1,985 |
Summary of Net Operating Income (Loss) for Segments and Corporate and Other Activities | The following tables present the reconciliation of net income available to Genworth Financial, Inc.’s common stockholders to adjusted operating income available to Genworth Financial, Inc.’s common stockholders and a summary of adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders for our segments and Corporate and Other activities for the periods indicated: Three months ended (Amounts in millions) 2022 2021 Net income available to Genworth Financial, Inc.’s common stockholders $ 149 $ 187 Add: net income from continuing operations attributable to noncontrolling interests 30 — Add: net income from discontinued operations attributable to noncontrolling interests — 8 Net income 179 195 Less: income (loss) from discontinued operations, net of taxes (2 ) 21 Income from continuing operations 181 174 Less: net income from continuing operations attributable to noncontrolling interests 30 — Income from continuing operations available to Genworth Financial, Inc.’s common stockholders 151 174 Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders: Net investment (gains) losses, net (28 ) (33 ) (Gains) losses on early extinguishment of debt 3 4 Expenses related to restructuring — 21 Taxes on adjustments 5 2 Adjusted operating income available to Genworth Financial, Inc.’s common stockholders $ 131 $ 168 Three months ended (Amounts in millions) 2022 2021 Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders: Enact segment $ 135 $ 126 U.S. Life Insurance segment: Long-term care insurance 59 95 Life insurance (79 ) (63 ) Fixed annuities 16 30 U.S. Life Insurance segment (4 ) 62 Runoff segment 9 12 Corporate and Other activities (9 ) (32 ) Adjusted operating income available to Genworth Financial, Inc.’s common stockholders $ 131 $ 168 |
Summary of Assets for Segments and Corporate and Other Activities | The following is a summary of total assets for our segments and Corporate and Other activities as of the dates indicated: (Amounts in millions) March 31, December 31, Assets: Enact segment $ 5,790 $ 5,850 U.S. Life Insurance segment 76,482 81,210 Runoff segment 8,960 9,460 Corporate and Other activities 2,255 2,651 Total assets $ 93,487 $ 99,171 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Component of Changes in Accumulated Other Comprehensive Income (Loss), Net of Taxes | The following tables show the changes in accumulated other comprehensive income (loss), net of taxes, by component as of and for the periods indicated: (Amounts in millions) Net (1) Derivatives (2) Foreign Total Balances as of January 1, 2022 $ 1,860 $ 2,025 $ (24 ) $ 3,861 OCI before reclassifications (1,057 ) (199 ) (5 ) (1,261 ) Amounts reclassified from (to) OCI 6 (37 ) — (31 ) Current period OCI (1,051 ) (236 ) (5 ) (1,292 ) Balances as of March 31, 2022 before noncontrolling interests 809 1,789 (29 ) 2,569 Less: change in OCI attributable to noncontrolling interests (41 ) — — (41 ) Balances as of March 31, 2022 $ 850 $ 1,789 $ (29 ) $ 2,610 (1) Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information. (2) See note 5 for additional information. (Amounts in millions) Net (1) Derivatives (2) Foreign Total Balances as of January 1, 2021 $ 2,214 $ 2,211 $ — $ 4,425 OCI before reclassifications (316 ) (385 ) 136 (565 ) Amounts reclassified from (to) OCI (4 ) (34 ) — (38 ) Current period OCI (320 ) (419 ) 136 (603 ) Balances as of March 31, 2021 before noncontrolling interests 1,894 1,792 136 3,822 Less: change in OCI attributable to noncontrolling interests (25 ) — 172 147 Balances as of March 31, 2021 $ 1,919 $ 1,792 $ (36 ) $ 3,675 (1) Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information. (2) See note 5 for additional information. |
Reclassifications in (out) of Accumulated Other Comprehensive Income (Loss), Net of Taxes | The following table shows reclassifications in (out) of accumulated other comprehensive income (loss), net of taxes, for the periods presented: Amount reclassified from accumulated Affected line item in the consolidated statements of income Three months ended March 31, (Amounts in millions) 2022 2021 Net unrealized investment (gains) losses: Unrealized (gains) losses on (1) $ 8 $ (5 ) Net investment (gains) losses Income taxes (2 ) 1 Provision for income taxes Total $ 6 $ (4 ) Derivatives qualifying as hedges: Interest rate swaps hedging assets $ (55 ) $ (52 ) Net investment income Interest rate swaps hedging assets (2 ) — Net investment (gains) losses Interest rate swaps hedging liabilities 1 — Interest expense Foreign currency swaps (1 ) — Net investment income Income taxes 20 18 Provision for income taxes Total $ (37 ) $ (34 ) (1) Amounts exclude adjustments to DAC, present value of future profits, sales inducements and benefit reserves. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Summary of Operating Results Related to Discontinued Operations | A summary of operating results related to Genworth Australia reported as discontinued operations was as follows for the period indicated: (Amounts in millions) Three months Revenues: Premiums $ 51 Net investment income 4 Net investment gains (losses) (5 ) Total revenues 50 Benefits and expenses: Benefits and other changes in policy reserves 11 Acquisition and operating expenses, net of deferrals 7 Amortization of deferred acquisition costs and intangibles 6 Interest expense 1 Total benefits and expenses 25 Income before income taxes and loss on sale (1) 25 Provision for income taxes 7 Income before loss on sale 18 Loss on sale, net of taxes (3 ) Income from discontinued operations, net of taxes 15 Less: net income from discontinued operations attributable to noncontrolling interests 8 Income from discontinued operations available to Genworth Financial, Inc.’s common stockholders $ 7 (1) The three months ended March 31, 2021, includes pre-tax income from discontinued operations available to Genworth Financial, Inc.’s common stockholders of $13 million. |
Assets and liabilities held for sale and operating results related to discontinued operations | The following table presents the amounts owed to AXA under the settlement agreement reflected as liabilities related to discontinued operations in our condensed consolidated balance sheets as of the periods presented: (Amounts in millions) British Pounds U.S. Dollar March 31, December 31, March 31, December 31, Installment payments due to AXA: June 2022: Beginning balance £ — £ 159 $ — $ 217 Prepayments (1) — (159 ) — (217 ) Ending balance — — — — September 2022: Beginning balance — 187 — 256 Amounts billed as future losses — 45 — 61 Prepayments (1) — (232 ) — (324 ) Foreign exchange and other — — — 7 Ending balance — — — — Total amounts due under the promissory note — — — — Future claims: Estimated beginning balance 22 79 30 108 Plus: Additional amounts invoiced 1 — 1 — Change in estimated future claims — (10 ) — (14 ) Less: Amounts billed and included as mandatory prepayments — (45 ) — (61 ) Less: Amounts paid (22 ) (2 ) (30 ) (3 ) Foreign exchange and other — — — — Estimated future claims 1 22 1 30 Total amounts due to AXA under the settlement £ 1 £ 22 $ 1 $ 30 (1) On March 3, 2021, we completed the sale of Genworth |
Formation of Genworth and Bas_2
Formation of Genworth and Basis of Presentation - Additional Information (Detail) - Segment | 3 Months Ended | |
Mar. 31, 2022 | Apr. 01, 2013 | |
Number of operating segments | 3 | |
Genworth Holdings | ||
Percentage of subsidiary equity ownership | 100.00% |
Earning (Loss) Per Share (Detai
Earning (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Earnings Per Share [Abstract] | |||
Weighted-average shares used in basic earnings per share calculations | 508.3 | 506 | |
Stock options, restricted stock units and other equity-based compensation | 9.1 | 7.8 | |
Weighted-average shares used in diluted earnings per share calculations | 517.4 | 513.8 | |
Income from continuing operations: | |||
Income from continuing operations | $ 181 | $ 174 | |
Less: net income from continuing operations attributable to noncontrolling interests | 30 | 0 | |
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders | $ 151 | $ 174 | |
Basic per share | $ 0.30 | $ 0.35 | |
Diluted per share | $ 0.29 | $ 0.34 | |
Income (loss) from discontinued operations: | |||
Income (loss) from discontinued operations, net of taxes | $ (2) | $ 21 | |
Less: net income (loss) from discontinued operations attributable to noncontrolling interests | 0 | 8 | |
Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders | $ (2) | $ 13 | |
Basic per share | $ 0 | $ 0.02 | |
Diluted per share | $ 0 | $ 0.02 | |
Net income: | |||
Income from continuing operations | $ 181 | $ 174 | |
Income (loss) from discontinued operations, net of taxes | (2) | 21 | |
Net income | 179 | 195 | |
Less: net income attributable to noncontrolling interests | 30 | 8 | |
Net income available to Genworth Financial, Inc.'s common stockholders | $ 149 | $ 187 | |
Basic per share | [1] | $ 0.29 | $ 0.37 |
Diluted per share | [1] | $ 0.29 | $ 0.37 |
[1] | May not total due to whole number calculation. |
Net Investment Income (Detail)
Net Investment Income (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net Investment Income [Line Items] | ||
Gross investment income before expenses and fees | $ 784 | $ 821 |
Expenses and fees | (20) | (20) |
Net investment income | 764 | 801 |
Fixed maturity securities—taxable | ||
Net Investment Income [Line Items] | ||
Gross investment income before expenses and fees | 580 | 599 |
Fixed maturity securities—non-taxable | ||
Net Investment Income [Line Items] | ||
Gross investment income before expenses and fees | 1 | 2 |
Equity Securities | ||
Net Investment Income [Line Items] | ||
Gross investment income before expenses and fees | 2 | 3 |
Commercial mortgage loans | ||
Net Investment Income [Line Items] | ||
Gross investment income before expenses and fees | 81 | 78 |
Policy Loans | ||
Net Investment Income [Line Items] | ||
Gross investment income before expenses and fees | 50 | 50 |
Limited partnerships | ||
Net Investment Income [Line Items] | ||
Gross investment income before expenses and fees | 7 | 31 |
Other invested assets | ||
Net Investment Income [Line Items] | ||
Gross investment income before expenses and fees | $ 63 | $ 58 |
Net Investment Gains (Losses) (
Net Investment Gains (Losses) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Available-for-sale fixed maturity securities: | |||
Realized gains | $ 10 | $ 7 | |
Realized losses | (18) | (3) | |
Net realized gains (losses) on available-for-sale fixed maturity securities | (8) | 4 | |
Net realized gains (losses) on equity securities sold | 0 | (5) | |
Net realized gains (losses) on limited partnerships | 0 | 3 | |
Total net realized investment gains (losses) | (8) | 2 | |
Net change in allowance for credit losses on available-for-sale fixed maturity securities | 0 | (2) | |
Write-down of available-for-sale fixed maturity securities | [1] | (2) | (1) |
Net unrealized gains (losses) on equity securities still held | (6) | (8) | |
Net unrealized gains (losses) on limited partnerships | 35 | 34 | |
Commercial mortgage loans | 1 | (1) | |
Derivative instruments | [2] | 4 | 8 |
Other | 4 | 1 | |
Total net investment gains (losses) | $ 28 | $ 33 | |
[1] | Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis. | ||
[2] | See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses). |
Net Investment Allowance for Cr
Net Investment Allowance for Credit Losses (Detail) - Fixed maturity securities $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |
Beginning Balance | $ 4 |
Increase from securities without allowance in previous periods | 0 |
Increase (decrease) from securities with allowance in previous periods | 2 |
Securities Sold | 0 |
Decrease due to change in intent or requirement to sell | 0 |
Write-offs | (3) |
Recoveries | 0 |
Ending Balance | 3 |
Non-U.S. corporate | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |
Beginning Balance | 1 |
Increase from securities without allowance in previous periods | 0 |
Increase (decrease) from securities with allowance in previous periods | 2 |
Securities Sold | 0 |
Decrease due to change in intent or requirement to sell | 0 |
Write-offs | 0 |
Recoveries | 0 |
Ending Balance | 3 |
Commercial mortgage-backed | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |
Beginning Balance | 3 |
Increase from securities without allowance in previous periods | 0 |
Increase (decrease) from securities with allowance in previous periods | 0 |
Securities Sold | 0 |
Decrease due to change in intent or requirement to sell | 0 |
Write-offs | (3) |
Recoveries | 0 |
Ending Balance | $ 0 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Schedule of Investments [Line Items] | ||
Percentage of investment portfolio by which no other industry group exceeded | 10.00% | |
Percentage of stockholders' equity by which no single issuer of fixed maturity securities exceeded | 10 | |
Commercial mortgage loans on nonaccrual status | $ 0 | |
Total Assets | 93,487 | $ 99,171 |
Limited Partnership Interests | Variable interest Entity, not primary beneficiary | ||
Schedule of Investments [Line Items] | ||
Total Assets | $ 1,936 | 1,829 |
Finance and insurance | Fixed maturity securities | ||
Schedule of Investments [Line Items] | ||
Percent of investment portfolio, greater than 10% | 24.00% | |
Utilities | Fixed maturity securities | ||
Schedule of Investments [Line Items] | ||
Percent of investment portfolio, greater than 10% | 13.00% | |
Consumer-non-cyclical | Fixed maturity securities | ||
Schedule of Investments [Line Items] | ||
Percent of investment portfolio, greater than 10% | 15.00% | |
Technology and Communications | Fixed maturity securities | ||
Schedule of Investments [Line Items] | ||
Percent of investment portfolio, greater than 10% | 11.00% | |
Office | ||
Schedule of Investments [Line Items] | ||
Write-offs | 8 | |
Office | 31 to 60 Past due | ||
Schedule of Investments [Line Items] | ||
Commercial mortgage loans on nonaccrual status | $ 22 | |
Office | More than 90 days past due | ||
Schedule of Investments [Line Items] | ||
Commercial mortgage loans on nonaccrual status | $ 22 |
Net Unrealized Gains and Losses
Net Unrealized Gains and Losses on Available-for-Sale Investment Securities Reflected as Separate Component of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Components of Net Unrealized Investment Gains Losses Included in Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses | [1] | $ 2,747 | $ 7,869 | ||
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses | [1] | 0 | 0 | ||
Adjustments to DAC, present value of future profits, sales inducements, benefit reserves and policyholder contract balances | (1,700) | (5,487) | |||
Income taxes, net | (223) | (507) | |||
Net unrealized investment gains (losses) | 824 | 1,875 | |||
Less: net unrealized investment gains (losses) attributable to noncontrolling interests | (26) | 15 | |||
Net unrealized investment gains (losses) | $ 850 | $ 1,860 | $ 1,919 | $ 2,214 | |
[1] | Excludes foreign exchange. |
Change in Net Unrealized Gains
Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities Reported in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investments [Abstract] | ||
Net unrealized investment gains (losses), beginning of period | $ 1,860 | $ 2,214 |
Unrealized gains (losses) on fixed maturity securities | (5,130) | (3,383) |
Adjustment to DAC | 237 | (174) |
Adjustment to present value of future profits | 1 | 1 |
Adjustment to sales inducements | 22 | 3 |
Adjustment to benefit reserves and policyholder contract balances | 3,527 | 3,145 |
Provision for income taxes | 286 | 92 |
Change in unrealized gains (losses) on investment securities | (1,057) | (316) |
Reclassification adjustments to net investment (gains) losses, net of taxes of $(2) and $1 | 6 | (4) |
Change in net unrealized investment gains (losses) | (1,051) | (320) |
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests | (41) | (25) |
Net unrealized investment gains (losses), end of period | $ 850 | $ 1,919 |
Change in Net Unrealized Gain_2
Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities Reported in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Components of Net Unrealized Investment Gains Losses Included in Accumulated Other Comprehensive Income Loss [Line Items] | ||
Reclassification adjustments to net investment (gains) losses, taxes | $ (2) | $ 1 |
Amortized Cost or Cost, Gross U
Amortized Cost or Cost, Gross Unrealized Gains (Losses) and Fair Value of Fixed Maturity and Equity Securities Classified as Available-for-Sale (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | $ 52,280 | $ 52,611 | ||
Fair value, fixed maturity securities | 55,027 | 60,480 | ||
Fixed maturity securities | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 52,280 | 52,611 | ||
Gross unrealized gains, fixed maturity securities | 3,799 | 8,004 | ||
Gross unrealized losses, fixed maturity securities | (1,052) | (135) | ||
Allowance for credit losses | 0 | 0 | $ (3) | $ (4) |
Fair value, fixed maturity securities | 55,027 | 60,480 | ||
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 3,356 | 3,368 | ||
Gross unrealized gains, fixed maturity securities | 744 | 1,184 | ||
Gross unrealized losses, fixed maturity securities | (3) | 0 | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 4,097 | 4,552 | ||
Fixed maturity securities | State and Political Subdivisions | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 3,009 | 2,982 | ||
Gross unrealized gains, fixed maturity securities | 206 | 474 | ||
Gross unrealized losses, fixed maturity securities | (81) | (6) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 3,134 | 3,450 | ||
Fixed maturity securities | Non-U.S. government | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 778 | 762 | ||
Gross unrealized gains, fixed maturity securities | 48 | 86 | ||
Gross unrealized losses, fixed maturity securities | (42) | (13) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 784 | 835 | ||
Fixed maturity securities | U.S. corporate | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 30,270 | 30,257 | ||
Gross unrealized gains, fixed maturity securities | 2,149 | 4,746 | ||
Gross unrealized losses, fixed maturity securities | (596) | (79) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 31,823 | 34,924 | ||
Fixed maturity securities | U.S. corporate | Utilities | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 4,345 | 4,330 | ||
Gross unrealized gains, fixed maturity securities | 355 | 783 | ||
Gross unrealized losses, fixed maturity securities | (66) | (9) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 4,634 | 5,104 | ||
Fixed maturity securities | U.S. corporate | Energy | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 2,572 | 2,581 | ||
Gross unrealized gains, fixed maturity securities | 175 | 363 | ||
Gross unrealized losses, fixed maturity securities | (48) | (10) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 2,699 | 2,934 | ||
Fixed maturity securities | U.S. corporate | Finance and insurance | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 8,026 | 8,003 | ||
Gross unrealized gains, fixed maturity securities | 406 | 1,012 | ||
Gross unrealized losses, fixed maturity securities | (203) | (24) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 8,229 | 8,991 | ||
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 5,070 | 5,138 | ||
Gross unrealized gains, fixed maturity securities | 488 | 1,029 | ||
Gross unrealized losses, fixed maturity securities | (70) | (8) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 5,488 | 6,159 | ||
Fixed maturity securities | U.S. corporate | Technology and communications | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 3,371 | 3,345 | ||
Gross unrealized gains, fixed maturity securities | 213 | 476 | ||
Gross unrealized losses, fixed maturity securities | (87) | (13) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 3,497 | 3,808 | ||
Fixed maturity securities | U.S. corporate | Industrial | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 1,301 | 1,322 | ||
Gross unrealized gains, fixed maturity securities | 73 | 175 | ||
Gross unrealized losses, fixed maturity securities | (26) | (3) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 1,348 | 1,494 | ||
Fixed maturity securities | U.S. corporate | Capital goods | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 2,346 | 2,334 | ||
Gross unrealized gains, fixed maturity securities | 205 | 415 | ||
Gross unrealized losses, fixed maturity securities | (39) | (4) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 2,512 | 2,745 | ||
Fixed maturity securities | U.S. corporate | Consumer-cyclical | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 1,725 | 1,703 | ||
Gross unrealized gains, fixed maturity securities | 86 | 203 | ||
Gross unrealized losses, fixed maturity securities | (44) | (7) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 1,767 | 1,899 | ||
Fixed maturity securities | U.S. corporate | Transportation | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 1,133 | 1,122 | ||
Gross unrealized gains, fixed maturity securities | 124 | 249 | ||
Gross unrealized losses, fixed maturity securities | (9) | 0 | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 1,248 | 1,371 | ||
Fixed maturity securities | U.S. corporate | Other | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 381 | 379 | ||
Gross unrealized gains, fixed maturity securities | 24 | 41 | ||
Gross unrealized losses, fixed maturity securities | (4) | (1) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 401 | 419 | ||
Fixed maturity securities | Non-U.S. corporate | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 9,113 | 9,344 | ||
Gross unrealized gains, fixed maturity securities | 552 | 1,217 | ||
Gross unrealized losses, fixed maturity securities | (212) | (26) | ||
Allowance for credit losses | 0 | 0 | (3) | (1) |
Fair value, fixed maturity securities | 9,453 | 10,535 | ||
Fixed maturity securities | Non-U.S. corporate | Utilities | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 874 | 867 | ||
Gross unrealized gains, fixed maturity securities | 19 | 63 | ||
Gross unrealized losses, fixed maturity securities | (15) | (2) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 878 | 928 | ||
Fixed maturity securities | Non-U.S. corporate | Energy | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 1,158 | 1,194 | ||
Gross unrealized gains, fixed maturity securities | 102 | 190 | ||
Gross unrealized losses, fixed maturity securities | (19) | (1) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 1,241 | 1,383 | ||
Fixed maturity securities | Non-U.S. corporate | Finance and insurance | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 2,129 | 2,171 | ||
Gross unrealized gains, fixed maturity securities | 132 | 270 | ||
Gross unrealized losses, fixed maturity securities | (70) | (9) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 2,191 | 2,432 | ||
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 665 | 664 | ||
Gross unrealized gains, fixed maturity securities | 28 | 81 | ||
Gross unrealized losses, fixed maturity securities | (22) | (2) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 671 | 743 | ||
Fixed maturity securities | Non-U.S. corporate | Technology and communications | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 1,055 | 1,085 | ||
Gross unrealized gains, fixed maturity securities | 61 | 166 | ||
Gross unrealized losses, fixed maturity securities | (17) | (1) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 1,099 | 1,250 | ||
Fixed maturity securities | Non-U.S. corporate | Industrial | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 918 | 933 | ||
Gross unrealized gains, fixed maturity securities | 56 | 117 | ||
Gross unrealized losses, fixed maturity securities | (21) | (3) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 953 | 1,047 | ||
Fixed maturity securities | Non-U.S. corporate | Capital goods | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 610 | 640 | ||
Gross unrealized gains, fixed maturity securities | 25 | 66 | ||
Gross unrealized losses, fixed maturity securities | (16) | (1) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 619 | 705 | ||
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 316 | 316 | ||
Gross unrealized gains, fixed maturity securities | 5 | 27 | ||
Gross unrealized losses, fixed maturity securities | (9) | (2) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 312 | 341 | ||
Fixed maturity securities | Non-U.S. corporate | Transportation | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 392 | 422 | ||
Gross unrealized gains, fixed maturity securities | 38 | 68 | ||
Gross unrealized losses, fixed maturity securities | (7) | (1) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 423 | 489 | ||
Fixed maturity securities | Non-U.S. corporate | Other | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 996 | 1,052 | ||
Gross unrealized gains, fixed maturity securities | 86 | 169 | ||
Gross unrealized losses, fixed maturity securities | (16) | (4) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 1,066 | 1,217 | ||
Fixed maturity securities | Residential mortgage-backed | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 1,277 | 1,325 | ||
Gross unrealized gains, fixed maturity securities | 57 | 116 | ||
Gross unrealized losses, fixed maturity securities | (14) | (1) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 1,320 | 1,440 | ||
Fixed maturity securities | Commercial mortgage-backed | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 2,369 | 2,435 | ||
Gross unrealized gains, fixed maturity securities | 36 | 152 | ||
Gross unrealized losses, fixed maturity securities | (44) | (3) | ||
Allowance for credit losses | 0 | 0 | $ 0 | $ (3) |
Fair value, fixed maturity securities | 2,361 | 2,584 | ||
Fixed maturity securities | Other asset-backed | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 2,108 | 2,138 | ||
Gross unrealized gains, fixed maturity securities | 7 | 29 | ||
Gross unrealized losses, fixed maturity securities | (60) | (7) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | $ 2,055 | $ 2,160 |
Gross Unrealized Losses and Fai
Gross Unrealized Losses and Fair Value of Investment Securities (Detail) $ in Millions | Mar. 31, 2022USD ($)Securities | Dec. 31, 2021USD ($)Securities |
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 14,957 | $ 4,991 |
Less than 12 months, Gross unrealized losses | $ (895) | $ (110) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 2,062 | 635 |
12 months or more, Fair value | $ 1,114 | $ 308 |
12 months or more, Gross unrealized losses | $ (157) | $ (25) |
12 months or more, Number of securities in a continuous loss position | Securities | 140 | 35 |
Fair value | $ 16,071 | $ 5,299 |
Gross unrealized losses | $ (1,052) | $ (135) |
Number of securities in a continuous loss position | Securities | 2,202 | 670 |
Investment grade | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 13,796 | $ 4,644 |
Less than 12 months, Gross unrealized losses | $ (823) | $ (101) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 1,896 | 587 |
12 months or more, Fair value | $ 1,031 | $ 241 |
12 months or more, Gross unrealized losses | $ (140) | $ (12) |
12 months or more, Number of securities in a continuous loss position | Securities | 129 | 25 |
Fair value | $ 14,827 | $ 4,885 |
Gross unrealized losses | $ (963) | $ (113) |
Number of securities in a continuous loss position | Securities | 2,025 | 612 |
Below investment grade | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 1,161 | $ 347 |
Less than 12 months, Gross unrealized losses | $ (72) | $ (9) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 166 | 48 |
12 months or more, Fair value | $ 83 | $ 67 |
12 months or more, Gross unrealized losses | $ (17) | $ (13) |
12 months or more, Number of securities in a continuous loss position | Securities | 11 | 10 |
Fair value | $ 1,244 | $ 414 |
Gross unrealized losses | $ (89) | $ (22) |
Number of securities in a continuous loss position | Securities | 177 | 58 |
Fixed maturity securities | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 14,957 | $ 4,991 |
Less than 12 months, Gross unrealized losses | $ (895) | $ (110) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 2,062 | 635 |
12 months or more, Fair value | $ 1,114 | $ 308 |
12 months or more, Gross unrealized losses | $ (157) | $ (25) |
12 months or more, Number of securities in a continuous loss position | Securities | 140 | 35 |
Fair value | $ 16,071 | $ 5,299 |
Gross unrealized losses | $ (1,052) | $ (135) |
Number of securities in a continuous loss position | Securities | 2,202 | 670 |
Fixed maturity securities | Less Than 20 Percent Below Cost | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 14,957 | $ 4,991 |
Less than 12 months, Gross unrealized losses | $ (895) | $ (110) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 2,062 | 635 |
12 months or more, Fair value | $ 1,066 | $ 297 |
12 months or more, Gross unrealized losses | $ (142) | $ (20) |
12 months or more, Number of securities in a continuous loss position | Securities | 134 | 33 |
Fair value | $ 16,023 | $ 5,288 |
Gross unrealized losses | $ (1,037) | $ (130) |
Number of securities in a continuous loss position | Securities | 2,196 | 668 |
Fixed maturity securities | 20 To 50 percent below cost | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 0 | $ 0 |
Less than 12 months, Gross unrealized losses | $ 0 | $ 0 |
Less than 12 months, Number of securities in a continuous loss position | Securities | 0 | 0 |
12 months or more, Fair value | $ 48 | $ 11 |
12 months or more, Gross unrealized losses | $ (15) | $ (5) |
12 months or more, Number of securities in a continuous loss position | Securities | 6 | 2 |
Fair value | $ 48 | $ 11 |
Gross unrealized losses | $ (15) | $ (5) |
Number of securities in a continuous loss position | Securities | 6 | 2 |
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 67 | |
Less than 12 months, Gross unrealized losses | $ (2) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 17 | |
12 months or more, Fair value | $ 10 | |
12 months or more, Gross unrealized losses | $ (1) | |
12 months or more, Number of securities in a continuous loss position | Securities | 3 | |
Fair value | $ 77 | |
Gross unrealized losses | $ (3) | |
Number of securities in a continuous loss position | Securities | 20 | |
Fixed maturity securities | State and Political Subdivisions | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 902 | $ 339 |
Less than 12 months, Gross unrealized losses | $ (78) | $ (6) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 157 | 67 |
12 months or more, Fair value | $ 25 | $ 0 |
12 months or more, Gross unrealized losses | $ (3) | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 5 | 0 |
Fair value | $ 927 | $ 339 |
Gross unrealized losses | $ (81) | $ (6) |
Number of securities in a continuous loss position | Securities | 162 | 67 |
Fixed maturity securities | Non-U.S. government | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 305 | $ 173 |
Less than 12 months, Gross unrealized losses | $ (27) | $ (9) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 46 | 28 |
12 months or more, Fair value | $ 80 | $ 19 |
12 months or more, Gross unrealized losses | $ (15) | $ (4) |
12 months or more, Number of securities in a continuous loss position | Securities | 10 | 1 |
Fair value | $ 385 | $ 192 |
Gross unrealized losses | $ (42) | $ (13) |
Number of securities in a continuous loss position | Securities | 56 | 29 |
Fixed maturity securities | U.S. corporate | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 8,109 | $ 2,593 |
Less than 12 months, Gross unrealized losses | $ (505) | $ (64) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 995 | 266 |
12 months or more, Fair value | $ 627 | $ 196 |
12 months or more, Gross unrealized losses | $ (91) | $ (15) |
12 months or more, Number of securities in a continuous loss position | Securities | 65 | 22 |
Fair value | $ 8,736 | $ 2,789 |
Gross unrealized losses | $ (596) | $ (79) |
Number of securities in a continuous loss position | Securities | 1,060 | 288 |
Fixed maturity securities | Non-U.S. corporate | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 2,672 | $ 912 |
Less than 12 months, Gross unrealized losses | $ (173) | $ (21) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 355 | 124 |
12 months or more, Fair value | $ 258 | $ 62 |
12 months or more, Gross unrealized losses | $ (39) | $ (5) |
12 months or more, Number of securities in a continuous loss position | Securities | 31 | 8 |
Fair value | $ 2,930 | $ 974 |
Gross unrealized losses | $ (212) | $ (26) |
Number of securities in a continuous loss position | Securities | 386 | 132 |
Fixed maturity securities | Residential mortgage-backed | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 304 | $ 97 |
Less than 12 months, Gross unrealized losses | $ (13) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 78 | 22 |
12 months or more, Fair value | $ 5 | $ 0 |
12 months or more, Gross unrealized losses | $ (1) | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 5 | 0 |
Fair value | $ 309 | $ 97 |
Gross unrealized losses | $ (14) | $ (1) |
Number of securities in a continuous loss position | Securities | 83 | 22 |
Fixed maturity securities | Commercial mortgage-backed | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 1,098 | $ 113 |
Less than 12 months, Gross unrealized losses | $ (40) | $ (2) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 160 | 17 |
12 months or more, Fair value | $ 43 | $ 31 |
12 months or more, Gross unrealized losses | $ (4) | $ (1) |
12 months or more, Number of securities in a continuous loss position | Securities | 6 | 4 |
Fair value | $ 1,141 | $ 144 |
Gross unrealized losses | $ (44) | $ (3) |
Number of securities in a continuous loss position | Securities | 166 | 21 |
Fixed maturity securities | Other asset-backed | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 1,500 | $ 764 |
Less than 12 months, Gross unrealized losses | $ (57) | $ (7) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 254 | 111 |
12 months or more, Fair value | $ 66 | $ 0 |
12 months or more, Gross unrealized losses | $ (3) | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 15 | 0 |
Fair value | $ 1,566 | $ 764 |
Gross unrealized losses | $ (60) | $ (7) |
Number of securities in a continuous loss position | Securities | 269 | 111 |
Gross Unrealized Losses and F_2
Gross Unrealized Losses and Fair Value of Corporate Securities Based on Industries (Detail) $ in Millions | Mar. 31, 2022USD ($)Securities | Dec. 31, 2021USD ($)Securities |
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 14,957 | $ 4,991 |
Less than 12 months, Gross unrealized losses | $ (895) | $ (110) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 2,062 | 635 |
12 months or more, Fair value | $ 1,114 | $ 308 |
12 months or more, Gross unrealized losses | $ (157) | $ (25) |
12 months or more, Number of securities in a continuous loss position | Securities | 140 | 35 |
Fair value | $ 16,071 | $ 5,299 |
Gross unrealized losses | $ (1,052) | $ (135) |
Number of securities in a continuous loss position | Securities | 2,202 | 670 |
Fixed maturity securities | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 14,957 | $ 4,991 |
Less than 12 months, Gross unrealized losses | $ (895) | $ (110) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 2,062 | 635 |
12 months or more, Fair value | $ 1,114 | $ 308 |
12 months or more, Gross unrealized losses | $ (157) | $ (25) |
12 months or more, Number of securities in a continuous loss position | Securities | 140 | 35 |
Fair value | $ 16,071 | $ 5,299 |
Gross unrealized losses | $ (1,052) | $ (135) |
Number of securities in a continuous loss position | Securities | 2,202 | 670 |
Fixed maturity securities | U.S. corporate | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 8,109 | $ 2,593 |
Less than 12 months, Gross unrealized losses | $ (505) | $ (64) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 995 | 266 |
12 months or more, Fair value | $ 627 | $ 196 |
12 months or more, Gross unrealized losses | $ (91) | $ (15) |
12 months or more, Number of securities in a continuous loss position | Securities | 65 | 22 |
Fair value | $ 8,736 | $ 2,789 |
Gross unrealized losses | $ (596) | $ (79) |
Number of securities in a continuous loss position | Securities | 1,060 | 288 |
Fixed maturity securities | U.S. corporate | Utilities | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 1,089 | $ 211 |
Less than 12 months, Gross unrealized losses | $ (56) | $ (7) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 142 | 32 |
12 months or more, Fair value | $ 59 | $ 29 |
12 months or more, Gross unrealized losses | $ (10) | $ (2) |
12 months or more, Number of securities in a continuous loss position | Securities | 13 | 7 |
Fair value | $ 1,148 | $ 240 |
Gross unrealized losses | $ (66) | $ (9) |
Number of securities in a continuous loss position | Securities | 155 | 39 |
Fixed maturity securities | U.S. corporate | Energy | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 740 | $ 166 |
Less than 12 months, Gross unrealized losses | $ (40) | $ (3) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 87 | 18 |
12 months or more, Fair value | $ 63 | $ 25 |
12 months or more, Gross unrealized losses | $ (8) | $ (7) |
12 months or more, Number of securities in a continuous loss position | Securities | 7 | 4 |
Fair value | $ 803 | $ 191 |
Gross unrealized losses | $ (48) | $ (10) |
Number of securities in a continuous loss position | Securities | 94 | 22 |
Fixed maturity securities | U.S. corporate | Finance and insurance | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 2,529 | $ 960 |
Less than 12 months, Gross unrealized losses | $ (173) | $ (22) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 293 | 89 |
12 months or more, Fair value | $ 203 | $ 62 |
12 months or more, Gross unrealized losses | $ (30) | $ (2) |
12 months or more, Number of securities in a continuous loss position | Securities | 17 | 3 |
Fair value | $ 2,732 | $ 1,022 |
Gross unrealized losses | $ (203) | $ (24) |
Number of securities in a continuous loss position | Securities | 310 | 92 |
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 916 | $ 296 |
Less than 12 months, Gross unrealized losses | $ (56) | $ (7) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 109 | 30 |
12 months or more, Fair value | $ 86 | $ 14 |
12 months or more, Gross unrealized losses | $ (14) | $ (1) |
12 months or more, Number of securities in a continuous loss position | Securities | 7 | 2 |
Fair value | $ 1,002 | $ 310 |
Gross unrealized losses | $ (70) | $ (8) |
Number of securities in a continuous loss position | Securities | 116 | 32 |
Fixed maturity securities | U.S. corporate | Technology and communications | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 1,094 | $ 378 |
Less than 12 months, Gross unrealized losses | $ (73) | $ (12) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 147 | 37 |
12 months or more, Fair value | $ 93 | $ 29 |
12 months or more, Gross unrealized losses | $ (14) | $ (1) |
12 months or more, Number of securities in a continuous loss position | Securities | 8 | 2 |
Fair value | $ 1,187 | $ 407 |
Gross unrealized losses | $ (87) | $ (13) |
Number of securities in a continuous loss position | Securities | 155 | 39 |
Fixed maturity securities | U.S. corporate | Industrial | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 361 | $ 143 |
Less than 12 months, Gross unrealized losses | $ (26) | $ (3) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 46 | 18 |
12 months or more, Fair value | $ 0 | $ 0 |
12 months or more, Gross unrealized losses | $ 0 | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 0 | 0 |
Fair value | $ 361 | $ 143 |
Gross unrealized losses | $ (26) | $ (3) |
Number of securities in a continuous loss position | Securities | 46 | 18 |
Fixed maturity securities | U.S. corporate | Capital goods | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 553 | $ 171 |
Less than 12 months, Gross unrealized losses | $ (35) | $ (3) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 65 | 16 |
12 months or more, Fair value | $ 27 | $ 18 |
12 months or more, Gross unrealized losses | $ (4) | $ (1) |
12 months or more, Number of securities in a continuous loss position | Securities | 4 | 2 |
Fair value | $ 580 | $ 189 |
Gross unrealized losses | $ (39) | $ (4) |
Number of securities in a continuous loss position | Securities | 69 | 18 |
Fixed maturity securities | U.S. corporate | Consumer-cyclical | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 507 | $ 268 |
Less than 12 months, Gross unrealized losses | $ (34) | $ (7) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 65 | 26 |
12 months or more, Fair value | $ 78 | $ 0 |
12 months or more, Gross unrealized losses | $ (10) | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 7 | 0 |
Fair value | $ 585 | $ 268 |
Gross unrealized losses | $ (44) | $ (7) |
Number of securities in a continuous loss position | Securities | 72 | 26 |
Fixed maturity securities | U.S. corporate | Transportation | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 247 | |
Less than 12 months, Gross unrealized losses | $ (9) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 32 | |
12 months or more, Fair value | $ 0 | |
12 months or more, Gross unrealized losses | $ 0 | |
12 months or more, Number of securities in a continuous loss position | Securities | 0 | |
Fair value | $ 247 | |
Gross unrealized losses | $ (9) | |
Number of securities in a continuous loss position | Securities | 32 | |
Fixed maturity securities | U.S. corporate | Other | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 73 | $ 0 |
Less than 12 months, Gross unrealized losses | $ (3) | $ 0 |
Less than 12 months, Number of securities in a continuous loss position | Securities | 9 | 0 |
12 months or more, Fair value | $ 18 | $ 19 |
12 months or more, Gross unrealized losses | $ (1) | $ (1) |
12 months or more, Number of securities in a continuous loss position | Securities | 2 | 2 |
Fair value | $ 91 | $ 19 |
Gross unrealized losses | $ (4) | $ (1) |
Number of securities in a continuous loss position | Securities | 11 | 2 |
Fixed maturity securities | Non-U.S. corporate | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 2,672 | $ 912 |
Less than 12 months, Gross unrealized losses | $ (173) | $ (21) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 355 | 124 |
12 months or more, Fair value | $ 258 | $ 62 |
12 months or more, Gross unrealized losses | $ (39) | $ (5) |
12 months or more, Number of securities in a continuous loss position | Securities | 31 | 8 |
Fair value | $ 2,930 | $ 974 |
Gross unrealized losses | $ (212) | $ (26) |
Number of securities in a continuous loss position | Securities | 386 | 132 |
Fixed maturity securities | Non-U.S. corporate | Utilities | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 272 | $ 69 |
Less than 12 months, Gross unrealized losses | $ (13) | $ (2) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 28 | 9 |
12 months or more, Fair value | $ 12 | $ 0 |
12 months or more, Gross unrealized losses | $ (2) | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 1 | 0 |
Fair value | $ 284 | $ 69 |
Gross unrealized losses | $ (15) | $ (2) |
Number of securities in a continuous loss position | Securities | 29 | 9 |
Fixed maturity securities | Non-U.S. corporate | Energy | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 291 | $ 64 |
Less than 12 months, Gross unrealized losses | $ (18) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 27 | 10 |
12 months or more, Fair value | $ 4 | $ 0 |
12 months or more, Gross unrealized losses | $ (1) | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 1 | 0 |
Fair value | $ 295 | $ 64 |
Gross unrealized losses | $ (19) | $ (1) |
Number of securities in a continuous loss position | Securities | 28 | 10 |
Fixed maturity securities | Non-U.S. corporate | Finance and insurance | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 685 | $ 366 |
Less than 12 months, Gross unrealized losses | $ (47) | $ (8) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 96 | 43 |
12 months or more, Fair value | $ 157 | $ 18 |
12 months or more, Gross unrealized losses | $ (23) | $ (1) |
12 months or more, Number of securities in a continuous loss position | Securities | 16 | 2 |
Fair value | $ 842 | $ 384 |
Gross unrealized losses | $ (70) | $ (9) |
Number of securities in a continuous loss position | Securities | 112 | 45 |
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 253 | $ 67 |
Less than 12 months, Gross unrealized losses | $ (21) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 32 | 12 |
12 months or more, Fair value | $ 6 | $ 6 |
12 months or more, Gross unrealized losses | $ (1) | $ (1) |
12 months or more, Number of securities in a continuous loss position | Securities | 1 | 1 |
Fair value | $ 259 | $ 73 |
Gross unrealized losses | $ (22) | $ (2) |
Number of securities in a continuous loss position | Securities | 33 | 13 |
Fixed maturity securities | Non-U.S. corporate | Technology and communications | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 269 | $ 48 |
Less than 12 months, Gross unrealized losses | $ (17) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 41 | 8 |
12 months or more, Fair value | $ 0 | $ 0 |
12 months or more, Gross unrealized losses | $ 0 | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 0 | 0 |
Fair value | $ 269 | $ 48 |
Gross unrealized losses | $ (17) | $ (1) |
Number of securities in a continuous loss position | Securities | 41 | 8 |
Fixed maturity securities | Non-U.S. corporate | Industrial | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 274 | $ 122 |
Less than 12 months, Gross unrealized losses | $ (19) | $ (3) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 35 | 14 |
12 months or more, Fair value | $ 18 | $ 0 |
12 months or more, Gross unrealized losses | $ (2) | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 2 | 0 |
Fair value | $ 292 | $ 122 |
Gross unrealized losses | $ (21) | $ (3) |
Number of securities in a continuous loss position | Securities | 37 | 14 |
Fixed maturity securities | Non-U.S. corporate | Capital goods | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 231 | $ 78 |
Less than 12 months, Gross unrealized losses | $ (16) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 30 | 8 |
12 months or more, Fair value | $ 0 | $ 0 |
12 months or more, Gross unrealized losses | $ 0 | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 0 | 0 |
Fair value | $ 231 | $ 78 |
Gross unrealized losses | $ (16) | $ (1) |
Number of securities in a continuous loss position | Securities | 30 | 8 |
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 128 | $ 22 |
Less than 12 months, Gross unrealized losses | $ (7) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 25 | 8 |
12 months or more, Fair value | $ 20 | $ 15 |
12 months or more, Gross unrealized losses | $ (2) | $ (1) |
12 months or more, Number of securities in a continuous loss position | Securities | 4 | 3 |
Fair value | $ 148 | $ 37 |
Gross unrealized losses | $ (9) | $ (2) |
Number of securities in a continuous loss position | Securities | 29 | 11 |
Fixed maturity securities | Non-U.S. corporate | Transportation | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 125 | $ 37 |
Less than 12 months, Gross unrealized losses | $ (7) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 19 | 7 |
12 months or more, Fair value | $ 0 | $ 0 |
12 months or more, Gross unrealized losses | $ 0 | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 0 | 0 |
Fair value | $ 125 | $ 37 |
Gross unrealized losses | $ (7) | $ (1) |
Number of securities in a continuous loss position | Securities | 19 | 7 |
Fixed maturity securities | Non-U.S. corporate | Other | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 144 | $ 39 |
Less than 12 months, Gross unrealized losses | $ (8) | $ (2) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 22 | 5 |
12 months or more, Fair value | $ 41 | $ 23 |
12 months or more, Gross unrealized losses | $ (8) | $ (2) |
12 months or more, Number of securities in a continuous loss position | Securities | 6 | 2 |
Fair value | $ 185 | $ 62 |
Gross unrealized losses | $ (16) | $ (4) |
Number of securities in a continuous loss position | Securities | 28 | 7 |
Fixed maturity securities | Corporate Debt Securities | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 10,781 | $ 3,505 |
Less than 12 months, Gross unrealized losses | $ (678) | $ (85) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 1,350 | 390 |
12 months or more, Fair value | $ 885 | $ 258 |
12 months or more, Gross unrealized losses | $ (130) | $ (20) |
12 months or more, Number of securities in a continuous loss position | Securities | 96 | 30 |
Fair value | $ 11,666 | $ 3,763 |
Gross unrealized losses | $ (808) | $ (105) |
Number of securities in a continuous loss position | Securities | 1,446 | 420 |
Scheduled Maturity Distribution
Scheduled Maturity Distribution of Fixed Maturity Securities (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized cost or cost | ||
Due one year or less | $ 1,407 | |
Due after one year through five years | 8,339 | |
Due after five years through ten years | 13,771 | |
Due after ten years | 23,009 | |
Subtotal | 46,526 | |
Amortized cost or cost, fixed maturity securities | 52,280 | $ 52,611 |
Fair value | ||
Due one year or less | 1,420 | |
Due after one year through five years | 8,501 | |
Due after five years through ten years | 13,943 | |
Due after ten years | 25,427 | |
Subtotal | 49,291 | |
Fair value, fixed maturity securities | 55,027 | $ 60,480 |
Residential mortgage-backed | ||
Amortized cost or cost | ||
Fixed maturity securities | 1,277 | |
Fair value | ||
Fixed maturity securities | 1,320 | |
Commercial mortgage-backed | ||
Amortized cost or cost | ||
Fixed maturity securities | 2,369 | |
Fair value | ||
Fixed maturity securities | 2,361 | |
Other asset-backed | ||
Amortized cost or cost | ||
Fixed maturity securities | 2,108 | |
Fair value | ||
Fixed maturity securities | $ 2,055 |
Distribution Across Property Ty
Distribution Across Property Type and Geographic Region for Commercial Mortgage Loans (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 6,938 | $ 6,856 |
% of total | 100.00% | 100.00% |
Allowance for credit losses | $ (25) | $ (26) |
Commercial mortgage loans, net | 6,913 | 6,830 |
Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 6,938 | $ 6,856 |
% of total | 100.00% | 100.00% |
Allowance for credit losses | $ (25) | $ (26) |
Commercial mortgage loans, net | 6,913 | 6,830 |
South Atlantic | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,806 | $ 1,770 |
% of total | 26.00% | 26.00% |
Pacific | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,357 | $ 1,360 |
% of total | 20.00% | 20.00% |
Middle Atlantic | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 964 | $ 964 |
% of total | 14.00% | 14.00% |
Mountain | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 932 | $ 892 |
% of total | 13.00% | 13.00% |
West North Central | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 466 | $ 461 |
% of total | 7.00% | 7.00% |
East North Central | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 464 | $ 465 |
% of total | 7.00% | 7.00% |
West South Central | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 493 | $ 483 |
% of total | 7.00% | 7.00% |
New England | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 235 | $ 237 |
% of total | 3.00% | 3.00% |
East South Central | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 221 | $ 224 |
% of total | 3.00% | 3.00% |
Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,837 | $ 2,774 |
% of total | 41.00% | 40.00% |
Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,461 | $ 1,420 |
% of total | 21.00% | 21.00% |
Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,527 | $ 1,526 |
% of total | 22.00% | 22.00% |
Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 577 | $ 585 |
% of total | 8.00% | 9.00% |
Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 327 | $ 330 |
% of total | 5.00% | 5.00% |
Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 209 | $ 221 |
% of total | 3.00% | 3.00% |
Allowance for Credit Losses and
Allowance for Credit Losses and Recorded Investment in Commercial Mortgage Loans (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $ 26 | ||
Ending balance | 25 | $ 26 | |
Allowance for Credit Losses | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 26 | $ 31 | 31 |
Provision | (1) | 1 | |
Write-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Ending balance | $ 25 | $ 32 | $ 26 |
Commercial Mortgage Loans By Ye
Commercial Mortgage Loans By Year of Origination and Credit Quality Indicator (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 6,938 | $ 6,856 |
Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 6,938 | 6,856 |
0% - 50% | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 2,452 | 2,480 |
0% - 50% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 2,452 | |
51% - 60% | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 1,494 | 1,539 |
51% - 60% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 1,494 | |
61% - 75% | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 2,970 | 2,815 |
61% - 75% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 2,970 | |
76% - 100% | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | 0 |
76% - 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
Greater than 100% | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 22 | 22 |
Greater than 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 22 | |
Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 220 | 223 |
1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 549 | 559 |
1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 804 | 791 |
1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 3,071 | 2,958 |
Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 2,294 | $ 2,325 |
2022 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 197 | |
2022 | 0% - 50% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2022 | 51% - 60% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2022 | 61% - 75% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 197 | |
2022 | 76% - 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2022 | Greater than 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2022 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2022 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 13 | |
2022 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 20 | |
2022 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 148 | |
2022 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 16 | |
2021 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 947 | |
2021 | 0% - 50% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 23 | |
2021 | 51% - 60% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 40 | |
2021 | 61% - 75% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 884 | |
2021 | 76% - 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2021 | Greater than 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2021 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2021 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 2 | |
2021 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 118 | |
2021 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 724 | |
2021 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 103 | |
2020 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 522 | |
2020 | 0% - 50% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 72 | |
2020 | 51% - 60% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 30 | |
2020 | 61% - 75% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 420 | |
2020 | 76% - 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2020 | Greater than 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2020 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 10 | |
2020 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 69 | |
2020 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 32 | |
2020 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 219 | |
2020 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 192 | |
2019 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 726 | |
2019 | 0% - 50% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 60 | |
2019 | 51% - 60% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 161 | |
2019 | 61% - 75% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 505 | |
2019 | 76% - 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2019 | Greater than 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2019 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 19 | |
2019 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 73 | |
2019 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 167 | |
2019 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 269 | |
2019 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 198 | |
2018 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 871 | |
2018 | 0% - 50% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 161 | |
2018 | 51% - 60% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 272 | |
2018 | 61% - 75% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 438 | |
2018 | 76% - 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2018 | Greater than 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2018 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 41 | |
2018 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 75 | |
2018 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 134 | |
2018 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 441 | |
2018 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 180 | |
2017 and prior | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 3,675 | |
2017 and prior | 0% - 50% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 2,136 | |
2017 and prior | 51% - 60% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 991 | |
2017 and prior | 61% - 75% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 526 | |
2017 and prior | 76% - 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2017 and prior | Greater than 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 22 | |
2017 and prior | Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 150 | |
2017 and prior | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 317 | |
2017 and prior | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 333 | |
2017 and prior | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 1,270 | |
2017 and prior | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,605 |
Debt-to-Value of Commercial Mor
Debt-to-Value of Commercial Mortgage Loans by Property Type (Detail) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 6,938 | $ 6,856 |
Commercial mortgage loans, amortized cost | $ 6,938 | $ 6,856 |
% of total | 100.00% | 100.00% |
Weighted-average debt service coverage ratio | 1.92 | 1.93 |
Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,837 | $ 2,774 |
% of total | 41.00% | 40.00% |
Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,461 | $ 1,420 |
% of total | 21.00% | 21.00% |
Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,527 | $ 1,526 |
% of total | 22.00% | 22.00% |
Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 577 | $ 585 |
% of total | 8.00% | 9.00% |
Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 327 | $ 330 |
% of total | 5.00% | 5.00% |
Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 209 | $ 221 |
% of total | 3.00% | 3.00% |
0% - 50% | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,452 | $ 2,480 |
% of total | 35.00% | 36.00% |
Weighted-average debt service coverage ratio | 2.35 | 2.36 |
0% - 50% | Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 849 | $ 853 |
0% - 50% | Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 738 | 745 |
0% - 50% | Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 492 | 505 |
0% - 50% | Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 196 | 200 |
0% - 50% | Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 121 | 120 |
0% - 50% | Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 56 | 57 |
51% - 60% | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,494 | $ 1,539 |
% of total | 22.00% | 23.00% |
Weighted-average debt service coverage ratio | 1.84 | 1.83 |
51% - 60% | Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 594 | $ 611 |
51% - 60% | Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 233 | 240 |
51% - 60% | Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 387 | 395 |
51% - 60% | Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 99 | 102 |
51% - 60% | Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 67 | 70 |
51% - 60% | Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 114 | 121 |
61% - 75% | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,970 | $ 2,815 |
% of total | 43.00% | 41.00% |
Weighted-average debt service coverage ratio | 1.62 | 1.61 |
61% - 75% | Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,394 | $ 1,310 |
61% - 75% | Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 490 | 435 |
61% - 75% | Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 626 | 604 |
61% - 75% | Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 282 | 283 |
61% - 75% | Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 139 | 140 |
61% - 75% | Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 39 | 43 |
76% - 100% | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 0 | $ 0 |
% of total | 0.00% | 0.00% |
Weighted-average debt service coverage ratio | 0 | 0 |
76% - 100% | Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 0 | $ 0 |
76% - 100% | Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | 0 |
76% - 100% | Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | 0 |
76% - 100% | Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | 0 |
76% - 100% | Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | 0 |
76% - 100% | Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | 0 |
Greater than 100% | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 22 | $ 22 |
% of total | 0.00% | 0.00% |
Weighted-average debt service coverage ratio | 0 | 0.68 |
Greater than 100% | Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 0 | $ 0 |
Greater than 100% | Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | 0 |
Greater than 100% | Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 22 | 22 |
Greater than 100% | Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | 0 |
Greater than 100% | Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | 0 |
Greater than 100% | Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 0 | $ 0 |
Debt Service Coverage Ratio for
Debt Service Coverage Ratio for Fixed Rate Commercial Mortgage Loans by Property Type (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 6,938 | $ 6,856 |
% of total | 100.00% | 100.00% |
Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 6,938 | $ 6,856 |
% of total | 100.00% | 100.00% |
Weighted-average debt-to-value | 55.00% | 55.00% |
Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,837 | $ 2,774 |
% of total | 41.00% | 40.00% |
Retail | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,837 | $ 2,774 |
Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,461 | $ 1,420 |
% of total | 21.00% | 21.00% |
Industrial | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,461 | $ 1,420 |
Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,527 | $ 1,526 |
% of total | 22.00% | 22.00% |
Office | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,527 | $ 1,526 |
Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 577 | $ 585 |
% of total | 8.00% | 9.00% |
Apartments | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 577 | $ 585 |
Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 327 | $ 330 |
% of total | 5.00% | 5.00% |
Mixed Use | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 327 | $ 330 |
Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 209 | $ 221 |
% of total | 3.00% | 3.00% |
Other | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 209 | $ 221 |
Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 220 | $ 223 |
% of total | 3.00% | 3.00% |
Weighted-average debt-to-value | 68.00% | 68.00% |
Less than 1.00 | Retail | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 100 | $ 102 |
Less than 1.00 | Industrial | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 8 | 9 |
Less than 1.00 | Office | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 67 | 67 |
Less than 1.00 | Apartments | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 17 | 17 |
Less than 1.00 | Mixed Use | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 23 | 24 |
Less than 1.00 | Other | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 5 | 4 |
1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 549 | $ 559 |
% of total | 8.00% | 8.00% |
Weighted-average debt-to-value | 60.00% | 61.00% |
1.00 - 1.25 | Retail | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 157 | $ 166 |
1.00 - 1.25 | Industrial | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 77 | 64 |
1.00 - 1.25 | Office | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 108 | 109 |
1.00 - 1.25 | Apartments | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 62 | 62 |
1.00 - 1.25 | Mixed Use | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 31 | 32 |
1.00 - 1.25 | Other | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 114 | 126 |
1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 804 | $ 791 |
% of total | 12.00% | 12.00% |
Weighted-average debt-to-value | 62.00% | 61.00% |
1.26 - 1.50 | Retail | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 426 | $ 405 |
1.26 - 1.50 | Industrial | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 80 | 82 |
1.26 - 1.50 | Office | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 165 | 167 |
1.26 - 1.50 | Apartments | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 77 | 84 |
1.26 - 1.50 | Mixed Use | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 40 | 40 |
1.26 - 1.50 | Other | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 16 | 13 |
1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 3,071 | $ 2,958 |
% of total | 44.00% | 43.00% |
Weighted-average debt-to-value | 60.00% | 60.00% |
1.51 - 2.00 | Retail | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,441 | $ 1,375 |
1.51 - 2.00 | Industrial | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 629 | 599 |
1.51 - 2.00 | Office | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 609 | 593 |
1.51 - 2.00 | Apartments | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 230 | 225 |
1.51 - 2.00 | Mixed Use | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 118 | 118 |
1.51 - 2.00 | Other | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 44 | 48 |
Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,294 | $ 2,325 |
% of total | 33.00% | 34.00% |
Weighted-average debt-to-value | 44.00% | 43.00% |
Greater than 2.00 | Retail | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 713 | $ 726 |
Greater than 2.00 | Industrial | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 667 | 666 |
Greater than 2.00 | Office | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 578 | 590 |
Greater than 2.00 | Apartments | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 191 | 197 |
Greater than 2.00 | Mixed Use | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 115 | 116 |
Greater than 2.00 | Other | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 30 | $ 30 |
Schedule of Positions in Deriva
Schedule of Positions in Derivative Instruments (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Derivative assets, fair value | $ 214 | $ 433 | |
Derivative liabilities, fair value | 602 | 616 | |
Policyholder account balances | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 525 | 590 | |
Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 77 | 26 | |
Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 197 | 414 | |
Interest rate swaps | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 76 | 26 | |
Interest rate swaps | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 162 | 364 | |
Foreign currency swaps | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 1 | ||
Foreign currency swaps | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 5 | 6 | |
Equity index options | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 30 | 42 | |
Other foreign currency contracts | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 2 | ||
GMWB embedded derivatives | Policyholder account balances | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | [1] | 243 | 271 |
GMWB embedded derivatives | Reinsurance recoverable | |||
Derivative [Line Items] | |||
Derivative assets, fair value | [2] | 17 | 19 |
Fixed index annuity embedded derivatives | Policyholder account balances | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 261 | 294 | |
Indexed universal life embedded derivatives | Policyholder account balances | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 21 | 25 | |
Designated As Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 167 | 370 | |
Derivative liabilities, fair value | 77 | 26 | |
Designated As Hedging Instrument | Cash Flow Hedges | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 167 | 370 | |
Derivative liabilities, fair value | 77 | 26 | |
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 76 | 26 | |
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 162 | 364 | |
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 1 | 0 | |
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 5 | 6 | |
Derivatives not designated as hedges | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 47 | 63 | |
Derivative liabilities, fair value | 525 | 590 | |
Derivatives not designated as hedges | Equity index options | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 0 | 0 | |
Derivatives not designated as hedges | Equity index options | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 30 | 42 | |
Derivatives not designated as hedges | Financial futures | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 0 | 0 | |
Derivatives not designated as hedges | Financial futures | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Derivatives not designated as hedges | Other foreign currency contracts | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 0 | 0 | |
Derivatives not designated as hedges | Other foreign currency contracts | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 0 | 2 | |
Derivatives not designated as hedges | GMWB embedded derivatives | Policyholder account balances | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | [3] | 243 | 271 |
Derivatives not designated as hedges | GMWB embedded derivatives | Reinsurance recoverable | |||
Derivative [Line Items] | |||
Derivative assets, fair value | [4] | 17 | 19 |
Derivatives not designated as hedges | Fixed index annuity embedded derivatives | Policyholder account balances | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | [5] | 261 | 294 |
Derivatives not designated as hedges | Fixed index annuity embedded derivatives | Other assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Derivatives not designated as hedges | Indexed universal life embedded derivatives | Policyholder account balances | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | [6] | 21 | 25 |
Derivatives not designated as hedges | Indexed universal life embedded derivatives | Reinsurance recoverable | |||
Derivative [Line Items] | |||
Derivative assets, fair value | $ 0 | $ 0 | |
[1] | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. | ||
[2] | Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. | ||
[3] | Represents the embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. | ||
[4] | Represents embedded derivatives associated with the reinsured portion of our guaranteed minimum withdrawal benefits (“GMWB”) liabilities. | ||
[5] | Represents the embedded derivatives associated with our fixed index annuity liabilities. | ||
[6] | Represents the embedded derivatives associated with our indexed universal life liabilities. |
Activity Associated with Deriva
Activity Associated with Derivative Instruments (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)Policies | |
Derivative [Line Items] | |
Notional amount, beginning balance | $ 10,255 |
Additions | 1,294 |
Maturities/ terminations | (1,527) |
Notional amount, ending balance | 10,022 |
Designated As Hedging Instrument | |
Derivative [Line Items] | |
Notional amount, beginning balance | 7,780 |
Additions | 0 |
Maturities/ terminations | (58) |
Notional amount, ending balance | 7,722 |
Designated As Hedging Instrument | Cash Flow Hedges | |
Derivative [Line Items] | |
Notional amount, beginning balance | 7,780 |
Additions | 0 |
Maturities/ terminations | (58) |
Notional amount, ending balance | 7,722 |
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | |
Derivative [Line Items] | |
Notional amount, beginning balance | 7,653 |
Additions | 0 |
Maturities/ terminations | (58) |
Notional amount, ending balance | 7,595 |
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | |
Derivative [Line Items] | |
Notional amount, beginning balance | 127 |
Additions | 0 |
Maturities/ terminations | 0 |
Notional amount, ending balance | 127 |
Derivatives not designated as hedges | |
Derivative [Line Items] | |
Notional amount, beginning balance | 2,475 |
Additions | 1,294 |
Maturities/ terminations | (1,469) |
Notional amount, ending balance | 2,300 |
Derivatives not designated as hedges | Equity index options | |
Derivative [Line Items] | |
Notional amount, beginning balance | 1,446 |
Additions | 300 |
Maturities/ terminations | (368) |
Notional amount, ending balance | 1,378 |
Derivatives not designated as hedges | Financial futures | |
Derivative [Line Items] | |
Notional amount, beginning balance | 946 |
Additions | 994 |
Maturities/ terminations | (1,042) |
Notional amount, ending balance | 898 |
Derivatives not designated as hedges | Other foreign currency contracts | |
Derivative [Line Items] | |
Notional amount, beginning balance | 83 |
Additions | 0 |
Maturities/ terminations | (59) |
Notional amount, ending balance | $ 24 |
Derivatives not designated as hedges | GMWB embedded derivatives | |
Derivative [Line Items] | |
Notional amount, beginning balance | Policies | 21,804 |
Additions | Policies | 0 |
Maturities/ terminations | Policies | (477) |
Notional amount, ending balance | Policies | 21,327 |
Derivatives not designated as hedges | Fixed index annuity embedded derivatives | |
Derivative [Line Items] | |
Notional amount, beginning balance | Policies | 9,344 |
Additions | Policies | 0 |
Maturities/ terminations | Policies | (568) |
Notional amount, ending balance | Policies | 8,776 |
Derivatives not designated as hedges | Indexed universal life embedded derivatives | |
Derivative [Line Items] | |
Notional amount, beginning balance | Policies | 806 |
Additions | Policies | 0 |
Maturities/ terminations | Policies | (7) |
Notional amount, ending balance | Policies | 799 |
Schedule of Pre-Tax Income (Los
Schedule of Pre-Tax Income (Loss) Effects of Cash Flow Hedges (Detail) - Cash Flow Hedges - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (loss) recognized in OCI | $ (252) | $ (487) |
Gain (loss) reclassified into net income from OCI | 57 | 52 |
Gain (loss) recognized in net income (loss) | 0 | 0 |
Interest Rate Swaps Hedging Assets | Net Investment Income | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (loss) recognized in OCI | (250) | (529) |
Gain (loss) reclassified into net income from OCI | 55 | 52 |
Interest Rate Swaps Hedging Assets | Net Investment Gains (Losses) | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (loss) recognized in OCI | 0 | 44 |
Gain (loss) reclassified into net income from OCI | 2 | 0 |
Gain (loss) recognized in net income (loss) | 0 | 0 |
Interest Rate Swaps Hedging Liabilities | Interest Expense | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (loss) recognized in OCI | 0 | |
Gain (loss) reclassified into net income from OCI | (1) | |
Interest Rate Swaps Hedging Liabilities | Net Investment Gains (Losses) | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (loss) recognized in net income (loss) | 0 | |
Foreign currency swaps | Net Investment Income | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (loss) recognized in OCI | (2) | (2) |
Gain (loss) reclassified into net income from OCI | 1 | 0 |
Foreign currency swaps | Net Investment Gains (Losses) | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (loss) recognized in net income (loss) | $ 0 | $ 0 |
Reconciliation of Current Perio
Reconciliation of Current Period Changes, Net of Applicable Income Taxes, for Derivatives Qualifying as Hedges (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments [Abstract] | ||
Derivatives qualifying as effective accounting hedges, beginning of period | $ 2,025 | $ 2,211 |
Current period increases (decreases) in fair value, net of deferred taxes | (199) | (385) |
Reclassification to net (income) loss, net of deferred taxes | (37) | (34) |
Derivatives qualifying as effective accounting hedges, end of period | $ 1,789 | $ 1,792 |
Reconciliation of Current Per_2
Reconciliation of Current Period Changes, Net of Applicable Income Taxes, for Derivatives Qualifying as Hedges (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Current period increases (decreases) in fair value, deferred taxes | $ 53 | $ 102 |
Reclassification to net (income), deferred taxes | $ 20 | $ 18 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||||
Derivatives designated as cash flow hedges gain (loss), amount expected to be reclassified to future net income (loss), net of tax | $ 1,789 | $ 1,792 | $ 2,025 | $ 2,211 |
Year by which all forecasted transactions associated with qualifying cash flow hedges are expected to occur | 2057 | |||
Derivatives designated as cash flow hedges gain (loss), amount expected to be reclassified to net income in the next 12 months, net of tax | $ 143 | |||
Amount reclassified to net income (loss) in connection with forecasted transactions that were no longer considered probable of occurring | $ 3 | $ 2 |
Schedule of Pre-Tax Gain (Loss)
Schedule of Pre-Tax Gain (Loss) Recognized in Net Income (Loss) for Effects of Derivatives not Designated as Hedges (Detail) - Derivatives not designated as hedges - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative [Line Items] | ||
Pre-tax gain (loss) recognized in net income | $ 2 | $ 8 |
Interest rate swaps | Net Investment Gains (Losses) | ||
Derivative [Line Items] | ||
Pre-tax gain (loss) recognized in net income | 0 | 4 |
Equity index options | Net Investment Gains (Losses) | ||
Derivative [Line Items] | ||
Pre-tax gain (loss) recognized in net income | (6) | 3 |
Financial futures | Net Investment Gains (Losses) | ||
Derivative [Line Items] | ||
Pre-tax gain (loss) recognized in net income | (47) | (110) |
GMWB embedded derivatives | Net Investment Gains (Losses) | ||
Derivative [Line Items] | ||
Pre-tax gain (loss) recognized in net income | 32 | 105 |
Fixed index annuity embedded derivatives | Net Investment Gains (Losses) | ||
Derivative [Line Items] | ||
Pre-tax gain (loss) recognized in net income | 12 | (4) |
Indexed universal life embedded derivatives | Net Investment Gains (Losses) | ||
Derivative [Line Items] | ||
Pre-tax gain (loss) recognized in net income | $ 11 | $ 10 |
Additional Information about De
Additional Information about Derivative Assets and Liabilities Subject to Enforceable Master Netting Arrangement (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Gross amounts recognized, derivatives assets | $ 214 | $ 433 | |
Gross amounts recognized, derivatives liabilities | 602 | 616 | |
Subject to enforceable master netting arrangement | |||
Derivative [Line Items] | |||
Gross amounts recognized, net derivatives | 121 | 388 | |
Gross amounts offset in the balance sheet, net derivatives | 0 | 0 | |
Net amounts presented in the balance sheet, net derivatives | 121 | 388 | |
Gross amounts not offset in the balance sheet, financial instruments, net derivatives | [1] | 0 | 0 |
Collateral received | (110) | (308) | |
Collateral pledged | 567 | 536 | |
Over collateralization, net derivatives | (526) | (528) | |
Net amount | 52 | 88 | |
Subject to enforceable master netting arrangement | Derivative assets | |||
Derivative [Line Items] | |||
Gross amounts recognized, derivatives assets | [2] | 198 | 414 |
Gross amounts offset in the balance sheet, derivatives assets | [2] | 0 | 0 |
Net amounts presented in the balance sheet, derivatives assets | [2] | 198 | 414 |
Gross amounts not offset in the balance sheet, financial instruments, derivatives assets | [1],[2] | (49) | (20) |
Collateral received | [2] | (110) | (308) |
Collateral pledged | [2] | 0 | 0 |
Over collateralization, derivatives assets | [2] | 13 | 2 |
Net amount, derivatives assets | [2] | 52 | 88 |
Subject to enforceable master netting arrangement | Derivative liabilities | |||
Derivative [Line Items] | |||
Gross amounts recognized, derivatives liabilities | [2] | 77 | 26 |
Gross amounts offset in the balance sheet, derivatives liabilities | [2] | 0 | 0 |
Net amounts presented in the balance sheet, derivatives liabilities | [2] | 77 | 26 |
Gross amounts not offset in the balance sheet, financial instruments, derivative liabilities | [1],[2] | (49) | (20) |
Collateral received | [2] | 0 | 0 |
Collateral pledged | [2] | (567) | (536) |
Over collateralization, derivatives liabilities | [2] | 539 | 530 |
Net amount, derivatives liabilities | [2] | $ 0 | $ 0 |
[1] | Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each counterparty. | ||
[2] | Included $1 million of accruals on derivatives classified as other assets as of March 31, 2022 and does not include amounts related to embedded derivatives as of March 31, 2022 and December 31, 2021. |
Additional Information about _2
Additional Information about Derivative Assets and Liabilities Subject to Enforceable Master Netting Arrangement (Parenthetical) (Detail) $ in Millions | Mar. 31, 2022USD ($) |
Other assets | Derivative assets | |
Derivative [Line Items] | |
Net amounts presented in the balance sheet, accruals on derivative assets | $ 1 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | |
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 55,027 | $ 60,480 |
GMWB non-performance risk impact | $ 42 | 49 |
Period end valuation | 0 | |
Fixed maturity securities | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 55,027 | 60,480 |
Fixed maturity securities | U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 31,823 | 34,924 |
Fixed maturity securities | Non-U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 9,453 | 10,535 |
Level 2 | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 51,498 | 56,672 |
Level 2 | Fixed maturity securities | U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 29,554 | 32,543 |
Level 2 | Fixed maturity securities | Non-U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 8,413 | 9,373 |
Level 2 | Fixed maturity securities | Third-Party Pricing Services | ||
Fair Value of Financial Instruments [Line Items] | ||
Percentage of available for sale debt securities | 89.00% | |
Level 2 | Fixed maturity securities | Third-Party Pricing Services | U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 27,876 | |
Level 2 | Fixed maturity securities | Third-Party Pricing Services | Non-U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 7,414 | |
Level 2 | Fixed maturity securities | Internal models | U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 1,678 | |
Level 2 | Fixed maturity securities | Internal models | Non-U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 999 | |
Level 3 | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 3,529 | 3,808 |
Level 3 | Fixed maturity securities | U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 2,269 | 2,381 |
Level 3 | Fixed maturity securities | Non-U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 1,040 | $ 1,162 |
Level 3 | Fixed maturity securities | Internal models | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 3,260 | |
Level 3 | Fixed maturity securities | Broker Quotes | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 269 | |
Fair Value Measured at Net Asset Value Per Share | Limited Partnerships | Maximum | ||
Fair Value of Financial Instruments [Line Items] | ||
Liquidation period | 10 years | |
Contractual period | 12 years | |
Fair Value Measured at Net Asset Value Per Share | Limited Partnerships | Minimum | ||
Fair Value of Financial Instruments [Line Items] | ||
Liquidation period | 5 years | |
Contractual period | 10 years |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Significant Inputs Used by Third-Party Pricing Services for Certain Fair Value Measurements of Fixed Maturity Securities that Classified as Level 2 (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | $ 55,027 | $ 60,480 |
Fixed maturity securities | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 55,027 | 60,480 |
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 4,097 | 4,552 |
Fixed maturity securities | State and Political Subdivisions | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 3,134 | 3,450 |
Fixed maturity securities | Non-U.S. government | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 784 | 835 |
Fixed maturity securities | U.S. corporate | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 31,823 | 34,924 |
Fixed maturity securities | Non-U.S. corporate | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 9,453 | 10,535 |
Fixed maturity securities | Residential mortgage-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 1,320 | 1,440 |
Fixed maturity securities | Commercial mortgage-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 2,361 | 2,584 |
Fixed maturity securities | Other asset-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 2,055 | 2,160 |
Level 2 | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 51,498 | 56,672 |
Level 2 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 4,097 | 4,552 |
Level 2 | Fixed maturity securities | State and Political Subdivisions | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 3,063 | 3,368 |
Level 2 | Fixed maturity securities | Non-U.S. government | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 783 | 833 |
Level 2 | Fixed maturity securities | U.S. corporate | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 29,554 | 32,543 |
Level 2 | Fixed maturity securities | Non-U.S. corporate | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 8,413 | 9,373 |
Level 2 | Fixed maturity securities | Residential mortgage-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 1,287 | 1,413 |
Level 2 | Fixed maturity securities | Commercial mortgage-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 2,346 | 2,568 |
Level 2 | Fixed maturity securities | Other asset-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 1,955 | $ 2,022 |
Level 2 | Third-Party Pricing Services | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | $ 4,097 | |
Primary methodologies | Price quotes from trading desk, broker feeds | |
Significant inputs | Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread | |
Level 2 | Third-Party Pricing Services | Fixed maturity securities | State and Political Subdivisions | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | $ 3,063 | |
Primary methodologies | Multi-dimensional attribute-based modeling systems, third-party pricing vendors | |
Significant inputs | Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes | |
Level 2 | Third-Party Pricing Services | Fixed maturity securities | Non-U.S. government | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | $ 783 | |
Primary methodologies | Matrix pricing, spread priced to benchmark curves, price quotes from market makers | |
Significant inputs | Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources | |
Level 2 | Third-Party Pricing Services | Fixed maturity securities | U.S. corporate | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | $ 27,876 | |
Primary methodologies | Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, OAS-based models | |
Significant inputs | Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports | |
Level 2 | Third-Party Pricing Services | Fixed maturity securities | Non-U.S. corporate | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | $ 7,414 | |
Primary methodologies | Multi-dimensional attribute-based modeling systems, OAS-based models, price quotes from market makers | |
Significant inputs | Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources | |
Level 2 | Third-Party Pricing Services | Fixed maturity securities | Residential mortgage-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | $ 1,287 | |
Primary methodologies | OAS-based models, single factor binomial models, internally priced | |
Significant inputs | Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports | |
Level 2 | Third-Party Pricing Services | Fixed maturity securities | Commercial mortgage-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | $ 2,346 | |
Primary methodologies | Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage- backed securities analytics model | |
Significant inputs | Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swaps curves, TRACE reports | |
Level 2 | Third-Party Pricing Services | Fixed maturity securities | Other asset-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | $ 1,955 | |
Primary methodologies | Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers | |
Significant inputs | Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports |
Assets by Class of Instrument t
Assets by Class of Instrument that are Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | $ 55,027 | $ 60,480 | |
Available-for-sale equity securities | 230 | 198 | |
Derivative assets, fair value | 214 | 433 | |
Limited partnerships | 2,007 | 1,900 | |
Total other invested assets | 671 | 820 | |
Separate account assets | 5,530 | 6,066 | |
Total assets | 62,635 | 68,665 | |
Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Available-for-sale equity securities | [1] | 0 | 0 |
Separate account assets | [1] | 0 | 0 |
Total assets | [1] | 1,532 | 1,436 |
Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 197 | 414 | |
Short-term investments | 76 | 26 | |
Total other invested assets | 273 | 440 | |
Other invested assets | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | [1] | 0 | 0 |
Short-term investments | [1] | 0 | 0 |
Total other invested assets | [1] | 0 | 0 |
Interest rate swaps | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 162 | 364 | |
Interest rate swaps | Other invested assets | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | [1] | 0 | 0 |
Foreign currency swaps | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 5 | 6 | |
Foreign currency swaps | Other invested assets | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | [1] | 0 | 0 |
Equity index options | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 30 | 42 | |
Equity index options | Other invested assets | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | [1] | 0 | 0 |
Other foreign currency contracts | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 2 | ||
Other foreign currency contracts | Other invested assets | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | [1] | 0 | |
GMWB embedded derivatives | Reinsurance recoverable | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | [2] | 17 | 19 |
GMWB embedded derivatives | Reinsurance recoverable | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | [1],[2] | 0 | 0 |
Fixed maturity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 55,027 | 60,480 | |
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 4,097 | 4,552 | |
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | State and Political Subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 3,134 | 3,450 | |
Fixed maturity securities | State and Political Subdivisions | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. government | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 784 | 835 | |
Fixed maturity securities | Non-U.S. government | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 31,823 | 34,924 | |
Fixed maturity securities | U.S. corporate | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. corporate | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 4,634 | 5,104 | |
Fixed maturity securities | U.S. corporate | Utilities | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. corporate | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,699 | 2,934 | |
Fixed maturity securities | U.S. corporate | Energy | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. corporate | Finance and insurance | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 8,229 | 8,991 | |
Fixed maturity securities | U.S. corporate | Finance and insurance | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 5,488 | 6,159 | |
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. corporate | Technology and communications | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 3,497 | 3,808 | |
Fixed maturity securities | U.S. corporate | Technology and communications | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. corporate | Industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,348 | 1,494 | |
Fixed maturity securities | U.S. corporate | Industrial | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. corporate | Capital goods | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,512 | 2,745 | |
Fixed maturity securities | U.S. corporate | Capital goods | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. corporate | Consumer-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,767 | 1,899 | |
Fixed maturity securities | U.S. corporate | Consumer-cyclical | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. corporate | Transportation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,248 | 1,371 | |
Fixed maturity securities | U.S. corporate | Transportation | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. corporate | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 401 | 419 | |
Fixed maturity securities | U.S. corporate | Other | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 9,453 | 10,535 | |
Fixed maturity securities | Non-U.S. corporate | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. corporate | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 878 | 928 | |
Fixed maturity securities | Non-U.S. corporate | Utilities | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. corporate | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,241 | 1,383 | |
Fixed maturity securities | Non-U.S. corporate | Energy | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. corporate | Finance and insurance | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,191 | 2,432 | |
Fixed maturity securities | Non-U.S. corporate | Finance and insurance | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 671 | 743 | |
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. corporate | Technology and communications | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,099 | 1,250 | |
Fixed maturity securities | Non-U.S. corporate | Technology and communications | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. corporate | Industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 953 | 1,047 | |
Fixed maturity securities | Non-U.S. corporate | Industrial | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. corporate | Capital goods | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 619 | 705 | |
Fixed maturity securities | Non-U.S. corporate | Capital goods | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 312 | 341 | |
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. corporate | Transportation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 423 | 489 | |
Fixed maturity securities | Non-U.S. corporate | Transportation | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. corporate | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,066 | 1,217 | |
Fixed maturity securities | Non-U.S. corporate | Other | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Residential mortgage-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,320 | 1,440 | |
Fixed maturity securities | Residential mortgage-backed | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Commercial mortgage-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,361 | 2,584 | |
Fixed maturity securities | Commercial mortgage-backed | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Other asset-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,055 | 2,160 | |
Fixed maturity securities | Other asset-backed | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Limited partnerships | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Limited partnerships | 1,558 | 1,462 | |
Limited partnerships | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Limited partnerships | [1] | 1,532 | 1,436 |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Available-for-sale equity securities | 137 | 101 | |
Separate account assets | 5,530 | 6,066 | |
Total assets | 5,667 | 6,167 | |
Level 1 | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Short-term investments | 0 | 0 | |
Total other invested assets | 0 | 0 | |
Level 1 | Interest rate swaps | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Level 1 | Foreign currency swaps | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Level 1 | Equity index options | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Level 1 | Other foreign currency contracts | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 0 | ||
Level 1 | GMWB embedded derivatives | Reinsurance recoverable | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | [2] | 0 | 0 |
Level 1 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | State and Political Subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. government | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. corporate | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. corporate | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. corporate | Finance and insurance | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. corporate | Technology and communications | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. corporate | Industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. corporate | Capital goods | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. corporate | Consumer-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. corporate | Transportation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. corporate | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. corporate | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. corporate | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. corporate | Finance and insurance | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. corporate | Technology and communications | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. corporate | Industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. corporate | Capital goods | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. corporate | Transportation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. corporate | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Residential mortgage-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Commercial mortgage-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Other asset-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Limited partnerships | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Limited partnerships | 0 | 0 | |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 51,498 | 56,672 | |
Available-for-sale equity securities | 57 | 60 | |
Separate account assets | 0 | 0 | |
Total assets | 51,798 | 57,130 | |
Level 2 | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 167 | 372 | |
Short-term investments | 76 | 26 | |
Total other invested assets | 243 | 398 | |
Level 2 | Interest rate swaps | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 162 | 364 | |
Level 2 | Foreign currency swaps | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 5 | 6 | |
Level 2 | Equity index options | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Level 2 | Other foreign currency contracts | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 2 | ||
Level 2 | GMWB embedded derivatives | Reinsurance recoverable | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | [2] | 0 | 0 |
Level 2 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 4,097 | 4,552 | |
Level 2 | Fixed maturity securities | State and Political Subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 3,063 | 3,368 | |
Level 2 | Fixed maturity securities | Non-U.S. government | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 783 | 833 | |
Level 2 | Fixed maturity securities | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 29,554 | 32,543 | |
Level 2 | Fixed maturity securities | U.S. corporate | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 3,722 | 4,154 | |
Level 2 | Fixed maturity securities | U.S. corporate | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,627 | 2,858 | |
Level 2 | Fixed maturity securities | U.S. corporate | Finance and insurance | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 7,553 | 8,306 | |
Level 2 | Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 5,396 | 6,055 | |
Level 2 | Fixed maturity securities | U.S. corporate | Technology and communications | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 3,469 | 3,779 | |
Level 2 | Fixed maturity securities | U.S. corporate | Industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,313 | 1,457 | |
Level 2 | Fixed maturity securities | U.S. corporate | Capital goods | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,471 | 2,700 | |
Level 2 | Fixed maturity securities | U.S. corporate | Consumer-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,640 | 1,762 | |
Level 2 | Fixed maturity securities | U.S. corporate | Transportation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,184 | 1,307 | |
Level 2 | Fixed maturity securities | U.S. corporate | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 179 | 165 | |
Level 2 | Fixed maturity securities | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 8,413 | 9,373 | |
Level 2 | Fixed maturity securities | Non-U.S. corporate | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 544 | 583 | |
Level 2 | Fixed maturity securities | Non-U.S. corporate | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,103 | 1,238 | |
Level 2 | Fixed maturity securities | Non-U.S. corporate | Finance and insurance | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,048 | 2,272 | |
Level 2 | Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 611 | 680 | |
Level 2 | Fixed maturity securities | Non-U.S. corporate | Technology and communications | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,072 | 1,222 | |
Level 2 | Fixed maturity securities | Non-U.S. corporate | Industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 879 | 954 | |
Level 2 | Fixed maturity securities | Non-U.S. corporate | Capital goods | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 487 | 532 | |
Level 2 | Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 226 | 265 | |
Level 2 | Fixed maturity securities | Non-U.S. corporate | Transportation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 401 | 436 | |
Level 2 | Fixed maturity securities | Non-U.S. corporate | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,042 | 1,191 | |
Level 2 | Fixed maturity securities | Residential mortgage-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,287 | 1,413 | |
Level 2 | Fixed maturity securities | Commercial mortgage-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,346 | 2,568 | |
Level 2 | Fixed maturity securities | Other asset-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,955 | 2,022 | |
Level 2 | Limited partnerships | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Limited partnerships | 0 | 0 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 3,529 | 3,808 | |
Available-for-sale equity securities | 36 | 37 | |
Separate account assets | 0 | 0 | |
Total assets | 3,638 | 3,932 | |
Level 3 | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 30 | 42 | |
Short-term investments | 0 | 0 | |
Total other invested assets | 30 | 42 | |
Level 3 | Interest rate swaps | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Level 3 | Foreign currency swaps | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Level 3 | Equity index options | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 30 | 42 | |
Level 3 | Other foreign currency contracts | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 0 | ||
Level 3 | GMWB embedded derivatives | Reinsurance recoverable | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | [2] | 17 | 19 |
Level 3 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 3 | Fixed maturity securities | State and Political Subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 71 | 82 | |
Level 3 | Fixed maturity securities | Non-U.S. government | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1 | 2 | |
Level 3 | Fixed maturity securities | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,269 | 2,381 | |
Level 3 | Fixed maturity securities | U.S. corporate | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 912 | 950 | |
Level 3 | Fixed maturity securities | U.S. corporate | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 72 | 76 | |
Level 3 | Fixed maturity securities | U.S. corporate | Finance and insurance | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 676 | 685 | |
Level 3 | Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 92 | 104 | |
Level 3 | Fixed maturity securities | U.S. corporate | Technology and communications | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 28 | 29 | |
Level 3 | Fixed maturity securities | U.S. corporate | Industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 35 | 37 | |
Level 3 | Fixed maturity securities | U.S. corporate | Capital goods | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 41 | 45 | |
Level 3 | Fixed maturity securities | U.S. corporate | Consumer-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 127 | 137 | |
Level 3 | Fixed maturity securities | U.S. corporate | Transportation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 64 | 64 | |
Level 3 | Fixed maturity securities | U.S. corporate | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 222 | 254 | |
Level 3 | Fixed maturity securities | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,040 | 1,162 | |
Level 3 | Fixed maturity securities | Non-U.S. corporate | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 334 | 345 | |
Level 3 | Fixed maturity securities | Non-U.S. corporate | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 138 | 145 | |
Level 3 | Fixed maturity securities | Non-U.S. corporate | Finance and insurance | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 143 | 160 | |
Level 3 | Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 60 | 63 | |
Level 3 | Fixed maturity securities | Non-U.S. corporate | Technology and communications | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 27 | 28 | |
Level 3 | Fixed maturity securities | Non-U.S. corporate | Industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 74 | 93 | |
Level 3 | Fixed maturity securities | Non-U.S. corporate | Capital goods | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 132 | 173 | |
Level 3 | Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 86 | 76 | |
Level 3 | Fixed maturity securities | Non-U.S. corporate | Transportation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 22 | 53 | |
Level 3 | Fixed maturity securities | Non-U.S. corporate | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 24 | 26 | |
Level 3 | Fixed maturity securities | Residential mortgage-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 33 | 27 | |
Level 3 | Fixed maturity securities | Commercial mortgage-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 15 | 16 | |
Level 3 | Fixed maturity securities | Other asset-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 100 | 138 | |
Level 3 | Limited partnerships | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Limited partnerships | $ 26 | $ 26 | |
[1] | Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. | ||
[2] | Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. |
Assets Measured at Fair Value o
Assets Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 3,932 | $ 4,246 | ||
Total realized and unrealized gains (losses), Included in net income | (6) | (3) | ||
Total realized and unrealized gains (losses), Included in OCI | (263) | (105) | ||
Purchases | 136 | 100 | ||
Sales | (1) | (8) | ||
Issuances | 0 | 0 | ||
Settlements | (94) | (100) | ||
Transfer into Level 3 | [1] | 21 | 29 | |
Transfer out of Level 3 | [1] | (87) | (98) | |
Ending balance | 3,638 | 4,061 | ||
Total gains (losses) included in net income attributable to assets still held | (3) | (4) | ||
Total gains (losses) included in OCI attributable to assets still held | (256) | (103) | ||
Other invested assets | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 42 | 63 | ||
Total realized and unrealized gains (losses), Included in net income | (6) | 3 | ||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | ||
Purchases | 5 | 5 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | (11) | (18) | ||
Transfer into Level 3 | [1] | 0 | 0 | |
Transfer out of Level 3 | [1] | 0 | 0 | |
Ending balance | 30 | 53 | ||
Total gains (losses) included in net income attributable to assets still held | (3) | 2 | ||
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | ||
Other invested assets | Derivative assets | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 42 | 63 | ||
Total realized and unrealized gains (losses), Included in net income | (6) | 3 | ||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | ||
Purchases | 5 | 5 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | (11) | (18) | ||
Transfer into Level 3 | [1] | 0 | 0 | |
Transfer out of Level 3 | [1] | 0 | 0 | |
Ending balance | 30 | 53 | ||
Total gains (losses) included in net income attributable to assets still held | (3) | 2 | ||
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | ||
Other invested assets | Derivative assets | Equity index options | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 42 | 63 | ||
Total realized and unrealized gains (losses), Included in net income | (6) | 3 | ||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | ||
Purchases | 5 | 5 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | (11) | (18) | ||
Transfer into Level 3 | [1] | 0 | 0 | |
Transfer out of Level 3 | [1] | 0 | 0 | |
Ending balance | 30 | 53 | ||
Total gains (losses) included in net income attributable to assets still held | (3) | 2 | ||
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | ||
Reinsurance recoverable | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | [2] | 19 | 26 | |
Total realized and unrealized gains (losses), Included in net income | [2] | (2) | (8) | |
Total realized and unrealized gains (losses), Included in OCI | [2] | 0 | 0 | |
Purchases | [2] | 0 | 0 | |
Sales | [2] | 0 | 0 | |
Issuances | [2] | 0 | 0 | |
Settlements | [2] | 0 | 0 | |
Transfer into Level 3 | [1],[2] | 0 | 0 | |
Transfer out of Level 3 | [1],[2] | 0 | 0 | |
Ending balance | [2] | 17 | 18 | |
Total gains (losses) included in net income attributable to assets still held | [2] | (2) | (8) | |
Total gains (losses) included in OCI attributable to assets still held | [2] | 0 | 0 | |
Fixed maturity securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 3,808 | 4,089 | ||
Total realized and unrealized gains (losses), Included in net income | 2 | 2 | ||
Total realized and unrealized gains (losses), Included in OCI | (263) | (105) | ||
Purchases | 131 | 87 | ||
Sales | (1) | 0 | ||
Issuances | 0 | 0 | ||
Settlements | (83) | (82) | ||
Transfer into Level 3 | [1] | 21 | 29 | |
Transfer out of Level 3 | [1] | (86) | (98) | |
Ending balance | 3,529 | 3,922 | ||
Total gains (losses) included in net income attributable to assets still held | 2 | 2 | ||
Total gains (losses) included in OCI attributable to assets still held | (256) | (103) | ||
Fixed maturity securities | State and political subdivisions | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 82 | 66 | ||
Total realized and unrealized gains (losses), Included in net income | 1 | 1 | ||
Total realized and unrealized gains (losses), Included in OCI | (12) | 1 | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfer into Level 3 | [1] | 0 | 0 | |
Transfer out of Level 3 | [1] | 0 | 0 | |
Ending balance | 71 | 68 | ||
Total gains (losses) included in net income attributable to assets still held | 1 | 1 | ||
Total gains (losses) included in OCI attributable to assets still held | (12) | 1 | ||
Fixed maturity securities | U.S. corporate | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 2,381 | 2,272 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (167) | (68) | ||
Purchases | 106 | 38 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | (17) | (58) | ||
Transfer into Level 3 | [1] | 0 | 27 | |
Transfer out of Level 3 | [1] | (34) | (61) | |
Ending balance | 2,269 | 2,150 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | (165) | (66) | ||
Fixed maturity securities | U.S. corporate | Utilities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 950 | 842 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (73) | (30) | ||
Purchases | 35 | 8 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | (13) | ||
Transfer into Level 3 | [1] | 0 | 0 | |
Transfer out of Level 3 | [1] | 0 | (14) | |
Ending balance | 912 | 793 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | (73) | (29) | ||
Fixed maturity securities | U.S. corporate | Energy | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 76 | 128 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (4) | (4) | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | (2) | ||
Transfer into Level 3 | [1] | 0 | 0 | |
Transfer out of Level 3 | [1] | 0 | 0 | |
Ending balance | 72 | 122 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | (4) | (4) | ||
Fixed maturity securities | U.S. corporate | Finance and insurance | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 685 | 607 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (56) | (22) | ||
Purchases | 66 | 18 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | (2) | (17) | ||
Transfer into Level 3 | [1] | 0 | 17 | |
Transfer out of Level 3 | [1] | (17) | (6) | |
Ending balance | 676 | 597 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | (55) | (22) | ||
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 104 | 109 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (5) | (3) | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | (7) | 0 | ||
Transfer into Level 3 | [1] | 0 | 0 | |
Transfer out of Level 3 | [1] | 0 | 0 | |
Ending balance | 92 | 106 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | (6) | (3) | ||
Fixed maturity securities | U.S. corporate | Technology and communications | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 29 | 47 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (1) | (2) | ||
Purchases | 0 | 12 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfer into Level 3 | [1] | 0 | 4 | |
Transfer out of Level 3 | [1] | 0 | (21) | |
Ending balance | 28 | 40 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | (1) | (2) | ||
Fixed maturity securities | U.S. corporate | Industrial | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 37 | 40 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (2) | 0 | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | (20) | ||
Transfer into Level 3 | [1] | 0 | 0 | |
Transfer out of Level 3 | [1] | 0 | 0 | |
Ending balance | 35 | 20 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | (2) | 0 | ||
Fixed maturity securities | U.S. corporate | Capital goods | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 45 | 60 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (4) | (2) | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfer into Level 3 | [1] | 0 | 0 | |
Transfer out of Level 3 | [1] | 0 | 0 | |
Ending balance | 41 | 58 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | (3) | (2) | ||
Fixed maturity securities | U.S. corporate | Consumer-cyclical | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 137 | 150 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (8) | (2) | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | (2) | (1) | ||
Transfer into Level 3 | [1] | 0 | 0 | |
Transfer out of Level 3 | [1] | 0 | 0 | |
Ending balance | 127 | 147 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | (8) | (2) | ||
Fixed maturity securities | U.S. corporate | Transportation | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 64 | 70 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (3) | (1) | ||
Purchases | 5 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | (2) | (2) | ||
Transfer into Level 3 | [1] | 0 | 0 | |
Transfer out of Level 3 | [1] | 0 | 0 | |
Ending balance | 64 | 67 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | (3) | (1) | ||
Fixed maturity securities | U.S. corporate | Other | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 254 | 219 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (11) | (2) | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | (4) | (3) | ||
Transfer into Level 3 | [1] | 0 | 6 | |
Transfer out of Level 3 | [1] | (17) | (20) | |
Ending balance | 222 | 200 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | (10) | (1) | ||
Fixed maturity securities | Non-U.S. corporate | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 1,162 | 1,608 | ||
Total realized and unrealized gains (losses), Included in net income | 1 | 1 | ||
Total realized and unrealized gains (losses), Included in OCI | (75) | (36) | ||
Purchases | 10 | 46 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | (62) | (20) | ||
Transfer into Level 3 | [1] | 17 | 0 | |
Transfer out of Level 3 | [1] | (13) | (23) | |
Ending balance | 1,040 | 1,576 | ||
Total gains (losses) included in net income attributable to assets still held | 1 | 1 | ||
Total gains (losses) included in OCI attributable to assets still held | (73) | (36) | ||
Fixed maturity securities | Non-U.S. corporate | Utilities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 345 | 352 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (21) | (7) | ||
Purchases | 10 | 30 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfer into Level 3 | [1] | 0 | 0 | |
Transfer out of Level 3 | [1] | 0 | 0 | |
Ending balance | 334 | 375 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | (21) | (7) | ||
Fixed maturity securities | Non-U.S. corporate | Energy | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 145 | 245 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (7) | (2) | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfer into Level 3 | [1] | 0 | 0 | |
Transfer out of Level 3 | [1] | 0 | 0 | |
Ending balance | 138 | 243 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | (7) | (2) | ||
Fixed maturity securities | Non-U.S. corporate | Finance and insurance | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 160 | 305 | ||
Total realized and unrealized gains (losses), Included in net income | 1 | 1 | ||
Total realized and unrealized gains (losses), Included in OCI | (18) | (16) | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfer into Level 3 | [1] | 0 | 0 | |
Transfer out of Level 3 | [1] | 0 | 0 | |
Ending balance | 143 | 290 | ||
Total gains (losses) included in net income attributable to assets still held | 1 | 1 | ||
Total gains (losses) included in OCI attributable to assets still held | (18) | (16) | ||
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 63 | 67 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (3) | (1) | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfer into Level 3 | 0 | 0 | [1] | |
Transfer out of Level 3 | 0 | 0 | [1] | |
Ending balance | 60 | 66 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | (3) | (1) | ||
Fixed maturity securities | Non-U.S. corporate | Technology and communications | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 28 | 28 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (1) | 0 | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfer into Level 3 | [1] | 0 | 0 | |
Transfer out of Level 3 | [1] | 0 | 0 | |
Ending balance | 27 | 28 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | (1) | 0 | ||
Fixed maturity securities | Non-U.S. corporate | Industrial | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 93 | 95 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (6) | (2) | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfer into Level 3 | [1] | 0 | 0 | |
Transfer out of Level 3 | [1] | (13) | 0 | |
Ending balance | 74 | 93 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | (4) | (2) | ||
Fixed maturity securities | Non-U.S. corporate | Capital goods | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 173 | 178 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (8) | (3) | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | (33) | 0 | ||
Transfer into Level 3 | [1] | 0 | 0 | |
Transfer out of Level 3 | [1] | 0 | 0 | |
Ending balance | 132 | 175 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | (8) | (3) | ||
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 76 | 146 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (7) | (2) | ||
Purchases | 0 | 16 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfer into Level 3 | [1] | 17 | 0 | |
Transfer out of Level 3 | [1] | 0 | (16) | |
Ending balance | 86 | 144 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | (7) | (2) | ||
Fixed maturity securities | Non-U.S. corporate | Transportation | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 53 | 109 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (2) | (1) | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | (29) | (19) | ||
Transfer into Level 3 | [1] | 0 | 0 | |
Transfer out of Level 3 | [1] | 0 | (7) | |
Ending balance | 22 | 82 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | (2) | (1) | ||
Fixed maturity securities | Non-U.S. corporate | Other | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 26 | 83 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (2) | (2) | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | (1) | ||
Transfer into Level 3 | [1] | 0 | 0 | |
Transfer out of Level 3 | [1] | 0 | 0 | |
Ending balance | 24 | 80 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | (2) | (2) | ||
Fixed maturity securities | Residential mortgage-backed | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 27 | 14 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (1) | (1) | ||
Purchases | 9 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | (1) | 0 | ||
Transfer into Level 3 | [1] | 4 | 0 | |
Transfer out of Level 3 | [1] | (5) | 0 | |
Ending balance | 33 | 13 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | ||
Fixed maturity securities | Commercial mortgage-backed | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 16 | 20 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (1) | (1) | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfer into Level 3 | [1] | 0 | 0 | |
Transfer out of Level 3 | [1] | 0 | 0 | |
Ending balance | 15 | 19 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | (1) | (2) | ||
Fixed maturity securities | Other asset-backed | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 138 | 109 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | (7) | 0 | ||
Purchases | 6 | 3 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | (3) | (4) | ||
Transfer into Level 3 | [1] | 0 | 2 | |
Transfer out of Level 3 | [1] | (34) | (14) | |
Ending balance | 100 | 96 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | (5) | 0 | ||
Fixed maturity securities | Non-U.S. government | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 2 | |||
Total realized and unrealized gains (losses), Included in net income | 0 | |||
Total realized and unrealized gains (losses), Included in OCI | 0 | |||
Purchases | 0 | |||
Sales | (1) | |||
Issuances | 0 | |||
Settlements | 0 | |||
Transfer into Level 3 | [1] | 0 | ||
Transfer out of Level 3 | [1] | 0 | ||
Ending balance | 1 | |||
Total gains (losses) included in net income attributable to assets still held | 0 | |||
Total gains (losses) included in OCI attributable to assets still held | 0 | |||
Equity Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 37 | 51 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | ||
Purchases | 0 | 0 | ||
Sales | 0 | (8) | ||
Issuances | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfer into Level 3 | [1] | 0 | 0 | |
Transfer out of Level 3 | [1] | (1) | 0 | |
Ending balance | 36 | 43 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | ||
Limited Partnerships | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 26 | 17 | ||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | ||
Purchases | 0 | 8 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfer into Level 3 | [1] | 0 | 0 | |
Transfer out of Level 3 | [1] | 0 | 0 | |
Ending balance | 26 | 25 | ||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | $ 0 | $ 0 | ||
[1] | The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. | |||
[2] | Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. |
Gains and Losses Included in Ne
Gains and Losses Included in Net Income (Loss) from Assets Measured at Fair Value (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair value of financial instruments [Abstract] | ||
Total realized and unrealized gains (losses) included in net income, assets | $ (6) | $ (3) |
Total gains (losses) included in net income attributable to assets still held, assets | (3) | (4) |
Net Investment Income | ||
Fair value of financial instruments [Abstract] | ||
Total realized and unrealized gains (losses) included in net income, assets | 2 | 2 |
Total gains (losses) included in net income attributable to assets still held, assets | 2 | 2 |
Net investment gains (losses) | ||
Fair value of financial instruments [Abstract] | ||
Total realized and unrealized gains (losses) included in net income, assets | (8) | (5) |
Total gains (losses) included in net income attributable to assets still held, assets | $ (5) | $ (6) |
Summary of Significant Unobserv
Summary of Significant Unobservable Inputs Used for Fair Value Measurements Classified As Level 3 (Detail) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022USD ($)bps | Dec. 31, 2021USD ($) | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Derivative liabilities, fair value | $ | $ 602 | $ 616 | ||
Fixed maturity securities available-for-sale, at fair value | $ | 55,027 | 60,480 | ||
Derivative assets, fair value | $ | 214 | 433 | ||
Policyholder account balances | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Derivative liabilities, fair value | $ | 525 | 590 | ||
Policyholder account balances | GMWB embedded derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Derivative liabilities, fair value | $ | [1] | 243 | 271 | |
Policyholder account balances | Fixed index annuity embedded derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Derivative liabilities, fair value | $ | 261 | 294 | ||
Policyholder account balances | Indexed universal life embedded derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Derivative liabilities, fair value | $ | 21 | 25 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fixed maturity securities available-for-sale, at fair value | $ | $ 3,529 | 3,808 | ||
Level 3 | Other invested assets | Equity index options | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Discounted cash flows | |||
Derivative assets, fair value | $ | $ 30 | |||
Fair value input, equity index volatility, lower limit | 6.00% | |||
Fair value input, equity index volatility, upper limit | 56.00% | |||
Fair value input, equity index volatility, weighted-average | 21.00% | |||
Level 3 | Policyholder account balances | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Derivative liabilities, fair value | $ | $ 525 | 590 | ||
Level 3 | Policyholder account balances | GMWB embedded derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | [2] | Stochastic cash flow model | ||
Derivative liabilities, fair value | $ | [1] | $ 243 | [2] | 271 |
Fair value, withdrawal utilization rate, lower limit | 61.00% | |||
Fair value, withdrawal utilization rate, upper limit | 89.00% | |||
Fair value, lapse rate, lower limit | 2.00% | |||
Fair value, lapse rate, upper limit | 9.00% | |||
Fair value input, credit spreads, lower limit | 23 | |||
Fair value input, credit spreads, upper limit | 83 | |||
Fair value input, credit spreads, weighted-average | [3] | 66 | ||
Fair value input, equity index volatility, lower limit | [2] | 18.00% | ||
Fair value input, equity index volatility, upper limit | [2] | 27.00% | ||
Fair value, withdrawal utilization rate, weighted-average | [3] | 77.00% | ||
Fair value, lapse rate, weighted-average | [3] | 4.00% | ||
Fair value input, equity index volatility, weighted-average | [3] | 23.00% | ||
Level 3 | Policyholder account balances | Fixed index annuity embedded derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Option budget method | |||
Derivative liabilities, fair value | $ | $ 261 | 294 | ||
Fair value, expected future interest credited, lower limit | 0.00% | |||
Fair value, expected future interest credited, upper limit | 3.00% | |||
Fair value, expected future interest credited, weighted-average | [3] | 1.00% | ||
Level 3 | Policyholder account balances | Indexed universal life embedded derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Option budget method | |||
Derivative liabilities, fair value | $ | $ 21 | $ 25 | ||
Fair value, expected future interest credited, lower limit | 3.00% | |||
Fair value, expected future interest credited, upper limit | 12.00% | |||
Fair value, expected future interest credited, weighted-average | [3] | 5.00% | ||
Internal Models | Level 3 | U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 2,140 | |||
Fair value input, credit spreads, lower limit | 32 | |||
Fair value input, credit spreads, upper limit | 248 | |||
Fair value input, credit spreads, weighted-average | 146 | |||
Internal Models | Level 3 | U.S. corporate | Utilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 880 | |||
Fair value input, credit spreads, lower limit | 49 | |||
Fair value input, credit spreads, upper limit | 227 | |||
Fair value input, credit spreads, weighted-average | 148 | |||
Internal Models | Level 3 | U.S. corporate | Energy | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 57 | |||
Fair value input, credit spreads, lower limit | 108 | |||
Fair value input, credit spreads, upper limit | 248 | |||
Fair value input, credit spreads, weighted-average | 173 | |||
Internal Models | Level 3 | U.S. corporate | Finance and insurance | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 670 | |||
Fair value input, credit spreads, lower limit | 54 | |||
Fair value input, credit spreads, upper limit | 218 | |||
Fair value input, credit spreads, weighted-average | 158 | |||
Internal Models | Level 3 | U.S. corporate | Consumer—non-cyclical | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 92 | |||
Fair value input, credit spreads, lower limit | 54 | |||
Fair value input, credit spreads, upper limit | 248 | |||
Fair value input, credit spreads, weighted-average | 132 | |||
Internal Models | Level 3 | U.S. corporate | Technology and communications | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 27 | |||
Fair value input, credit spreads, lower limit | 87 | |||
Fair value input, credit spreads, upper limit | 162 | |||
Fair value input, credit spreads, weighted-average | 133 | |||
Internal Models | Level 3 | U.S. corporate | Industrial | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 35 | |||
Fair value input, credit spreads, lower limit | 98 | |||
Fair value input, credit spreads, upper limit | 203 | |||
Fair value input, credit spreads, weighted-average | 136 | |||
Internal Models | Level 3 | U.S. corporate | Capital goods | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 41 | |||
Fair value input, credit spreads, lower limit | 67 | |||
Fair value input, credit spreads, upper limit | 190 | |||
Fair value input, credit spreads, weighted-average | 145 | |||
Internal Models | Level 3 | U.S. corporate | Consumer—cyclical | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 127 | |||
Fair value input, credit spreads, lower limit | 85 | |||
Fair value input, credit spreads, upper limit | 184 | |||
Fair value input, credit spreads, weighted-average | 137 | |||
Internal Models | Level 3 | U.S. corporate | Transportation | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 53 | |||
Fair value input, credit spreads, lower limit | 32 | |||
Fair value input, credit spreads, upper limit | 156 | |||
Fair value input, credit spreads, weighted-average | 103 | |||
Internal Models | Level 3 | U.S. corporate | Other | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 158 | |||
Fair value input, credit spreads, lower limit | 90 | |||
Fair value input, credit spreads, upper limit | 170 | |||
Fair value input, credit spreads, weighted-average | 109 | |||
Internal Models | Level 3 | Non-U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 998 | |||
Fair value input, credit spreads, lower limit | 54 | |||
Fair value input, credit spreads, upper limit | 236 | |||
Fair value input, credit spreads, weighted-average | 129 | |||
Internal Models | Level 3 | Non-U.S. corporate | Utilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 333 | |||
Fair value input, credit spreads, lower limit | 75 | |||
Fair value input, credit spreads, upper limit | 218 | |||
Fair value input, credit spreads, weighted-average | 129 | |||
Internal Models | Level 3 | Non-U.S. corporate | Energy | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 129 | |||
Fair value input, credit spreads, lower limit | 83 | |||
Fair value input, credit spreads, upper limit | 203 | |||
Fair value input, credit spreads, weighted-average | 138 | |||
Internal Models | Level 3 | Non-U.S. corporate | Finance and insurance | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 143 | |||
Fair value input, credit spreads, lower limit | 88 | |||
Fair value input, credit spreads, upper limit | 150 | |||
Fair value input, credit spreads, weighted-average | 135 | |||
Internal Models | Level 3 | Non-U.S. corporate | Consumer—non-cyclical | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 58 | |||
Fair value input, credit spreads, lower limit | 54 | |||
Fair value input, credit spreads, upper limit | 154 | |||
Fair value input, credit spreads, weighted-average | 103 | |||
Internal Models | Level 3 | Non-U.S. corporate | Technology and communications | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 27 | |||
Fair value input, credit spreads, lower limit | 83 | |||
Fair value input, credit spreads, upper limit | 139 | |||
Fair value input, credit spreads, weighted-average | 108 | |||
Internal Models | Level 3 | Non-U.S. corporate | Industrial | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 74 | |||
Fair value input, credit spreads, lower limit | 67 | |||
Fair value input, credit spreads, upper limit | 182 | |||
Fair value input, credit spreads, weighted-average | 113 | |||
Internal Models | Level 3 | Non-U.S. corporate | Capital goods | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 132 | |||
Fair value input, credit spreads, lower limit | 54 | |||
Fair value input, credit spreads, upper limit | 236 | |||
Fair value input, credit spreads, weighted-average | 137 | |||
Internal Models | Level 3 | Non-U.S. corporate | Consumer—cyclical | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 57 | |||
Fair value input, credit spreads, lower limit | 98 | |||
Fair value input, credit spreads, upper limit | 203 | |||
Fair value input, credit spreads, weighted-average | 137 | |||
Internal Models | Level 3 | Non-U.S. corporate | Transportation | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 21 | |||
Fair value input, credit spreads, lower limit | 126 | |||
Fair value input, credit spreads, upper limit | 203 | |||
Fair value input, credit spreads, weighted-average | 141 | |||
Internal Models | Level 3 | Non-U.S. corporate | Other | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 24 | |||
Fair value input, credit spreads, lower limit | 55 | |||
Fair value input, credit spreads, upper limit | 130 | |||
Fair value input, credit spreads, weighted-average | 106 | |||
[1] | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. | |||
[2] | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. The unobservable inputs associated with GMWB embedded derivatives are not interrelated and therefore, a directional change in one input will not affect the other inputs. | |||
[3] | Unobservable inputs weighted by the policyholder account balances associated with the instrument. |
Liabilities by Class of Instrum
Liabilities by Class of Instrument that are Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | $ 602 | $ 616 | ||
Total liabilities | 602 | 616 | ||
Other liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 77 | 26 | ||
Other liabilities | Interest rate swaps | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 76 | 26 | ||
Other liabilities | Foreign currency swaps | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 1 | |||
Policyholder account balances | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 525 | 590 | ||
Policyholder account balances | GMWB embedded derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | [1] | 243 | 271 | |
Policyholder account balances | Fixed index annuity embedded derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 261 | 294 | ||
Policyholder account balances | Indexed universal life embedded derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 21 | 25 | ||
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total liabilities | 0 | 0 | ||
Level 1 | Other liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 0 | 0 | ||
Level 1 | Other liabilities | Interest rate swaps | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 0 | 0 | ||
Level 1 | Other liabilities | Foreign currency swaps | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 0 | |||
Level 1 | Policyholder account balances | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 0 | 0 | ||
Level 1 | Policyholder account balances | GMWB embedded derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | [1] | 0 | 0 | |
Level 1 | Policyholder account balances | Fixed index annuity embedded derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 0 | 0 | ||
Level 1 | Policyholder account balances | Indexed universal life embedded derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 0 | 0 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total liabilities | 77 | 26 | ||
Level 2 | Other liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 77 | 26 | ||
Level 2 | Other liabilities | Interest rate swaps | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 76 | 26 | ||
Level 2 | Other liabilities | Foreign currency swaps | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 1 | |||
Level 2 | Policyholder account balances | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 0 | 0 | ||
Level 2 | Policyholder account balances | GMWB embedded derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | [1] | 0 | 0 | |
Level 2 | Policyholder account balances | Fixed index annuity embedded derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 0 | 0 | ||
Level 2 | Policyholder account balances | Indexed universal life embedded derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 0 | 0 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total liabilities | 525 | 590 | ||
Level 3 | Other liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 0 | 0 | ||
Level 3 | Other liabilities | Interest rate swaps | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 0 | 0 | ||
Level 3 | Other liabilities | Foreign currency swaps | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 0 | |||
Level 3 | Policyholder account balances | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 525 | 590 | ||
Level 3 | Policyholder account balances | GMWB embedded derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | [1] | 243 | [2] | 271 |
Level 3 | Policyholder account balances | Fixed index annuity embedded derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 261 | 294 | ||
Level 3 | Policyholder account balances | Indexed universal life embedded derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | $ 21 | $ 25 | ||
[1] | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. | |||
[2] | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. The unobservable inputs associated with GMWB embedded derivatives are not interrelated and therefore, a directional change in one input will not affect the other inputs. |
Liabilities Measured at Fair Va
Liabilities Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | $ 590 | $ 804 | |
Total realized and unrealized (gains) losses included in net (income) | (57) | (119) | |
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 13 | 13 | |
Settlements | (20) | (41) | |
Transfer into Level 3 | 0 | 0 | |
Transfer out of Level 3 | (1) | 0 | |
Ending balance | 525 | 657 | |
Total (gains) losses included in net (income) attributable to liabilities still held | (53) | (113) | |
Total (gains) losses included in OCI attributable to liabilities still held | 0 | 0 | |
Policyholder account balances | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 590 | 804 | |
Total realized and unrealized (gains) losses included in net (income) | (57) | (119) | |
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 13 | 13 | |
Settlements | (20) | (41) | |
Transfer into Level 3 | 0 | 0 | |
Transfer out of Level 3 | (1) | 0 | |
Ending balance | 525 | 657 | |
Total (gains) losses included in net (income) attributable to liabilities still held | (53) | (113) | |
Total (gains) losses included in OCI attributable to liabilities still held | 0 | 0 | |
Policyholder account balances | GMWB embedded derivatives | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | [1] | 271 | 379 |
Total realized and unrealized (gains) losses included in net (income) | [1] | (34) | (113) |
Total realized and unrealized (gains) losses included in OCI | [1] | 0 | 0 |
Purchases | [1] | 0 | 0 |
Sales | [1] | 0 | 0 |
Issuances | [1] | 6 | 6 |
Settlements | [1] | 0 | 0 |
Transfer into Level 3 | [1] | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 |
Ending balance | [1] | 243 | 272 |
Total (gains) losses included in net (income) attributable to liabilities still held | [1] | (30) | (107) |
Total (gains) losses included in OCI attributable to liabilities still held | [1] | 0 | 0 |
Policyholder account balances | Fixed index annuity embedded derivatives | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 294 | 399 | |
Total realized and unrealized (gains) losses included in net (income) | (12) | 4 | |
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | (20) | (41) | |
Transfer into Level 3 | 0 | 0 | |
Transfer out of Level 3 | (1) | 0 | |
Ending balance | 261 | 362 | |
Total (gains) losses included in net (income) attributable to liabilities still held | (12) | 4 | |
Total (gains) losses included in OCI attributable to liabilities still held | 0 | 0 | |
Policyholder account balances | Indexed universal life embedded derivatives | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 25 | 26 | |
Total realized and unrealized (gains) losses included in net (income) | (11) | (10) | |
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 7 | 7 | |
Settlements | 0 | 0 | |
Transfer into Level 3 | 0 | 0 | |
Transfer out of Level 3 | 0 | 0 | |
Ending balance | 21 | 23 | |
Total (gains) losses included in net (income) attributable to liabilities still held | (11) | (10) | |
Total (gains) losses included in OCI attributable to liabilities still held | $ 0 | $ 0 | |
[1] | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. |
Gains and Losses Included in _2
Gains and Losses Included in Net (Income) from Liabilities Measured at Fair Value (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total realized and unrealized (gains) losses included in net (income), liabilities | $ (57) | $ (119) |
Total (gains) losses included in net (income) attributable to liabilities still held, liabilities | (53) | (113) |
Net Investment Income | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total realized and unrealized (gains) losses included in net (income), liabilities | 0 | 0 |
Total (gains) losses included in net (income) attributable to liabilities still held, liabilities | 0 | 0 |
Net investment (gains) losses | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total realized and unrealized (gains) losses included in net (income), liabilities | (57) | (119) |
Total (gains) losses included in net (income) attributable to liabilities still held, liabilities | $ (53) | $ (113) |
Fair Value Financial Instrument
Fair Value Financial Instruments Not Required to Be Carried at Fair Value (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Commercial mortgage loans | $ 6,913 | $ 6,830 | |
Liabilities: | |||
Long-term borrowings | 1,819 | 1,899 | |
Off-balance sheet risk | 1,309 | 1,185 | |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Commercial mortgage loans | [1] | 0 | 0 |
Bank loan investments | [1] | 0 | 0 |
Liabilities: | |||
Long-term borrowings | [1] | 0 | 0 |
Investment contracts | [1] | 0 | 0 |
Level 1 | Commitments to fund bank loan investments | |||
Liabilities: | |||
Off-balance sheet risk | 0 | 0 | |
Level 1 | Ordinary course of business lending commitments | |||
Liabilities: | |||
Off-balance sheet risk | 0 | 0 | |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Commercial mortgage loans | [1] | 22 | 0 |
Bank loan investments | [1] | 0 | 0 |
Liabilities: | |||
Long-term borrowings | [1] | 1,587 | 1,767 |
Investment contracts | [1] | 0 | 0 |
Level 2 | Commitments to fund bank loan investments | |||
Liabilities: | |||
Off-balance sheet risk | 0 | 0 | |
Level 2 | Ordinary course of business lending commitments | |||
Liabilities: | |||
Off-balance sheet risk | 0 | 0 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Commercial mortgage loans | [1] | 6,961 | 7,224 |
Bank loan investments | [1] | 384 | 370 |
Liabilities: | |||
Long-term borrowings | [1] | 0 | 0 |
Investment contracts | [1] | 8,582 | 9,352 |
Level 3 | Commitments to fund bank loan investments | |||
Liabilities: | |||
Off-balance sheet risk | 0 | 0 | |
Level 3 | Ordinary course of business lending commitments | |||
Liabilities: | |||
Off-balance sheet risk | 0 | 0 | |
Carrying value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Commercial mortgage loans | [1] | 6,913 | 6,830 |
Bank loan investments | [1] | 381 | 363 |
Liabilities: | |||
Long-term borrowings | [1] | 1,819 | 1,899 |
Investment contracts | [1] | 8,327 | 8,657 |
Carrying value | Commitments to fund bank loan investments | |||
Liabilities: | |||
Off-balance sheet risk | 0 | 0 | |
Carrying value | Ordinary course of business lending commitments | |||
Liabilities: | |||
Off-balance sheet risk | 0 | 0 | |
Fair value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Commercial mortgage loans | [1] | 6,983 | 7,224 |
Bank loan investments | [1] | 384 | 370 |
Liabilities: | |||
Long-term borrowings | [1] | 1,587 | 1,767 |
Investment contracts | [1] | 8,582 | 9,352 |
Fair value | Commitments to fund bank loan investments | |||
Liabilities: | |||
Off-balance sheet risk | 0 | 0 | |
Fair value | Ordinary course of business lending commitments | |||
Liabilities: | |||
Off-balance sheet risk | 0 | 0 | |
Notional amount | Commitments to fund bank loan investments | |||
Liabilities: | |||
Off-balance sheet risk | 108 | 141 | |
Notional amount | Ordinary course of business lending commitments | |||
Liabilities: | |||
Off-balance sheet risk | $ 95 | $ 125 | |
[1] | These financial instruments do not have notional amounts. |
Summary of carrying value of li
Summary of carrying value of limited partnerships and commitments to fund (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | $ 2,007 | $ 1,900 | |
Off-balance sheet risk | 1,309 | 1,185 | |
Limited Partnerships | |||
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | 1,558 | 1,462 | |
Assets Measured Using Net Asset Value | Limited Partnerships Private Equity Funds | |||
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | [1] | 1,405 | 1,312 |
Off-balance sheet risk | [1] | 975 | 950 |
Assets Measured Using Net Asset Value | Limited Partnerships Real Estate Funds | |||
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | [2] | 72 | 67 |
Off-balance sheet risk | [2] | 117 | 101 |
Assets Measured Using Net Asset Value | Limited Partnerships Infrastructure Funds | |||
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | [3] | 55 | 57 |
Off-balance sheet risk | [3] | 13 | 13 |
Assets Measured Using Net Asset Value | Limited Partnerships | |||
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | 1,532 | 1,436 | |
Off-balance sheet risk | 1,105 | 1,064 | |
Accounted For Under Equity method of Accounting | Limited Partnerships | |||
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | 448 | 437 | |
Off-balance sheet risk | 203 | 120 | |
Low-Income Housing Tax Credits | Limited Partnerships | |||
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | [4] | 1 | 1 |
Off-balance sheet risk | [4] | 0 | 0 |
Accounted for at Fair Value | Limited Partnerships | |||
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | 26 | 26 | |
Off-balance sheet risk | $ 1 | $ 1 | |
[1] | This class employs various investment strategies such as leveraged buyout, growth equity, venture capital and mezzanine financing, generally investing in debt or equity positions directly in companies or assets of various sizes across diverse industries globally, primarily concentrated in North America. | ||
[2] | This class invests in real estate in North America, Europe and Asia via direct property ownership, joint ventures, mortgages and investments in debt and equity instruments. | ||
[3] | This class invests in the debt or equity of cash flow generating assets diversified across a variety of industries, including transportation, energy infrastructure, renewable power, social infrastructure, power generation, water, telecommunications and other regulated entities globally. | ||
[4] | Relates to limited partnership investments that invest in affordable housing projects that qualify for the Low-Income Housing Tax Credit and are accounted for using the proportional amortization method. |
Changes in Liability for Policy
Changes in Liability for Policy and Contract Claims (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Beginning balance | $ 11,841 | ||
Ending balance | 11,833 | $ 11,841 | |
Long-term Care Insurance | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Beginning balance | 11,841 | $ 11,486 | 11,486 |
Less reinsurance recoverables | (2,388) | (2,431) | (2,431) |
Net beginning balance | 9,453 | 9,055 | 9,055 |
Current year | 1,094 | 1,054 | |
Prior years | (293) | (229) | |
Total incurred | 801 | 825 | |
Current year | (202) | (197) | |
Prior years | (675) | (725) | |
Total paid | (877) | (922) | |
Interest on liability for policy and contract claims | 103 | 101 | |
Net ending balance | 9,480 | 9,059 | 9,453 |
Add reinsurance recoverables | 2,353 | 2,356 | 2,388 |
Ending balance | $ 11,833 | $ 11,415 | $ 11,841 |
Liability for Policy and Cont_3
Liability for Policy and Contract Claims - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for Claims and Claims Adjustment Expense | $ 11,833 | $ 11,841 | ||
Long-term Care Insurance | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Incurred related to insured events of prior year | (293) | $ (229) | ||
Liability for Claims and Claims Adjustment Expense | 11,833 | $ 11,415 | 11,841 | $ 11,486 |
GNW Long Term Care Insurance [Member] | GNW Covid Nineteen [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Incurred related to insured events of prior year | 38 | |||
GNW Long Term Care Insurance [Member] | GNW Covid Nineteen [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for Claims and Claims Adjustment Expense | 171 | $ 209 | ||
Enact | GNW Covid Nineteen [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Incurred related to insured events of prior year | $ 50 |
Borrowings - Long Term Borrowin
Borrowings - Long Term Borrowings (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Total | $ 1,819 | $ 1,899 | |
Genworth Holdings | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | [1] | 1,096 | 1,178 |
Bond consent fees | [1] | (11) | (12) |
Deferred borrowing charges | [1] | (7) | (7) |
Total | [1] | 1,078 | 1,159 |
Genworth Holdings | 4.80% Senior Notes, Due 2024 | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | [1] | 200 | 282 |
Genworth Holdings | 6.50% Senior Notes, Due 2034 | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | [1] | 298 | 298 |
Genworth Holdings | Floating Rate Junior Subordinated Notes, due 2066 | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | [1] | 598 | 598 |
Enact Holdings | |||
Debt Instrument [Line Items] | |||
Deferred borrowing charges | (9) | (10) | |
Total | 741 | 740 | |
Enact Holdings | 6.50% Senior Notes, Due 2025 | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | [2] | $ 750 | $ 750 |
[1] | Genworth Holdings has the option to redeem all or a portion of the senior notes at any time with notice to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an applicable spread. | ||
[2] | Senior notes issued by Enact Holdings, our majority-owned indirect subsidiary, who has the option to redeem the notes in whole or in part at any time prior to February 15, 2025, by paying a make-whole premium plus accrued and unpaid interest. |
Borrowings - Long Term Borrow_2
Borrowings - Long Term Borrowings (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | ||
Gain (Loss) on Extinguishment of Debt | $ (3) | $ (4) |
4.80% Senior Notes, Due 2024 | Genworth Holdings | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.80% | |
Debt instrument, maturity year | 2024 | |
Aggregate principal amount of notes repurchased | $ 82 | |
Gain (Loss) on Extinguishment of Debt | $ 3 | |
6.50% Senior Notes, Due 2034 | Genworth Holdings | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.50% | |
Debt instrument, maturity year | 2034 | |
Floating Rate Junior Subordinated Notes, due 2066 | Genworth Holdings | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity year | 2066 | |
6.50% Senior Notes, Due 2025 | Enact Holdings | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.50% | |
Debt instrument, maturity year | 2025 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2022 | |
Genworth Holdings | Fixed Rate Senior Notes | Minimum | |
Debt Instrument [Line Items] | |
Senior notes option to redeem | 100.00% |
Enact Holdings | 6.50% Senior Notes, Due 2025 | |
Debt Instrument [Line Items] | |
Debt instrument, option to redeem date, prior to | Feb. 15, 2025 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Taxes [Line Items] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Tax Expense | Forward Starting Swaps | ||
Income Taxes [Line Items] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% |
Reconciliation of Federal Statu
Reconciliation of Federal Statutory Tax Rate to Effective Income Tax Rate (Detail) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Examination [Line Items] | ||
Statutory U.S. federal income tax rate | 21.00% | 21.00% |
Tax on income from terminated swaps | 2.80% | 4.10% |
Other, net | 0.50% | 0.20% |
Effective rate | 24.30% | 25.30% |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Corporate federal income tax rate | 21.00% | 21.00% |
Assumed tax rate on adjustments to adjusted operating income (loss) | 21.00% | |
Expenses related to restructuring | $ 0 | $ 21 |
Gains (losses) related to early extinguishment of debt | (3) | (4) |
Genworth Holdings | Senior Notes 2021 | ||
Segment Reporting Information [Line Items] | ||
Gains (losses) related to early extinguishment of debt | 4 | |
Aggregate principal amount of notes repurchased | $ 146 | |
Genworth Holdings | Senior Notes 2024 | ||
Segment Reporting Information [Line Items] | ||
Gains (losses) related to early extinguishment of debt | 3 | |
Aggregate principal amount of notes repurchased | $ 82 |
Summary of Assets for Segments
Summary of Assets for Segments and Corporate and Other Activities (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 93,487 | $ 99,171 |
Enact | Segment, Continuing Operations | ||
Segment Reporting Information [Line Items] | ||
Total assets | 5,790 | 5,850 |
U.S. Life Insurance | Segment, Continuing Operations | ||
Segment Reporting Information [Line Items] | ||
Total assets | 76,482 | 81,210 |
Runoff | Segment, Continuing Operations | ||
Segment Reporting Information [Line Items] | ||
Total assets | 8,960 | 9,460 |
Corporate and Other | Segment, Continuing Operations | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 2,255 | $ 2,651 |
Summary of Revenues of Major Pr
Summary of Revenues of Major Product Groups for Segments and Corporate and Other Activities (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 1,892 | $ 1,985 |
Segment, Continuing Operations | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,892 | 1,985 |
Segment, Continuing Operations | Enact | ||
Segment Reporting Information [Line Items] | ||
Revenues | 270 | 288 |
Segment, Continuing Operations | Long-term Care Insurance | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,109 | 1,140 |
Segment, Continuing Operations | Life Insurance | ||
Segment Reporting Information [Line Items] | ||
Revenues | 339 | 348 |
Segment, Continuing Operations | Fixed Annuities | ||
Segment Reporting Information [Line Items] | ||
Revenues | 116 | 132 |
Segment, Continuing Operations | U.S. Life Insurance | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,564 | 1,620 |
Segment, Continuing Operations | Runoff | ||
Segment Reporting Information [Line Items] | ||
Revenues | 66 | 76 |
Segment, Continuing Operations | Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ (8) | $ 1 |
Summary of Net Operating Income
Summary of Net Operating Income (Loss) for Segments and Corporate and Other Activities (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net income (loss) available to Genworth Financial, Inc.'s common stockholders | $ 149 | $ 187 |
Add: net income from continuing operations attributable to noncontrolling interests | 30 | 0 |
Add: net income from discontinued operations attributable to noncontrolling interests | 0 | 8 |
Net income | 179 | 195 |
Less: income (loss) from discontinued operations, net of taxes | (2) | 21 |
Income from continuing operations | 181 | 174 |
Less: net income from continuing operations attributable to noncontrolling interests | 30 | 0 |
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders | 151 | 174 |
Net investment (gains) losses, net | (28) | (33) |
(Gains) losses on early extinguishment of debt | 3 | 4 |
Expenses related to restructuring | 0 | 21 |
Taxes on adjustments | 5 | 2 |
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | 131 | 168 |
Segment, Continuing Operations | Enact | ||
Segment Reporting Information [Line Items] | ||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | 135 | 126 |
Segment, Continuing Operations | Long-term Care Insurance | ||
Segment Reporting Information [Line Items] | ||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | 59 | 95 |
Segment, Continuing Operations | Life Insurance | ||
Segment Reporting Information [Line Items] | ||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | (79) | (63) |
Segment, Continuing Operations | Fixed Annuities | ||
Segment Reporting Information [Line Items] | ||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | 16 | 30 |
Segment, Continuing Operations | U.S. Life Insurance | ||
Segment Reporting Information [Line Items] | ||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | (4) | 62 |
Segment, Continuing Operations | Runoff | ||
Segment Reporting Information [Line Items] | ||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | 9 | 12 |
Segment, Continuing Operations | Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | $ (9) | $ (32) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Mar. 25, 2022 | Jul. 17, 2020 | Jan. 31, 2020 | Jan. 31, 2021 | Mar. 31, 2022 | Dec. 31, 2019 | Dec. 31, 2021 | Sep. 11, 2019 |
Commitments and Contingencies Disclosure [Line Items] | ||||||||
Loss Contingency, Damages Sought | $ 5 | |||||||
Off-balance sheet risk | $ 1,309 | $ 1,185 | ||||||
Commitments to Fund Limited Partnerships | ||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||
Off-balance sheet risk | 1,309 | |||||||
Commitments to fund U.S. commercial mortgage loan investments | ||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||
Off-balance sheet risk | 75 | |||||||
Commitments to Fund Private Placement Investments | ||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||
Off-balance sheet risk | 20 | |||||||
Commitments to Fund Bank Loan Investments | ||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||
Off-balance sheet risk | 108 | |||||||
Other Litigation | ||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||
Plaintiff's Motion Dismissed | $ 395 | |||||||
Loss Contingency, Damages Sought | $ 5 | $ 5 | 5 | |||||
Plaintiffs' motion | $ 15 | $ 410 | ||||||
Restricted cash proceeds on sale per litigation | $ 450 | |||||||
Life Insurance | Litigation | Cost of Insurance | ||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||
Contingent liability | $ 25 | |||||||
Litigation Settlement, Amount Awarded to Other Party | $ 25 |
Component of Changes in Accumul
Component of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 3,861 | $ 4,425 | |
OCI before reclassifications | (1,261) | (565) | |
Amounts reclassified from (to) OCI | (31) | (38) | |
Total other comprehensive income (loss) | (1,292) | (603) | |
Balances before nonnontrolling interests | 2,569 | 3,822 | |
Less: change in OCI attributable to noncontrolling interests | (41) | 147 | |
Ending balance | 2,610 | 3,675 | |
Net unrealized investment gains (losses) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | [1] | 1,860 | 2,214 |
OCI before reclassifications | [1] | (1,057) | (316) |
Amounts reclassified from (to) OCI | [1] | 6 | (4) |
Total other comprehensive income (loss) | [1] | (1,051) | (320) |
Balances before nonnontrolling interests | [1] | 809 | 1,894 |
Less: change in OCI attributable to noncontrolling interests | [1] | (41) | (25) |
Ending balance | [1] | 850 | 1,919 |
Derivatives qualifying as hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | [2] | 2,025 | 2,211 |
OCI before reclassifications | [2] | (199) | (385) |
Amounts reclassified from (to) OCI | [2] | (37) | (34) |
Total other comprehensive income (loss) | [2] | (236) | (419) |
Balances before nonnontrolling interests | [2] | 1,789 | 1,792 |
Less: change in OCI attributable to noncontrolling interests | [2] | 0 | 0 |
Ending balance | [2] | 1,789 | 1,792 |
Foreign currency translation and other adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (24) | 0 | |
OCI before reclassifications | (5) | 136 | |
Amounts reclassified from (to) OCI | 0 | 0 | |
Total other comprehensive income (loss) | (5) | 136 | |
Balances before nonnontrolling interests | (29) | 136 | |
Less: change in OCI attributable to noncontrolling interests | 0 | 172 | |
Ending balance | $ (29) | $ (36) | |
[1] | Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information. | ||
[2] | See note 5 for additional information. |
Changes In Accumulated Other _3
Changes In Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrecognized postretirement benefit obligation, current period OCI | $ (4) | $ (15) |
Unrecognized postretirement benefit obligation, current period OCI, tax | $ 1 | 4 |
Foreign currency translation and other adjustments, current period OCI, tax | $ (1) |
Reclassifications In (Out) of A
Reclassifications In (Out) of Accumulated Other Comprehensive Income (Loss), Net of Taxes (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net investment income | $ (764) | $ (801) |
Net investment (gains) losses | (28) | (33) |
Interest expense | 26 | 51 |
Income taxes | 58 | 59 |
(Income) loss from continuing operations | (181) | (174) |
Amount reclassified from accumulated other comprehensive income (loss) | Net unrealized investment (gains) losses | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net investment (gains) losses | 8 | (5) |
Income taxes | (2) | 1 |
(Income) loss from continuing operations | 6 | (4) |
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income taxes | 20 | 18 |
(Income) loss from continuing operations | (37) | (34) |
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges | Interest rate swaps | Derivative liabilities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | 1 | 0 |
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges | Interest rate swaps | Derivative assets | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net investment income | (55) | (52) |
Net investment (gains) losses | (2) | 0 |
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges | Foreign currency swaps | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net investment income | $ (1) | $ 0 |
Summary of Operating Results Re
Summary of Operating Results Related to Discontinued Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Revenues: | |||
Premiums | $ 931 | $ 968 | |
Net investment income | 764 | 801 | |
Net investment gains (losses) | 28 | 33 | |
Benefits and expenses: | |||
Benefits and other changes in policy reserves | 1,139 | 1,218 | |
Acquisition and operating expenses, net of deferrals | 271 | 275 | |
Amortization of deferred acquisition costs and intangibles | 92 | 77 | |
Total benefits and expenses | 1,653 | 1,752 | |
Income from discontinued operations, net of taxes | (2) | 21 | |
Less: net income from discontinued operations attributable to noncontrolling interests | 0 | 8 | |
Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders | $ (2) | 13 | |
Assets Held For Sale Related To Discontinued Operations | Genworth Australia | |||
Revenues: | |||
Premiums | 51 | ||
Net investment income | 4 | ||
Net investment gains (losses) | (5) | ||
Total revenues | 50 | ||
Benefits and expenses: | |||
Benefits and other changes in policy reserves | 11 | ||
Acquisition and operating expenses, net of deferrals | 7 | ||
Amortization of deferred acquisition costs and intangibles | 6 | ||
Interest expense | 1 | ||
Total benefits and expenses | 25 | ||
Income before income taxes and loss on sale | [1] | 25 | |
Provision for income taxes | 7 | ||
Income before loss on sale | 18 | ||
Loss on sale, net of taxes | (3) | ||
Income from discontinued operations, net of taxes | 15 | ||
Less: net income from discontinued operations attributable to noncontrolling interests | 8 | ||
Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders | $ 7 | ||
[1] | The three months ended March 31, 2021, includes pre-tax income from discontinued operations available to Genworth Financial, Inc.’s common stockholders of $13 million. |
Summary of Operating Results _2
Summary of Operating Results Related to Discontinued Operations (Parenthetical) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Genworth Australia | Parent Company [Member] | |
Discontinued operation pretax income attributable to parent | $ 13 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Liabilities Related to Discontinued Operations (Detail) - AXA Settlement Agreement | Future Losses £ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2022USD ($) | Mar. 31, 2022GBP (£) | Dec. 31, 2021USD ($) | Dec. 31, 2021GBP (£) | Mar. 31, 2022GBP (£) | Dec. 31, 2021GBP (£) | ||
Installment payments due to AXA: | |||||||
Total amounts due under the promissory note | $ 0 | $ 0 | £ 0 | £ 0 | |||
Future claims: | |||||||
Estimated beginning balance | 30 | £ 22 | 108 | £ 79 | |||
Plus: Additional amounts invoiced | 1 | 1 | 0 | 0 | |||
Change in estimated future claims | 0 | 0 | (14) | (10) | |||
Less: Amounts billed and included as mandatory prepayments | 0 | 0 | (61) | (45) | |||
Less: Amounts paid | (30) | (22) | (3) | (2) | |||
Foreign exchange and other | 0 | ||||||
Estimated future claims | 1 | 1 | 30 | 22 | |||
Total amounts due to AXA under the settlement agreement | 1 | 30 | £ 1 | £ 22 | |||
June 2022 | |||||||
Installment payments due to AXA: | |||||||
Beginning balance | 0 | 0 | 217 | 159 | |||
Prepayments | [1] | 0 | 0 | (217) | (159) | ||
Ending balance | 0 | 0 | 0 | 0 | |||
September 2022 | |||||||
Installment payments due to AXA: | |||||||
Beginning balance | 0 | 0 | 256 | 187 | |||
Amounts billed as future losses | 0 | 0 | 61 | 45 | |||
Prepayments | [1] | 0 | 0 | (324) | (232) | ||
Foreign exchange and other | 0 | 0 | 7 | 0 | |||
Ending balance | $ 0 | £ 0 | $ 0 | £ 0 | |||
[1] | On March 3, 2021, we completed the sale of Genworth Australia and received net proceeds of approximately AUD483 million ($370 million). The sale of Genworth Australia resulted in a mandatory principal payment of approximately £176 million ($245 million) related to our outstanding secured promissory note issued to AXA, dated as of July 20, 2020, as amended by the parties in connection with the Genworth Australia sale. On September 21, 2021, we used a portion of the net proceeds from the minority IPO of Enact Holdings to repay the remaining outstanding balance of the secured promissory note of approximately £215 million ($296 million). |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Liabilities Related to Discontinued Operations (Parenthetical) (Detail) - Genworth Mortgage Insurance Australia Limited [Member] £ in Millions, $ in Millions, $ in Millions | Mar. 31, 2021USD ($) | Mar. 31, 2021GBP (£) | Mar. 03, 2021AUD ($) | Mar. 03, 2021USD ($) | Mar. 03, 2021GBP (£) |
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items] | |||||
Proceeds from sale of disposal group including discontinuing operations | $ 483 | $ 370 | |||
Mandatory Payment [Member] | Promissory Note [Member] | Discontinued Operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items] | |||||
Promissory Note repayment | $ 296 | £ 215 | |||
AXA Settlement Agreement Promissory Note [Member] | Mandatory Payment [Member] | Discontinued Operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items] | |||||
Promissory Note repayment | $ 245 | £ 176 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) $ / shares in Units, $ / shares in Units, £ in Millions, $ in Millions, $ in Millions | Sep. 21, 2021USD ($) | Sep. 21, 2021GBP (£) | Mar. 31, 2021USD ($) | Mar. 31, 2021GBP (£) | Mar. 03, 2021AUD ($)$ / shares | Mar. 03, 2021USD ($) | Feb. 28, 2022USD ($) | Mar. 31, 2022USD ($)$ / shares | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021GBP (£) |
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items] | |||||||||||
Unrelated liability | $ 3 | $ 4 | |||||||||
Underwriting Liability [Member] | AXA [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items] | |||||||||||
Adjustments to underwriting loss | $ 4 | ||||||||||
Genworth Mortgage Insurance Australia Limited | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items] | |||||||||||
Proceeds from sale of disposal group including discontinuing operations | $ 483 | $ 370 | |||||||||
After-tax favorable adjustment | $ (1) | $ 11 | |||||||||
Discontinued Operations | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items] | |||||||||||
Percentage of shareholding in the investee company | 52.00% | ||||||||||
Sale price per share disposed | (per share) | $ 2.28 | $ 214.3 | |||||||||
AXA Settlement Agreement | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items] | |||||||||||
Income (losses) from discontinued operations after tax | $ 1 | $ 1 | |||||||||
AXA Settlement Agreement Promissory Note | Discontinued Operations | Future Claims | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items] | |||||||||||
Loss Contingency, Estimate of Possible Loss | $ 30 | £ 22 | |||||||||
AXA Settlement Agreement Promissory Note | Discontinued Operations | Promissory Note | Mandatory Payment | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items] | |||||||||||
Repayment of mandatory principal payment | $ 296 | £ 215 | $ 245 | £ 176 | |||||||
Discontinued Operations, Disposed of by Sale | AXA Settlement Agreement Promissory Note | Future Claims | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items] | |||||||||||
Reduction in liabilities associated with future claims | $ 30 |