Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 26, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001276520 | |
Current Fiscal Year End Date | --12-31 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 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 $.001 per share | |
Entity Common Stock, Shares Outstanding | 496,365,640 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Fixed maturity securities available-for-sale, at fair value (amortized cost of $51,248 and $52,611, respectively, and allowance for credit losses of $— as of September 30, 2022 and December 31, 2021) | $ 46,215 | $ 60,480 |
Equity securities, at fair value | 274 | 198 |
Commercial mortgage loans (net of unamortized balance of loan origination fees and costs of $4 as of September 30, 2022 and December 31, 2021) | 7,086 | 6,856 |
Less: Allowance for credit losses | (23) | (26) |
Commercial mortgage loans, net | 7,063 | 6,830 |
Policy loans | 2,153 | 2,050 |
Limited partnerships | 2,195 | 1,900 |
Other invested assets | 590 | 820 |
Total investments | 58,490 | 72,278 |
Cash, cash equivalents and restricted cash | 1,561 | 1,571 |
Accrued investment income | 616 | 647 |
Deferred acquisition costs | 2,247 | 1,146 |
Intangible assets | 237 | 143 |
Reinsurance recoverable | 16,619 | 16,868 |
Less: Allowance for credit losses | (61) | (55) |
Reinsurance recoverable, net | 16,558 | 16,813 |
Other assets | 399 | 388 |
Deferred tax asset | 1,533 | 119 |
Separate account assets | 4,298 | 6,066 |
Total assets | 85,939 | 99,171 |
Liabilities and equity | ||
Future policy benefits | 38,095 | 41,528 |
Policyholder account balances | 17,589 | 19,354 |
Liability for policy and contract claims | 12,004 | 11,841 |
Unearned premiums | 597 | 672 |
Other liabilities | 1,679 | 1,511 |
Long-term borrowings | 1,622 | 1,899 |
Separate account liabilities | 4,298 | 6,066 |
Liabilities related to discontinued operations | 6 | 34 |
Total liabilities | 75,890 | 82,905 |
Commitments and contingencies | ||
Equity: | ||
Class A common stock, $0.001 par value; 1.5 billion shares authorized; 600 million and 596 million shares issued as of September 30, 2022 and December 31, 2021, respectively; 503 million and 508 million shares outstanding as of September 30, 2022 and December 31, 2021, respectively | 1 | 1 |
Additional paid-in capital | 11,865 | 11,858 |
Accumulated other comprehensive income (loss) | (2,765) | 3,861 |
Retained earnings | 2,924 | 2,490 |
Treasury stock, at cost (97 million and 88 million shares as of September 30, 2022 and December 31, 2021, respectively) | (2,734) | (2,700) |
Total Genworth Financial, Inc.'s stockholders' equity | 9,291 | 15,510 |
Noncontrolling interests | 758 | 756 |
Total equity | 10,049 | 16,266 |
Total liabilities and equity | $ 85,939 | $ 99,171 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt securities amortized costs | $ 51,248 | $ 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 | 600,000,000 | 596,000,000 |
Class A common stock, shares outstanding | 503,000,000 | 508,000,000 |
Treasury stock, shares | 97,000,000 | 88,000,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Revenues: | |||||
Premiums | $ 934 | $ 944 | $ 2,792 | $ 2,859 | |
Net investment income | 808 | 859 | 2,359 | 2,504 | |
Net investment gains (losses) | (69) | 88 | (33) | 191 | |
Policy fees and other income | 166 | 179 | 494 | 542 | |
Total revenues | 1,839 | 2,070 | 5,612 | 6,096 | |
Benefits and expenses: | |||||
Benefits and other changes in policy reserves | 1,180 | 1,143 | 3,083 | 3,522 | |
Interest credited | 128 | 123 | 378 | 381 | |
Acquisition and operating expenses, net of deferrals | 240 | 290 | 1,100 | 869 | |
Amortization of deferred acquisition costs and intangibles | 79 | 106 | 255 | 269 | |
Interest expense | 26 | 35 | 78 | 129 | |
Total benefits and expenses | 1,653 | 1,697 | 4,894 | 5,170 | |
Income from continuing operations before income taxes | 186 | 373 | 718 | 926 | |
Provision for income taxes | 52 | 67 | 183 | 201 | |
Income from continuing operations | 134 | 306 | 535 | 725 | |
Income from discontinued operations, net of taxes | 5 | 12 | 2 | 28 | |
Net income | 139 | 318 | 537 | 753 | |
Less: net income from continuing operations attributable to noncontrolling interests | 35 | 4 | 103 | 4 | |
Less: net income from discontinued operations attributable to noncontrolling interests | 0 | 0 | 0 | 8 | |
Net income available to Genworth Financial, Inc.'s common stockholders | 104 | 314 | 434 | 741 | |
Net income available to Genworth Financial, Inc.'s common stockholders: | |||||
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders | 99 | 302 | 432 | 721 | |
Income from discontinued operations available to Genworth Financial, Inc.'s common stockholders | 5 | 12 | 2 | 20 | |
Net income available to Genworth Financial, Inc.'s common stockholders | $ 104 | $ 314 | $ 434 | $ 741 | |
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders per share: | |||||
Basic | $ 0.2 | $ 0.59 | $ 0.85 | $ 1.42 | |
Diluted | 0.19 | 0.59 | 0.84 | 1.4 | |
Net income available to Genworth Financial, Inc.'s common stockholders per share: | |||||
Basic | [1] | 0.21 | 0.62 | 0.86 | 1.46 |
Diluted | [1] | $ 0.2 | $ 0.61 | $ 0.85 | $ 1.44 |
Weighted-average common shares outstanding: | |||||
Basic | 504 | 507.4 | 507.1 | 506.8 | |
Diluted | 509.4 | 514.2 | 513.7 | 514.4 | |
[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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income | $ 139 | $ 318 | $ 537 | $ 753 |
Other comprehensive income (loss), net of taxes: | ||||
Net unrealized gains (losses) on securities without an allowance for credit losses | (2,510) | 7 | (5,993) | (373) |
Net unrealized gains (losses) on securities with an allowance for credit losses | 0 | 0 | 0 | 6 |
Derivatives qualifying as hedges | (135) | (12) | (715) | (220) |
Foreign currency translation and other adjustments | 0 | (4) | (12) | 134 |
Total other comprehensive income (loss) | (2,645) | (9) | (6,720) | (453) |
Total comprehensive income (loss) | (2,506) | 309 | (6,183) | 300 |
Less: comprehensive income attributable to noncontrolling interests | 10 | 3 | 9 | 158 |
Total comprehensive income (loss) available to Genworth Financial, Inc.'s common stockholders | $ (2,516) | $ 306 | $ (6,192) | $ 142 |
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 |
Initial sale of subsidiary shares to noncontrolling interests | 576 | 0 | (171) | (26) | 0 | 0 | (197) | 773 |
Sale of business that included noncontrolling interests | (657) | 0 | 0 | 0 | 0 | 0 | 0 | (657) |
Comprehensive income (loss): | ||||||||
Net income | 753 | 0 | 0 | 0 | 741 | 0 | 741 | 12 |
Other comprehensive income (loss), net of taxes | (453) | 0 | 0 | (599) | 0 | 0 | (599) | 146 |
Total comprehensive income (loss) | 300 | 142 | 158 | |||||
Stock-based compensation expense and exercises and other | 13 | 0 | 13 | 0 | 0 | 0 | 13 | 0 |
Balances, ending at Sep. 30, 2021 | 16,052 | 1 | 11,850 | 3,800 | 2,325 | (2,700) | 15,276 | 776 |
Balances, beginning at Jun. 30, 2021 | 15,164 | 1 | 12,018 | 3,834 | 2,011 | (2,700) | 15,164 | 0 |
Initial sale of subsidiary shares to noncontrolling interests | 576 | 0 | (171) | (26) | 0 | 0 | (197) | 773 |
Comprehensive income (loss): | ||||||||
Net income | 318 | 0 | 0 | 0 | 314 | 0 | 314 | 4 |
Other comprehensive income (loss), net of taxes | (9) | 0 | 0 | (8) | 0 | 0 | (8) | (1) |
Total comprehensive income (loss) | 309 | 306 | 3 | |||||
Stock-based compensation expense and exercises and other | 3 | 0 | 3 | 0 | 0 | 0 | 3 | 0 |
Balances, ending at Sep. 30, 2021 | 16,052 | 1 | 11,850 | 3,800 | 2,325 | (2,700) | 15,276 | 776 |
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 | 537 | 0 | 0 | 0 | 434 | 0 | 434 | 103 |
Other comprehensive income (loss), net of taxes | (6,720) | 0 | 0 | (6,626) | 0 | 0 | (6,626) | (94) |
Total comprehensive income (loss) | (6,183) | (6,192) | 9 | |||||
Treasury stock acquired in connection with share repurchases | (34) | 0 | 0 | 0 | 0 | (34) | (34) | 0 |
Dividends to noncontrolling interests | (8) | 0 | 0 | 0 | 0 | 0 | 0 | (8) |
Stock-based compensation expense and exercises and other | 8 | 0 | 7 | 0 | 0 | 0 | 7 | 1 |
Balances, ending at Sep. 30, 2022 | 10,049 | 1 | 11,865 | (2,765) | 2,924 | (2,734) | 9,291 | 758 |
Balances, beginning at Jun. 30, 2022 | 12,571 | 1 | 11,859 | (145) | 2,820 | (2,715) | 11,820 | 751 |
Comprehensive income (loss): | ||||||||
Net income | 139 | 0 | 0 | 0 | 104 | 0 | 104 | 35 |
Other comprehensive income (loss), net of taxes | (2,645) | 0 | 0 | (2,620) | 0 | 0 | (2,620) | (25) |
Total comprehensive income (loss) | (2,506) | (2,516) | 10 | |||||
Treasury stock acquired in connection with share repurchases | (19) | 0 | 0 | 0 | 0 | (19) | (19) | 0 |
Dividends to noncontrolling interests | (4) | 0 | 0 | 0 | 0 | 0 | 0 | (4) |
Stock-based compensation expense and exercises and other | 7 | 0 | 6 | 0 | 0 | 0 | 6 | 1 |
Balances, ending at Sep. 30, 2022 | $ 10,049 | $ 1 | $ 11,865 | $ (2,765) | $ 2,924 | $ (2,734) | $ 9,291 | $ 758 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from (used by) operating activities: | ||
Net income | $ 537 | $ 753 |
Less income from discontinued operations, net of taxes | (2) | (28) |
Adjustments to reconcile net income to net cash from operating activities: | ||
Amortization of fixed maturity securities discounts and premiums | (127) | (138) |
Net investment (gains) losses | 33 | (191) |
Charges assessed to policyholders | (444) | (472) |
Acquisition costs deferred | 0 | (6) |
Amortization of deferred acquisition costs and intangibles | 255 | 269 |
Deferred income taxes | 183 | 202 |
Derivative instruments, limited partnerships and other | (250) | (252) |
Stock-based compensation expense | 29 | 32 |
Change in certain assets and liabilities: | ||
Accrued investment income and other assets | (104) | (117) |
Insurance reserves | 717 | 678 |
Current tax liabilities | (4) | (8) |
Other liabilities, policy and contract claims and other policy-related balances | (147) | 56 |
Cash used by operating activities—discontinued operations | (31) | (488) |
Net cash from operating activities | 645 | 290 |
Cash flows from (used by) investing activities: | ||
Fixed maturity securities | 2,154 | 3,253 |
Commercial mortgage loans | 514 | 601 |
Limited partnerships and other invested assets | 146 | 176 |
Proceeds from sales of investments: | ||
Fixed maturity and equity securities | 2,061 | 1,591 |
Purchases and originations of investments: | ||
Fixed maturity and equity securities | (3,222) | (4,181) |
Commercial mortgage loans | (765) | (743) |
Limited partnerships and other invested assets | (491) | (447) |
Short-term investments, net | 24 | (24) |
Policy loans, net | 31 | 40 |
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 | 452 | 469 |
Cash flows from (used by) financing activities: | ||
Deposits to universal life and investment contracts | 466 | 511 |
Withdrawals from universal life and investment contracts | (1,190) | (1,582) |
Repayment and repurchase of long-term debt | (284) | (1,003) |
Dividends paid to noncontrolling interests | (8) | 0 |
Treasury stock acquired in connection with share repurchases | (34) | 0 |
Proceeds from sale of subsidiary shares to noncontrolling interests | 0 | 529 |
Other, net | (57) | 67 |
Net cash used by financing activities | (1,107) | (1,478) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash (includes $— and $(1) related to discontinued operations for the nine months ended September 30, 2022 and 2021, respectively) | 0 | 0 |
Net change in cash, cash equivalents and restricted cash | (10) | (719) |
Cash, cash equivalents and restricted cash at beginning of period | 1,571 | 2,656 |
Cash, cash equivalents and restricted cash at end of period | 1,561 | 1,937 |
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 | $ 1,561 | $ 1,937 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 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 | 9 Months Ended |
Sep. 30, 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 p 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. On May 2, 2022, Genworth Financial’s Board of Directors authorized a share repurchase program under which Genworth Financial may repurchase up to $350 million of its outstanding Class A common stock. Pursuant to the program, during the nine months ended September 30, 2022, Genworth Financial repurchased 8,980,350 shares of its common stock at an average price of $3.81 per share for a total cash outlay of $34 million, including costs paid in connection with acquiring the shares. The repurchased shares were recorded at cost and presented as treasury stock in a separate caption in equity in our condensed consolidated balance sheet. Genworth Financial also authorized share repurchases through a Rule 10b5-1 in 10b5-1 |
Accounting Changes
Accounting Changes | 9 Months Ended |
Sep. 30, 2022 | |
Disclosue of Accounting Changes [Abstract] | |
Accounting Changes | (2) Accounting Changes Accounting Pronouncements Recently Adopted On April 1, 2022, we elected to early adopt 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. We were 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. In accordance with the new accounting guidance, we adopted this guidance prospectively as of January 1, 2022, which did not have any impact at adoption. Accounting Pronouncements Not Yet Adopted In June 2022, the Financial Accounting Standards Board (the “FASB”) issued new accounting guidance related to the fair value measurement of equity securities subject to contractual sale restrictions. The guidance clarifies existing fair value guidance on measuring the fair value of an equity security subject to contractual sale restrictions and adds new disclosures related to these securities. This guidance is currently effective for us on January 1, 2024 using the prospective method, with early adoption permitted, which we do not intend to elect. We do not expect a significant impact from this guidance on our condensed 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 insurance liabilities in our U.S. life insurance companies. In accordance with the guidance, the more significant changes include: • cash flow assumptions used to estimate the liability for future policy benefits and related reinsurance recoverables will be reviewed at least annually in the same period each year or more frequently if actual experience indicates a change is required. Changes in cash flow assumptions 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 assumption for the discount rate used to determine the liability for future policy benefits and related reinsurance recoverables will be a current upper-medium grade (low credit risk) fixed-income instrument yield, commonly interpreted to be a single-A rated bond rate, with the same duration as the corresponding liability, and is updated quarterly, with changes in the discount rate recorded in other comprehensive income (loss); • traditional and limited payment long-duration insurance contracts will be grouped, at a minimum, into annual cohorts by contract issue date for the purpose of measuring the liability for future policy benefits; • the provision for adverse deviation, the premium deficiency test and shadow accounting for traditional long-duration insurance contracts 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 of DAC will generally be on a straight-line basis over the expected contract term; and • disclosures will be greatly expanded in accordance with the new accounting guidance. This guidance is effective for us on January 1, 2023 using the modified retrospective method or retrospective method for all topics except for market risk benefits, which is required to be applied using the retrospective method as of January 1, 2021 (“Transition Date”), with early adoption permitted. We do not intend to early adopt this guidance and have elected to apply the modified retrospective transition method for all permitted topics, with impacts of adoption applied as of the Transition Date. When we adopt this guidance on January 1, 2023, beginning retained earnings and accumulated other comprehensive income (loss) will be adjusted, starting with the Transition Date through years ended 2021 and 2022, and comparable prior periods will be re-presented in accordance with the new standard. We expect the most significant impact at the Transition Date will be a decrease in the accumulated other comprehensive income (loss) of our long-term care insurance business due to the requirement to remeasure the liability for future policy benefits and related reinsurance recoverables using a single-A rated bond rate as of the Transition Date, which was materially lower than our current locked-in discount rate, partially offset by the elimination of shadow adjustments. We currently estimate a decrease in the accumulated other comprehensive income (loss) of our long-term care insurance business of approximately billion to billion as of the Transition Date, net of taxes and a favorable after-tax impact related to the elimination of shadow adjustments of approximately $4.0 billion. Upon adoption of this new accounting guidance, our insurance liabilities will be sensitive to movements in interest rates, which will likely result in volatility to our equity. For example, if we applied September 30, 2022 interest rates on the Transition Date of January 1, 2021, and held all other factors constant, the change in accumulated other comprehensive income (loss) of our long-term care insurance business would have been positive, more than reversing the estimated decrease Our implementation efforts continue to progress and corporate governance has been established to support the implementation of this new standard. We remain focused on obtaining necessary data, modifying systems, identifying and developing key inputs and assumptions and establishing policies, systems and internal controls necessary to implement this new accounting guidance, which we will continue to enhance and refine until implementation. Our current estimate for the transition impact on accumulated other comprehensive income (loss) related to our long-term care insurance business is subject to change as we continue to refine aspects of our implementation and these changes may be material. In addition, our implementation efforts are not complete; we have not yet determined the full impact the other components of this new accounting guidance will have on our condensed consolidated financial statements, including our life insurance and annuity products, retained earnings and total equity. While the new guidance will have a significant impact on existing U.S. GAAP financial statements and disclosures, it will not impact the underlying economics of the business, statutory net income or risk-based capital. As we progress through our implementation, we will continue to assess the full impact to our condensed consolidated financial statements both as of the Transition Date and in subsequent periods. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share | (3) Earnings Per Share Basic and diluted earnings per share are calculated by dividing each income category presented below by the weighted-average basic and diluted common shares outstanding for the periods indicated: Three months ended Nine months ended (Amounts in millions, except per share amounts) 2022 2021 2022 2021 Weighted-average shares used in basic earnings per share calculations 504.0 507.4 507.1 506.8 Potentially dilutive securities: Stock options, restricted stock units and other equity-based awards 5.4 6.8 6.6 7.6 Weighted-average shares used in diluted earnings per share calculations 509.4 514.2 513.7 514.4 Income from continuing operations: Income from continuing operations $ 134 $ 306 $ 535 $ 725 Less: net income from continuing operations attributable to noncontrolling interests 35 4 103 4 Income from continuing operations available to Genworth Financial, Inc.’s $ 99 $ 302 $ 432 $ 721 Basic per share $ 0.20 $ 0.59 $ 0.85 $ 1.42 Diluted per share $ 0.19 $ 0.59 $ 0.84 $ 1.40 Income from discontinued operations: Income from discontinued operations, net of taxes $ 5 $ 12 $ 2 $ 28 Less: net income from discontinued operations attributable to noncontrolling interests — — — 8 Income from discontinued operations available to Genworth Financial, Inc.’s $ 5 $ 12 $ 2 $ 20 Basic per share $ 0.01 $ 0.02 $ — $ 0.04 Diluted per share $ 0.01 $ 0.02 $ — $ 0.04 Net income: Income from continuing operations $ 134 $ 306 $ 535 $ 725 Income from discontinued operations, net of taxes 5 12 2 28 Net income 139 318 537 753 Less: net income attributable to noncontrolling interests 35 4 103 12 Net income available to Genworth Financial, Inc.’s $ 104 $ 314 $ 434 $ 741 Basic per share (1) $ 0.21 $ 0.62 $ 0.86 $ 1.46 Diluted per share (1) $ 0.20 $ 0.61 $ 0.85 $ 1.44 (1) May not total due to whole number calculation. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2022 | |
Investments | (4) Investments (a) Net Investment Income Sources of net investment income were as follows for the periods indicated: Three months ended September 30, Nine months ended September 30, (Amounts in millions) 2022 2021 2022 2021 Fixed maturity securities—taxable $ 576 $ 614 $ 1,734 $ 1,821 Fixed maturity securities—non-taxable 2 2 4 5 Equity securities 3 2 7 7 Commercial mortgage loans 81 93 240 274 Policy loans 55 47 156 137 Limited partnerships 38 59 77 144 Other invested assets 67 63 196 179 Cash, cash equivalents, restricted cash and short-term investments 7 1 8 1 Gross investment income before expenses and fees 829 881 2,422 2,568 Expenses and fees (21 ) (22 ) (63 ) (64 ) Net investment income $ 808 $ 859 $ 2,359 $ 2,504 (b) Net Investment Gains (Losses) The following table sets forth net investment gains (losses) for the periods indicated: Three months ended Nine months ended September 30, September 30, (Amounts in millions) 2022 2021 2022 2021 Realized investment gains (losses): Available-for-sale fixed maturity securities: Realized gains $ 11 $ 11 $ 26 $ 23 Realized losses (38 ) — (65 ) (7 ) Net realized gains (losses) on available-for-sale (27 ) 11 (39 ) 16 Net realized gains (losses) on equity securities sold — — — (7 ) Net realized gains (losses) on limited partnerships — — — 3 Total net realized investment gains (losses) (27 ) 11 (39 ) 12 Net change in allowance for credit losses on available-for-sale — — — (6 ) Write-down of available-for-sale (1) — — (2 ) (1 ) Net unrealized gains (losses) on equity securities still held (13 ) (1 ) (46 ) (3 ) Net unrealized gains (losses) on limited partnerships (24 ) 75 35 174 Commercial mortgage loans — 3 3 1 Derivative instruments (2) (5 ) (3 ) 8 9 Other — 3 8 5 Net investment gains (losses) $ (69 ) $ 88 $ (33 ) $ 191 (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 available-for-sale available-for-sale available-for-sale (Amounts in millions) Beginning balance Increase from securities without allowance in previous periods Increase (decrease) from securities with allowance in previous periods Securities sold Decrease due to change in intent or requirement to sell Write-offs Recoveries Ending balance Fixed maturity securities: Non-U.S. $ 1 $ — $ 6 $ (7 ) $ — $ — $ — $ — Commercial 3 — — — — (3 ) — — Total available-for-sale $ 4 $ — $ 6 $ (7 ) $ — $ (3 ) $ — $ — (c) Unrealized Investment Gains and Losses Net unrealized gains and losses on available-for-sale (Amounts in millions) September 30, 2022 December 31, 2021 Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses (1) $ (5,033 ) $ 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 44 (5,487 ) Income taxes, net 871 (507 ) Net unrealized investment gains (losses) (4,118 ) 1,875 Less: net unrealized investment gains (losses) attributable to noncontrolling interests (79 ) 15 Net unrealized investment gains (losses) attributable to Genworth Financial, Inc. $ (4,039 ) $ 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 or for the periods indicated: As of or for the three months ended September 30, (Amounts in millions) 2022 2021 Beginning balance $ (1,554 ) $ 1,865 Unrealized gains (losses) arising during the period: Unrealized gains (losses) on fixed maturity securities (3,098 ) (433 ) Adjustment to deferred acquisition costs 9 80 Adjustment to present value of future profits — (2 ) Adjustment to sales inducements 2 3 Adjustment to benefit reserves and policyholder contract balances 50 372 Provision for income taxes 506 (4 ) Change in unrealized gains (losses) on investment securities (2,531 ) 16 Reclassification adjustments to net investment (gains) losses, net of taxes of $(5) and $3 21 (9 ) Change in net unrealized investment gains (losses) (2,510 ) 7 Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests (25 ) 25 Ending balance $ (4,039 ) $ 1,847 As of or for the nine months ended September 30, (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 (12,941 ) (2,042 ) Adjustment to deferred acquisition costs 1,328 (52 ) Adjustment to present value of future profits 81 — Adjustment to sales inducements 26 8 Adjustment to benefit reserves and policyholder contract balances 4,096 1,630 Provision for income taxes 1,386 102 Change in unrealized gains (losses) on investment securities (6,024 ) (354 ) Reclassification adjustments to net investment (gains) losses, net of taxes of $(8) and $4 31 (13 ) Change in net unrealized investment gains (losses) (5,993 ) (367 ) Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests (94 ) — Ending balance $ (4,039 ) $ 1,847 The net unrealized losses on fixed maturity securities recognized during the three and nine months ended September 30, 2022 were largely due to increasing interest rates and widening credit spreads. 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 September 30, 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 (Amounts in millions) Amortized cost or cost Gross unrealized gains Gross unrealized losses Allowance for credit losses Fair value Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 3,430 $ 104 $ (227 ) $ — $ 3,307 State and political subdivisions 2,855 20 (343 ) — 2,532 Non-U.S. 741 11 (130 ) — 622 U.S. corporate: Utilities 4,268 31 (496 ) — 3,803 Energy 2,445 23 (262 ) — 2,206 Finance and insurance 7,971 45 (957 ) — 7,059 Consumer—non-cyclical 4,803 60 (498 ) — 4,365 Technology and communications 3,276 29 (432 ) — 2,873 Industrial 1,312 10 (161 ) — 1,161 Capital goods 2,332 33 (234 ) — 2,131 Consumer—cyclical 1,769 9 (194 ) — 1,584 Transportation 1,139 26 (115 ) — 1,050 Other 347 3 (20 ) — 330 Total U.S. corporate 29,662 269 (3,369 ) — 26,562 Non-U.S. Utilities 812 — (91 ) — 721 Energy 1,061 12 (90 ) — 983 Finance and insurance 2,164 34 (240 ) — 1,958 Consumer—non-cyclical 658 1 (102 ) — 557 Technology and communications 1,007 — (133 ) — 874 Industrial 878 5 (92 ) — 791 Capital goods 606 2 (76 ) — 532 Consumer—cyclical 317 — (42 ) — 275 Transportation 392 10 (32 ) — 370 Other 946 16 (76 ) — 886 Total non-U.S. 8,841 80 (974 ) — 7,947 Residential mortgage-backed 1,129 9 (69 ) — 1,069 Commercial mortgage-backed 2,231 2 (244 ) — 1,989 Other asset-backed 2,359 — (172 ) — 2,187 Total available-for-sale $ 51,248 $ 495 $ (5,528 ) $ — $ 46,215 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 (Amounts in millions) Amortized cost or cost Gross unrealized gains Gross unrealized losses Allowance Fair value 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. 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. 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. 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 $ 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 September 30, 2022: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Description of Securities Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 1,525 $ (225 ) 55 $ 12 $ (2 ) 6 $ 1,537 $ (227 ) 61 State and political subdivisions 1,706 (305 ) 287 133 (38 ) 42 1,839 (343 ) 329 Non-U.S. government 370 (80 ) 63 125 (50 ) 22 495 (130 ) 85 U.S. corporate 19,668 (2,904 ) 2,636 1,415 (465 ) 168 21,083 (3,369 ) 2,804 Non-U.S. corporate 6,011 (791 ) 795 542 (183 ) 84 6,553 (974 ) 879 Residential mortgage-backed 616 (63 ) 186 22 (6 ) 9 638 (69 ) 195 Commercial mortgage-backed 1,859 (235 ) 276 59 (9 ) 9 1,918 (244 ) 285 Other asset-backed 1,921 (142 ) 412 224 (30 ) 47 2,145 (172 ) 459 Total for fixed maturity securities in an unrealized loss position $ 33,676 $ (4,745 ) 4,710 $ 2,532 $ (783 ) 387 $ 36,208 $ (5,528 ) 5,097 % Below cost: <20% Below cost $ 28,220 $ (2,896 ) 3,957 $ 738 $ (121 ) 152 $ 28,958 $ (3,017 ) 4,109 20%-50% Below cost 5,456 (1,849 ) 753 1,794 (662 ) 235 7,250 (2,511 ) 988 Total for fixed maturity securities in an unrealized loss position $ 33,676 $ (4,745 ) 4,710 $ 2,532 $ (783 ) 387 $ 36,208 $ (5,528 ) 5,097 Investment grade $ 32,131 $ (4,509 ) 4,480 $ 2,343 $ (721 ) 361 $ 34,474 $ (5,230 ) 4,841 Below investment grade 1,545 (236 ) 230 189 (62 ) 26 1,734 (298 ) 256 Total for fixed maturity securities in an unrealized loss position $ 33,676 $ (4,745 ) 4,710 $ 2,532 $ (783 ) 387 $ 36,208 $ (5,528 ) 5,097 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 September 30, 2022: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Description of Securities U.S. corporate: Utilities $ 2,797 $ (456 ) 388 $ 119 $ (40 ) 27 $ 2,916 $ (496 ) 415 Energy 1,662 (236 ) 241 91 (26 ) 10 1,753 (262 ) 251 Finance and insurance 5,478 (795 ) 731 502 (162 ) 53 5,980 (957 ) 784 Consumer—non-cyclical 2,846 (436 ) 334 178 (62 ) 19 3,024 (498 ) 353 Technology and communications 2,336 (352 ) 324 214 (80 ) 25 2,550 (432 ) 349 Industrial 892 (143 ) 116 60 (18 ) 5 952 (161 ) 121 Capital goods 1,447 (196 ) 187 114 (38 ) 11 1,561 (234 ) 198 Consumer—cyclical 1,249 (157 ) 186 128 (37 ) 15 1,377 (194 ) 201 Transportation 776 (113 ) 103 9 (2 ) 3 785 (115 ) 106 Other 185 (20 ) 26 — — — 185 (20 ) 26 Subtotal, U.S. corporate securities 19,668 (2,904 ) 2,636 1,415 (465 ) 168 21,083 (3,369 ) 2,804 Non-U.S. corporate: Utilities 649 (79 ) 70 37 (12 ) 6 686 (91 ) 76 Energy 711 (86 ) 76 12 (4 ) 1 723 (90 ) 77 Finance and insurance 1,390 (156 ) 222 247 (84 ) 37 1,637 (240 ) 259 Consumer—non-cyclical 482 (85 ) 56 48 (17 ) 10 530 (102 ) 66 Technology and communications 831 (125 ) 106 24 (8 ) 4 855 (133 ) 110 Industrial 547 (73 ) 78 58 (19 ) 7 605 (92 ) 85 Capital goods 432 (63 ) 56 39 (13 ) 4 471 (76 ) 60 Consumer—cyclical 249 (35 ) 34 26 (7 ) 7 275 (42 ) 41 Transportation 190 (27 ) 29 16 (5 ) 3 206 (32 ) 32 Other 530 (62 ) 68 35 (14 ) 5 565 (76 ) 73 Subtotal, non-U.S. corporate securities 6,011 (791 ) 795 542 (183 ) 84 6,553 (974 ) 879 Total for corporate securities in an unrealized loss position $ 25,679 $ (3,695 ) 3,431 $ 1,957 $ (648 ) 252 $ 27,636 $ (4,343 ) 3,683 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 value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities 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 unrealized losses Number of securities Fair value Gross unrealized losses Number of Fair value Gross unrealized losses 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 September 30, 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 cost or cost Fair value Due one year or less $ 1,132 $ 1,128 Due after one year through five years 8,221 7,856 Due after five years through ten years 13,227 11,751 Due after ten years 22,949 20,235 Subtotal 45,529 40,970 Residential mortgage-backed 1,129 1,069 Commercial mortgage-backed 2,231 1,989 Other asset-backed 2,359 2,187 Total $ 51,248 $ 46,215 As of September 30, 2022, securities issued by finance and insurance, consumer—non-cyclical, As of September 30, 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: September 30, 2022 December 31, 2021 (Amounts in millions) Carrying value % of total Carrying value % of total Property type: Retail $ 2,865 40 % $ 2,774 40 % Office 1,606 23 1,526 22 Industrial 1,504 21 1,420 21 Apartments 573 8 585 9 Mixed use 351 5 330 5 Other 187 3 221 3 Subtotal 7,086 100 % 6,856 100 % Allowance for credit losses (23 ) (26 ) Total $ 7,063 $ 6,830 September 30, 2022 December 31, 2021 (Amounts in millions) Carrying value % of total Carrying value % of total Geographic region: South Atlantic $ 1,843 26 % $ 1,770 26 % Pacific 1,347 19 1,360 20 Mountain 1,010 14 892 13 Middle Atlantic 988 14 964 14 West South Central 575 8 483 7 East North Central 459 7 465 7 West North Central 446 6 461 7 East South Central 221 3 224 3 New England 197 3 237 3 Subtotal 7,086 100 % 6,856 100 % Allowance for credit losses (23 ) (26 ) Total $ 7,063 $ 6,830 As of September 30, 2022, we had no commercial mortgage loans past due or on non-accrual non-accrual non-accrual 10-K. During the nine months ended September 30, 2022, we did not have any loan modifications or extensions associated with borrowers experiencing financial difficulty that resulted in the consideration of whether to establish a new loan or to continue accounting for the modification or extension under the existing loan. During the year ended December 31, 2021, prior to the adoption of new accounting guidance related to troubled debt restructurings, 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 Nine months ended (Amounts in millions) 2022 2021 2022 2021 Allowance for credit losses: Beginning balance $ 23 $ 33 $ 26 $ 31 Provision — (3 ) (4 ) (1 ) Write-offs — — — — Recoveries — — 1 — Ending balance $ 23 $ 30 $ 23 $ 30 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 September 30, 2022: (Amounts in millions) 2022 2021 2020 2019 2018 2017 and prior Total Debt-to-value: 0% - 50% $ 15 $ 41 $ 99 $ 107 $ 187 $ 2,028 $ 2,477 51% - 60% 50 61 77 138 247 790 1,363 61% - 75% 695 830 336 463 385 487 3,196 76% - 100% — — — 8 28 14 50 Greater than 100% — — — — — — — Total amortized cost $ 760 $ 932 $ 512 $ 716 $ 847 $ 3,319 $ 7,086 Debt service coverage ratio: Less than 1.00 $ 7 $ 9 $ 6 $ 39 $ 59 $ 145 $ 265 1.00 - 1.25 17 1 16 27 95 177 333 1.26 - 1.50 188 70 66 165 141 417 1,047 1.51 - 2.00 496 618 209 274 350 1,120 3,067 Greater than 2.00 52 234 215 211 202 1,460 2,374 Total amortized cost $ 760 $ 932 $ 512 $ 716 $ 847 $ 3,319 $ 7,086 The following tables set forth the debt-to-value September 30, 2022 (Amounts in millions) 0% - 50% 51% - 60% 61% - 75% 76% - 100% Greater than 100% Total Property type: Retail $ 935 $ 614 $ 1,288 $ 28 $ — $ 2,865 Office 443 278 871 14 — 1,606 Industrial 709 269 526 — — 1,504 Apartments 186 98 281 8 — 573 Mixed use 95 80 176 — — 351 Other 109 24 54 — — 187 Total amortized cost $ 2,477 $ 1,363 $ 3,196 $ 50 $ — $ 7,086 % of total 35 % 19 % 45 % 1 % — % 100 % Weighted-average debt service coverage ratio 2.35 1.98 1.63 1.35 — 1.95 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: September 30, 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 $ 90 $ 73 $ 483 $ 1,383 $ 836 $ 2,865 Office 82 144 157 672 551 1,606 Industrial 19 45 173 592 675 1,504 Apartments 6 19 159 244 145 573 Mixed use 26 16 45 162 102 351 Other 42 36 30 14 65 187 Total amortized cost $ 265 $ 333 $ 1,047 $ 3,067 $ 2,374 $ 7,086 % of total 4 % 5 % 15 % 43 % 33 % 100 % Weighted-average debt-to-value 61 % 62 % 63 % 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 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 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 September 30, December 31, Balance September 30, December 31, Derivatives designated as hedges Cash flow hedges: Interest rate swaps Other invested assets $ 25 $ 364 Other liabilities $ 460 $ 26 Foreign currency swaps Other invested assets 32 6 Other liabilities — — Total cash flow hedges 57 370 460 26 Total derivatives designated as hedges 57 370 460 26 Derivatives not designated as hedges Equity index options Other invested assets 38 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) 18 19 Policyholder account balances (2) 259 271 Fixed index annuity embedded derivatives Other assets — — Policyholder account balances ( 3 219 294 Indexed universal life embedded Reinsurance — — Policyholder account balances (4) 15 25 Total derivatives not designated as hedges 56 63 493 590 Total derivatives $ 113 $ 433 $ 953 $ 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/ September 30, Derivatives designated as hedges Cash flow hedges: Interest rate swaps Notional $ 7,653 $ 782 $ (140 ) $ 8,295 Foreign currency swaps Notional 127 17 — 144 Total cash flow hedges 7,780 799 (140 ) 8,439 Total derivatives designated as hedges 7,780 799 (140 ) 8,439 Derivatives not designated as hedges Equity index options Notional 1,446 707 (957 ) 1,196 Financial futures Notional 946 2,899 (2,938 ) 907 Other foreign currency contracts Notional 83 — (83 ) — Total derivatives not designated as hedges 2,475 3,606 (3,978 ) 2,103 Total derivatives $ 10,255 $ 4,405 $ (4,118 ) $ 10,542 (Number of policies) Measurement December 31, Additions Maturities/ September 30, Derivatives not designated as hedges GMWB embedded derivatives Policies 21,804 — (1,427 ) 20,377 Fixed index annuity embedded derivatives Policies 9,344 — (1,567 ) 7,777 Indexed universal life embedded derivatives Policies 806 — (24 ) 782 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 September 30, 2022: (Amounts in millions) Gain (loss) Gain (loss) Classification of Gain (loss) Classification of Interest rate swaps hedging assets $ (125 ) $ 55 Net investment income $ — Net investment gains (losses) Interest rate swaps hedging assets — 3 Net investment gains (losses) — Net investment gains (losses) Foreign currency swaps 15 — Net investment income — Net investment gains (losses) Total $ (110 ) $ 58 $ — The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended September 30, 2021: (Amounts in millions) Gain (loss) Gain (loss) Classification of Gain (loss) Classification of Interest rate swaps hedging assets $ 27 $ 58 Net investment income $ — Net investment gains (losses) Interest rate swaps hedging assets — 1 Net investment gains (losses) — Net investment gains (losses) Interest rate swaps hedging liabilities — (1 ) Interest expense — Net investment gains (losses) Foreign currency swaps 5 — Net investment income — Net investment gains (losses) Total $ 32 $ 58 $ — The following table provides information about the pre-tax income effects of cash flow hedges for the nine months ended September 30, 2022: (Amounts in millions) Gain (loss) Gain (loss) Classification of Gain (loss) Classification of Interest rate swaps hedging assets $ (780 ) $ 167 Net investment income $ — Net investment gains (losses) Interest rate swaps hedging assets — 5 Net investment gains (losses) — Net investment gains (losses) Interest rate swaps hedging liabilities — (2 ) Interest expense — Net investment gains (losses) Foreign currency swaps 27 1 Net investment income — Net investment gains (losses) Total $ (753 ) $ 171 $ — The following table provides information about the pre-tax income effects of cash flow hedges for the nine months ended September 30, 2021: (Amounts in millions) Gain (loss) Gain (loss) Classification of Gain (loss) Classification of Interest rate swaps hedging assets $ (188 ) $ 162 Net investment income $ — Net investment gains (losses) Interest rate swaps hedging assets — 1 Net investment gains (losses) — Net investment gains (losses) Interest rate swaps hedging liabilities 36 (1 ) Interest expense — Net investment gains (losses) Foreign currency swaps 6 — Net investment income — Net investment gains (losses) Total $ (146 ) $ 162 $ — The following tables provide 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 July 1 $ 1,445 $ 2,003 Current period increases (decreases) in fair value, net of deferred taxes of $12 and $(7) (98 ) 25 Reclassification to net (income), net of deferred taxes of $21 in both periods (37 ) (37 ) Derivatives qualifying as effective accounting hedges as of September 30 $ 1,310 $ 1,991 Nine 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 $149 and $31 (604 ) (115 ) Reclassification to net (income), net of deferred taxes of $60 and $57 (111 ) (105 ) Derivatives qualifying as effective accounting hedges as of September 30 $ 1,310 $ 1,991 The total of derivatives designated as cash flow hedges of $1,310 million, net of taxes, recorded in stockholders’ equity as of September 30, 2022 is expected to be reclassified to net income 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, $144 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 nine months ended September 30, 2022 and 2021, we reclassified $7 million and $8 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. 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 Nine months ended Classification of gain (loss) recognized in net income (Amounts in millions) 2022 2021 2022 2021 Interest rate swaps $ — $ (1 ) $ — $ 2 Net investment gains (losses) Equity index options 5 — (2 ) 9 Net investment gains (losses) Financial futures (34 ) — (64 ) (102 ) Net investment gains (losses) GMWB embedded derivatives 22 (4 ) 28 103 Net investment gains (losses) Fixed index annuity embedded derivatives (5 ) (3 ) 18 (21 ) Net investment gains (losses) Indexed universal life embedded derivatives 4 4 23 17 Net investment gains (losses) Total derivatives not designated as hedges $ (8 ) $ (4 ) $ 3 $ 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: September 30, 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 $ 95 $ 460 $ (365 ) $ 414 $ 26 $ 388 Gross amounts offset in the balance sheet — — — — — — Net amounts presented in the balance sheet 95 460 (365 ) 414 26 388 Gross amounts not offset in the balance sheet: Financial instruments (2) (33 ) (33 ) — (20 ) (20 ) — Collateral received (47 ) — (47 ) (308 ) — (308 ) Collateral pledged — (948 ) 948 — (536 ) 536 Over collateralization — 521 (521 ) 2 530 (528 ) Net amount $ 15 $ — $ 15 $ 88 $ — $ 88 (1) Does not include amounts related to embedded derivatives as of September 30, 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 | 9 Months Ended |
Sep. 30, 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 securities, equity securities and short-term investments The fair value of fixed maturity securities, equity securities and short-term investments 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 September 30, 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, equity securities and short-term investments 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: at the time of pricing. Examples of significant inputs incorporated by pricing services may include sector and issuer spreads, seasoning, capital structure, security optionality, collateral data, prepayment assumptions, default assumptions, delinquencies, debt covenants, benchmark yields, trade data, dealer quotes, credit ratings, maturity and weighted-average life. We conduct regular meetings with our pricing services for the purpose of understanding the methodologies, techniques and inputs used by the third-party pricing providers. 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 September 30, 2022: (Amounts in millions) Fair value Primary methodologies Significant inputs U.S. government, agencies and government-sponsored enterprises $ 3,307 Price quotes from trading desk, Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to State and political subdivisions $ 2,476 Multi-dimensional attribute- Trade prices, material event notices, Municipal Market Data Non-U.S. government $ 620 Matrix pricing, spread priced to Benchmark yields, trade prices, broker quotes, comparative U.S. corporate $ 23,111 Multi-dimensional attribute- Bid side prices to Treasury Curve, Issuer Curve, which includes Non-U.S. corporate $ 6,225 Multi-dimensional attribute- Benchmark yields, trade prices, broker quotes, comparative Residential mortgage-backed $ 1,044 OAS-based models, single factor Prepayment and default assumptions, aggregation of bonds with Commercial mortgage-backed $ 1,977 Multi-dimensional attribute- Credit risk, interest rate risk, prepayment speeds, new issue data, Other asset-backed $ 2,077 Multi-dimensional attribute- Spreads to daily updated swap curves, spreads derived from trade • Internal models: non-U.S. Equity securities. Short-term investments. Level 3 measurements Fixed maturity securities • Broker quotes: non-U.S. non-U.S. • 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. primary inputs into the valuation represent the forward interest rate swap curve, foreign currency exchange rates, forward interest rate, foreign currency exchange rate volatility and time value component associated with the optionality in the derivative, which are generally considered observable inputs and results in the derivative being classified as Level 2. We also have foreign currency forward contracts where the valuation is determined using 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 non-performance non-performance 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 September 30, 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 and indexed universal life embedded derivatives We have fixed index annuity and 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 expected future interest credited being considered significant unobservable inputs, we classify these instruments as Level 3. As expected future interest credited decreases, the value of our embedded derivative liability will decrease. As of September 30, 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: September 30, 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 $ 3,307 $ — $ 3,307 $ — $ — State and political subdivisions 2,532 — 2,476 56 — Non-U.S. government 622 — 620 2 — U.S. corporate: Utilities 3,803 — 3,035 768 — Energy 2,206 — 2,091 115 — Finance and insurance 7,059 — 6,430 629 — Consumer—non-cyclical 4,365 — 4,283 82 — Technology and communications 2,873 — 2,849 24 — Industrial 1,161 — 1,129 32 — Capital goods 2,131 — 2,094 37 — Consumer—cyclical 1,584 — 1,471 113 — Transportation 1,050 — 997 53 — Other 330 — 137 193 — Total U.S. corporate 26,562 — 24,516 2,046 — Non-U.S. corporate: Utilities 721 — 446 275 — Energy 983 — 861 122 — Finance and insurance 1,958 — 1,835 123 — Consumer—non-cyclical 557 — 483 74 — Technology and communications 874 — 849 25 — Industrial 791 — 745 46 — Capital goods 532 — 440 92 — Consumer—cyclical 275 — 200 75 — Transportation 370 — 349 21 — Other 886 — 865 21 — Total non-U.S. corporate 7,947 — 7,073 874 — Residential mortgage-backed 1,069 — 1,044 25 — Commercial mortgage-backed 1,989 — 1,977 12 — Other asset-backed 2,187 — 2,077 110 — Total fixed maturity securities 46,215 — 43,090 3,125 — Equity securities 274 189 50 35 — Limited partnerships 1,707 — — 24 1,683 Other invested assets: Derivative assets: Interest rate swaps 25 — 25 — — Foreign currency swaps 32 — 32 — — Equity index options 38 — — 38 — Total derivative assets 95 — 57 38 — Short-term investments 2 — 2 — — Total other invested assets 97 — 59 38 — Reinsurance recoverable (2) 18 — — 18 — Separate account assets 4,298 4,298 — — — Total assets $ 52,609 $ 4,487 $ 43,199 $ 3,240 $ 1,683 (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 Total realized and Ending as of Total gains (losses) (Amounts in millions) Included in Included Purchases Sales Issuances Settlements Transfer (1) Transfer (1) Included Included Fixed maturity securities: State and political subdivisions $ 63 $ — $ (7 ) $ — $ — $ — $ — $ — $ — $ 56 $ — $ (8 ) Non-U.S. 3 — — — (1 ) — — — — 2 — — U.S. corporate: Utilities 810 — (59 ) 23 — — (6 ) — — 768 — (58 ) Energy 122 — (6 ) — — — (1 ) — — 115 — (6 ) Finance and insurance 654 — (32 ) 16 — — (9 ) — — 629 — (33 ) Consumer—non-cyclical 86 — (3 ) — — — (1 ) — — 82 — (3 ) Technology and communications 25 — (1 ) — — — — — — 24 — (1 ) Industrial 33 — (1 ) — — — — — — 32 — — Capital goods 38 — (1 ) — — — — — — 37 — (2 ) Consumer—cyclical 119 — (5 ) — — — (1 ) — — 113 — (5 ) Transportation 56 — (2 ) — — — (1 ) — — 53 — (2 ) Other 207 — (6 ) — (7 ) — (1 ) — — 193 — (7 ) Total U.S. corporate 2,150 — (116 ) 39 (7 ) — (20 ) — — 2,046 — (117 ) Non-U.S. Utilities 309 — (16 ) — — — (18 ) — — 275 — (17 ) Energy 133 — (4 ) — — — (7 ) — — 122 — (3 ) Finance and insurance 132 2 (11 ) — — — — — — 123 2 (12 ) Consumer—non-cyclical 67 — (2 ) 9 — — — — — 74 — (2 ) Technology and communications 26 — (1 ) — — — — — — 25 — (1 ) Industrial 69 — (3 ) — — — (20 ) — — 46 — (3 ) Capital goods 115 — (4 ) — — — (19 ) — — 92 — (3 ) Consumer—cyclical 79 — (4 ) — — — — — — 75 — (4 ) Transportation 21 — — — — — — — — 21 — (1 ) Other 22 — (1 ) — — — — — — 21 — (1 ) Total non-U.S. 973 2 (46 ) 9 — — (64 ) — — 874 2 (47 ) Residential mortgage-backed 30 — (1 ) — — — — — (4 ) 25 — — Commercial mortgage-backed 14 — (3 ) — — — — 1 — 12 — (2 ) Other asset-backed 129 — (5 ) 26 — — (2 ) — (38 ) 110 — (4 ) Total fixed maturity securities 3,362 2 (178 ) 74 (8 ) — (86 ) 1 (42 ) 3,125 2 (178 ) Equity securities 35 — — — — — — — — 35 — — Limited partnerships 23 1 — — — — — — — 24 1 — Other invested assets: Derivative assets: Equity index options 30 5 — 3 — — — — — 38 (5 ) — Total derivative assets 30 5 — 3 — — — — — 38 (5 ) — Total other invested assets 30 5 — 3 — — — — — 38 (5 ) — Reinsurance recoverable (2) 19 (1 ) — — — — — — — 18 (1 ) — Total Level 3 assets $ 3,469 $ 7 $ (178 ) $ 77 $ (8 ) $ — $ (86 ) $ 1 $ (42 ) $ 3,240 $ (3 ) $ (178 ) (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. Total realized and Total gains (losses) Beginning balance as of July 1, 2021 unrealized gains Ending balance as of September 30, 2021 attributable to (losses) assets still held Included in net income Included in OCI Transfer Transfer Included into out of in net Included (Amounts in millions) Purchases Sales Issuances Settlements Level 3 (1) Level 3 (1) income in OCI Fixed maturity securities: State and political subdivisions $ 75 $ 1 $ 3 $ — $ — $ — $ — $ — $ — $ 79 $ 1 $ 3 Non-U.S. — — — 2 — — — — — 2 — — U.S. corporate: Utilities 842 — (5 ) 46 — — (3 ) — — 880 — (5 ) Energy 77 — — 50 — — (3 ) 8 — 132 — — Finance and insurance 661 — (5 ) 72 — — (20 ) — (31 ) 677 — (4 ) Consumer—non-cyclical 109 — (1 ) — — — — — (3 ) 105 — — Technology and communications 30 — (1 ) — — — — — — 29 — (1 ) Industrial 20 — — — — — — — — 20 — — Capital goods 59 — — — — — (10 ) — — 49 — — Consumer—cyclical 139 — — — — — (2 ) — — 137 — — Transportation 67 — — — — — (2 ) — — 65 — — Other 198 — — — — — (23 ) — (1 ) 174 — — Total U.S. corporate 2,202 — (12 ) 168 — — (63 ) 8 (35 ) 2,268 — (10 ) Non-U.S. Utilities 348 — (4 ) — — — — — — 344 — (3 ) Energy 152 — (1 ) — — — (5 ) — — 146 — (1 ) Finance and insurance 202 1 — 1 — — (10 ) — (33 ) 161 1 (1 ) Consumer—non-cyclical 74 1 (1 ) — — — (13 ) 3 — 64 — — Technology and communications 28 — — — — — — — — 28 — — Industrial 94 1 (2 ) — — — (14 ) — — 79 — — Capital goods 181 — 3 19 — — — — — 203 — 2 Consumer—cyclical 147 — — — — — — — (72 ) 75 — — Transportation 83 3 (2 ) — — — (30 ) — — 54 — (1 ) Other 53 6 (2 ) — — — (30 ) — — 27 — — Total non-U.S. 1,362 12 (9 ) 20 — — (102 ) 3 (105 ) 1,181 1 (4 ) Residential mortgage-backed 13 — — — — — (1 ) 10 — 22 — — Commercial mortgage-backed 20 — (1 ) 1 — — — — — 20 — — Other asset-backed 88 — — 36 — — (6 ) — — 118 — — Total fixed maturity securities 3,760 13 (19 ) 227 — — (172 ) 21 (140 ) 3,690 2 (11 ) Equity securities 38 — — — — — (1 ) — — 37 — — Limited partnerships 26 — — — — — — — — 26 — — Other invested assets: Derivative assets: Equity index options 47 — — 5 — — (19 ) — — 33 (1 ) — Total derivative assets 47 — — 5 — — (19 ) — — 33 (1 ) — Total other invested assets 47 — — 5 — — (19 ) — — 33 (1 ) — Reinsurance recoverable (2) 18 1 — — — — — — — 19 1 — Total Level 3 assets $ 3,889 $ 14 $ (19 ) $ 232 $ — $ — $ (192 ) $ 21 $ (140 ) $ 3,805 $ 2 $ (11 ) (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. Total realized and Total gains (losses) Beginning balance as of January 1, 202 2 unrealized gains Ending balance as of September 30, 202 2 attributable to (losses) assets still held Included in net income Included in OCI Transfer Transfer Included into out of in net Included (Amounts in millions) Purchases Sales Issuances Settlements Level 3 (1) Level 3 (1) income in OCI Fixed maturity securities: State and political subdivisions $ 82 $ 2 $ (28 ) $ — $ — $ — $ — $ — $ — $ 56 $ 2 $ (29 ) Non-U.S. 2 — — 2 (2 ) — — — — 2 — — U.S. corporate: Utilities 950 — (224 ) 58 — — (7 ) 2 (11 ) 768 — (223 ) Energy 76 — (21 ) — — — (8 ) 68 — 115 — (21 ) Finance and insurance 685 — (155 ) 167 — — (12 ) — (56 ) 629 — (149 ) Consumer—non-cyclical 104 — (14 ) — — — (8 ) — — 82 — (14 ) Technology and communications 29 — (5 ) — — — — — — 24 — (5 ) Industrial 37 — (5 ) — — — — — — 32 — (4 ) Capital goods 45 — (8 ) — — — — — — 37 — (8 ) Consumer—cyclical 137 — (20 ) — — — (4 ) — — 113 — (20 ) Transportation 64 — (8 ) 5 — — (4 ) — (4 ) 53 — (8 ) Other 254 — (29 ) — (7 ) — (8 ) — (17 ) 193 — (29 ) Total U.S. corporate 2,381 — (489 ) 230 (7 ) — (51 ) 70 (88 ) 2,046 — (481 ) Non-U.S. Utilities 345 — (62 ) 10 — — (18 ) — — 275 — (62 ) Energy 145 — (18 ) 3 — — (8 ) — — 122 — (18 ) Finance and insurance 160 4 (41 ) — — — — — — 123 4 (42 ) Consumer—non-cyclical 63 — (9 ) 9 — — — 11 — 74 — (9 ) Technology and communications 28 — (3 ) — — — — — — 25 — (3 ) Industrial 93 — (13 ) — — — (20 ) — (14 ) 46 — (12 ) Capital goods 173 — (19 ) — (10 ) — (52 ) — — 92 — (18 ) Consumer—cyclical 76 — (18 ) — — — — 17 — 75 — (18 ) Transportation 53 — (3 ) — — — (29 ) — — 21 — (4 ) Other 26 — (5 ) — — — — — — 21 — (4 ) Total non-U.S. 1,162 4 (191 ) 22 (10 ) — (127 ) 28 (14 ) 874 4 (190 ) Residential mortgage-backed 27 — (4 ) 13 — — (2 ) 4 (13 ) 25 — (2 ) Commercial mortgage-backed 16 — (5 ) — — — — 1 — 12 — (5 ) Other asset-backed 138 — (17 ) 72 (6 ) — (5 ) — (72 ) 110 — (14 ) Total fixed maturity securities 3,808 6 (734 ) 339 (25 ) — (185 ) 103 (187 ) 3,125 6 (721 ) Equity securities 37 — — — (1 ) — — — (1 ) 35 — — Limited partnerships 26 (2 ) — — — — — — — 24 (2 ) — Other invested assets: Derivative assets: Equity index options 42 (2 ) — 11 — — (13 ) — — 38 14 — Total derivative assets 42 (2 ) — 11 — — (13 ) — — 38 14 — Total other invested assets 42 (2 ) — 11 — — (13 ) — — 38 14 — Reinsurance recoverable (2) 19 (1 ) — — — — — — — 18 (1 ) — Total Level 3 assets $ 3,932 $ 1 $ (734 ) $ 350 $ (26 ) $ — $ (198 ) $ 103 $ (188 ) $ 3,240 $ 17 $ (721 ) (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. Total realized and Total gains (losses) Beginning balance as of January 1, 202 1 unrealized gains Ending balance as of September 30, 202 1 attributable to (losses) assets still held Included in net income Included in OCI Transfer Transfer Included into out of in net Included (Amounts in millions) Purchases Sales Issuances Settlements Level 3 (1) Level 3 (1) income in OCI Fixed maturity securities: State and political subdivisions $ 66 $ 3 $ 10 $ — $ — $ — $ — $ — $ — $ 79 $ 3 $ 10 Non-U.S. — — — 2 — — — — — 2 — — U.S. corporate: Utilities 842 — (12 ) 62 — — (17 ) 18 (13 ) 880 — (11 ) Energy 128 — 4 50 — — (6 ) 8 (52 ) 132 — — Finance and insurance 607 — (10 ) 145 — — (45 ) 17 (37 ) 677 — (9 ) Consumer—non-cyclical 109 — (2 ) — — — (2 ) 3 (3 ) 105 — (2 ) Technology and communications 47 — (1 ) 12 — — — 4 (33 ) 29 — (2 ) Industrial 40 — — — — — (20 ) — — 20 — — Capital goods 60 — (1 ) — — — (10 ) — — 49 — (1 ) Consumer—cyclical 150 — (1 ) — — — (4 ) — (8 ) 137 — (1 ) Transportation 70 — — — — — (5 ) — — 65 — — Other 219 — (2 ) — — — (29 ) 6 (20 ) 174 — — Total U.S. corporate 2,272 — (25 ) 269 — — (138 ) 56 (166 ) 2,268 — (26 ) Non-U.S. Utilities 352 — (6 ) 30 — — (8 ) — (24 ) 344 — (6 ) Energy 245 — 7 — — — (27 ) — (79 ) 146 — 3 Finance and insurance 305 2 1 1 (2 ) — (62 ) — (84 ) 161 3 (12 ) Consumer—non-cyclical 67 1 (2 ) 8 — — (13 ) 3 — 64 — (1 ) Technology and communications 28 — — — — — — — — 28 — — Industrial 95 1 (3 ) — — — (14 ) — — 79 — (1 ) Capital goods 178 — 1 24 — — — — — 203 — 1 Consumer—cyclical 146 — — 16 — — — — (87 ) 75 — — Transportation 109 3 (2 ) — — — (49 ) — (7 ) 54 — — Other 83 6 (3 ) — — — (44 ) — (15 ) 27 — (1 ) Total non-U.S. 1,608 13 (7 ) 79 (2 ) — (217 ) 3 (296 ) 1,181 3 (17 ) Residential mortgage-backed 14 — — — — — (2 ) 10 — 22 — — Commercial mortgage-backed 20 — (1 ) 1 — — — — — 20 — (1 ) Other asset-backed 109 — 1 39 — — (15 ) 2 (18 ) 118 — 1 Total fixed maturity securities 4,089 16 (22 ) 390 (2 ) — (372 ) 71 (480 ) 3,690 6 (33 ) Equity securities 51 — — — (8 ) — (6 ) — — 37 — — Limited partnerships 17 1 — 8 — — — — — 26 1 — Other invested assets: Derivative assets: Equity index options 63 9 — 15 — — (54 ) — — 33 3 — Total derivative assets 63 9 — 15 — — (54 ) — — 33 3 — Total other invested assets 63 9 — 15 — — (54 ) — — 33 3 — Reinsurance recoverable (2) 26 (8 ) — — — 1 — — — 19 (8 ) — Total Level 3 assets $ 4,246 $ 18 $ (22 ) $ 413 $ (10 ) $ 1 $ (432 ) $ 71 $ (480 ) $ 3,805 $ 2 $ (33 ) (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 periods indicated: Three months ended September 30, Nine months ended September 30, (Amounts in millions) 2022 2021 2022 2021 Total realized and unrealized gains (losses) included in net income: Net investment income $ 2 $ 13 $ 6 $ 16 Net investment gains (losses) 5 1 (5 ) 2 Total $ 7 $ 14 $ 1 $ 18 Total gains (losses) included in net income attributable to assets still held: Net investment income $ 2 $ 2 $ 6 $ 6 Net investment gains (losses) (5 ) — 11 (4 ) Total $ (3 ) $ 2 $ 17 $ 2 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 September 30, 2022: (Amounts in millions) Valuation technique Fair value Unobservable Range Weighted-average (1) Fixed maturity securities: U.S. corporate: Utilities Internal models $ 740 Credit spreads 62bps - 304bps 183bps Energy Internal models 44 Credit spreads 153bps - 230bps Finance and insurance Internal models 623 Credit spreads 66bps - 316bps 226bps Consumer—non-cyclical Internal models 82 Credit spreads 67bps - 324bps 167bps Technology and communications Internal models 24 Credit spreads 120bps - 202bps 169bps Industrial Internal models 32 Credit spreads 151bps - 280bps 209bps Capital goods Internal models 37 Credit spreads 82bps - 269bps 180bps Consumer—cyclical Internal models 113 Credit spreads 103bps - 251bps 180bps Transportation Internal models 44 Credit spreads 40bps - 208bps 138bps Other Internal models 145 Credit spreads 108bps - 226bps 134bps Total U.S. corporate Internal models $ 1,884 Credit spreads 40bps - 324bps 193bps Non-U.S. corporate: Utilities Internal models $ 275 Credit spreads 84bps - 288bps 166bps Energy Internal models 114 Credit spreads 108bps - 280bps 185bps Finance and insurance Internal models 122 Credit spreads 131bps - 230bps 192bps Consumer—non-cyclical Internal models 71 Credit spreads 67bps - 242bps 152bps Technology and communications Internal models 25 Credit spreads 108bps - 153bps 140bps Industrial Internal models 46 Credit spreads 82bps - 226bps 171bps Capital goods Internal models 92 Credit spreads 67 203bps Consumer—cyclical Internal models 48 Credit spreads 151 190bps Transportation Internal models 20 Credit spreads 151 165bps Other Internal models 21 Credit spreads 95 146bps Total non-U.S. corporate Internal models $ 834 Credit spreads 67 176bps Derivative assets: Equity index options Discounted cash flows $ 38 Equity index 6% - 23 % (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: September 30, 2022 (Amounts in millions) Total Level 1 Level 2 Level 3 Liabilities Policyholder account balances: GMWB embedded derivatives (1) $ 259 $ — $ — $ 259 Fixed index annuity embedded derivatives 219 — — 219 Indexed universal life embedded derivatives 15 — — 15 Total policyholder account balances 493 — — 493 Derivative liabilities: Interest rate swaps 460 — 460 — Total derivative liabilities 460 — 460 — Total liabilities $ 953 $ — $ 460 $ 493 (1) Represents embedded derivatives associated with our |
Deferred Acquisition Costs
Deferred Acquisition Costs | 9 Months Ended |
Sep. 30, 2022 | |
Deferred Acquisition Costs | (7) Deferred Acquisition Costs The following table presents the activity impacting deferred acquisition costs (“DAC”) for the dates indicated: As of or for the nine months ended September 30, (Amounts in millions) 2022 2021 Unamortized beginning balance $ 2,438 $ 2,809 Costs deferred — 6 Amortization, net of interest accretion (227 ) (247 ) Unamortized ending balance 2,211 2,568 Accumulated effect of net unrealized investment (gains) losses 36 (1,375 ) Ending balance $ 2,247 $ 1,193 We regularly review DAC to determine if it is recoverable from future income. During the nine months ended September 30, 2022 and 2021, we recorded DAC impairments of $52 million and $76 million, respectively, in our universal and term universal life insurance products due principally to lower future estimated gross profits. As of September 30, 2022 and 2021, all of our other products had sufficient future income and therefore the related DAC was recoverable. As of September 30, 2022 and 2021, shadow accounting adjustments increased (decreased) the DAC balance by $36 million and $(1,375) million, respectively, with an offsetting amount recorded in accumulated other comprehensive income (loss). As of September 30, 2021, the majority of the shadow accounting adjustments were recorded in our long-term care insurance business, which reduced its DAC balance to zero. As of September 30, 2022, due to the higher interest rate environment, there were no shadow accounting adjustments in our long-term care insurance business. There was no impact to net income related to our shadow accounting adjustments. |
Liability for Policy and Contra
Liability for Policy and Contract Claims | 9 Months Ended |
Sep. 30, 2022 | |
Liability for Policy and Contract Claims | (8) 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 nine (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 3,075 2,978 Prior years (642 ) (439 ) Total incurred 2,433 2,539 Paid related to insured events of: Current year (722 ) (793 ) Prior years (1,821 ) (1,763 ) Total paid (2,543 ) (2,556 ) Interest on liability for policy and contract claims 314 304 Net ending balance 9,657 9,342 Add reinsurance recoverables 2,347 2,401 Ending balance $ 12,004 $ 11,743 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 nine months ended September 30, 2022, the favorable development of $642 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. The coronavirus pandemic (“COVID-19”) significantly increased mortality on our most vulnerable claimants and temporarily decreased the number of new claims submitted. As of September 30, 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 $150 million and $209 million, respectively. For the nine months ended September 30, 2022, we reduced our incremental claim reserves associated with insured events of prior years by $77 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 $251 million of favorable reserve adjustments for the nine months ended September 30, 2022 primarily related to COVID-19 delinquencies in 2020 curing at levels above original reserve expectations. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
Borrowings | (9) Borrowings (a) Short-Term Borrowings Enact Holdings’ Revolving Credit Facility On June 30, 2022, Enact Holdings entered into a credit agreement with a syndicate of lenders that provides for a five-year unsecured revolving credit facility in the initial aggregate principal amount of $200 million, including the ability for Enact Holdings to increase the commitments under the credit facility on an uncommitted basis, by an additional aggregate principal amount of up to $100 million. Any borrowings under Enact Holdings’ credit facility will bear interest at a per annum rate equal to a floating rate tied to a standard short-term borrowing index selected at Enact Holdings’ option, plus an applicable margin, pursuant to the terms of the credit agreement. The applicable margin is based on Enact Holdings’ ratings established by certain debt rating agencies for its outstanding debt. Enact Holdings’ credit facility includes customary representations, warranties, covenants, terms and conditions. As of September 30, 2022, Enact Holdings was in compliance with all covenants and the credit facility remained undrawn. (b) Long-Term Borrowings The following table sets forth total long-term borrowings as of the dates indicated: (Amounts in millions) September 30, December 31, Genworth Holdings 4.80% Senior Notes, due 2024 $ — $ 282 6.50 % Senior Notes, due 2034 (1) 298 298 Floating Rate Junior Subordinated Notes, due 2066 598 598 Subtotal 896 1,178 Bond consent fees (10 ) (12 ) Deferred borrowing charges (6 ) (7 ) Total Genworth Holdings 880 1,159 Enact Holdings 6.50 % Senior Notes, due 2025 (2) 750 750 Deferred borrowing charges (8 ) (10 ) Total Enact Holdings 742 740 Total $ 1,622 $ 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, 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. During the first half of 2022, Genworth Holdings repurchased $130 million principal pre-tax bond consent fees and . |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Taxes | (10) 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 Nine months ended September 30, September 30, 2022 2021 2022 2021 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Increase in rate resulting from: Tax on income from terminated swaps 5.6 2.3 3.6 2.7 Reduction in uncertain tax positions — (5.7 ) — (2.3 ) Non-deductible 1.2 0.4 0.7 0.5 Other, net 0.2 — 0.2 (0.2 ) Effective rate 28.0 % 18.0 % 25.5 % 21.7 % The effective tax rate for the three and nine months ended September 30, 2022 was above the statutory U.S. federal income tax rate of 21% largely due to tax expense on certain forward starting swap gains that are tax effected at the previously enacted federal income tax rate of 35% as they are amortized into net investment income. The effective tax rate for the three months ended September 30, 2021 was below the statutory U.S. federal income tax rate of 21% primarily attributable to a reduction in uncertain tax positions due to the expiration of certain statute of limitations. The increase in the effective tax rate for the three and nine months ended September 30, 2022 compared to the three and nine months ended September 30, 2021 was primarily attributable to higher tax expense on certain Our ability to realize our deferred tax assets is largely dependent upon generating sufficient taxable income and capital gains in future years. As of September 30, 2022 and December 31, 2021, our tax valuation allowance was $585 million and $382 corresponding reduction in the amount of unrealized capital gains expected to be available in the future to offset our capital loss carryforwards and other capital deferred tax assets, we recorded an additional valuation allowance of $200 million during the nine months ended September 30, 2022, which included million in the third quarter of 2022, through accumulated other comprehensive income (loss) related to capital deferred tax assets. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Information | (11) 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 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. During the three and nine pre-tax bond consent fees and and ni n pre-tax pre-tax We recorded a pre-tax In the third quarter of 2022, we incurred $6 million of pre-tax pension plan termination costs related to one of our defined benefit pension plans. There were no other 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 Nine months ended (Amounts in millions) 2022 2021 2022 2021 Revenues: Enact segment $ 275 $ 281 $ 818 $ 845 U.S. Life Insurance segment: Long-term care insurance 1,092 1,256 3,320 3,622 Life insurance 302 320 951 997 Fixed annuities 91 127 299 381 U.S. Life Insurance segment 1,485 1,703 4,570 5,000 Runoff segment 73 81 209 245 Corporate and Other activities 6 5 15 6 Total revenues $ 1,839 $ 2,070 $ 5,612 $ 6,096 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 Nine months ended (Amounts in millions) 2022 2021 2022 2021 Net income available to Genworth Financial, Inc.’s common stockholders $ 104 $ 314 $ 434 $ 741 Add: net income from continuing operations attributable to noncontrolling interests 35 4 103 4 Add: net income from discontinued operations attributable to noncontrolling interests — — — 8 Net income 139 318 537 753 Less: income from discontinued operations, net of taxes 5 12 2 28 Income from continuing operations 134 306 535 725 Less: net income from continuing operations attributable to noncontrolling interests 35 4 103 4 Income from continuing operations available to Genworth Financial, Inc.’s common stockholders 99 302 432 721 Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders: Net investment (gains) losses, net (1) 67 (88 ) 29 (191 ) (Gains) losses on early extinguishment of debt 3 6 7 10 Expenses related to restructuring — 3 1 29 Pension plan termination costs 6 — 6 — Taxes on adjustments (16 ) 16 (9 ) 32 Adjusted operating income available to Genworth Financial, Inc.’s common stockholders $ 159 $ 239 $ 466 $ 601 (1) For the three and nine months ended September 30, 2022, net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves of $(2) million and $(4) million, respectively. Three months ended Nine months ended (Amounts in millions) 2022 2021 2022 2021 Adjusted operating income (loss) available to Genworth Financial, Inc.’s common Enact segment $ 156 $ 134 $ 458 $ 395 U.S. Life Insurance segment: Long-term care insurance 25 133 118 326 Life insurance (33 ) (68 ) (146 ) (171 ) Fixed annuities 19 28 56 71 U.S. Life Insurance segment 11 93 28 226 Runoff segment 9 11 20 38 Corporate and Other activities (17 ) 1 (40 ) (58 ) Adjusted operating income available to Genworth Financial, Inc.’s common stockholders $ 159 $ 239 $ 466 $ 601 The following is a summary of total assets for our segments and Corporate and Other activities as of the dates indicated: (Amounts in millions) September 30, December 31, Assets: Enact segment $ 5,725 $ 5,850 U.S. Life Insurance segment 70,890 81,210 Runoff segment 7,886 9,460 Corporate and Other activities 1,438 2,651 Total assets $ 85,939 $ 99,171 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies | (12) 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, including claims under the Employee Retirement Income Security Act of 1974, 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. On July 22, 2022, a stipulation dismissing the case without prejudice was filed with the Court and on July 25, 2022 the Court granted the dismissal. 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 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 pay-off thereto. Oral arguments on our motion to dismiss and plaintiffs’ motion occurred on October 21, 2019, and plaintiffs’ motion was denied. On January 31, 2020, the Court granted in part our motion to dismiss, dismissing claims relating to $395 million in dividends GLIC paid to its parent from 2012 to 2014 (out of the $410 million in total dividends subject to plaintiffs’ claims). The Court denied the balance of the motion to dismiss leaving a claim relating to $15 million in dividends and unquantified claims relating to the 2016 termination of a reinsurance transaction. On March 27, 2020, we filed our answer to plaintiffs’ amended complaint. On May 26, 2021, the plaintiffs filed a second amended and supplemental class action complaint adding additional factual allegations and three new causes of action. On July 26, 2021, we moved to dismiss the three new causes of action and answered the balance of the second amended and supplemental class action complaint. Plaintiffs filed an opposition to our motion to dismiss on September 30, 2021. The Court heard oral arguments on the motion on December 7, 2021 and ordered each party to file supplemental submissions, which were filed on January 28, 2022. On May 10, 2022, the Court granted our motion to dismiss the three new causes of action. On January 27, 2022, plaintiffs filed a motion for a preliminary injunction seeking to enjoin GFIH from transferring any assets to any affiliate, including paying any dividends to Genworth Holdings and to enjoin Genworth Holdings and Genworth Financial from transferring or distributing any value to Genworth Financial’s shareholders. On June 2, 2022, plaintiffs withdrew their motion for a preliminary injunction. We intend to continue to vigorously defend this action. 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 million, subject to Court approval. The Court gave final approval to the settlement on October 17, 2022. We accrued $ million for this litigation as of March 31, 2022. In the second quarter of 2022, we paid the accrued balance in full, and accordingly, have no remaining amounts outstanding related to the settlement. 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 million. The trial was scheduled to commence on June 1, 2022. On June 18, 2021, following two days of mediation, the parties reached an agreement in principle to settle this matter on a nationwide basis and signed the settlement agreement on August 23, 2021. On August 31, 2021, the Court preliminarily approved the settlement. The final approval hearing occurred on February 9, 2022, and on June 29, 2022, the Court issued its final approval of the settlement, which became final on July 29, 2022, when the appeals period expired and no appeal was filed. We began implementation of this settlement on August 1, 2022, but given the 90-day policyholder election window, we would not expect meaningful financial impacts until the fourth quarter of 2022. However, because the election mailings occur on the policyholder’s anniversary date, the majority of the impacts are expected to be in 2023. Based on the Court’s final approval of the settlement, we anticipate a net positive benefit to earnings from the settlement of this case. 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 $ 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 . The parties executed a settlement agreement consistent with the agreement in principle signed on January 15, 2022. On May 2, 2022, the Court preliminarily approved the settlement. The final approval hearing is scheduled for November 17, 2022. If the Court approves the settlement, we would expect an overall net favorable impact on our results of operations. If the Court does not approve the final settlement, we intend to continue to vigorously defend this action. On August 1, 2022, a putative class action was filed in the United States District Court for the Eastern District of Virginia by two former Genworth employees against Genworth Financial, its Board of Directors and the Fiduciary and Investments Committee of Genworth Financial’s Retirement and Savings Plan (“Savings Plan”). Plaintiffs purport to act on behalf of the Savings Plan and all similarly simulated participants and beneficiaries of the Savings Plan. The complaint asserts that the defendants breached their fiduciary duties under the Employee Retirement Income Security Act of 1974 by imprudently offering and inadequately monitoring a suite of BlackRock Target Date Funds as a retirement investment option for Genworth employees. Plaintiffs seek declaratory and injunctive relief, monetary damages, and attorney’s fees. By stipulation entered September 6, 2022, the complaint was dismissed, without prejudice, against the Board of Directors and the Fiduciary and Investments Committee of Genworth Financial’s Savings Plan. On October 17, 2022, we moved to dismiss the complaint against the sole remaining defendant, Genworth Financial. Plaintiffs’ opposition papers are due on November 7, 2022. We intend to continue to vigorously defend this action. 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 September 30, 2022, we were committed to fund $1,332 million in limited partnership investments, $24 million in U.S. commercial mortgage loan investments and $25 million in private placement investments. As of September 30, 2022, we were also committed to fund $91 million of bank loan investments which had not yet been drawn. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2022 | |
Changes In Accumulated Other Comprehensive Income (Loss) | (13) 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 July 1, 2022 $ (1,554 ) $ 1,445 $ (36 ) $ (145 ) OCI before reclassifications (2,531 ) (98 ) — (2,629 ) Amounts reclassified from (to) OCI 21 (37 ) — (16 ) Current period OCI (2,510 ) (135 ) — (2,645 ) Balances as of September 30, 2022 before noncontrolling interests (4,064 ) 1,310 (36 ) (2,790 ) Less: change in OCI attributable to noncontrolling interests (25 ) — — (25 ) Balances as of September 30, 2022 $ (4,039 ) $ 1,310 $ (36 ) $ (2,765 ) (1) Net of adjustments to DAC, present value of future profits, sales inducements, benefit reserves and policyholder contract balances. 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 July 1, 2021 $ 1,865 $ 2,003 $ (34 ) $ 3,834 OCI before reclassifications 16 25 (4 ) 37 Amounts reclassified from (to) OCI (9 ) (37 ) — (46 ) Current period OCI 7 (12 ) (4 ) (9 ) Balances as of September 30, 2021 before noncontrolling interests 1,872 1,991 (38 ) 3,825 Less: change in OCI attributable to noncontrolling interests 25 — — 25 Balances as of September 30, 2021 $ 1,847 $ 1,991 $ (38 ) $ 3,800 (1) Net of adjustments to DAC, present value of future profits, sales inducements, benefit reserves and policyholder contract balances. 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, 2022 $ 1,860 $ 2,025 $ (24 ) $ 3,861 OCI before reclassifications (6,024 ) (604 ) (12 ) (6,640 ) Amounts reclassified from (to) OCI 31 (111 ) — (80 ) Current period OCI (5,993 ) (715 ) (12 ) (6,720 ) Balances as of September 30, 2022 before noncontrolling interests (4,133 ) 1,310 (36 ) (2,859 ) Less: change in OCI attributable to noncontrolling interests (94 ) — — (94 ) Balances as of September 30, 2022 $ (4,039 ) $ 1,310 $ (36 ) $ (2,765 ) (1) Net of adjustments to DAC, present value of future profits, sales inducements, benefit reserves and policyholder contract balances. 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 (354 ) (115 ) 134 (335 ) Amounts reclassified from (to) OCI (13 ) (105 ) — (118 ) Current period OCI (367 ) (220 ) 134 (453 ) Balances as of September 30, 2021 before noncontrolling interests 1,847 1,991 134 3,972 Less: change in OCI attributable to noncontrolling interests — — 172 172 Balances as of September 30, 2021 $ 1,847 $ 1,991 $ (38 ) $ 3,800 (1) Net of adjustments to DAC, present value of future profits, sales inducement s (2) See note 5 for additional information. 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 Nine months (Amounts in millions) 2022 2021 2022 2021 Net unrealized investment (gains) losses: Unrealized (gains) losses on investments (1) $ 26 $ (12 ) $ 39 $ (17 ) Net investment (gains) losses Income taxes (5 ) 3 (8 ) 4 Provision for income taxes Total $ 21 $ (9 ) $ 31 $ (13 ) Derivatives qualifying as hedges: Interest rate swaps hedging assets $ (55 ) $ (58 ) $ (167 ) $ (162 ) Net investment income Interest rate swaps hedging assets (3 ) (1 ) (5 ) (1 ) Net investment (gains) losses Interest rate swaps hedging liabilities — 1 2 1 Interest expense Foreign currency swaps — — (1 ) — Net investment income Income taxes 21 21 60 57 Provision for income taxes Total $ (37 ) $ (37 ) $ (111 ) $ (105 ) (1) Amounts exclude adjustments to DAC, present value of future profits, sales inducements, benefit reserves and policyholder contract balances. |
Accounting Changes (Policies)
Accounting Changes (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Disclosue of Accounting Changes [Abstract] | |
Accounting Pronouncements Recently Adopted | Accounting Pronouncements Recently Adopted On April 1, 2022, we elected to early adopt 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. We were 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. In accordance with the new accounting guidance, we adopted this guidance prospectively as of January 1, 2022, which did not have any impact at adoption. |
Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Not Yet Adopted In June 2022, the Financial Accounting Standards Board (the “FASB”) issued new accounting guidance related to the fair value measurement of equity securities subject to contractual sale restrictions. The guidance clarifies existing fair value guidance on measuring the fair value of an equity security subject to contractual sale restrictions and adds new disclosures related to these securities. This guidance is currently effective for us on January 1, 2024 using the prospective method, with early adoption permitted, which we do not intend to elect. We do not expect a significant impact from this guidance on our condensed 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 insurance liabilities in our U.S. life insurance companies. In accordance with the guidance, the more significant changes include: • cash flow assumptions used to estimate the liability for future policy benefits and related reinsurance recoverables will be reviewed at least annually in the same period each year or more frequently if actual experience indicates a change is required. Changes in cash flow assumptions 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 assumption for the discount rate used to determine the liability for future policy benefits and related reinsurance recoverables will be a current upper-medium grade (low credit risk) fixed-income instrument yield, commonly interpreted to be a single-A rated bond rate, with the same duration as the corresponding liability, and is updated quarterly, with changes in the discount rate recorded in other comprehensive income (loss); • traditional and limited payment long-duration insurance contracts will be grouped, at a minimum, into annual cohorts by contract issue date for the purpose of measuring the liability for future policy benefits; • the provision for adverse deviation, the premium deficiency test and shadow accounting for traditional long-duration insurance contracts 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 of DAC will generally be on a straight-line basis over the expected contract term; and • disclosures will be greatly expanded in accordance with the new accounting guidance. This guidance is effective for us on January 1, 2023 using the modified retrospective method or retrospective method for all topics except for market risk benefits, which is required to be applied using the retrospective method as of January 1, 2021 (“Transition Date”), with early adoption permitted. We do not intend to early adopt this guidance and have elected to apply the modified retrospective transition method for all permitted topics, with impacts of adoption applied as of the Transition Date. When we adopt this guidance on January 1, 2023, beginning retained earnings and accumulated other comprehensive income (loss) will be adjusted, starting with the Transition Date through years ended 2021 and 2022, and comparable prior periods will be re-presented in accordance with the new standard. We expect the most significant impact at the Transition Date will be a decrease in the accumulated other comprehensive income (loss) of our long-term care insurance business due to the requirement to remeasure the liability for future policy benefits and related reinsurance recoverables using a single-A rated bond rate as of the Transition Date, which was materially lower than our current locked-in discount rate, partially offset by the elimination of shadow adjustments. We currently estimate a decrease in the accumulated other comprehensive income (loss) of our long-term care insurance business of approximately billion to billion as of the Transition Date, net of taxes and a favorable after-tax impact related to the elimination of shadow adjustments of approximately $4.0 billion. Upon adoption of this new accounting guidance, our insurance liabilities will be sensitive to movements in interest rates, which will likely result in volatility to our equity. For example, if we applied September 30, 2022 interest rates on the Transition Date of January 1, 2021, and held all other factors constant, the change in accumulated other comprehensive income (loss) of our long-term care insurance business would have been positive, more than reversing the estimated decrease Our implementation efforts continue to progress and corporate governance has been established to support the implementation of this new standard. We remain focused on obtaining necessary data, modifying systems, identifying and developing key inputs and assumptions and establishing policies, systems and internal controls necessary to implement this new accounting guidance, which we will continue to enhance and refine until implementation. Our current estimate for the transition impact on accumulated other comprehensive income (loss) related to our long-term care insurance business is subject to change as we continue to refine aspects of our implementation and these changes may be material. In addition, our implementation efforts are not complete; we have not yet determined the full impact the other components of this new accounting guidance will have on our condensed consolidated financial statements, including our life insurance and annuity products, retained earnings and total equity. While the new guidance will have a significant impact on existing U.S. GAAP financial statements and disclosures, it will not impact the underlying economics of the business, statutory net income or risk-based capital. As we progress through our implementation, we will continue to assess the full impact to our condensed consolidated financial statements both as of the Transition Date and in subsequent periods. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share | Basic and diluted earnings per share are calculated by dividing each income category presented below by the weighted-average basic and diluted common shares outstanding for the periods indicated: Three months ended Nine months ended (Amounts in millions, except per share amounts) 2022 2021 2022 2021 Weighted-average shares used in basic earnings per share calculations 504.0 507.4 507.1 506.8 Potentially dilutive securities: Stock options, restricted stock units and other equity-based awards 5.4 6.8 6.6 7.6 Weighted-average shares used in diluted earnings per share calculations 509.4 514.2 513.7 514.4 Income from continuing operations: Income from continuing operations $ 134 $ 306 $ 535 $ 725 Less: net income from continuing operations attributable to noncontrolling interests 35 4 103 4 Income from continuing operations available to Genworth Financial, Inc.’s $ 99 $ 302 $ 432 $ 721 Basic per share $ 0.20 $ 0.59 $ 0.85 $ 1.42 Diluted per share $ 0.19 $ 0.59 $ 0.84 $ 1.40 Income from discontinued operations: Income from discontinued operations, net of taxes $ 5 $ 12 $ 2 $ 28 Less: net income from discontinued operations attributable to noncontrolling interests — — — 8 Income from discontinued operations available to Genworth Financial, Inc.’s $ 5 $ 12 $ 2 $ 20 Basic per share $ 0.01 $ 0.02 $ — $ 0.04 Diluted per share $ 0.01 $ 0.02 $ — $ 0.04 Net income: Income from continuing operations $ 134 $ 306 $ 535 $ 725 Income from discontinued operations, net of taxes 5 12 2 28 Net income 139 318 537 753 Less: net income attributable to noncontrolling interests 35 4 103 12 Net income available to Genworth Financial, Inc.’s $ 104 $ 314 $ 434 $ 741 Basic per share (1) $ 0.21 $ 0.62 $ 0.86 $ 1.46 Diluted per share (1) $ 0.20 $ 0.61 $ 0.85 $ 1.44 (1) May not total due to whole number calculation. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Net Investment Income | Sources of net investment income were as follows for the periods indicated: Three months ended September 30, Nine months ended September 30, (Amounts in millions) 2022 2021 2022 2021 Fixed maturity securities—taxable $ 576 $ 614 $ 1,734 $ 1,821 Fixed maturity securities—non-taxable 2 2 4 5 Equity securities 3 2 7 7 Commercial mortgage loans 81 93 240 274 Policy loans 55 47 156 137 Limited partnerships 38 59 77 144 Other invested assets 67 63 196 179 Cash, cash equivalents, restricted cash and short-term investments 7 1 8 1 Gross investment income before expenses and fees 829 881 2,422 2,568 Expenses and fees (21 ) (22 ) (63 ) (64 ) Net investment income $ 808 $ 859 $ 2,359 $ 2,504 |
Net Investment Gains (Losses) | The following table sets forth net investment gains (losses) for the periods indicated: Three months ended Nine months ended September 30, September 30, (Amounts in millions) 2022 2021 2022 2021 Realized investment gains (losses): Available-for-sale fixed maturity securities: Realized gains $ 11 $ 11 $ 26 $ 23 Realized losses (38 ) — (65 ) (7 ) Net realized gains (losses) on available-for-sale (27 ) 11 (39 ) 16 Net realized gains (losses) on equity securities sold — — — (7 ) Net realized gains (losses) on limited partnerships — — — 3 Total net realized investment gains (losses) (27 ) 11 (39 ) 12 Net change in allowance for credit losses on available-for-sale — — — (6 ) Write-down of available-for-sale (1) — — (2 ) (1 ) Net unrealized gains (losses) on equity securities still held (13 ) (1 ) (46 ) (3 ) Net unrealized gains (losses) on limited partnerships (24 ) 75 35 174 Commercial mortgage loans — 3 3 1 Derivative instruments (2) (5 ) (3 ) 8 9 Other — 3 8 5 Net investment gains (losses) $ (69 ) $ 88 $ (33 ) $ 191 (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 (Amounts in millions) Beginning balance Increase from securities without allowance in previous periods Increase (decrease) from securities with allowance in previous periods Securities sold Decrease due to change in intent or requirement to sell Write-offs Recoveries Ending balance Fixed maturity securities: Non-U.S. $ 1 $ — $ 6 $ (7 ) $ — $ — $ — $ — Commercial 3 — — — — (3 ) — — Total available-for-sale $ 4 $ — $ 6 $ (7 ) $ — $ (3 ) $ — $ — |
Unrealized Investment Gains and Losses | Net unrealized gains and losses on available-for-sale (Amounts in millions) September 30, 2022 December 31, 2021 Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses (1) $ (5,033 ) $ 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 44 (5,487 ) Income taxes, net 871 (507 ) Net unrealized investment gains (losses) (4,118 ) 1,875 Less: net unrealized investment gains (losses) attributable to noncontrolling interests (79 ) 15 Net unrealized investment gains (losses) attributable to Genworth Financial, Inc. $ (4,039 ) $ 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 or for the periods indicated: As of or for the three months ended September 30, (Amounts in millions) 2022 2021 Beginning balance $ (1,554 ) $ 1,865 Unrealized gains (losses) arising during the period: Unrealized gains (losses) on fixed maturity securities (3,098 ) (433 ) Adjustment to deferred acquisition costs 9 80 Adjustment to present value of future profits — (2 ) Adjustment to sales inducements 2 3 Adjustment to benefit reserves and policyholder contract balances 50 372 Provision for income taxes 506 (4 ) Change in unrealized gains (losses) on investment securities (2,531 ) 16 Reclassification adjustments to net investment (gains) losses, net of taxes of $(5) and $3 21 (9 ) Change in net unrealized investment gains (losses) (2,510 ) 7 Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests (25 ) 25 Ending balance $ (4,039 ) $ 1,847 As of or for the nine months ended September 30, (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 (12,941 ) (2,042 ) Adjustment to deferred acquisition costs 1,328 (52 ) Adjustment to present value of future profits 81 — Adjustment to sales inducements 26 8 Adjustment to benefit reserves and policyholder contract balances 4,096 1,630 Provision for income taxes 1,386 102 Change in unrealized gains (losses) on investment securities (6,024 ) (354 ) Reclassification adjustments to net investment (gains) losses, net of taxes of $(8) and $4 31 (13 ) Change in net unrealized investment gains (losses) (5,993 ) (367 ) Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests (94 ) — Ending balance $ (4,039 ) $ 1,847 |
Fixed Maturity Securities | As of September 30, 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 (Amounts in millions) Amortized cost or cost Gross unrealized gains Gross unrealized losses Allowance for credit losses Fair value Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 3,430 $ 104 $ (227 ) $ — $ 3,307 State and political subdivisions 2,855 20 (343 ) — 2,532 Non-U.S. 741 11 (130 ) — 622 U.S. corporate: Utilities 4,268 31 (496 ) — 3,803 Energy 2,445 23 (262 ) — 2,206 Finance and insurance 7,971 45 (957 ) — 7,059 Consumer—non-cyclical 4,803 60 (498 ) — 4,365 Technology and communications 3,276 29 (432 ) — 2,873 Industrial 1,312 10 (161 ) — 1,161 Capital goods 2,332 33 (234 ) — 2,131 Consumer—cyclical 1,769 9 (194 ) — 1,584 Transportation 1,139 26 (115 ) — 1,050 Other 347 3 (20 ) — 330 Total U.S. corporate 29,662 269 (3,369 ) — 26,562 Non-U.S. Utilities 812 — (91 ) — 721 Energy 1,061 12 (90 ) — 983 Finance and insurance 2,164 34 (240 ) — 1,958 Consumer—non-cyclical 658 1 (102 ) — 557 Technology and communications 1,007 — (133 ) — 874 Industrial 878 5 (92 ) — 791 Capital goods 606 2 (76 ) — 532 Consumer—cyclical 317 — (42 ) — 275 Transportation 392 10 (32 ) — 370 Other 946 16 (76 ) — 886 Total non-U.S. 8,841 80 (974 ) — 7,947 Residential mortgage-backed 1,129 9 (69 ) — 1,069 Commercial mortgage-backed 2,231 2 (244 ) — 1,989 Other asset-backed 2,359 — (172 ) — 2,187 Total available-for-sale $ 51,248 $ 495 $ (5,528 ) $ — $ 46,215 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 (Amounts in millions) Amortized cost or cost Gross unrealized gains Gross unrealized losses Allowance Fair value 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. 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. 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. 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 $ 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 September 30, 2022: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Description of Securities Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 1,525 $ (225 ) 55 $ 12 $ (2 ) 6 $ 1,537 $ (227 ) 61 State and political subdivisions 1,706 (305 ) 287 133 (38 ) 42 1,839 (343 ) 329 Non-U.S. government 370 (80 ) 63 125 (50 ) 22 495 (130 ) 85 U.S. corporate 19,668 (2,904 ) 2,636 1,415 (465 ) 168 21,083 (3,369 ) 2,804 Non-U.S. corporate 6,011 (791 ) 795 542 (183 ) 84 6,553 (974 ) 879 Residential mortgage-backed 616 (63 ) 186 22 (6 ) 9 638 (69 ) 195 Commercial mortgage-backed 1,859 (235 ) 276 59 (9 ) 9 1,918 (244 ) 285 Other asset-backed 1,921 (142 ) 412 224 (30 ) 47 2,145 (172 ) 459 Total for fixed maturity securities in an unrealized loss position $ 33,676 $ (4,745 ) 4,710 $ 2,532 $ (783 ) 387 $ 36,208 $ (5,528 ) 5,097 % Below cost: <20% Below cost $ 28,220 $ (2,896 ) 3,957 $ 738 $ (121 ) 152 $ 28,958 $ (3,017 ) 4,109 20%-50% Below cost 5,456 (1,849 ) 753 1,794 (662 ) 235 7,250 (2,511 ) 988 Total for fixed maturity securities in an unrealized loss position $ 33,676 $ (4,745 ) 4,710 $ 2,532 $ (783 ) 387 $ 36,208 $ (5,528 ) 5,097 Investment grade $ 32,131 $ (4,509 ) 4,480 $ 2,343 $ (721 ) 361 $ 34,474 $ (5,230 ) 4,841 Below investment grade 1,545 (236 ) 230 189 (62 ) 26 1,734 (298 ) 256 Total for fixed maturity securities in an unrealized loss position $ 33,676 $ (4,745 ) 4,710 $ 2,532 $ (783 ) 387 $ 36,208 $ (5,528 ) 5,097 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 September 30, 2022: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Description of Securities U.S. corporate: Utilities $ 2,797 $ (456 ) 388 $ 119 $ (40 ) 27 $ 2,916 $ (496 ) 415 Energy 1,662 (236 ) 241 91 (26 ) 10 1,753 (262 ) 251 Finance and insurance 5,478 (795 ) 731 502 (162 ) 53 5,980 (957 ) 784 Consumer—non-cyclical 2,846 (436 ) 334 178 (62 ) 19 3,024 (498 ) 353 Technology and communications 2,336 (352 ) 324 214 (80 ) 25 2,550 (432 ) 349 Industrial 892 (143 ) 116 60 (18 ) 5 952 (161 ) 121 Capital goods 1,447 (196 ) 187 114 (38 ) 11 1,561 (234 ) 198 Consumer—cyclical 1,249 (157 ) 186 128 (37 ) 15 1,377 (194 ) 201 Transportation 776 (113 ) 103 9 (2 ) 3 785 (115 ) 106 Other 185 (20 ) 26 — — — 185 (20 ) 26 Subtotal, U.S. corporate securities 19,668 (2,904 ) 2,636 1,415 (465 ) 168 21,083 (3,369 ) 2,804 Non-U.S. corporate: Utilities 649 (79 ) 70 37 (12 ) 6 686 (91 ) 76 Energy 711 (86 ) 76 12 (4 ) 1 723 (90 ) 77 Finance and insurance 1,390 (156 ) 222 247 (84 ) 37 1,637 (240 ) 259 Consumer—non-cyclical 482 (85 ) 56 48 (17 ) 10 530 (102 ) 66 Technology and communications 831 (125 ) 106 24 (8 ) 4 855 (133 ) 110 Industrial 547 (73 ) 78 58 (19 ) 7 605 (92 ) 85 Capital goods 432 (63 ) 56 39 (13 ) 4 471 (76 ) 60 Consumer—cyclical 249 (35 ) 34 26 (7 ) 7 275 (42 ) 41 Transportation 190 (27 ) 29 16 (5 ) 3 206 (32 ) 32 Other 530 (62 ) 68 35 (14 ) 5 565 (76 ) 73 Subtotal, non-U.S. corporate securities 6,011 (791 ) 795 542 (183 ) 84 6,553 (974 ) 879 Total for corporate securities in an unrealized loss position $ 25,679 $ (3,695 ) 3,431 $ 1,957 $ (648 ) 252 $ 27,636 $ (4,343 ) 3,683 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 value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities 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 unrealized losses Number of securities Fair value Gross unrealized losses Number of Fair value Gross unrealized losses 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 September 30, 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 cost or cost Fair value Due one year or less $ 1,132 $ 1,128 Due after one year through five years 8,221 7,856 Due after five years through ten years 13,227 11,751 Due after ten years 22,949 20,235 Subtotal 45,529 40,970 Residential mortgage-backed 1,129 1,069 Commercial mortgage-backed 2,231 1,989 Other asset-backed 2,359 2,187 Total $ 51,248 $ 46,215 |
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 Nine months ended (Amounts in millions) 2022 2021 2022 2021 Allowance for credit losses: Beginning balance $ 23 $ 33 $ 26 $ 31 Provision — (3 ) (4 ) (1 ) Write-offs — — — — Recoveries — — 1 — Ending balance $ 23 $ 30 $ 23 $ 30 |
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 September 30, 2022: (Amounts in millions) 2022 2021 2020 2019 2018 2017 and prior Total Debt-to-value: 0% - 50% $ 15 $ 41 $ 99 $ 107 $ 187 $ 2,028 $ 2,477 51% - 60% 50 61 77 138 247 790 1,363 61% - 75% 695 830 336 463 385 487 3,196 76% - 100% — — — 8 28 14 50 Greater than 100% — — — — — — — Total amortized cost $ 760 $ 932 $ 512 $ 716 $ 847 $ 3,319 $ 7,086 Debt service coverage ratio: Less than 1.00 $ 7 $ 9 $ 6 $ 39 $ 59 $ 145 $ 265 1.00 - 1.25 17 1 16 27 95 177 333 1.26 - 1.50 188 70 66 165 141 417 1,047 1.51 - 2.00 496 618 209 274 350 1,120 3,067 Greater than 2.00 52 234 215 211 202 1,460 2,374 Total amortized cost $ 760 $ 932 $ 512 $ 716 $ 847 $ 3,319 $ 7,086 |
Loan To Value Ratio | |
Commercial Mortgage Loans By Credit Quality Indicator | The following tables set forth the debt-to-value September 30, 2022 (Amounts in millions) 0% - 50% 51% - 60% 61% - 75% 76% - 100% Greater than 100% Total Property type: Retail $ 935 $ 614 $ 1,288 $ 28 $ — $ 2,865 Office 443 278 871 14 — 1,606 Industrial 709 269 526 — — 1,504 Apartments 186 98 281 8 — 573 Mixed use 95 80 176 — — 351 Other 109 24 54 — — 187 Total amortized cost $ 2,477 $ 1,363 $ 3,196 $ 50 $ — $ 7,086 % of total 35 % 19 % 45 % 1 % — % 100 % Weighted-average debt service coverage ratio 2.35 1.98 1.63 1.35 — 1.95 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: September 30, 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 $ 90 $ 73 $ 483 $ 1,383 $ 836 $ 2,865 Office 82 144 157 672 551 1,606 Industrial 19 45 173 592 675 1,504 Apartments 6 19 159 244 145 573 Mixed use 26 16 45 162 102 351 Other 42 36 30 14 65 187 Total amortized cost $ 265 $ 333 $ 1,047 $ 3,067 $ 2,374 $ 7,086 % of total 4 % 5 % 15 % 43 % 33 % 100 % Weighted-average debt-to-value 61 % 62 % 63 % 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: September 30, 2022 December 31, 2021 (Amounts in millions) Carrying value % of total Carrying value % of total Property type: Retail $ 2,865 40 % $ 2,774 40 % Office 1,606 23 1,526 22 Industrial 1,504 21 1,420 21 Apartments 573 8 585 9 Mixed use 351 5 330 5 Other 187 3 221 3 Subtotal 7,086 100 % 6,856 100 % Allowance for credit losses (23 ) (26 ) Total $ 7,063 $ 6,830 September 30, 2022 December 31, 2021 (Amounts in millions) Carrying value % of total Carrying value % of total Geographic region: South Atlantic $ 1,843 26 % $ 1,770 26 % Pacific 1,347 19 1,360 20 Mountain 1,010 14 892 13 Middle Atlantic 988 14 964 14 West South Central 575 8 483 7 East North Central 459 7 465 7 West North Central 446 6 461 7 East South Central 221 3 224 3 New England 197 3 237 3 Subtotal 7,086 100 % 6,856 100 % Allowance for credit losses (23 ) (26 ) Total $ 7,063 $ 6,830 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, December 31, Balance September 30, December 31, Derivatives designated as hedges Cash flow hedges: Interest rate swaps Other invested assets $ 25 $ 364 Other liabilities $ 460 $ 26 Foreign currency swaps Other invested assets 32 6 Other liabilities — — Total cash flow hedges 57 370 460 26 Total derivatives designated as hedges 57 370 460 26 Derivatives not designated as hedges Equity index options Other invested assets 38 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) 18 19 Policyholder account balances (2) 259 271 Fixed index annuity embedded derivatives Other assets — — Policyholder account balances ( 3 219 294 Indexed universal life embedded Reinsurance — — Policyholder account balances (4) 15 25 Total derivatives not designated as hedges 56 63 493 590 Total derivatives $ 113 $ 433 $ 953 $ 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/ September 30, Derivatives designated as hedges Cash flow hedges: Interest rate swaps Notional $ 7,653 $ 782 $ (140 ) $ 8,295 Foreign currency swaps Notional 127 17 — 144 Total cash flow hedges 7,780 799 (140 ) 8,439 Total derivatives designated as hedges 7,780 799 (140 ) 8,439 Derivatives not designated as hedges Equity index options Notional 1,446 707 (957 ) 1,196 Financial futures Notional 946 2,899 (2,938 ) 907 Other foreign currency contracts Notional 83 — (83 ) — Total derivatives not designated as hedges 2,475 3,606 (3,978 ) 2,103 Total derivatives $ 10,255 $ 4,405 $ (4,118 ) $ 10,542 (Number of policies) Measurement December 31, Additions Maturities/ September 30, Derivatives not designated as hedges GMWB embedded derivatives Policies 21,804 — (1,427 ) 20,377 Fixed index annuity embedded derivatives Policies 9,344 — (1,567 ) 7,777 Indexed universal life embedded derivatives Policies 806 — (24 ) 782 |
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 September 30, 2022: (Amounts in millions) Gain (loss) Gain (loss) Classification of Gain (loss) Classification of Interest rate swaps hedging assets $ (125 ) $ 55 Net investment income $ — Net investment gains (losses) Interest rate swaps hedging assets — 3 Net investment gains (losses) — Net investment gains (losses) Foreign currency swaps 15 — Net investment income — Net investment gains (losses) Total $ (110 ) $ 58 $ — The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended September 30, 2021: (Amounts in millions) Gain (loss) Gain (loss) Classification of Gain (loss) Classification of Interest rate swaps hedging assets $ 27 $ 58 Net investment income $ — Net investment gains (losses) Interest rate swaps hedging assets — 1 Net investment gains (losses) — Net investment gains (losses) Interest rate swaps hedging liabilities — (1 ) Interest expense — Net investment gains (losses) Foreign currency swaps 5 — Net investment income — Net investment gains (losses) Total $ 32 $ 58 $ — The following table provides information about the pre-tax income effects of cash flow hedges for the nine months ended September 30, 2022: (Amounts in millions) Gain (loss) Gain (loss) Classification of Gain (loss) Classification of Interest rate swaps hedging assets $ (780 ) $ 167 Net investment income $ — Net investment gains (losses) Interest rate swaps hedging assets — 5 Net investment gains (losses) — Net investment gains (losses) Interest rate swaps hedging liabilities — (2 ) Interest expense — Net investment gains (losses) Foreign currency swaps 27 1 Net investment income — Net investment gains (losses) Total $ (753 ) $ 171 $ — The following table provides information about the pre-tax income effects of cash flow hedges for the nine months ended September 30, 2021: (Amounts in millions) Gain (loss) Gain (loss) Classification of Gain (loss) Classification of Interest rate swaps hedging assets $ (188 ) $ 162 Net investment income $ — Net investment gains (losses) Interest rate swaps hedging assets — 1 Net investment gains (losses) — Net investment gains (losses) Interest rate swaps hedging liabilities 36 (1 ) Interest expense — Net investment gains (losses) Foreign currency swaps 6 — Net investment income — Net investment gains (losses) Total $ (146 ) $ 162 $ — |
Reconciliation of Current Period Changes, Net of Applicable Income Taxes, for Derivatives Qualifying as Hedge | The following tables provide 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 July 1 $ 1,445 $ 2,003 Current period increases (decreases) in fair value, net of deferred taxes of $12 and $(7) (98 ) 25 Reclassification to net (income), net of deferred taxes of $21 in both periods (37 ) (37 ) Derivatives qualifying as effective accounting hedges as of September 30 $ 1,310 $ 1,991 Nine 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 $149 and $31 (604 ) (115 ) Reclassification to net (income), net of deferred taxes of $60 and $57 (111 ) (105 ) Derivatives qualifying as effective accounting hedges as of September 30 $ 1,310 $ 1,991 |
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 Nine months ended Classification of gain (loss) recognized in net income (Amounts in millions) 2022 2021 2022 2021 Interest rate swaps $ — $ (1 ) $ — $ 2 Net investment gains (losses) Equity index options 5 — (2 ) 9 Net investment gains (losses) Financial futures (34 ) — (64 ) (102 ) Net investment gains (losses) GMWB embedded derivatives 22 (4 ) 28 103 Net investment gains (losses) Fixed index annuity embedded derivatives (5 ) (3 ) 18 (21 ) Net investment gains (losses) Indexed universal life embedded derivatives 4 4 23 17 Net investment gains (losses) Total derivatives not designated as hedges $ (8 ) $ (4 ) $ 3 $ 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: September 30, 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 $ 95 $ 460 $ (365 ) $ 414 $ 26 $ 388 Gross amounts offset in the balance sheet — — — — — — Net amounts presented in the balance sheet 95 460 (365 ) 414 26 388 Gross amounts not offset in the balance sheet: Financial instruments (2) (33 ) (33 ) — (20 ) (20 ) — Collateral received (47 ) — (47 ) (308 ) — (308 ) Collateral pledged — (948 ) 948 — (536 ) 536 Over collateralization — 521 (521 ) 2 530 (528 ) Net amount $ 15 $ — $ 15 $ 88 $ — $ 88 (1) Does not include amounts related to embedded derivatives as of September 30, 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) | 9 Months Ended |
Sep. 30, 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 September 30, 2022: (Amounts in millions) Fair value Primary methodologies Significant inputs U.S. government, agencies and government-sponsored enterprises $ 3,307 Price quotes from trading desk, Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to State and political subdivisions $ 2,476 Multi-dimensional attribute- Trade prices, material event notices, Municipal Market Data Non-U.S. government $ 620 Matrix pricing, spread priced to Benchmark yields, trade prices, broker quotes, comparative U.S. corporate $ 23,111 Multi-dimensional attribute- Bid side prices to Treasury Curve, Issuer Curve, which includes Non-U.S. corporate $ 6,225 Multi-dimensional attribute- Benchmark yields, trade prices, broker quotes, comparative Residential mortgage-backed $ 1,044 OAS-based models, single factor Prepayment and default assumptions, aggregation of bonds with Commercial mortgage-backed $ 1,977 Multi-dimensional attribute- Credit risk, interest rate risk, prepayment speeds, new issue data, Other asset-backed $ 2,077 Multi-dimensional attribute- Spreads to daily updated swap curves, spreads derived from trade |
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: September 30, 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 $ 3,307 $ — $ 3,307 $ — $ — State and political subdivisions 2,532 — 2,476 56 — Non-U.S. government 622 — 620 2 — U.S. corporate: Utilities 3,803 — 3,035 768 — Energy 2,206 — 2,091 115 — Finance and insurance 7,059 — 6,430 629 — Consumer—non-cyclical 4,365 — 4,283 82 — Technology and communications 2,873 — 2,849 24 — Industrial 1,161 — 1,129 32 — Capital goods 2,131 — 2,094 37 — Consumer—cyclical 1,584 — 1,471 113 — Transportation 1,050 — 997 53 — Other 330 — 137 193 — Total U.S. corporate 26,562 — 24,516 2,046 — Non-U.S. corporate: Utilities 721 — 446 275 — Energy 983 — 861 122 — Finance and insurance 1,958 — 1,835 123 — Consumer—non-cyclical 557 — 483 74 — Technology and communications 874 — 849 25 — Industrial 791 — 745 46 — Capital goods 532 — 440 92 — Consumer—cyclical 275 — 200 75 — Transportation 370 — 349 21 — Other 886 — 865 21 — Total non-U.S. corporate 7,947 — 7,073 874 — Residential mortgage-backed 1,069 — 1,044 25 — Commercial mortgage-backed 1,989 — 1,977 12 — Other asset-backed 2,187 — 2,077 110 — Total fixed maturity securities 46,215 — 43,090 3,125 — Equity securities 274 189 50 35 — Limited partnerships 1,707 — — 24 1,683 Other invested assets: Derivative assets: Interest rate swaps 25 — 25 — — Foreign currency swaps 32 — 32 — — Equity index options 38 — — 38 — Total derivative assets 95 — 57 38 — Short-term investments 2 — 2 — — Total other invested assets 97 — 59 38 — Reinsurance recoverable (2) 18 — — 18 — Separate account assets 4,298 4,298 — — — Total assets $ 52,609 $ 4,487 $ 43,199 $ 3,240 $ 1,683 (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 Total realized and Ending as of Total gains (losses) (Amounts in millions) Included in Included Purchases Sales Issuances Settlements Transfer (1) Transfer (1) Included Included Fixed maturity securities: State and political subdivisions $ 63 $ — $ (7 ) $ — $ — $ — $ — $ — $ — $ 56 $ — $ (8 ) Non-U.S. 3 — — — (1 ) — — — — 2 — — U.S. corporate: Utilities 810 — (59 ) 23 — — (6 ) — — 768 — (58 ) Energy 122 — (6 ) — — — (1 ) — — 115 — (6 ) Finance and insurance 654 — (32 ) 16 — — (9 ) — — 629 — (33 ) Consumer—non-cyclical 86 — (3 ) — — — (1 ) — — 82 — (3 ) Technology and communications 25 — (1 ) — — — — — — 24 — (1 ) Industrial 33 — (1 ) — — — — — — 32 — — Capital goods 38 — (1 ) — — — — — — 37 — (2 ) Consumer—cyclical 119 — (5 ) — — — (1 ) — — 113 — (5 ) Transportation 56 — (2 ) — — — (1 ) — — 53 — (2 ) Other 207 — (6 ) — (7 ) — (1 ) — — 193 — (7 ) Total U.S. corporate 2,150 — (116 ) 39 (7 ) — (20 ) — — 2,046 — (117 ) Non-U.S. Utilities 309 — (16 ) — — — (18 ) — — 275 — (17 ) Energy 133 — (4 ) — — — (7 ) — — 122 — (3 ) Finance and insurance 132 2 (11 ) — — — — — — 123 2 (12 ) Consumer—non-cyclical 67 — (2 ) 9 — — — — — 74 — (2 ) Technology and communications 26 — (1 ) — — — — — — 25 — (1 ) Industrial 69 — (3 ) — — — (20 ) — — 46 — (3 ) Capital goods 115 — (4 ) — — — (19 ) — — 92 — (3 ) Consumer—cyclical 79 — (4 ) — — — — — — 75 — (4 ) Transportation 21 — — — — — — — — 21 — (1 ) Other 22 — (1 ) — — — — — — 21 — (1 ) Total non-U.S. 973 2 (46 ) 9 — — (64 ) — — 874 2 (47 ) Residential mortgage-backed 30 — (1 ) — — — — — (4 ) 25 — — Commercial mortgage-backed 14 — (3 ) — — — — 1 — 12 — (2 ) Other asset-backed 129 — (5 ) 26 — — (2 ) — (38 ) 110 — (4 ) Total fixed maturity securities 3,362 2 (178 ) 74 (8 ) — (86 ) 1 (42 ) 3,125 2 (178 ) Equity securities 35 — — — — — — — — 35 — — Limited partnerships 23 1 — — — — — — — 24 1 — Other invested assets: Derivative assets: Equity index options 30 5 — 3 — — — — — 38 (5 ) — Total derivative assets 30 5 — 3 — — — — — 38 (5 ) — Total other invested assets 30 5 — 3 — — — — — 38 (5 ) — Reinsurance recoverable (2) 19 (1 ) — — — — — — — 18 (1 ) — Total Level 3 assets $ 3,469 $ 7 $ (178 ) $ 77 $ (8 ) $ — $ (86 ) $ 1 $ (42 ) $ 3,240 $ (3 ) $ (178 ) (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. Total realized and Total gains (losses) Beginning balance as of July 1, 2021 unrealized gains Ending balance as of September 30, 2021 attributable to (losses) assets still held Included in net income Included in OCI Transfer Transfer Included into out of in net Included (Amounts in millions) Purchases Sales Issuances Settlements Level 3 (1) Level 3 (1) income in OCI Fixed maturity securities: State and political subdivisions $ 75 $ 1 $ 3 $ — $ — $ — $ — $ — $ — $ 79 $ 1 $ 3 Non-U.S. — — — 2 — — — — — 2 — — U.S. corporate: Utilities 842 — (5 ) 46 — — (3 ) — — 880 — (5 ) Energy 77 — — 50 — — (3 ) 8 — 132 — — Finance and insurance 661 — (5 ) 72 — — (20 ) — (31 ) 677 — (4 ) Consumer—non-cyclical 109 — (1 ) — — — — — (3 ) 105 — — Technology and communications 30 — (1 ) — — — — — — 29 — (1 ) Industrial 20 — — — — — — — — 20 — — Capital goods 59 — — — — — (10 ) — — 49 — — Consumer—cyclical 139 — — — — — (2 ) — — 137 — — Transportation 67 — — — — — (2 ) — — 65 — — Other 198 — — — — — (23 ) — (1 ) 174 — — Total U.S. corporate 2,202 — (12 ) 168 — — (63 ) 8 (35 ) 2,268 — (10 ) Non-U.S. Utilities 348 — (4 ) — — — — — — 344 — (3 ) Energy 152 — (1 ) — — — (5 ) — — 146 — (1 ) Finance and insurance 202 1 — 1 — — (10 ) — (33 ) 161 1 (1 ) Consumer—non-cyclical 74 1 (1 ) — — — (13 ) 3 — 64 — — Technology and communications 28 — — — — — — — — 28 — — Industrial 94 1 (2 ) — — — (14 ) — — 79 — — Capital goods 181 — 3 19 — — — — — 203 — 2 Consumer—cyclical 147 — — — — — — — (72 ) 75 — — Transportation 83 3 (2 ) — — — (30 ) — — 54 — (1 ) Other 53 6 (2 ) — — — (30 ) — — 27 — — Total non-U.S. 1,362 12 (9 ) 20 — — (102 ) 3 (105 ) 1,181 1 (4 ) Residential mortgage-backed 13 — — — — — (1 ) 10 — 22 — — Commercial mortgage-backed 20 — (1 ) 1 — — — — — 20 — — Other asset-backed 88 — — 36 — — (6 ) — — 118 — — Total fixed maturity securities 3,760 13 (19 ) 227 — — (172 ) 21 (140 ) 3,690 2 (11 ) Equity securities 38 — — — — — (1 ) — — 37 — — Limited partnerships 26 — — — — — — — — 26 — — Other invested assets: Derivative assets: Equity index options 47 — — 5 — — (19 ) — — 33 (1 ) — Total derivative assets 47 — — 5 — — (19 ) — — 33 (1 ) — Total other invested assets 47 — — 5 — — (19 ) — — 33 (1 ) — Reinsurance recoverable (2) 18 1 — — — — — — — 19 1 — Total Level 3 assets $ 3,889 $ 14 $ (19 ) $ 232 $ — $ — $ (192 ) $ 21 $ (140 ) $ 3,805 $ 2 $ (11 ) (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. Total realized and Total gains (losses) Beginning balance as of January 1, 202 2 unrealized gains Ending balance as of September 30, 202 2 attributable to (losses) assets still held Included in net income Included in OCI Transfer Transfer Included into out of in net Included (Amounts in millions) Purchases Sales Issuances Settlements Level 3 (1) Level 3 (1) income in OCI Fixed maturity securities: State and political subdivisions $ 82 $ 2 $ (28 ) $ — $ — $ — $ — $ — $ — $ 56 $ 2 $ (29 ) Non-U.S. 2 — — 2 (2 ) — — — — 2 — — U.S. corporate: Utilities 950 — (224 ) 58 — — (7 ) 2 (11 ) 768 — (223 ) Energy 76 — (21 ) — — — (8 ) 68 — 115 — (21 ) Finance and insurance 685 — (155 ) 167 — — (12 ) — (56 ) 629 — (149 ) Consumer—non-cyclical 104 — (14 ) — — — (8 ) — — 82 — (14 ) Technology and communications 29 — (5 ) — — — — — — 24 — (5 ) Industrial 37 — (5 ) — — — — — — 32 — (4 ) Capital goods 45 — (8 ) — — — — — — 37 — (8 ) Consumer—cyclical 137 — (20 ) — — — (4 ) — — 113 — (20 ) Transportation 64 — (8 ) 5 — — (4 ) — (4 ) 53 — (8 ) Other 254 — (29 ) — (7 ) — (8 ) — (17 ) 193 — (29 ) Total U.S. corporate 2,381 — (489 ) 230 (7 ) — (51 ) 70 (88 ) 2,046 — (481 ) Non-U.S. Utilities 345 — (62 ) 10 — — (18 ) — — 275 — (62 ) Energy 145 — (18 ) 3 — — (8 ) — — 122 — (18 ) Finance and insurance 160 4 (41 ) — — — — — — 123 4 (42 ) Consumer—non-cyclical 63 — (9 ) 9 — — — 11 — 74 — (9 ) Technology and communications 28 — (3 ) — — — — — — 25 — (3 ) Industrial 93 — (13 ) — — — (20 ) — (14 ) 46 — (12 ) Capital goods 173 — (19 ) — (10 ) — (52 ) — — 92 — (18 ) Consumer—cyclical 76 — (18 ) — — — — 17 — 75 — (18 ) Transportation 53 — (3 ) — — — (29 ) — — 21 — (4 ) Other 26 — (5 ) — — — — — — 21 — (4 ) Total non-U.S. 1,162 4 (191 ) 22 (10 ) — (127 ) 28 (14 ) 874 4 (190 ) Residential mortgage-backed 27 — (4 ) 13 — — (2 ) 4 (13 ) 25 — (2 ) Commercial mortgage-backed 16 — (5 ) — — — — 1 — 12 — (5 ) Other asset-backed 138 — (17 ) 72 (6 ) — (5 ) — (72 ) 110 — (14 ) Total fixed maturity securities 3,808 6 (734 ) 339 (25 ) — (185 ) 103 (187 ) 3,125 6 (721 ) Equity securities 37 — — — (1 ) — — — (1 ) 35 — — Limited partnerships 26 (2 ) — — — — — — — 24 (2 ) — Other invested assets: Derivative assets: Equity index options 42 (2 ) — 11 — — (13 ) — — 38 14 — Total derivative assets 42 (2 ) — 11 — — (13 ) — — 38 14 — Total other invested assets 42 (2 ) — 11 — — (13 ) — — 38 14 — Reinsurance recoverable (2) 19 (1 ) — — — — — — — 18 (1 ) — Total Level 3 assets $ 3,932 $ 1 $ (734 ) $ 350 $ (26 ) $ — $ (198 ) $ 103 $ (188 ) $ 3,240 $ 17 $ (721 ) (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. Total realized and Total gains (losses) Beginning balance as of January 1, 202 1 unrealized gains Ending balance as of September 30, 202 1 attributable to (losses) assets still held Included in net income Included in OCI Transfer Transfer Included into out of in net Included (Amounts in millions) Purchases Sales Issuances Settlements Level 3 (1) Level 3 (1) income in OCI Fixed maturity securities: State and political subdivisions $ 66 $ 3 $ 10 $ — $ — $ — $ — $ — $ — $ 79 $ 3 $ 10 Non-U.S. — — — 2 — — — — — 2 — — U.S. corporate: Utilities 842 — (12 ) 62 — — (17 ) 18 (13 ) 880 — (11 ) Energy 128 — 4 50 — — (6 ) 8 (52 ) 132 — — Finance and insurance 607 — (10 ) 145 — — (45 ) 17 (37 ) 677 — (9 ) Consumer—non-cyclical 109 — (2 ) — — — (2 ) 3 (3 ) 105 — (2 ) Technology and communications 47 — (1 ) 12 — — — 4 (33 ) 29 — (2 ) Industrial 40 — — — — — (20 ) — — 20 — — Capital goods 60 — (1 ) — — — (10 ) — — 49 — (1 ) Consumer—cyclical 150 — (1 ) — — — (4 ) — (8 ) 137 — (1 ) Transportation 70 — — — — — (5 ) — — 65 — — Other 219 — (2 ) — — — (29 ) 6 (20 ) 174 — — Total U.S. corporate 2,272 — (25 ) 269 — — (138 ) 56 (166 ) 2,268 — (26 ) Non-U.S. Utilities 352 — (6 ) 30 — — (8 ) — (24 ) 344 — (6 ) Energy 245 — 7 — — — (27 ) — (79 ) 146 — 3 Finance and insurance 305 2 1 1 (2 ) — (62 ) — (84 ) 161 3 (12 ) Consumer—non-cyclical 67 1 (2 ) 8 — — (13 ) 3 — 64 — (1 ) Technology and communications 28 — — — — — — — — 28 — — Industrial 95 1 (3 ) — — — (14 ) — — 79 — (1 ) Capital goods 178 — 1 24 — — — — — 203 — 1 Consumer—cyclical 146 — — 16 — — — — (87 ) 75 — — Transportation 109 3 (2 ) — — — (49 ) — (7 ) 54 — — Other 83 6 (3 ) — — — (44 ) — (15 ) 27 — (1 ) Total non-U.S. 1,608 13 (7 ) 79 (2 ) — (217 ) 3 (296 ) 1,181 3 (17 ) Residential mortgage-backed 14 — — — — — (2 ) 10 — 22 — — Commercial mortgage-backed 20 — (1 ) 1 — — — — — 20 — (1 ) Other asset-backed 109 — 1 39 — — (15 ) 2 (18 ) 118 — 1 Total fixed maturity securities 4,089 16 (22 ) 390 (2 ) — (372 ) 71 (480 ) 3,690 6 (33 ) Equity securities 51 — — — (8 ) — (6 ) — — 37 — — Limited partnerships 17 1 — 8 — — — — — 26 1 — Other invested assets: Derivative assets: Equity index options 63 9 — 15 — — (54 ) — — 33 3 — Total derivative assets 63 9 — 15 — — (54 ) — — 33 3 — Total other invested assets 63 9 — 15 — — (54 ) — — 33 3 — Reinsurance recoverable (2) 26 (8 ) — — — 1 — — — 19 (8 ) — Total Level 3 assets $ 4,246 $ 18 $ (22 ) $ 413 $ (10 ) $ 1 $ (432 ) $ 71 $ (480 ) $ 3,805 $ 2 $ (33 ) (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 periods indicated: Three months ended September 30, Nine months ended September 30, (Amounts in millions) 2022 2021 2022 2021 Total realized and unrealized gains (losses) included in net income: Net investment income $ 2 $ 13 $ 6 $ 16 Net investment gains (losses) 5 1 (5 ) 2 Total $ 7 $ 14 $ 1 $ 18 Total gains (losses) included in net income attributable to assets still held: Net investment income $ 2 $ 2 $ 6 $ 6 Net investment gains (losses) (5 ) — 11 (4 ) Total $ (3 ) $ 2 $ 17 $ 2 |
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 September 30, 2022: (Amounts in millions) Valuation technique Fair value Unobservable Range Weighted-average (1) Fixed maturity securities: U.S. corporate: Utilities Internal models $ 740 Credit spreads 62bps - 304bps 183bps Energy Internal models 44 Credit spreads 153bps - 230bps Finance and insurance Internal models 623 Credit spreads 66bps - 316bps 226bps Consumer—non-cyclical Internal models 82 Credit spreads 67bps - 324bps 167bps Technology and communications Internal models 24 Credit spreads 120bps - 202bps 169bps Industrial Internal models 32 Credit spreads 151bps - 280bps 209bps Capital goods Internal models 37 Credit spreads 82bps - 269bps 180bps Consumer—cyclical Internal models 113 Credit spreads 103bps - 251bps 180bps Transportation Internal models 44 Credit spreads 40bps - 208bps 138bps Other Internal models 145 Credit spreads 108bps - 226bps 134bps Total U.S. corporate Internal models $ 1,884 Credit spreads 40bps - 324bps 193bps Non-U.S. corporate: Utilities Internal models $ 275 Credit spreads 84bps - 288bps 166bps Energy Internal models 114 Credit spreads 108bps - 280bps 185bps Finance and insurance Internal models 122 Credit spreads 131bps - 230bps 192bps Consumer—non-cyclical Internal models 71 Credit spreads 67bps - 242bps 152bps Technology and communications Internal models 25 Credit spreads 108bps - 153bps 140bps Industrial Internal models 46 Credit spreads 82bps - 226bps 171bps Capital goods Internal models 92 Credit spreads 67 203bps Consumer—cyclical Internal models 48 Credit spreads 151 190bps Transportation Internal models 20 Credit spreads 151 165bps Other Internal models 21 Credit spreads 95 146bps Total non-U.S. corporate Internal models $ 834 Credit spreads 67 176bps Derivative assets: Equity index options Discounted cash flows $ 38 Equity index 6% - 23 % (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: September 30, 2022 (Amounts in millions) Total Level 1 Level 2 Level 3 Liabilities Policyholder account balances: GMWB embedded derivatives (1) $ 259 $ — $ — $ 259 Fixed index annuity embedded derivatives 219 — — 219 Indexed universal life embedded derivatives 15 — — 15 Total policyholder account balances 493 — — 493 Derivative liabilities: Interest rate swaps 460 — 460 — Total derivative liabilities 460 — 460 — Total liabilities $ 953 $ — $ 460 $ 493 (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: Total realized and Total (gains) losses Beginning balance as of July 1, unrealized (gains) Ending balance as of September 30, attributable to losses liabilities still held Included Transfer Transfer Included Included into out of in net Included (Amounts in millions) 2022 (income) in OCI Purchases Sales Issuances Settlements Level 3 Level 3 2022 (income) in OCI Policyholder account balances: GMWB embedded derivatives (1) $ 277 $ (23 ) $ — $ — $ — $ 5 $ — $ — $ — $ 259 $ (23 ) $ — Fixed index annuity embedded derivatives 233 5 — — — — (18 ) — (1 ) 219 5 — Indexed universal life embedded derivatives 16 (4 ) — — — 3 — — — 15 (4 ) — Total policyholder account balances 526 (22 ) — — — 8 (18 ) — (1 ) 493 (22 ) — Total Level 3 liabilities $ 526 $ (22 ) $ — $ — $ — $ 8 $ (18 ) $ — $ (1 ) $ 493 $ (22 ) $ — (1) Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. Beginning balance as of July 1, 2021 Total realized and unrealized (gains) Ending balance as of September 30, 2021 Total (gains) losses attributable to losses liabilities still held Included (income) Included in OCI Transfer Transfer Included into out of in net Included (Amounts in millions) Purchases Sales Issuances Settlements Level 3 Level 3 (income) in OCI Policyholder account balances: GMWB embedded derivatives (1) $ 275 $ 5 $ — $ — $ — $ 6 $ — $ — $ — $ 286 $ 5 $ — Fixed index annuity embedded derivatives 339 3 — — — — (30 ) — — 312 3 — Indexed universal life embedded derivatives 24 (4 ) — — — 6 — — — 26 (4 ) — Total policyholder account balances 638 4 — — — 12 (30 ) — — 624 4 — Total Level 3 liabilities $ 638 $ 4 $ — $ — $ — $ 12 $ (30 ) $ — $ — $ 624 $ 4 $ — (1) Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. Total realized and Total (gains) losses Beginning balance as of January 1, 2022 unrealized (gains) Ending balance as of September 30, 2022 attributable to losses liabilities still held Included (income) Included in OCI Transfer Transfer Included into out of in net Included (Amounts in millions) Purchases Sales Issuances Settlements Level 3 Level 3 (income) in OCI Policyholder account balances: GMWB embedded derivatives (1) $ 271 $ (29 ) $ — $ — $ — $ 17 $ — $ — $ — $ 259 $ (22 ) $ — Fixed index annuity embedded derivatives 294 (18 ) — — — — (55 ) — (2 ) 219 (18 ) — Indexed universal life embedded derivatives 25 (23 ) — — — 13 — — — 15 (23 ) — Total policyholder account balances 590 (70 ) — — — 30 (55 ) — (2 ) 493 (63 ) — Total Level 3 liabilities $ 590 $ (70 ) $ — $ — $ — $ 30 $ (55 ) $ — $ (2 ) $ 493 $ (63 ) $ — (1) Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. Total realized and Total (gains) losses Beginning balance as of January 1, 2021 unrealized (gains) Ending balance as of September 30, 2021 attributable to losses liabilities still held Included (income) Included in OCI Transfer Transfer Included into out of in net Included (Amounts in millions) Purchases Sales Issuances Settlements Level 3 Level 3 (income) in OCI Policyholder account balances: GMWB embedded derivatives (1) $ 379 $ (111 ) $ — $ — $ — $ 18 $ — $ — $ — $ 286 $ (106 ) $ — Fixed index annuity embedded derivatives 399 21 — — — — (108 ) — — 312 21 — Indexed universal life embedded derivatives 26 (17 ) — — — 17 — — — 26 (17 ) — Total policyholder account balances 804 (107 ) — — — 35 (108 ) — — 624 (102 ) — Total Level 3 liabilities $ 804 $ (107 ) $ — $ — $ — $ 35 $ (108 ) $ — $ — $ 624 $ (102 ) $ — (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 periods indicated: Three months ended Nine months ended September 30, September 30, (Amounts in millions) 2022 2021 2022 2021 Total realized and unrealized (gains) losses included in net (income): Net investment income $ — $ — $ — $ — Net investment (gains) losses (22 ) 4 (70 ) (107 ) Total $ (22 ) $ 4 $ (70 ) $ (107 ) Total (gains) losses included in net (income) attributable to liabilities still held: Net investment income $ — $ — $ — $ — Net investment (gains) losses (22 ) 4 (63 ) (102 ) Total $ (22 ) $ 4 $ (63 ) $ (102 ) |
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 September 30, 2022: (Amounts in millions) Valuation technique Fair value Unobservable input Range Weighted-average (1) Policyholder account balances: Withdrawal utilization rate 61% - 88% 77 % Lapse rate 2% - 9% 2 % Non-performance 37bps - 83bps 70 bps GMWB embedded derivatives (2) Stochastic cash flow model $ 259 Equity index volatility 21% - 30% 25 % Fixed index annuity embedded derivatives Option budget method $ 219 Expected future interest credited — % - 3% 1 % Indexed universal life embedded derivatives Option budget method $ 15 Expected future interest credited 2% - 14% 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: September 30, 2022 Notional amount Carrying amount Fair value (Amounts in millions) Total Level 1 Level 2 Level 3 Assets: Commercial mortgage loans, net (1) $ 7,063 $ 6,499 $ — $ — $ 6,499 Bank loan investments (1) 453 440 — — 440 Liabilities: Long-term borrowings (1) 1,622 1,276 — 1,276 — Investment contracts (1) 7,734 7,611 — — 7,611 Other firm commitments: Commitments to fund bank loan investments $ 91 — — — — — Ordinary course of business lending commitments 49 — — — — — (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: September 30, 2022 December 31, 2021 (Amounts in millions) Carrying Commitments Carrying Commitments Limited partnerships accounted for at NAV: Private equity funds (1) $ 1,545 $ 1,044 $ 1,312 $ 950 Real estate funds (2) 76 108 67 101 Infrastructure funds (3) 62 29 57 13 Total limited partnerships accounted for at NAV 1,683 1,181 1,436 1,064 Limited partnerships accounted for at fair value 24 1 26 1 Limited partnerships accounted for under equity method of accounting 488 150 437 120 Low-income (4) — — 1 — Total $ 2,195 $ 1,332 $ 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 |
Deferred Acquisition Costs (Tab
Deferred Acquisition Costs (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Activity Impacting Deferred Acquisition Costs | The following table presents the activity impacting deferred acquisition costs (“DAC”) for the dates indicated: As of or for the nine months ended September 30, (Amounts in millions) 2022 2021 Unamortized beginning balance $ 2,438 $ 2,809 Costs deferred — 6 Amortization, net of interest accretion (227 ) (247 ) Unamortized ending balance 2,211 2,568 Accumulated effect of net unrealized investment (gains) losses 36 (1,375 ) Ending balance $ 2,247 $ 1,193 |
Liability for Policy and Cont_2
Liability for Policy and Contract Claims (Tables) | 9 Months Ended |
Sep. 30, 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 nine (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 3,075 2,978 Prior years (642 ) (439 ) Total incurred 2,433 2,539 Paid related to insured events of: Current year (722 ) (793 ) Prior years (1,821 ) (1,763 ) Total paid (2,543 ) (2,556 ) Interest on liability for policy and contract claims 314 304 Net ending balance 9,657 9,342 Add reinsurance recoverables 2,347 2,401 Ending balance $ 12,004 $ 11,743 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Schedule of Long Term Borrowings | The following table sets forth total long-term borrowings as of the dates indicated: (Amounts in millions) September 30, December 31, Genworth Holdings 4.80% Senior Notes, due 2024 $ — $ 282 6.50 % Senior Notes, due 2034 (1) 298 298 Floating Rate Junior Subordinated Notes, due 2066 598 598 Subtotal 896 1,178 Bond consent fees (10 ) (12 ) Deferred borrowing charges (6 ) (7 ) Total Genworth Holdings 880 1,159 Enact Holdings 6.50 % Senior Notes, due 2025 (2) 750 750 Deferred borrowing charges (8 ) (10 ) Total Enact Holdings 742 740 Total $ 1,622 $ 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, 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) | 9 Months Ended |
Sep. 30, 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 Nine months ended September 30, September 30, 2022 2021 2022 2021 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Increase in rate resulting from: Tax on income from terminated swaps 5.6 2.3 3.6 2.7 Reduction in uncertain tax positions — (5.7 ) — (2.3 ) Non-deductible 1.2 0.4 0.7 0.5 Other, net 0.2 — 0.2 (0.2 ) Effective rate 28.0 % 18.0 % 25.5 % 21.7 % |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 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 Nine months ended (Amounts in millions) 2022 2021 2022 2021 Revenues: Enact segment $ 275 $ 281 $ 818 $ 845 U.S. Life Insurance segment: Long-term care insurance 1,092 1,256 3,320 3,622 Life insurance 302 320 951 997 Fixed annuities 91 127 299 381 U.S. Life Insurance segment 1,485 1,703 4,570 5,000 Runoff segment 73 81 209 245 Corporate and Other activities 6 5 15 6 Total revenues $ 1,839 $ 2,070 $ 5,612 $ 6,096 |
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 Nine months ended (Amounts in millions) 2022 2021 2022 2021 Net income available to Genworth Financial, Inc.’s common stockholders $ 104 $ 314 $ 434 $ 741 Add: net income from continuing operations attributable to noncontrolling interests 35 4 103 4 Add: net income from discontinued operations attributable to noncontrolling interests — — — 8 Net income 139 318 537 753 Less: income from discontinued operations, net of taxes 5 12 2 28 Income from continuing operations 134 306 535 725 Less: net income from continuing operations attributable to noncontrolling interests 35 4 103 4 Income from continuing operations available to Genworth Financial, Inc.’s common stockholders 99 302 432 721 Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders: Net investment (gains) losses, net (1) 67 (88 ) 29 (191 ) (Gains) losses on early extinguishment of debt 3 6 7 10 Expenses related to restructuring — 3 1 29 Pension plan termination costs 6 — 6 — Taxes on adjustments (16 ) 16 (9 ) 32 Adjusted operating income available to Genworth Financial, Inc.’s common stockholders $ 159 $ 239 $ 466 $ 601 (1) For the three and nine months ended September 30, 2022, net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves of $(2) million and $(4) million, respectively. Three months ended Nine months ended (Amounts in millions) 2022 2021 2022 2021 Adjusted operating income (loss) available to Genworth Financial, Inc.’s common Enact segment $ 156 $ 134 $ 458 $ 395 U.S. Life Insurance segment: Long-term care insurance 25 133 118 326 Life insurance (33 ) (68 ) (146 ) (171 ) Fixed annuities 19 28 56 71 U.S. Life Insurance segment 11 93 28 226 Runoff segment 9 11 20 38 Corporate and Other activities (17 ) 1 (40 ) (58 ) Adjusted operating income available to Genworth Financial, Inc.’s common stockholders $ 159 $ 239 $ 466 $ 601 |
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) September 30, December 31, Assets: Enact segment $ 5,725 $ 5,850 U.S. Life Insurance segment 70,890 81,210 Runoff segment 7,886 9,460 Corporate and Other activities 1,438 2,651 Total assets $ 85,939 $ 99,171 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 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 July 1, 2022 $ (1,554 ) $ 1,445 $ (36 ) $ (145 ) OCI before reclassifications (2,531 ) (98 ) — (2,629 ) Amounts reclassified from (to) OCI 21 (37 ) — (16 ) Current period OCI (2,510 ) (135 ) — (2,645 ) Balances as of September 30, 2022 before noncontrolling interests (4,064 ) 1,310 (36 ) (2,790 ) Less: change in OCI attributable to noncontrolling interests (25 ) — — (25 ) Balances as of September 30, 2022 $ (4,039 ) $ 1,310 $ (36 ) $ (2,765 ) (1) Net of adjustments to DAC, present value of future profits, sales inducements, benefit reserves and policyholder contract balances. 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 July 1, 2021 $ 1,865 $ 2,003 $ (34 ) $ 3,834 OCI before reclassifications 16 25 (4 ) 37 Amounts reclassified from (to) OCI (9 ) (37 ) — (46 ) Current period OCI 7 (12 ) (4 ) (9 ) Balances as of September 30, 2021 before noncontrolling interests 1,872 1,991 (38 ) 3,825 Less: change in OCI attributable to noncontrolling interests 25 — — 25 Balances as of September 30, 2021 $ 1,847 $ 1,991 $ (38 ) $ 3,800 (1) Net of adjustments to DAC, present value of future profits, sales inducements, benefit reserves and policyholder contract balances. 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, 2022 $ 1,860 $ 2,025 $ (24 ) $ 3,861 OCI before reclassifications (6,024 ) (604 ) (12 ) (6,640 ) Amounts reclassified from (to) OCI 31 (111 ) — (80 ) Current period OCI (5,993 ) (715 ) (12 ) (6,720 ) Balances as of September 30, 2022 before noncontrolling interests (4,133 ) 1,310 (36 ) (2,859 ) Less: change in OCI attributable to noncontrolling interests (94 ) — — (94 ) Balances as of September 30, 2022 $ (4,039 ) $ 1,310 $ (36 ) $ (2,765 ) (1) Net of adjustments to DAC, present value of future profits, sales inducements, benefit reserves and policyholder contract balances. 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 (354 ) (115 ) 134 (335 ) Amounts reclassified from (to) OCI (13 ) (105 ) — (118 ) Current period OCI (367 ) (220 ) 134 (453 ) Balances as of September 30, 2021 before noncontrolling interests 1,847 1,991 134 3,972 Less: change in OCI attributable to noncontrolling interests — — 172 172 Balances as of September 30, 2021 $ 1,847 $ 1,991 $ (38 ) $ 3,800 (1) Net of adjustments to DAC, present value of future profits, sales inducement s (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 Nine months (Amounts in millions) 2022 2021 2022 2021 Net unrealized investment (gains) losses: Unrealized (gains) losses on investments (1) $ 26 $ (12 ) $ 39 $ (17 ) Net investment (gains) losses Income taxes (5 ) 3 (8 ) 4 Provision for income taxes Total $ 21 $ (9 ) $ 31 $ (13 ) Derivatives qualifying as hedges: Interest rate swaps hedging assets $ (55 ) $ (58 ) $ (167 ) $ (162 ) Net investment income Interest rate swaps hedging assets (3 ) (1 ) (5 ) (1 ) Net investment (gains) losses Interest rate swaps hedging liabilities — 1 2 1 Interest expense Foreign currency swaps — — (1 ) — Net investment income Income taxes 21 21 60 57 Provision for income taxes Total $ (37 ) $ (37 ) $ (111 ) $ (105 ) (1) Amounts exclude adjustments to DAC, present value of future profits, sales inducements, benefit reserves and policyholder contract balances. |
Formation of Genworth and Bas_2
Formation of Genworth and Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 9 Months Ended | |||
Oct. 31, 2022 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) Segment $ / shares shares | Sep. 30, 2021 USD ($) | May 02, 2022 USD ($) | Apr. 01, 2013 | |
Number of operating segments | Segment | 3 | ||||
Stock repurchase program, authorized amount | $ 350 | ||||
Number of shares repurchased | shares | 8,980,350 | ||||
Average price per share repurchased | $ / shares | $ 3.81 | ||||
Payments for repurchase of common stock | $ 34 | $ 0 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 291 | ||||
Rule 10b5-1 trading plan | |||||
Number of shares repurchased | shares | 6,274,166 | ||||
Average price per share repurchased | $ / shares | $ 4 | ||||
Payments for repurchase of common stock | $ 25 | ||||
Genworth Holdings | |||||
Percentage of subsidiary equity ownership | 100% |
Accounting Changes - Additional
Accounting Changes - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Disclosue of Accounting Changes [Line Items] | |||||||
Accumulated other comprehensive income (loss) | $ (2,765) | $ (145) | $ 3,861 | $ 3,800 | $ 3,834 | $ 4,425 | |
Accounting Standards Update 2018-12 | Long-term care insurance | Shadow accounting adjustment | |||||||
Disclosue of Accounting Changes [Line Items] | |||||||
Accumulated other comprehensive income (loss) | $ 4,000 | ||||||
Accounting Standards Update 2018-12 | Maximum | Long-term care insurance | |||||||
Disclosue of Accounting Changes [Line Items] | |||||||
Accumulated other comprehensive income (loss) | (13,000) | ||||||
Accounting Standards Update 2018-12 | Minimum | Long-term care insurance | |||||||
Disclosue of Accounting Changes [Line Items] | |||||||
Accumulated other comprehensive income (loss) | $ (12,000) |
Earnings Per Share (Detail)
Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Earnings Per Share [Abstract] | |||||
Weighted-average shares used in basic earnings per share calculations | 504 | 507.4 | 507.1 | 506.8 | |
Stock options, restricted stock units and other equity-based awards | 5.4 | 6.8 | 6.6 | 7.6 | |
Weighted-average shares used in diluted earnings per share calculations | 509.4 | 514.2 | 513.7 | 514.4 | |
Income from continuing operations: | |||||
Income from continuing operations | $ 134 | $ 306 | $ 535 | $ 725 | |
Less: net income from continuing operations attributable to noncontrolling interests | 35 | 4 | 103 | 4 | |
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders | $ 99 | $ 302 | $ 432 | $ 721 | |
Basic per share | $ 0.2 | $ 0.59 | $ 0.85 | $ 1.42 | |
Diluted per share | $ 0.19 | $ 0.59 | $ 0.84 | $ 1.4 | |
Income (loss) from discontinued operations: | |||||
Income (loss) from discontinued operations, net of taxes | $ 5 | $ 12 | $ 2 | $ 28 | |
Less: net income from discontinued operations attributable to noncontrolling interests | 0 | 0 | 0 | 8 | |
Income from discontinued operations available to Genworth Financial, Inc.'s common stockholders | $ 5 | $ 12 | $ 2 | $ 20 | |
Basic per share | $ 0.01 | $ 0.02 | $ 0 | $ 0.04 | |
Diluted per share | $ 0.01 | $ 0.02 | $ 0 | $ 0.04 | |
Net income: | |||||
Income from continuing operations | $ 134 | $ 306 | $ 535 | $ 725 | |
Income (loss) from discontinued operations, net of taxes | 5 | 12 | 2 | 28 | |
Net income | 139 | 318 | 537 | 753 | |
Less: net income attributable to noncontrolling interests | 35 | 4 | 103 | 12 | |
Net income available to Genworth Financial, Inc.'s common stockholders | $ 104 | $ 314 | $ 434 | $ 741 | |
Basic per share | [1] | $ 0.21 | $ 0.62 | $ 0.86 | $ 1.46 |
Diluted per share | [1] | $ 0.2 | $ 0.61 | $ 0.85 | $ 1.44 |
[1]May not total due to whole number calculation. |
Net Investment Income (Detail)
Net Investment Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | $ 829 | $ 881 | $ 2,422 | $ 2,568 |
Expenses and fees | (21) | (22) | (63) | (64) |
Net investment income | 808 | 859 | 2,359 | 2,504 |
Fixed maturity securities—taxable | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | 576 | 614 | 1,734 | 1,821 |
Fixed maturity securities—non-taxable | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | 2 | 2 | 4 | 5 |
Equity Securities | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | 3 | 2 | 7 | 7 |
Commercial mortgage loans | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | 81 | 93 | 240 | 274 |
Policy Loans | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | 55 | 47 | 156 | 137 |
Limited partnerships | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | 38 | 59 | 77 | 144 |
Other invested assets | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | 67 | 63 | 196 | 179 |
Cash, cash equivalents, restricted cash and short-term investments | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | $ 7 | $ 1 | $ 8 | $ 1 |
Net Investment Gains (Losses) (
Net Investment Gains (Losses) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Available-for-sale fixed maturity securities: | |||||
Realized gains | $ 11 | $ 11 | $ 26 | $ 23 | |
Realized losses | (38) | 0 | (65) | (7) | |
Net realized gains (losses) on available-for-sale fixed maturity securities | (27) | 11 | (39) | 16 | |
Net realized gains (losses) on equity securities sold | 0 | 0 | 0 | (7) | |
Net realized gains (losses) on limited partnerships | 0 | 0 | 0 | 3 | |
Total net realized investment gains (losses) | (27) | 11 | (39) | 12 | |
Net change in allowance for credit losses on available-for-sale fixed maturity securities | 0 | 0 | 0 | (6) | |
Write-down of available-for-sale fixed maturity securities | [1] | 0 | 0 | (2) | (1) |
Net unrealized gains (losses) on equity securities still held | (13) | (1) | (46) | (3) | |
Net unrealized gains (losses) on limited partnerships | (24) | 75 | 35 | 174 | |
Commercial mortgage loans | 0 | 3 | 3 | 1 | |
Derivative instruments | [2] | (5) | (3) | 8 | 9 |
Other | 0 | 3 | 8 | 5 | |
Total net investment gains (losses) | $ (69) | $ 88 | $ (33) | $ 191 | |
[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 | 9 Months Ended |
Sep. 30, 2021 USD ($) | |
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 | 6 |
Securities Sold | (7) |
Decrease due to change in intent or requirement to sell | 0 |
Write-offs | (3) |
Recoveries | 0 |
Ending Balance | 0 |
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 | 6 |
Securities Sold | (7) |
Decrease due to change in intent or requirement to sell | 0 |
Write-offs | 0 |
Recoveries | 0 |
Ending Balance | 0 |
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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Schedule of Investments [Line Items] | ||
Percentage of investment portfolio by which no other industry group exceeded | 10% | |
Percentage of stockholders' equity by which no single issuer of fixed maturity securities exceeded | 10 | |
Total Assets | $ 85,939 | $ 99,171 |
Commercial mortgage loans, amortized cost | 7,086 | 6,856 |
Commercial mortgage loan modifications, borrowers experiencing financial difficulty | ||
Schedule of Investments [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
Limited Partnership Interests | Variable interest Entity, not primary beneficiary | ||
Schedule of Investments [Line Items] | ||
Total Assets | $ 2,100 | 1,829 |
Finance and insurance | Fixed maturity securities | ||
Schedule of Investments [Line Items] | ||
Percent of investment portfolio, greater than 10% | 26% | |
Utilities | Fixed maturity securities | ||
Schedule of Investments [Line Items] | ||
Percent of investment portfolio, greater than 10% | 13% | |
Consumer-non-cyclical | Fixed maturity securities | ||
Schedule of Investments [Line Items] | ||
Percent of investment portfolio, greater than 10% | 14% | |
Technology and Communications | Fixed maturity securities | ||
Schedule of Investments [Line Items] | ||
Percent of investment portfolio, greater than 10% | 11% | |
Office | ||
Schedule of Investments [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,606 | 1,526 |
Write-offs | 8 | |
Office | 31 to 60 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 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 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] | $ (5,033) | $ 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 | 44 | (5,487) | |||||
Income taxes, net | 871 | (507) | |||||
Net unrealized investment gains (losses) | (4,118) | 1,875 | |||||
Less: net unrealized investment gains (losses) attributable to noncontrolling interests | (79) | 15 | |||||
Net unrealized investment gains (losses) | $ (4,039) | $ (1,554) | $ 1,860 | $ 1,847 | $ 1,865 | $ 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Investments [Abstract] | ||||
Beginning balance | $ (1,554) | $ 1,865 | $ 1,860 | $ 2,214 |
Unrealized gains (losses) on fixed maturity securities | (3,098) | (433) | (12,941) | (2,042) |
Adjustment to deferred acquisition costs | 9 | 80 | 1,328 | (52) |
Adjustment to present value of future profits | 0 | (2) | 81 | 0 |
Adjustment to sales inducements | 2 | 3 | 26 | 8 |
Adjustment to benefit reserves and policyholder contract balances | 50 | 372 | 4,096 | 1,630 |
Provision for income taxes | 506 | (4) | 1,386 | 102 |
Change in unrealized gains (losses) on investment securities | (2,531) | 16 | (6,024) | (354) |
Reclassification adjustments to net investment (gains) losses, net of taxes | 21 | (9) | 31 | (13) |
Change in net unrealized investment gains (losses) | (2,510) | 7 | (5,993) | (367) |
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests | (25) | 25 | (94) | 0 |
Ending balance | $ (4,039) | $ 1,847 | $ (4,039) | $ 1,847 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 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 | $ (5) | $ 3 | $ (8) | $ 4 |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | $ 51,248 | $ 52,611 |
Fair value, fixed maturity securities | 46,215 | 60,480 |
Fixed maturity securities | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 51,248 | 52,611 |
Gross unrealized gains, fixed maturity securities | 495 | 8,004 |
Gross unrealized losses, fixed maturity securities | (5,528) | (135) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 46,215 | 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 | 3,430 | 3,368 |
Gross unrealized gains, fixed maturity securities | 104 | 1,184 |
Gross unrealized losses, fixed maturity securities | (227) | 0 |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 3,307 | 4,552 |
Fixed maturity securities | State and Political Subdivisions | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 2,855 | 2,982 |
Gross unrealized gains, fixed maturity securities | 20 | 474 |
Gross unrealized losses, fixed maturity securities | (343) | (6) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 2,532 | 3,450 |
Fixed maturity securities | Non-U.S. government | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 741 | 762 |
Gross unrealized gains, fixed maturity securities | 11 | 86 |
Gross unrealized losses, fixed maturity securities | (130) | (13) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 622 | 835 |
Fixed maturity securities | U.S. corporate | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 29,662 | 30,257 |
Gross unrealized gains, fixed maturity securities | 269 | 4,746 |
Gross unrealized losses, fixed maturity securities | (3,369) | (79) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 26,562 | 34,924 |
Fixed maturity securities | U.S. corporate | Utilities | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 4,268 | 4,330 |
Gross unrealized gains, fixed maturity securities | 31 | 783 |
Gross unrealized losses, fixed maturity securities | (496) | (9) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 3,803 | 5,104 |
Fixed maturity securities | U.S. corporate | Energy | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 2,445 | 2,581 |
Gross unrealized gains, fixed maturity securities | 23 | 363 |
Gross unrealized losses, fixed maturity securities | (262) | (10) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 2,206 | 2,934 |
Fixed maturity securities | U.S. corporate | Finance and insurance | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 7,971 | 8,003 |
Gross unrealized gains, fixed maturity securities | 45 | 1,012 |
Gross unrealized losses, fixed maturity securities | (957) | (24) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 7,059 | 8,991 |
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 4,803 | 5,138 |
Gross unrealized gains, fixed maturity securities | 60 | 1,029 |
Gross unrealized losses, fixed maturity securities | (498) | (8) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 4,365 | 6,159 |
Fixed maturity securities | U.S. corporate | Technology and communications | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 3,276 | 3,345 |
Gross unrealized gains, fixed maturity securities | 29 | 476 |
Gross unrealized losses, fixed maturity securities | (432) | (13) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 2,873 | 3,808 |
Fixed maturity securities | U.S. corporate | Industrial | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 1,312 | 1,322 |
Gross unrealized gains, fixed maturity securities | 10 | 175 |
Gross unrealized losses, fixed maturity securities | (161) | (3) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 1,161 | 1,494 |
Fixed maturity securities | U.S. corporate | Capital goods | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 2,332 | 2,334 |
Gross unrealized gains, fixed maturity securities | 33 | 415 |
Gross unrealized losses, fixed maturity securities | (234) | (4) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 2,131 | 2,745 |
Fixed maturity securities | U.S. corporate | Consumer-cyclical | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 1,769 | 1,703 |
Gross unrealized gains, fixed maturity securities | 9 | 203 |
Gross unrealized losses, fixed maturity securities | (194) | (7) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 1,584 | 1,899 |
Fixed maturity securities | U.S. corporate | Transportation | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 1,139 | 1,122 |
Gross unrealized gains, fixed maturity securities | 26 | 249 |
Gross unrealized losses, fixed maturity securities | (115) | 0 |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 1,050 | 1,371 |
Fixed maturity securities | U.S. corporate | Other | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 347 | 379 |
Gross unrealized gains, fixed maturity securities | 3 | 41 |
Gross unrealized losses, fixed maturity securities | (20) | (1) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 330 | 419 |
Fixed maturity securities | Non-U.S. corporate | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 8,841 | 9,344 |
Gross unrealized gains, fixed maturity securities | 80 | 1,217 |
Gross unrealized losses, fixed maturity securities | (974) | (26) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 7,947 | 10,535 |
Fixed maturity securities | Non-U.S. corporate | Utilities | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 812 | 867 |
Gross unrealized gains, fixed maturity securities | 0 | 63 |
Gross unrealized losses, fixed maturity securities | (91) | (2) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 721 | 928 |
Fixed maturity securities | Non-U.S. corporate | Energy | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 1,061 | 1,194 |
Gross unrealized gains, fixed maturity securities | 12 | 190 |
Gross unrealized losses, fixed maturity securities | (90) | (1) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 983 | 1,383 |
Fixed maturity securities | Non-U.S. corporate | Finance and insurance | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 2,164 | 2,171 |
Gross unrealized gains, fixed maturity securities | 34 | 270 |
Gross unrealized losses, fixed maturity securities | (240) | (9) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 1,958 | 2,432 |
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 658 | 664 |
Gross unrealized gains, fixed maturity securities | 1 | 81 |
Gross unrealized losses, fixed maturity securities | (102) | (2) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 557 | 743 |
Fixed maturity securities | Non-U.S. corporate | Technology and communications | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 1,007 | 1,085 |
Gross unrealized gains, fixed maturity securities | 0 | 166 |
Gross unrealized losses, fixed maturity securities | (133) | (1) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 874 | 1,250 |
Fixed maturity securities | Non-U.S. corporate | Industrial | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 878 | 933 |
Gross unrealized gains, fixed maturity securities | 5 | 117 |
Gross unrealized losses, fixed maturity securities | (92) | (3) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 791 | 1,047 |
Fixed maturity securities | Non-U.S. corporate | Capital goods | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 606 | 640 |
Gross unrealized gains, fixed maturity securities | 2 | 66 |
Gross unrealized losses, fixed maturity securities | (76) | (1) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 532 | 705 |
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 317 | 316 |
Gross unrealized gains, fixed maturity securities | 0 | 27 |
Gross unrealized losses, fixed maturity securities | (42) | (2) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 275 | 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 | 10 | 68 |
Gross unrealized losses, fixed maturity securities | (32) | (1) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 370 | 489 |
Fixed maturity securities | Non-U.S. corporate | Other | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 946 | 1,052 |
Gross unrealized gains, fixed maturity securities | 16 | 169 |
Gross unrealized losses, fixed maturity securities | (76) | (4) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 886 | 1,217 |
Fixed maturity securities | Residential mortgage-backed | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 1,129 | 1,325 |
Gross unrealized gains, fixed maturity securities | 9 | 116 |
Gross unrealized losses, fixed maturity securities | (69) | (1) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 1,069 | 1,440 |
Fixed maturity securities | Commercial mortgage-backed | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 2,231 | 2,435 |
Gross unrealized gains, fixed maturity securities | 2 | 152 |
Gross unrealized losses, fixed maturity securities | (244) | (3) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | 1,989 | 2,584 |
Fixed maturity securities | Other asset-backed | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 2,359 | 2,138 |
Gross unrealized gains, fixed maturity securities | 0 | 29 |
Gross unrealized losses, fixed maturity securities | (172) | (7) |
Allowance for credit losses | 0 | 0 |
Fair value, fixed maturity securities | $ 2,187 | $ 2,160 |
Gross Unrealized Losses and Fai
Gross Unrealized Losses and Fair Value of Investment Securities (Detail) $ in Millions | Sep. 30, 2022 USD ($) Securities | Dec. 31, 2021 USD ($) Securities |
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 33,676 | $ 4,991 |
Less than 12 months, Gross unrealized losses | $ (4,745) | $ (110) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 4,710 | 635 |
12 months or more, Fair value | $ 2,532 | $ 308 |
12 months or more, Gross unrealized losses | $ (783) | $ (25) |
12 months or more, Number of securities in a continuous loss position | Securities | 387 | 35 |
Fair value | $ 36,208 | $ 5,299 |
Gross unrealized losses | $ (5,528) | $ (135) |
Number of securities in a continuous loss position | Securities | 5,097 | 670 |
Investment grade | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 32,131 | $ 4,644 |
Less than 12 months, Gross unrealized losses | $ (4,509) | $ (101) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 4,480 | 587 |
12 months or more, Fair value | $ 2,343 | $ 241 |
12 months or more, Gross unrealized losses | $ (721) | $ (12) |
12 months or more, Number of securities in a continuous loss position | Securities | 361 | 25 |
Fair value | $ 34,474 | $ 4,885 |
Gross unrealized losses | $ (5,230) | $ (113) |
Number of securities in a continuous loss position | Securities | 4,841 | 612 |
Below investment grade | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 1,545 | $ 347 |
Less than 12 months, Gross unrealized losses | $ (236) | $ (9) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 230 | 48 |
12 months or more, Fair value | $ 189 | $ 67 |
12 months or more, Gross unrealized losses | $ (62) | $ (13) |
12 months or more, Number of securities in a continuous loss position | Securities | 26 | 10 |
Fair value | $ 1,734 | $ 414 |
Gross unrealized losses | $ (298) | $ (22) |
Number of securities in a continuous loss position | Securities | 256 | 58 |
Fixed maturity securities | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 33,676 | $ 4,991 |
Less than 12 months, Gross unrealized losses | $ (4,745) | $ (110) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 4,710 | 635 |
12 months or more, Fair value | $ 2,532 | $ 308 |
12 months or more, Gross unrealized losses | $ (783) | $ (25) |
12 months or more, Number of securities in a continuous loss position | Securities | 387 | 35 |
Fair value | $ 36,208 | $ 5,299 |
Gross unrealized losses | $ (5,528) | $ (135) |
Number of securities in a continuous loss position | Securities | 5,097 | 670 |
Fixed maturity securities | Less Than 20 Percent Below Cost | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 28,220 | $ 4,991 |
Less than 12 months, Gross unrealized losses | $ (2,896) | $ (110) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 3,957 | 635 |
12 months or more, Fair value | $ 738 | $ 297 |
12 months or more, Gross unrealized losses | $ (121) | $ (20) |
12 months or more, Number of securities in a continuous loss position | Securities | 152 | 33 |
Fair value | $ 28,958 | $ 5,288 |
Gross unrealized losses | $ (3,017) | $ (130) |
Number of securities in a continuous loss position | Securities | 4,109 | 668 |
Fixed maturity securities | 20 To 50 percent below cost | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 5,456 | $ 0 |
Less than 12 months, Gross unrealized losses | $ (1,849) | $ 0 |
Less than 12 months, Number of securities in a continuous loss position | Securities | 753 | 0 |
12 months or more, Fair value | $ 1,794 | $ 11 |
12 months or more, Gross unrealized losses | $ (662) | $ (5) |
12 months or more, Number of securities in a continuous loss position | Securities | 235 | 2 |
Fair value | $ 7,250 | $ 11 |
Gross unrealized losses | $ (2,511) | $ (5) |
Number of securities in a continuous loss position | Securities | 988 | 2 |
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 1,525 | |
Less than 12 months, Gross unrealized losses | $ (225) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 55 | |
12 months or more, Fair value | $ 12 | |
12 months or more, Gross unrealized losses | $ (2) | |
12 months or more, Number of securities in a continuous loss position | Securities | 6 | |
Fair value | $ 1,537 | |
Gross unrealized losses | $ (227) | |
Number of securities in a continuous loss position | Securities | 61 | |
Fixed maturity securities | State and Political Subdivisions | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 1,706 | $ 339 |
Less than 12 months, Gross unrealized losses | $ (305) | $ (6) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 287 | 67 |
12 months or more, Fair value | $ 133 | $ 0 |
12 months or more, Gross unrealized losses | $ (38) | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 42 | 0 |
Fair value | $ 1,839 | $ 339 |
Gross unrealized losses | $ (343) | $ (6) |
Number of securities in a continuous loss position | Securities | 329 | 67 |
Fixed maturity securities | Non-U.S. government | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 370 | $ 173 |
Less than 12 months, Gross unrealized losses | $ (80) | $ (9) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 63 | 28 |
12 months or more, Fair value | $ 125 | $ 19 |
12 months or more, Gross unrealized losses | $ (50) | $ (4) |
12 months or more, Number of securities in a continuous loss position | Securities | 22 | 1 |
Fair value | $ 495 | $ 192 |
Gross unrealized losses | $ (130) | $ (13) |
Number of securities in a continuous loss position | Securities | 85 | 29 |
Fixed maturity securities | U.S. corporate | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 19,668 | $ 2,593 |
Less than 12 months, Gross unrealized losses | $ (2,904) | $ (64) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 2,636 | 266 |
12 months or more, Fair value | $ 1,415 | $ 196 |
12 months or more, Gross unrealized losses | $ (465) | $ (15) |
12 months or more, Number of securities in a continuous loss position | Securities | 168 | 22 |
Fair value | $ 21,083 | $ 2,789 |
Gross unrealized losses | $ (3,369) | $ (79) |
Number of securities in a continuous loss position | Securities | 2,804 | 288 |
Fixed maturity securities | Non-U.S. corporate | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 6,011 | $ 912 |
Less than 12 months, Gross unrealized losses | $ (791) | $ (21) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 795 | 124 |
12 months or more, Fair value | $ 542 | $ 62 |
12 months or more, Gross unrealized losses | $ (183) | $ (5) |
12 months or more, Number of securities in a continuous loss position | Securities | 84 | 8 |
Fair value | $ 6,553 | $ 974 |
Gross unrealized losses | $ (974) | $ (26) |
Number of securities in a continuous loss position | Securities | 879 | 132 |
Fixed maturity securities | Residential mortgage-backed | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 616 | $ 97 |
Less than 12 months, Gross unrealized losses | $ (63) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 186 | 22 |
12 months or more, Fair value | $ 22 | $ 0 |
12 months or more, Gross unrealized losses | $ (6) | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 9 | 0 |
Fair value | $ 638 | $ 97 |
Gross unrealized losses | $ (69) | $ (1) |
Number of securities in a continuous loss position | Securities | 195 | 22 |
Fixed maturity securities | Commercial mortgage-backed | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 1,859 | $ 113 |
Less than 12 months, Gross unrealized losses | $ (235) | $ (2) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 276 | 17 |
12 months or more, Fair value | $ 59 | $ 31 |
12 months or more, Gross unrealized losses | $ (9) | $ (1) |
12 months or more, Number of securities in a continuous loss position | Securities | 9 | 4 |
Fair value | $ 1,918 | $ 144 |
Gross unrealized losses | $ (244) | $ (3) |
Number of securities in a continuous loss position | Securities | 285 | 21 |
Fixed maturity securities | Other asset-backed | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 1,921 | $ 764 |
Less than 12 months, Gross unrealized losses | $ (142) | $ (7) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 412 | 111 |
12 months or more, Fair value | $ 224 | $ 0 |
12 months or more, Gross unrealized losses | $ (30) | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 47 | 0 |
Fair value | $ 2,145 | $ 764 |
Gross unrealized losses | $ (172) | $ (7) |
Number of securities in a continuous loss position | Securities | 459 | 111 |
Gross Unrealized Losses and F_2
Gross Unrealized Losses and Fair Value of Corporate Securities Based on Industries (Detail) $ in Millions | Sep. 30, 2022 USD ($) Securities | Dec. 31, 2021 USD ($) Securities |
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 33,676 | $ 4,991 |
Less than 12 months, Gross unrealized losses | $ (4,745) | $ (110) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 4,710 | 635 |
12 months or more, Fair value | $ 2,532 | $ 308 |
12 months or more, Gross unrealized losses | $ (783) | $ (25) |
12 months or more, Number of securities in a continuous loss position | Securities | 387 | 35 |
Fair value | $ 36,208 | $ 5,299 |
Gross unrealized losses | $ (5,528) | $ (135) |
Number of securities in a continuous loss position | Securities | 5,097 | 670 |
Fixed maturity securities | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 33,676 | $ 4,991 |
Less than 12 months, Gross unrealized losses | $ (4,745) | $ (110) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 4,710 | 635 |
12 months or more, Fair value | $ 2,532 | $ 308 |
12 months or more, Gross unrealized losses | $ (783) | $ (25) |
12 months or more, Number of securities in a continuous loss position | Securities | 387 | 35 |
Fair value | $ 36,208 | $ 5,299 |
Gross unrealized losses | $ (5,528) | $ (135) |
Number of securities in a continuous loss position | Securities | 5,097 | 670 |
Fixed maturity securities | U.S. corporate | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 19,668 | $ 2,593 |
Less than 12 months, Gross unrealized losses | $ (2,904) | $ (64) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 2,636 | 266 |
12 months or more, Fair value | $ 1,415 | $ 196 |
12 months or more, Gross unrealized losses | $ (465) | $ (15) |
12 months or more, Number of securities in a continuous loss position | Securities | 168 | 22 |
Fair value | $ 21,083 | $ 2,789 |
Gross unrealized losses | $ (3,369) | $ (79) |
Number of securities in a continuous loss position | Securities | 2,804 | 288 |
Fixed maturity securities | U.S. corporate | Utilities | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 2,797 | $ 211 |
Less than 12 months, Gross unrealized losses | $ (456) | $ (7) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 388 | 32 |
12 months or more, Fair value | $ 119 | $ 29 |
12 months or more, Gross unrealized losses | $ (40) | $ (2) |
12 months or more, Number of securities in a continuous loss position | Securities | 27 | 7 |
Fair value | $ 2,916 | $ 240 |
Gross unrealized losses | $ (496) | $ (9) |
Number of securities in a continuous loss position | Securities | 415 | 39 |
Fixed maturity securities | U.S. corporate | Energy | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 1,662 | $ 166 |
Less than 12 months, Gross unrealized losses | $ (236) | $ (3) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 241 | 18 |
12 months or more, Fair value | $ 91 | $ 25 |
12 months or more, Gross unrealized losses | $ (26) | $ (7) |
12 months or more, Number of securities in a continuous loss position | Securities | 10 | 4 |
Fair value | $ 1,753 | $ 191 |
Gross unrealized losses | $ (262) | $ (10) |
Number of securities in a continuous loss position | Securities | 251 | 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 | $ 5,478 | $ 960 |
Less than 12 months, Gross unrealized losses | $ (795) | $ (22) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 731 | 89 |
12 months or more, Fair value | $ 502 | $ 62 |
12 months or more, Gross unrealized losses | $ (162) | $ (2) |
12 months or more, Number of securities in a continuous loss position | Securities | 53 | 3 |
Fair value | $ 5,980 | $ 1,022 |
Gross unrealized losses | $ (957) | $ (24) |
Number of securities in a continuous loss position | Securities | 784 | 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 | $ 2,846 | $ 296 |
Less than 12 months, Gross unrealized losses | $ (436) | $ (7) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 334 | 30 |
12 months or more, Fair value | $ 178 | $ 14 |
12 months or more, Gross unrealized losses | $ (62) | $ (1) |
12 months or more, Number of securities in a continuous loss position | Securities | 19 | 2 |
Fair value | $ 3,024 | $ 310 |
Gross unrealized losses | $ (498) | $ (8) |
Number of securities in a continuous loss position | Securities | 353 | 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 | $ 2,336 | $ 378 |
Less than 12 months, Gross unrealized losses | $ (352) | $ (12) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 324 | 37 |
12 months or more, Fair value | $ 214 | $ 29 |
12 months or more, Gross unrealized losses | $ (80) | $ (1) |
12 months or more, Number of securities in a continuous loss position | Securities | 25 | 2 |
Fair value | $ 2,550 | $ 407 |
Gross unrealized losses | $ (432) | $ (13) |
Number of securities in a continuous loss position | Securities | 349 | 39 |
Fixed maturity securities | U.S. corporate | Industrial | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 892 | $ 143 |
Less than 12 months, Gross unrealized losses | $ (143) | $ (3) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 116 | 18 |
12 months or more, Fair value | $ 60 | $ 0 |
12 months or more, Gross unrealized losses | $ (18) | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 5 | 0 |
Fair value | $ 952 | $ 143 |
Gross unrealized losses | $ (161) | $ (3) |
Number of securities in a continuous loss position | Securities | 121 | 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 | $ 1,447 | $ 171 |
Less than 12 months, Gross unrealized losses | $ (196) | $ (3) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 187 | 16 |
12 months or more, Fair value | $ 114 | $ 18 |
12 months or more, Gross unrealized losses | $ (38) | $ (1) |
12 months or more, Number of securities in a continuous loss position | Securities | 11 | 2 |
Fair value | $ 1,561 | $ 189 |
Gross unrealized losses | $ (234) | $ (4) |
Number of securities in a continuous loss position | Securities | 198 | 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 | $ 1,249 | $ 268 |
Less than 12 months, Gross unrealized losses | $ (157) | $ (7) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 186 | 26 |
12 months or more, Fair value | $ 128 | $ 0 |
12 months or more, Gross unrealized losses | $ (37) | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 15 | 0 |
Fair value | $ 1,377 | $ 268 |
Gross unrealized losses | $ (194) | $ (7) |
Number of securities in a continuous loss position | Securities | 201 | 26 |
Fixed maturity securities | U.S. corporate | Transportation | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 776 | |
Less than 12 months, Gross unrealized losses | $ (113) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 103 | |
12 months or more, Fair value | $ 9 | |
12 months or more, Gross unrealized losses | $ (2) | |
12 months or more, Number of securities in a continuous loss position | Securities | 3 | |
Fair value | $ 785 | |
Gross unrealized losses | $ (115) | |
Number of securities in a continuous loss position | Securities | 106 | |
Fixed maturity securities | U.S. corporate | Other | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 185 | $ 0 |
Less than 12 months, Gross unrealized losses | $ (20) | $ 0 |
Less than 12 months, Number of securities in a continuous loss position | Securities | 26 | 0 |
12 months or more, Fair value | $ 0 | $ 19 |
12 months or more, Gross unrealized losses | $ 0 | $ (1) |
12 months or more, Number of securities in a continuous loss position | Securities | 0 | 2 |
Fair value | $ 185 | $ 19 |
Gross unrealized losses | $ (20) | $ (1) |
Number of securities in a continuous loss position | Securities | 26 | 2 |
Fixed maturity securities | Non-U.S. corporate | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 6,011 | $ 912 |
Less than 12 months, Gross unrealized losses | $ (791) | $ (21) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 795 | 124 |
12 months or more, Fair value | $ 542 | $ 62 |
12 months or more, Gross unrealized losses | $ (183) | $ (5) |
12 months or more, Number of securities in a continuous loss position | Securities | 84 | 8 |
Fair value | $ 6,553 | $ 974 |
Gross unrealized losses | $ (974) | $ (26) |
Number of securities in a continuous loss position | Securities | 879 | 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 | $ 649 | $ 69 |
Less than 12 months, Gross unrealized losses | $ (79) | $ (2) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 70 | 9 |
12 months or more, Fair value | $ 37 | $ 0 |
12 months or more, Gross unrealized losses | $ (12) | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 6 | 0 |
Fair value | $ 686 | $ 69 |
Gross unrealized losses | $ (91) | $ (2) |
Number of securities in a continuous loss position | Securities | 76 | 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 | $ 711 | $ 64 |
Less than 12 months, Gross unrealized losses | $ (86) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 76 | 10 |
12 months or more, Fair value | $ 12 | $ 0 |
12 months or more, Gross unrealized losses | $ (4) | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 1 | 0 |
Fair value | $ 723 | $ 64 |
Gross unrealized losses | $ (90) | $ (1) |
Number of securities in a continuous loss position | Securities | 77 | 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 | $ 1,390 | $ 366 |
Less than 12 months, Gross unrealized losses | $ (156) | $ (8) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 222 | 43 |
12 months or more, Fair value | $ 247 | $ 18 |
12 months or more, Gross unrealized losses | $ (84) | $ (1) |
12 months or more, Number of securities in a continuous loss position | Securities | 37 | 2 |
Fair value | $ 1,637 | $ 384 |
Gross unrealized losses | $ (240) | $ (9) |
Number of securities in a continuous loss position | Securities | 259 | 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 | $ 482 | $ 67 |
Less than 12 months, Gross unrealized losses | $ (85) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 56 | 12 |
12 months or more, Fair value | $ 48 | $ 6 |
12 months or more, Gross unrealized losses | $ (17) | $ (1) |
12 months or more, Number of securities in a continuous loss position | Securities | 10 | 1 |
Fair value | $ 530 | $ 73 |
Gross unrealized losses | $ (102) | $ (2) |
Number of securities in a continuous loss position | Securities | 66 | 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 | $ 831 | $ 48 |
Less than 12 months, Gross unrealized losses | $ (125) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 106 | 8 |
12 months or more, Fair value | $ 24 | $ 0 |
12 months or more, Gross unrealized losses | $ (8) | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 4 | 0 |
Fair value | $ 855 | $ 48 |
Gross unrealized losses | $ (133) | $ (1) |
Number of securities in a continuous loss position | Securities | 110 | 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 | $ 547 | $ 122 |
Less than 12 months, Gross unrealized losses | $ (73) | $ (3) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 78 | 14 |
12 months or more, Fair value | $ 58 | $ 0 |
12 months or more, Gross unrealized losses | $ (19) | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 7 | 0 |
Fair value | $ 605 | $ 122 |
Gross unrealized losses | $ (92) | $ (3) |
Number of securities in a continuous loss position | Securities | 85 | 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 | $ 432 | $ 78 |
Less than 12 months, Gross unrealized losses | $ (63) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 56 | 8 |
12 months or more, Fair value | $ 39 | $ 0 |
12 months or more, Gross unrealized losses | $ (13) | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 4 | 0 |
Fair value | $ 471 | $ 78 |
Gross unrealized losses | $ (76) | $ (1) |
Number of securities in a continuous loss position | Securities | 60 | 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 | $ 249 | $ 22 |
Less than 12 months, Gross unrealized losses | $ (35) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 34 | 8 |
12 months or more, Fair value | $ 26 | $ 15 |
12 months or more, Gross unrealized losses | $ (7) | $ (1) |
12 months or more, Number of securities in a continuous loss position | Securities | 7 | 3 |
Fair value | $ 275 | $ 37 |
Gross unrealized losses | $ (42) | $ (2) |
Number of securities in a continuous loss position | Securities | 41 | 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 | $ 190 | $ 37 |
Less than 12 months, Gross unrealized losses | $ (27) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 29 | 7 |
12 months or more, Fair value | $ 16 | $ 0 |
12 months or more, Gross unrealized losses | $ (5) | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 3 | 0 |
Fair value | $ 206 | $ 37 |
Gross unrealized losses | $ (32) | $ (1) |
Number of securities in a continuous loss position | Securities | 32 | 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 | $ 530 | $ 39 |
Less than 12 months, Gross unrealized losses | $ (62) | $ (2) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 68 | 5 |
12 months or more, Fair value | $ 35 | $ 23 |
12 months or more, Gross unrealized losses | $ (14) | $ (2) |
12 months or more, Number of securities in a continuous loss position | Securities | 5 | 2 |
Fair value | $ 565 | $ 62 |
Gross unrealized losses | $ (76) | $ (4) |
Number of securities in a continuous loss position | Securities | 73 | 7 |
Fixed maturity securities | Corporate Debt Securities | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 25,679 | $ 3,505 |
Less than 12 months, Gross unrealized losses | $ (3,695) | $ (85) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 3,431 | 390 |
12 months or more, Fair value | $ 1,957 | $ 258 |
12 months or more, Gross unrealized losses | $ (648) | $ (20) |
12 months or more, Number of securities in a continuous loss position | Securities | 252 | 30 |
Fair value | $ 27,636 | $ 3,763 |
Gross unrealized losses | $ (4,343) | $ (105) |
Number of securities in a continuous loss position | Securities | 3,683 | 420 |
Scheduled Maturity Distribution
Scheduled Maturity Distribution of Fixed Maturity Securities (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Amortized cost or cost | ||
Due one year or less | $ 1,132 | |
Due after one year through five years | 8,221 | |
Due after five years through ten years | 13,227 | |
Due after ten years | 22,949 | |
Subtotal | 45,529 | |
Amortized cost or cost, fixed maturity securities | 51,248 | $ 52,611 |
Fair value | ||
Due one year or less | 1,128 | |
Due after one year through five years | 7,856 | |
Due after five years through ten years | 11,751 | |
Due after ten years | 20,235 | |
Subtotal | 40,970 | |
Fair value, fixed maturity securities | 46,215 | $ 60,480 |
Residential mortgage-backed | ||
Amortized cost or cost | ||
Fixed maturity securities | 1,129 | |
Fair value | ||
Fixed maturity securities | 1,069 | |
Commercial mortgage-backed | ||
Amortized cost or cost | ||
Fixed maturity securities | 2,231 | |
Fair value | ||
Fixed maturity securities | 1,989 | |
Other asset-backed | ||
Amortized cost or cost | ||
Fixed maturity securities | 2,359 | |
Fair value | ||
Fixed maturity securities | $ 2,187 |
Distribution Across Property Ty
Distribution Across Property Type and Geographic Region for Commercial Mortgage Loans (Detail) - USD ($) $ in Millions | Sep. 30, 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 | $ 7,086 | $ 6,856 |
% of total | 100% | 100% |
Allowance for credit losses | $ (23) | $ (26) |
Commercial mortgage loans, net | 7,063 | 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 | $ 7,086 | $ 6,856 |
% of total | 100% | 100% |
Allowance for credit losses | $ (23) | $ (26) |
Commercial mortgage loans, net | 7,063 | 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 | $ 1,843 | $ 1,770 |
% of total | 26% | 26% |
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 | $ 1,347 | $ 1,360 |
% of total | 19% | 20% |
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 | $ 1,010 | $ 892 |
% of total | 14% | 13% |
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 | $ 988 | $ 964 |
% of total | 14% | 14% |
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 | $ 575 | $ 483 |
% of total | 8% | 7% |
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 | $ 459 | $ 465 |
% of total | 7% | 7% |
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 | $ 446 | $ 461 |
% of total | 6% | 7% |
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% | 3% |
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 | $ 197 | $ 237 |
% of total | 3% | 3% |
Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,865 | $ 2,774 |
% of total | 40% | 40% |
Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,606 | $ 1,526 |
% of total | 23% | 22% |
Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,504 | $ 1,420 |
% of total | 21% | 21% |
Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 573 | $ 585 |
% of total | 8% | 9% |
Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 351 | $ 330 |
% of total | 5% | 5% |
Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 187 | $ 221 |
% of total | 3% | 3% |
Allowance for Credit Losses and
Allowance for Credit Losses and Recorded Investment in Commercial Mortgage Loans (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | $ 26 | ||||
Ending balance | $ 23 | 23 | $ 26 | ||
Allowance for Credit Losses | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 23 | $ 33 | 26 | $ 31 | 31 |
Provision | 0 | (3) | (4) | (1) | |
Write-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 1 | 0 | |
Ending balance | $ 23 | $ 30 | $ 23 | $ 30 | $ 26 |
Commercial Mortgage Loans By Ye
Commercial Mortgage Loans By Year of Origination and Credit Quality Indicator (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 7,086 | $ 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 | 7,086 | 6,856 |
0% - 50% | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 2,477 | 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 | 2,477 | |
51% - 60% | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 1,363 | 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 | 1,363 | |
61% - 75% | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 3,196 | 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 | 3,196 | |
76% - 100% | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 50 | 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 | 50 | |
Greater than 100% | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | 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 | 0 | |
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 | 265 | 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 | 333 | 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 | 1,047 | 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 | 3,067 | 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 | 2,374 | $ 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 | 760 | |
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 | 15 | |
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 | 50 | |
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 | 695 | |
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 | 7 | |
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 | 17 | |
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 | 188 | |
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 | 496 | |
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 | 52 | |
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 | 932 | |
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 | 41 | |
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 | 61 | |
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 | 830 | |
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 | 9 | |
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 | 1 | |
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 | 70 | |
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 | 618 | |
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 | 234 | |
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 | 512 | |
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 | 99 | |
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 | 77 | |
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 | 336 | |
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 | 6 | |
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 | 16 | |
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 | 66 | |
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 | 209 | |
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 | 215 | |
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 | 716 | |
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 | 107 | |
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 | 138 | |
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 | 463 | |
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 | 8 | |
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 | 39 | |
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 | 27 | |
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 | 165 | |
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 | 274 | |
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 | 211 | |
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 | 847 | |
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 | 187 | |
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 | 247 | |
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 | 385 | |
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 | 28 | |
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 | 59 | |
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 | 95 | |
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 | 141 | |
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 | 350 | |
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 | 202 | |
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 | 3,319 | |
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 | 2,028 | |
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 | 790 | |
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 | 487 | |
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 | 14 | |
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 | 0 | |
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 | 145 | |
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 | 177 | |
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 | 417 | |
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 | 1,120 | |
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 | $ 1,460 |
Debt-to-Value of Commercial Mor
Debt-to-Value of Commercial Mortgage Loans by Property Type (Detail) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 7,086 | $ 6,856 |
Commercial mortgage loans, amortized cost | $ 7,086 | $ 6,856 |
% of total | 100% | 100% |
Weighted-average debt service coverage ratio | 1.95 | 1.93 |
Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,865 | $ 2,774 |
% of total | 40% | 40% |
Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,606 | $ 1,526 |
% of total | 23% | 22% |
Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,504 | $ 1,420 |
% of total | 21% | 21% |
Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 573 | $ 585 |
% of total | 8% | 9% |
Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 351 | $ 330 |
% of total | 5% | 5% |
Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 187 | $ 221 |
% of total | 3% | 3% |
0% - 50% | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,477 | $ 2,480 |
% of total | 35% | 36% |
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 | $ 935 | $ 853 |
0% - 50% | Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 443 | 505 |
0% - 50% | Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 709 | 745 |
0% - 50% | Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 186 | 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 | 95 | 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 | 109 | 57 |
51% - 60% | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,363 | $ 1,539 |
% of total | 19% | 23% |
Weighted-average debt service coverage ratio | 1.98 | 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 | $ 614 | $ 611 |
51% - 60% | Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 278 | 395 |
51% - 60% | Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 269 | 240 |
51% - 60% | Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 98 | 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 | 80 | 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 | 24 | 121 |
61% - 75% | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 3,196 | $ 2,815 |
% of total | 45% | 41% |
Weighted-average debt service coverage ratio | 1.63 | 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 | $ 1,288 | $ 1,310 |
61% - 75% | Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 871 | 604 |
61% - 75% | Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 526 | 435 |
61% - 75% | Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 281 | 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 | 176 | 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 | 54 | 43 |
76% - 100% | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 50 | $ 0 |
% of total | 1% | 0% |
Weighted-average debt service coverage ratio | 1.35 | 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 | $ 28 | $ 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 | 14 | 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% | Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 8 | 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 | $ 0 | $ 22 |
% of total | 0% | 0% |
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% | Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | 22 |
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% | 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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 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 | $ 7,086 | $ 6,856 |
% of total | 100% | 100% |
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 | $ 7,086 | $ 6,856 |
% of total | 100% | 100% |
Weighted-average debt-to-value | 55% | 55% |
Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,865 | $ 2,774 |
% of total | 40% | 40% |
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 | $ 2,865 | $ 2,774 |
Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,606 | $ 1,526 |
% of total | 23% | 22% |
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 | $ 1,606 | $ 1,526 |
Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,504 | $ 1,420 |
% of total | 21% | 21% |
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 | $ 1,504 | $ 1,420 |
Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 573 | $ 585 |
% of total | 8% | 9% |
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 | $ 573 | $ 585 |
Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 351 | $ 330 |
% of total | 5% | 5% |
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 | $ 351 | $ 330 |
Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 187 | $ 221 |
% of total | 3% | 3% |
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 | $ 187 | $ 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 | $ 265 | $ 223 |
% of total | 4% | 3% |
Weighted-average debt-to-value | 61% | 68% |
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 | $ 90 | $ 102 |
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 | 82 | 67 |
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 | 19 | 9 |
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 | 6 | 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 | 26 | 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 | 42 | 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 | $ 333 | $ 559 |
% of total | 5% | 8% |
Weighted-average debt-to-value | 62% | 61% |
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 | $ 73 | $ 166 |
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 | 144 | 109 |
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 | 45 | 64 |
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 | 19 | 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 | 16 | 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 | 36 | 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 | $ 1,047 | $ 791 |
% of total | 15% | 12% |
Weighted-average debt-to-value | 63% | 61% |
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 | $ 483 | $ 405 |
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 | 157 | 167 |
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 | 173 | 82 |
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 | 159 | 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 | 45 | 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 | 30 | 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 | $ 3,067 | $ 2,958 |
% of total | 43% | 43% |
Weighted-average debt-to-value | 60% | 60% |
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 | $ 1,383 | $ 1,375 |
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 | 672 | 593 |
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 | 592 | 599 |
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 | 244 | 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 | 162 | 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 | 14 | 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 | $ 2,374 | $ 2,325 |
% of total | 33% | 34% |
Weighted-average debt-to-value | 44% | 43% |
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 | $ 836 | $ 726 |
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 | 551 | 590 |
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 | 675 | 666 |
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 | 145 | 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 | 102 | 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 | $ 65 | $ 30 |
Schedule of Positions in Deriva
Schedule of Positions in Derivative Instruments (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Derivative assets, fair value | $ 113 | $ 433 | |
Derivative liabilities, fair value | 953 | 616 | |
Policyholder account balances | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 493 | 590 | |
Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 460 | 26 | |
Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 95 | 414 | |
Interest rate swaps | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 460 | 26 | |
Interest rate swaps | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 25 | 364 | |
Foreign currency swaps | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 32 | 6 | |
Equity index options | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 38 | 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] | 259 | 271 |
GMWB embedded derivatives | Reinsurance recoverable | |||
Derivative [Line Items] | |||
Derivative assets, fair value | [2] | 18 | 19 |
Fixed index annuity embedded derivatives | Policyholder account balances | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 219 | 294 | |
Indexed universal life embedded derivatives | Policyholder account balances | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 15 | 25 | |
Designated As Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 57 | 370 | |
Derivative liabilities, fair value | 460 | 26 | |
Designated As Hedging Instrument | Cash Flow Hedges | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 57 | 370 | |
Derivative liabilities, fair value | 460 | 26 | |
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 460 | 26 | |
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 25 | 364 | |
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 0 | 0 | |
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 32 | 6 | |
Derivatives not designated as hedges | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 56 | 63 | |
Derivative liabilities, fair value | 493 | 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 | 38 | 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] | 259 | 271 |
Derivatives not designated as hedges | GMWB embedded derivatives | Reinsurance recoverable | |||
Derivative [Line Items] | |||
Derivative assets, fair value | [4] | 18 | 19 |
Derivatives not designated as hedges | Fixed index annuity embedded derivatives | Policyholder account balances | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | [5] | 219 | 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] | 15 | 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 | 9 Months Ended |
Sep. 30, 2022 USD ($) Policies | |
Derivative [Line Items] | |
Notional amount, beginning balance | $ 10,255 |
Additions | 4,405 |
Maturities/ terminations | (4,118) |
Notional amount, ending balance | 10,542 |
Designated As Hedging Instrument | |
Derivative [Line Items] | |
Notional amount, beginning balance | 7,780 |
Additions | 799 |
Maturities/ terminations | (140) |
Notional amount, ending balance | 8,439 |
Designated As Hedging Instrument | Cash Flow Hedges | |
Derivative [Line Items] | |
Notional amount, beginning balance | 7,780 |
Additions | 799 |
Maturities/ terminations | (140) |
Notional amount, ending balance | 8,439 |
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | |
Derivative [Line Items] | |
Notional amount, beginning balance | 7,653 |
Additions | 782 |
Maturities/ terminations | (140) |
Notional amount, ending balance | 8,295 |
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | |
Derivative [Line Items] | |
Notional amount, beginning balance | 127 |
Additions | 17 |
Maturities/ terminations | 0 |
Notional amount, ending balance | 144 |
Derivatives not designated as hedges | |
Derivative [Line Items] | |
Notional amount, beginning balance | 2,475 |
Additions | 3,606 |
Maturities/ terminations | (3,978) |
Notional amount, ending balance | 2,103 |
Derivatives not designated as hedges | Equity index options | |
Derivative [Line Items] | |
Notional amount, beginning balance | 1,446 |
Additions | 707 |
Maturities/ terminations | (957) |
Notional amount, ending balance | 1,196 |
Derivatives not designated as hedges | Financial futures | |
Derivative [Line Items] | |
Notional amount, beginning balance | 946 |
Additions | 2,899 |
Maturities/ terminations | (2,938) |
Notional amount, ending balance | 907 |
Derivatives not designated as hedges | Other foreign currency contracts | |
Derivative [Line Items] | |
Notional amount, beginning balance | 83 |
Additions | 0 |
Maturities/ terminations | (83) |
Notional amount, ending balance | $ 0 |
Derivatives not designated as hedges | GMWB embedded derivatives | |
Derivative [Line Items] | |
Notional amount, beginning balance | Policies | 21,804 |
Additions | Policies | 0 |
Maturities/ terminations | Policies | (1,427) |
Notional amount, ending balance | Policies | 20,377 |
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 | (1,567) |
Notional amount, ending balance | Policies | 7,777 |
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 | (24) |
Notional amount, ending balance | Policies | 782 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (loss) recognized in OCI | $ (110) | $ 32 | $ (753) | $ (146) |
Gain (loss) reclassified into net income from OCI | 58 | 58 | 171 | 162 |
Gain (loss) recognized in net income (loss) | 0 | 0 | 0 | 0 |
Interest Rate Swaps Hedging Assets | Net Investment Income | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (loss) recognized in OCI | (125) | 27 | (780) | (188) |
Gain (loss) reclassified into net income from OCI | 55 | 58 | 167 | 162 |
Gain (loss) recognized in net income (loss) | 0 | 0 | 0 | 0 |
Interest Rate Swaps Hedging Assets | Net Investment Gains (Losses) | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (loss) recognized in OCI | 0 | 0 | 0 | 0 |
Gain (loss) reclassified into net income from OCI | 3 | 1 | 5 | 1 |
Gain (loss) recognized in net income (loss) | 0 | 0 | 0 | 0 |
Interest Rate Swaps Hedging Liabilities | Interest Expense | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (loss) recognized in OCI | 0 | 0 | 36 | |
Gain (loss) reclassified into net income from OCI | (1) | (2) | (1) | |
Gain (loss) recognized in net income (loss) | 0 | 0 | 0 | |
Foreign currency swaps | Net Investment Income | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (loss) recognized in OCI | 15 | 5 | 27 | 6 |
Gain (loss) reclassified into net income from OCI | 0 | 0 | 1 | 0 |
Gain (loss) recognized in net income (loss) | $ 0 | $ 0 | $ 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments [Abstract] | ||||
Derivatives qualifying as effective accounting hedges, beginning of period | $ 1,445 | $ 2,003 | $ 2,025 | $ 2,211 |
Current period increases (decreases) in fair value, net of deferred taxes | (98) | 25 | (604) | (115) |
Reclassification to net (income), net of deferred taxes | (37) | (37) | (111) | (105) |
Derivatives qualifying as effective accounting hedges, end of period | $ 1,310 | $ 1,991 | $ 1,310 | $ 1,991 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Current period increases (decreases) in fair value, deferred taxes | $ 12 | $ (7) | $ 149 | $ 31 |
Reclassification to net (income), deferred taxes | $ 21 | $ 21 | $ 60 | $ 57 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 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 | $ 1,310 | $ 1,991 | $ 1,445 | $ 2,025 | $ 2,003 | $ 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 | $ 144 | |||||
Amount reclassified to net income (loss) in connection with forecasted transactions that were no longer considered probable of occurring | $ 7 | $ 8 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net income | $ (8) | $ (4) | $ 3 | $ 8 |
Interest rate swaps | Net Investment Gains (Losses) | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net income | 0 | (1) | 0 | 2 |
Equity index options | Net Investment Gains (Losses) | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net income | 5 | 0 | (2) | 9 |
Financial futures | Net Investment Gains (Losses) | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net income | (34) | 0 | (64) | (102) |
GMWB embedded derivatives | Net Investment Gains (Losses) | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net income | 22 | (4) | 28 | 103 |
Fixed index annuity embedded derivatives | Net Investment Gains (Losses) | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net income | (5) | (3) | 18 | (21) |
Indexed universal life embedded derivatives | Net Investment Gains (Losses) | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net income | $ 4 | $ 4 | $ 23 | $ 17 |
Additional Information about De
Additional Information about Derivative Assets and Liabilities Subject to Enforceable Master Netting Arrangement (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Gross amounts recognized, derivatives assets | $ 113 | $ 433 | |
Gross amounts recognized, derivatives liabilities | 953 | 616 | |
Subject to enforceable master netting arrangement | |||
Derivative [Line Items] | |||
Gross amounts recognized, net derivatives | (365) | 388 | |
Gross amounts offset in the balance sheet, net derivatives | 0 | 0 | |
Net amounts presented in the balance sheet, net derivatives | (365) | 388 | |
Gross amounts not offset in the balance sheet, financial instruments, net derivatives | [1] | 0 | 0 |
Collateral received | (47) | (308) | |
Collateral pledged | 948 | 536 | |
Over collateralization, net derivatives | (521) | (528) | |
Net amount | 15 | 88 | |
Subject to enforceable master netting arrangement | Derivative assets | |||
Derivative [Line Items] | |||
Gross amounts recognized, derivatives assets | [2] | 95 | 414 |
Gross amounts offset in the balance sheet, derivatives assets | [2] | 0 | 0 |
Net amounts presented in the balance sheet, derivatives assets | [2] | 95 | 414 |
Gross amounts not offset in the balance sheet, financial instruments, derivatives assets | [1],[2] | (33) | (20) |
Collateral received | [2] | (47) | (308) |
Collateral pledged | [2] | 0 | 0 |
Over collateralization, derivatives assets | [2] | 0 | 2 |
Net amount, derivatives assets | [2] | 15 | 88 |
Subject to enforceable master netting arrangement | Derivative liabilities | |||
Derivative [Line Items] | |||
Gross amounts recognized, derivatives liabilities | [2] | 460 | 26 |
Gross amounts offset in the balance sheet, derivatives liabilities | [2] | 0 | 0 |
Net amounts presented in the balance sheet, derivatives liabilities | [2] | 460 | 26 |
Gross amounts not offset in the balance sheet, financial instruments, derivative liabilities | [1],[2] | (33) | (20) |
Collateral received | [2] | 0 | 0 |
Collateral pledged | [2] | (948) | (536) |
Over collateralization, derivatives liabilities | [2] | 521 | 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]Does not include amounts related to embedded derivatives as of September 30, 2022 and December 31, 2021. |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Detail) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 46,215 | $ 60,480 |
GMWB non-performance risk impact | $ 37 | 49 |
Period end valuation | 0 | |
Fixed maturity securities | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 46,215 | 60,480 |
Fixed maturity securities | U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 26,562 | 34,924 |
Fixed maturity securities | Non-U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 7,947 | 10,535 |
Level 2 | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 43,090 | 56,672 |
Level 2 | Other invested assets | Nonrecurring fair value | ||
Fair Value of Financial Instruments [Line Items] | ||
Real estate owned | 27 | 4 |
Level 2 | Fixed maturity securities | U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 24,516 | 32,543 |
Level 2 | Fixed maturity securities | Non-U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 7,073 | 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 | 88% | |
Level 2 | Fixed maturity securities | Third-Party Pricing Services | U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 23,111 | |
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 | 6,225 | |
Level 2 | Fixed maturity securities | Internal models | U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 1,405 | |
Level 2 | Fixed maturity securities | Internal models | Non-U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 848 | |
Level 3 | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 3,125 | 3,808 |
Level 3 | Fixed maturity securities | U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 2,046 | 2,381 |
Level 3 | Fixed maturity securities | Non-U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 874 | $ 1,162 |
Level 3 | Fixed maturity securities | Internal models | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 2,838 | |
Level 3 | Fixed maturity securities | Broker Quotes | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 287 | |
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 | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | $ 46,215 | $ 60,480 |
Fixed maturity securities | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 46,215 | 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 | 3,307 | 4,552 |
Fixed maturity securities | State and Political Subdivisions | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 2,532 | 3,450 |
Fixed maturity securities | Non-U.S. government | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 622 | 835 |
Fixed maturity securities | U.S. corporate | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 26,562 | 34,924 |
Fixed maturity securities | Non-U.S. corporate | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 7,947 | 10,535 |
Fixed maturity securities | Residential mortgage-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 1,069 | 1,440 |
Fixed maturity securities | Commercial mortgage-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 1,989 | 2,584 |
Fixed maturity securities | Other asset-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 2,187 | 2,160 |
Level 2 | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 43,090 | 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 | 3,307 | 4,552 |
Level 2 | Fixed maturity securities | State and Political Subdivisions | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 2,476 | 3,368 |
Level 2 | Fixed maturity securities | Non-U.S. government | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 620 | 833 |
Level 2 | Fixed maturity securities | U.S. corporate | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 24,516 | 32,543 |
Level 2 | Fixed maturity securities | Non-U.S. corporate | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 7,073 | 9,373 |
Level 2 | Fixed maturity securities | Residential mortgage-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 1,044 | 1,413 |
Level 2 | Fixed maturity securities | Commercial mortgage-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 1,977 | 2,568 |
Level 2 | Fixed maturity securities | Other asset-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 2,077 | $ 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 | $ 3,307 | |
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 | $ 2,476 | |
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 | $ 620 | |
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 | $ 23,111 | |
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 | $ 6,225 | |
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 | $ 1,044 | |
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 | $ 1,977 | |
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 | $ 2,077 | |
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 | Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | $ 46,215 | $ 60,480 | |
Available-for-sale equity securities | 274 | 198 | |
Derivative assets, fair value | 113 | 433 | |
Limited partnerships | 2,195 | 1,900 | |
Total other invested assets | 590 | 820 | |
Separate account assets | 4,298 | 6,066 | |
Total assets | 52,609 | 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] | 1,683 | 1,436 |
Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 95 | 414 | |
Short-term investments | 2 | 26 | |
Total other invested assets | 97 | 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 | 25 | 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 | 32 | 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 | 38 | 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] | 18 | 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 | 46,215 | 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 | 3,307 | 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 | 2,532 | 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 | 622 | 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 | 26,562 | 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 | 3,803 | 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 | 2,206 | 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 | 7,059 | 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 | 4,365 | 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 | 2,873 | 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 | 1,161 | 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 | 2,131 | 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 | 1,584 | 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 | 1,050 | 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 | 330 | 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 | 7,947 | 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 | 721 | 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 | 983 | 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 | 1,958 | 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 | 557 | 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 | 874 | 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 | 791 | 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 | 532 | 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 | 275 | 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 | 370 | 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 | 886 | 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 | 1,069 | 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 | 1,989 | 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 | 2,187 | 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 | 1,707 | 1,462 | |
Limited partnerships | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Limited partnerships | [1] | 1,683 | 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 | 189 | 101 | |
Separate account assets | 4,298 | 6,066 | |
Total assets | 4,487 | 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 | 43,090 | 56,672 | |
Available-for-sale equity securities | 50 | 60 | |
Separate account assets | 0 | 0 | |
Total assets | 43,199 | 57,130 | |
Level 2 | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 57 | 372 | |
Short-term investments | 2 | 26 | |
Total other invested assets | 59 | 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 | 25 | 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 | 32 | 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 | 3,307 | 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 | 2,476 | 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 | 620 | 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 | 24,516 | 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 | 3,035 | 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 | 2,091 | 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 | 6,430 | 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 | 4,283 | 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 | 2,849 | 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 | 1,129 | 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 | 2,094 | 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 | 1,471 | 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 | 997 | 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 | 137 | 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 | 7,073 | 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 | 446 | 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 | 861 | 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 | 1,835 | 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 | 483 | 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 | 849 | 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 | 745 | 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 | 440 | 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 | 200 | 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 | 349 | 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 | 865 | 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 | 1,044 | 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 | 1,977 | 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 | 2,077 | 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 | 3,125 | 3,808 | |
Available-for-sale equity securities | 35 | 37 | |
Separate account assets | 0 | 0 | |
Total assets | 3,240 | 3,932 | |
Level 3 | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 38 | 42 | |
Short-term investments | 0 | 0 | |
Total other invested assets | 38 | 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 | 38 | 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] | 18 | 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 | 56 | 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 | 2 | 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 | 2,046 | 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 | 768 | 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 | 115 | 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 | 629 | 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 | 82 | 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 | 24 | 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 | 32 | 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 | 37 | 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 | 113 | 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 | 53 | 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 | 193 | 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 | 874 | 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 | 275 | 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 | 122 | 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 | 123 | 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 | 74 | 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 | 25 | 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 | 46 | 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 | 92 | 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 | 75 | 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 | 21 | 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 | 21 | 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 | 25 | 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 | 12 | 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 | 110 | 138 | |
Level 3 | Limited partnerships | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Limited partnerships | $ 24 | $ 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 | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | $ 3,469 | $ 3,889 | $ 3,932 | $ 4,246 | |
Total realized and unrealized gains (losses), Included in net income | 7 | 14 | 1 | 18 | |
Total realized and unrealized gains (losses), Included in OCI | (178) | (19) | (734) | (22) | |
Purchases | 77 | 232 | 350 | 413 | |
Sales | (8) | 0 | (26) | (10) | |
Issuances | 0 | 0 | 0 | 1 | |
Settlements | (86) | (192) | (198) | (432) | |
Transfer into Level 3 | [1] | 1 | 21 | 103 | 71 |
Transfer out of Level 3 | [1] | (42) | (140) | (188) | (480) |
Ending balance | 3,240 | 3,805 | 3,240 | 3,805 | |
Total gains (losses) included in net income attributable to assets still held | (3) | 2 | 17 | 2 | |
Total gains (losses) included in OCI attributable to assets still held | (178) | (11) | (721) | (33) | |
Other invested assets | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 30 | 47 | 42 | 63 | |
Total realized and unrealized gains (losses), Included in net income | 5 | 0 | (2) | 9 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 3 | 5 | 11 | 15 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (19) | (13) | (54) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 38 | 33 | 38 | 33 | |
Total gains (losses) included in net income attributable to assets still held | (5) | (1) | 14 | 3 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | 0 | 0 | |
Other invested assets | Derivative assets | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 30 | 47 | 42 | 63 | |
Total realized and unrealized gains (losses), Included in net income | 5 | 0 | (2) | 9 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 3 | 5 | 11 | 15 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (19) | (13) | (54) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 38 | 33 | 38 | 33 | |
Total gains (losses) included in net income attributable to assets still held | (5) | (1) | 14 | 3 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | 0 | 0 | |
Other invested assets | Derivative assets | Equity index options | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 30 | 47 | 42 | 63 | |
Total realized and unrealized gains (losses), Included in net income | 5 | 0 | (2) | 9 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 3 | 5 | 11 | 15 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (19) | (13) | (54) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 38 | 33 | 38 | 33 | |
Total gains (losses) included in net income attributable to assets still held | (5) | (1) | 14 | 3 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | 0 | 0 | |
Reinsurance recoverable | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | [2] | 19 | 18 | 19 | 26 |
Total realized and unrealized gains (losses), Included in net income | [2] | (1) | 1 | (1) | (8) |
Total realized and unrealized gains (losses), Included in OCI | [2] | 0 | 0 | 0 | 0 |
Purchases | [2] | 0 | 0 | 0 | 0 |
Sales | [2] | 0 | 0 | 0 | 0 |
Issuances | [2] | 0 | 0 | 0 | 1 |
Settlements | [2] | 0 | 0 | 0 | 0 |
Transfer into Level 3 | [1],[2] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1],[2] | 0 | 0 | 0 | 0 |
Ending balance | [2] | 18 | 19 | 18 | 19 |
Total gains (losses) included in net income attributable to assets still held | [2] | (1) | 1 | (1) | (8) |
Total gains (losses) included in OCI attributable to assets still held | [2] | 0 | 0 | 0 | 0 |
Fixed maturity securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 3,362 | 3,760 | 3,808 | 4,089 | |
Total realized and unrealized gains (losses), Included in net income | 2 | 13 | 6 | 16 | |
Total realized and unrealized gains (losses), Included in OCI | (178) | (19) | (734) | (22) | |
Purchases | 74 | 227 | 339 | 390 | |
Sales | (8) | 0 | (25) | (2) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (86) | (172) | (185) | (372) | |
Transfer into Level 3 | [1] | 1 | 21 | 103 | 71 |
Transfer out of Level 3 | [1] | (42) | (140) | (187) | (480) |
Ending balance | 3,125 | 3,690 | 3,125 | 3,690 | |
Total gains (losses) included in net income attributable to assets still held | 2 | 2 | 6 | 6 | |
Total gains (losses) included in OCI attributable to assets still held | (178) | (11) | (721) | (33) | |
Fixed maturity securities | State and political subdivisions | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 63 | 75 | 82 | 66 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 1 | 2 | 3 | |
Total realized and unrealized gains (losses), Included in OCI | (7) | 3 | (28) | 10 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 56 | 79 | 56 | 79 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 1 | 2 | 3 | |
Total gains (losses) included in OCI attributable to assets still held | (8) | 3 | (29) | 10 | |
Fixed maturity securities | U.S. corporate | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 2,150 | 2,202 | 2,381 | 2,272 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (116) | (12) | (489) | (25) | |
Purchases | 39 | 168 | 230 | 269 | |
Sales | (7) | 0 | (7) | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (20) | (63) | (51) | (138) | |
Transfer into Level 3 | [1] | 0 | 8 | 70 | 56 |
Transfer out of Level 3 | [1] | 0 | (35) | (88) | (166) |
Ending balance | 2,046 | 2,268 | 2,046 | 2,268 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (117) | (10) | (481) | (26) | |
Fixed maturity securities | U.S. corporate | Utilities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 810 | 842 | 950 | 842 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (59) | (5) | (224) | (12) | |
Purchases | 23 | 46 | 58 | 62 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (6) | (3) | (7) | (17) | |
Transfer into Level 3 | [1] | 0 | 0 | 2 | 18 |
Transfer out of Level 3 | [1] | 0 | 0 | (11) | (13) |
Ending balance | 768 | 880 | 768 | 880 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (58) | (5) | (223) | (11) | |
Fixed maturity securities | U.S. corporate | Energy | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 122 | 77 | 76 | 128 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (6) | 0 | (21) | 4 | |
Purchases | 0 | 50 | 0 | 50 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (1) | (3) | (8) | (6) | |
Transfer into Level 3 | [1] | 0 | 8 | 68 | 8 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | (52) |
Ending balance | 115 | 132 | 115 | 132 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (6) | 0 | (21) | 0 | |
Fixed maturity securities | U.S. corporate | Finance and insurance | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 654 | 661 | 685 | 607 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (32) | (5) | (155) | (10) | |
Purchases | 16 | 72 | 167 | 145 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (9) | (20) | (12) | (45) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 17 |
Transfer out of Level 3 | [1] | 0 | (31) | (56) | (37) |
Ending balance | 629 | 677 | 629 | 677 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (33) | (4) | (149) | (9) | |
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 86 | 109 | 104 | 109 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (3) | (1) | (14) | (2) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (1) | 0 | (8) | (2) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 3 |
Transfer out of Level 3 | [1] | 0 | (3) | 0 | (3) |
Ending balance | 82 | 105 | 82 | 105 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (3) | 0 | (14) | (2) | |
Fixed maturity securities | U.S. corporate | Technology and communications | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 25 | 30 | 29 | 47 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (1) | (1) | (5) | (1) | |
Purchases | 0 | 0 | 0 | 12 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 4 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | (33) |
Ending balance | 24 | 29 | 24 | 29 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (1) | (1) | (5) | (2) | |
Fixed maturity securities | U.S. corporate | Industrial | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 33 | 20 | 37 | 40 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (1) | 0 | (5) | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | (20) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 32 | 20 | 32 | 20 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | (4) | 0 | |
Fixed maturity securities | U.S. corporate | Capital goods | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 38 | 59 | 45 | 60 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (1) | 0 | (8) | (1) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (10) | 0 | (10) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 37 | 49 | 37 | 49 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (2) | 0 | (8) | (1) | |
Fixed maturity securities | U.S. corporate | Consumer-cyclical | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 119 | 139 | 137 | 150 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (5) | 0 | (20) | (1) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (1) | (2) | (4) | (4) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | (8) |
Ending balance | 113 | 137 | 113 | 137 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (5) | 0 | (20) | (1) | |
Fixed maturity securities | U.S. corporate | Transportation | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 56 | 67 | 64 | 70 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (2) | 0 | (8) | 0 | |
Purchases | 0 | 0 | 5 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (1) | (2) | (4) | (5) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | (4) | 0 |
Ending balance | 53 | 65 | 53 | 65 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (2) | 0 | (8) | 0 | |
Fixed maturity securities | U.S. corporate | Other | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 207 | 198 | 254 | 219 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (6) | 0 | (29) | (2) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | (7) | 0 | (7) | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (1) | (23) | (8) | (29) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 6 |
Transfer out of Level 3 | [1] | 0 | (1) | (17) | (20) |
Ending balance | 193 | 174 | 193 | 174 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (7) | 0 | (29) | 0 | |
Fixed maturity securities | Non-U.S. corporate | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 973 | 1,362 | 1,162 | 1,608 | |
Total realized and unrealized gains (losses), Included in net income | 2 | 12 | 4 | 13 | |
Total realized and unrealized gains (losses), Included in OCI | (46) | (9) | (191) | (7) | |
Purchases | 9 | 20 | 22 | 79 | |
Sales | 0 | 0 | (10) | (2) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (64) | (102) | (127) | (217) | |
Transfer into Level 3 | [1] | 0 | 3 | 28 | 3 |
Transfer out of Level 3 | [1] | 0 | (105) | (14) | (296) |
Ending balance | 874 | 1,181 | 874 | 1,181 | |
Total gains (losses) included in net income attributable to assets still held | 2 | 1 | 4 | 3 | |
Total gains (losses) included in OCI attributable to assets still held | (47) | (4) | (190) | (17) | |
Fixed maturity securities | Non-U.S. corporate | Utilities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 309 | 348 | 345 | 352 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (16) | (4) | (62) | (6) | |
Purchases | 0 | 0 | 10 | 30 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (18) | 0 | (18) | (8) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | (24) |
Ending balance | 275 | 344 | 275 | 344 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (17) | (3) | (62) | (6) | |
Fixed maturity securities | Non-U.S. corporate | Energy | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 133 | 152 | 145 | 245 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (4) | (1) | (18) | 7 | |
Purchases | 0 | 0 | 3 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (7) | (5) | (8) | (27) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | (79) |
Ending balance | 122 | 146 | 122 | 146 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (3) | (1) | (18) | 3 | |
Fixed maturity securities | Non-U.S. corporate | Finance and insurance | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 132 | 202 | 160 | 305 | |
Total realized and unrealized gains (losses), Included in net income | 2 | 1 | 4 | 2 | |
Total realized and unrealized gains (losses), Included in OCI | (11) | 0 | (41) | 1 | |
Purchases | 0 | 1 | 0 | 1 | |
Sales | 0 | 0 | 0 | (2) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (10) | 0 | (62) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | (33) | 0 | (84) |
Ending balance | 123 | 161 | 123 | 161 | |
Total gains (losses) included in net income attributable to assets still held | 2 | 1 | 4 | 3 | |
Total gains (losses) included in OCI attributable to assets still held | (12) | (1) | (42) | (12) | |
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 67 | 74 | 63 | 67 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 1 | 0 | 1 | |
Total realized and unrealized gains (losses), Included in OCI | (2) | (1) | (9) | (2) | |
Purchases | 9 | 0 | 9 | 8 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (13) | 0 | (13) | |
Transfer into Level 3 | [1] | 0 | 3 | 11 | 3 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 74 | 64 | 74 | 64 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (2) | 0 | (9) | (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 | 26 | 28 | 28 | 28 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (1) | 0 | (3) | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 25 | 28 | 25 | 28 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (1) | 0 | (3) | 0 | |
Fixed maturity securities | Non-U.S. corporate | Industrial | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 69 | 94 | 93 | 95 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 1 | 0 | 1 | |
Total realized and unrealized gains (losses), Included in OCI | (3) | (2) | (13) | (3) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (20) | (14) | (20) | (14) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | (14) | 0 |
Ending balance | 46 | 79 | 46 | 79 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (3) | 0 | (12) | (1) | |
Fixed maturity securities | Non-U.S. corporate | Capital goods | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 115 | 181 | 173 | 178 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (4) | 3 | (19) | 1 | |
Purchases | 0 | 19 | 0 | 24 | |
Sales | 0 | 0 | (10) | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (19) | 0 | (52) | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 92 | 203 | 92 | 203 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (3) | 2 | (18) | 1 | |
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 79 | 147 | 76 | 146 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (4) | 0 | (18) | 0 | |
Purchases | 0 | 0 | 0 | 16 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 17 | 0 |
Transfer out of Level 3 | [1] | 0 | (72) | 0 | (87) |
Ending balance | 75 | 75 | 75 | 75 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (4) | 0 | (18) | 0 | |
Fixed maturity securities | Non-U.S. corporate | Transportation | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 21 | 83 | 53 | 109 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 3 | 0 | 3 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | (2) | (3) | (2) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (30) | (29) | (49) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | (7) |
Ending balance | 21 | 54 | 21 | 54 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (1) | (1) | (4) | 0 | |
Fixed maturity securities | Non-U.S. corporate | Other | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 22 | 53 | 26 | 83 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 6 | 0 | 6 | |
Total realized and unrealized gains (losses), Included in OCI | (1) | (2) | (5) | (3) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (30) | 0 | (44) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | (15) |
Ending balance | 21 | 27 | 21 | 27 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (1) | 0 | (4) | (1) | |
Fixed maturity securities | Residential mortgage-backed | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 30 | 13 | 27 | 14 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (1) | 0 | (4) | 0 | |
Purchases | 0 | 0 | 13 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (1) | (2) | (2) | |
Transfer into Level 3 | [1] | 0 | 10 | 4 | 10 |
Transfer out of Level 3 | [1] | (4) | 0 | (13) | 0 |
Ending balance | 25 | 22 | 25 | 22 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | (2) | 0 | |
Fixed maturity securities | Commercial mortgage-backed | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 14 | 20 | 16 | 20 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (3) | (1) | (5) | (1) | |
Purchases | 0 | 1 | 0 | 1 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 1 | 0 | 1 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 12 | 20 | 12 | 20 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (2) | 0 | (5) | (1) | |
Fixed maturity securities | Other asset-backed | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 129 | 88 | 138 | 109 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (5) | 0 | (17) | 1 | |
Purchases | 26 | 36 | 72 | 39 | |
Sales | 0 | 0 | (6) | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (2) | (6) | (5) | (15) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 2 |
Transfer out of Level 3 | [1] | (38) | 0 | (72) | (18) |
Ending balance | 110 | 118 | 110 | 118 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (4) | 0 | (14) | 1 | |
Fixed maturity securities | Non-U.S. government | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 3 | 0 | 2 | 0 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 2 | 2 | 2 | |
Sales | (1) | 0 | (2) | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 2 | 2 | 2 | 2 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | 0 | 0 | |
Equity Securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 35 | 38 | 37 | 51 | |
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | (1) | (8) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (1) | 0 | (6) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | (1) | 0 |
Ending balance | 35 | 37 | 35 | 37 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | 0 | 0 | |
Limited Partnerships | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 23 | 26 | 26 | 17 | |
Total realized and unrealized gains (losses), Included in net income | 1 | 0 | (2) | 1 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 8 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 24 | 26 | 24 | 26 | |
Total gains (losses) included in net income attributable to assets still held | 1 | 0 | (2) | 1 | |
Total gains (losses) included in OCI attributable to assets still held | $ 0 | $ 0 | $ 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Fair value of financial instruments [Abstract] | ||||
Total realized and unrealized gains (losses) included in net income, assets | $ 7 | $ 14 | $ 1 | $ 18 |
Total gains (losses) included in net income attributable to assets still held, assets | (3) | 2 | 17 | 2 |
Net Investment Income | ||||
Fair value of financial instruments [Abstract] | ||||
Total realized and unrealized gains (losses) included in net income, assets | 2 | 13 | 6 | 16 |
Total gains (losses) included in net income attributable to assets still held, assets | 2 | 2 | 6 | 6 |
Net investment gains (losses) | ||||
Fair value of financial instruments [Abstract] | ||||
Total realized and unrealized gains (losses) included in net income, assets | 5 | 1 | (5) | 2 |
Total gains (losses) included in net income attributable to assets still held, assets | $ (5) | $ 0 | $ 11 | $ (4) |
Summary of Significant Unobserv
Summary of Significant Unobservable Inputs Used for Fair Value Measurements Classified As Level 3 (Detail) $ in Millions | 9 Months Ended | |||
Sep. 30, 2022 USD ($) bps | Dec. 31, 2021 USD ($) | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Derivative liabilities, fair value | $ | $ 953 | $ 616 | ||
Fixed maturity securities available-for-sale, at fair value | $ | 46,215 | 60,480 | ||
Derivative assets, fair value | $ | 113 | 433 | ||
Policyholder account balances | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Derivative liabilities, fair value | $ | 493 | 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] | 259 | 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 | $ | 219 | 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 | $ | 15 | 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 | $ | $ 3,125 | 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 | $ | $ 38 | |||
Fair value input, equity index volatility, lower limit | 6% | |||
Fair value input, equity index volatility, upper limit | 31% | |||
Fair value input, equity index volatility, weighted-average | [2] | 23% | ||
Level 3 | Policyholder account balances | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Derivative liabilities, fair value | $ | $ 493 | 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 | [3] | Stochastic cash flow model | ||
Derivative liabilities, fair value | $ | [1] | $ 259 | [3] | 271 |
Fair value, withdrawal utilization rate, lower limit | 61% | |||
Fair value, withdrawal utilization rate, upper limit | 88% | |||
Fair value, lapse rate, lower limit | 2% | |||
Fair value, lapse rate, upper limit | 9% | |||
Fair value input, credit spreads, lower limit | 37 | |||
Fair value input, credit spreads, upper limit | 83 | |||
Fair value input, credit spreads, weighted-average | [4] | 70 | ||
Fair value input, equity index volatility, lower limit | [3] | 21% | ||
Fair value input, equity index volatility, upper limit | [3] | 30% | ||
Fair value, withdrawal utilization rate, weighted-average | [4] | 77% | ||
Fair value, lapse rate, weighted-average | [4] | 2% | ||
Fair value input, equity index volatility, weighted-average | [3],[4] | 25% | ||
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 | $ | $ 219 | 294 | ||
Fair value, expected future interest credited, lower limit | 0% | |||
Fair value, expected future interest credited, upper limit | 3% | |||
Fair value, expected future interest credited, weighted-average | [4] | 1% | ||
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 | $ | $ 15 | $ 25 | ||
Fair value, expected future interest credited, lower limit | 2% | |||
Fair value, expected future interest credited, upper limit | 14% | |||
Fair value, expected future interest credited, weighted-average | [4] | 5% | ||
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 | $ | $ 1,884 | |||
Fair value input, credit spreads, lower limit | 40 | |||
Fair value input, credit spreads, upper limit | 324 | |||
Fair value input, credit spreads, weighted-average | [2] | 193 | ||
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 | $ | $ 740 | |||
Fair value input, credit spreads, lower limit | 62 | |||
Fair value input, credit spreads, upper limit | 304 | |||
Fair value input, credit spreads, weighted-average | [2] | 183 | ||
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 | $ | $ 44 | |||
Fair value input, credit spreads, lower limit | 153 | |||
Fair value input, credit spreads, upper limit | 324 | |||
Fair value input, credit spreads, weighted-average | [2] | 230 | ||
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 | $ | $ 623 | |||
Fair value input, credit spreads, lower limit | 66 | |||
Fair value input, credit spreads, upper limit | 316 | |||
Fair value input, credit spreads, weighted-average | [2] | 226 | ||
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 | $ | $ 82 | |||
Fair value input, credit spreads, lower limit | 67 | |||
Fair value input, credit spreads, upper limit | 324 | |||
Fair value input, credit spreads, weighted-average | [2] | 167 | ||
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 | $ | $ 24 | |||
Fair value input, credit spreads, lower limit | 120 | |||
Fair value input, credit spreads, upper limit | 202 | |||
Fair value input, credit spreads, weighted-average | [2] | 169 | ||
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 | $ | $ 32 | |||
Fair value input, credit spreads, lower limit | 151 | |||
Fair value input, credit spreads, upper limit | 280 | |||
Fair value input, credit spreads, weighted-average | [2] | 209 | ||
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 | $ | $ 37 | |||
Fair value input, credit spreads, lower limit | 82 | |||
Fair value input, credit spreads, upper limit | 269 | |||
Fair value input, credit spreads, weighted-average | [2] | 180 | ||
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 | $ | $ 113 | |||
Fair value input, credit spreads, lower limit | 103 | |||
Fair value input, credit spreads, upper limit | 251 | |||
Fair value input, credit spreads, weighted-average | [2] | 180 | ||
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 | $ | $ 44 | |||
Fair value input, credit spreads, lower limit | 40 | |||
Fair value input, credit spreads, upper limit | 208 | |||
Fair value input, credit spreads, weighted-average | [2] | 138 | ||
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 | $ | $ 145 | |||
Fair value input, credit spreads, lower limit | 108 | |||
Fair value input, credit spreads, upper limit | 226 | |||
Fair value input, credit spreads, weighted-average | [2] | 134 | ||
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 | $ | $ 834 | |||
Fair value input, credit spreads, lower limit | 67 | |||
Fair value input, credit spreads, upper limit | 324 | |||
Fair value input, credit spreads, weighted-average | [2] | 176 | ||
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 | $ | $ 275 | |||
Fair value input, credit spreads, lower limit | 84 | |||
Fair value input, credit spreads, upper limit | 288 | |||
Fair value input, credit spreads, weighted-average | [2] | 166 | ||
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 | $ | $ 114 | |||
Fair value input, credit spreads, lower limit | 108 | |||
Fair value input, credit spreads, upper limit | 280 | |||
Fair value input, credit spreads, weighted-average | [2] | 185 | ||
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 | $ | $ 122 | |||
Fair value input, credit spreads, lower limit | 131 | |||
Fair value input, credit spreads, upper limit | 230 | |||
Fair value input, credit spreads, weighted-average | [2] | 192 | ||
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 | $ | $ 71 | |||
Fair value input, credit spreads, lower limit | 67 | |||
Fair value input, credit spreads, upper limit | 242 | |||
Fair value input, credit spreads, weighted-average | [2] | 152 | ||
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 | $ | $ 25 | |||
Fair value input, credit spreads, lower limit | 108 | |||
Fair value input, credit spreads, upper limit | 153 | |||
Fair value input, credit spreads, weighted-average | [2] | 140 | ||
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 | $ | $ 46 | |||
Fair value input, credit spreads, lower limit | 82 | |||
Fair value input, credit spreads, upper limit | 226 | |||
Fair value input, credit spreads, weighted-average | [2] | 171 | ||
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 | $ | $ 92 | |||
Fair value input, credit spreads, lower limit | 67 | |||
Fair value input, credit spreads, upper limit | 324 | |||
Fair value input, credit spreads, weighted-average | [2] | 203 | ||
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 | $ | $ 48 | |||
Fair value input, credit spreads, lower limit | 151 | |||
Fair value input, credit spreads, upper limit | 226 | |||
Fair value input, credit spreads, weighted-average | [2] | 190 | ||
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 | $ | $ 20 | |||
Fair value input, credit spreads, lower limit | 151 | |||
Fair value input, credit spreads, upper limit | 226 | |||
Fair value input, credit spreads, weighted-average | [2] | 165 | ||
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 | $ | $ 21 | |||
Fair value input, credit spreads, lower limit | 95 | |||
Fair value input, credit spreads, upper limit | 172 | |||
Fair value input, credit spreads, weighted-average | [2] | 146 | ||
[1]Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.[2]Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity securities and by notional for derivative assets.[3]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.[4]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 | Sep. 30, 2022 | Dec. 31, 2021 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | $ 953 | $ 616 | ||
Total liabilities | 953 | 616 | ||
Other liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 460 | 26 | ||
Other liabilities | Interest rate swaps | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 460 | 26 | ||
Policyholder account balances | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 493 | 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] | 259 | 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 | 219 | 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 | 15 | 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 | 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 | 460 | 26 | ||
Level 2 | Other liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 460 | 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 | 460 | 26 | ||
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 | 493 | 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 | Policyholder account balances | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities, fair value | 493 | 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] | 259 | [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 | 219 | 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 | $ 15 | $ 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 | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | $ 526 | $ 638 | $ 590 | $ 804 | |
Total realized and unrealized (gains) losses included in net (income) | (22) | 4 | (70) | (107) | |
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 8 | 12 | 30 | 35 | |
Settlements | (18) | (30) | (55) | (108) | |
Transfer into Level 3 | 0 | 0 | 0 | 0 | |
Transfer out of Level 3 | (1) | 0 | (2) | 0 | |
Ending balance | 493 | 624 | 493 | 624 | |
Total (gains) losses included in net (income) attributable to liabilities still held | (22) | 4 | (63) | (102) | |
Total (gains) losses included in OCI attributable to liabilities still held | 0 | 0 | 0 | 0 | |
Policyholder account balances | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 526 | 638 | 590 | 804 | |
Total realized and unrealized (gains) losses included in net (income) | (22) | 4 | (70) | (107) | |
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 8 | 12 | 30 | 35 | |
Settlements | (18) | (30) | (55) | (108) | |
Transfer into Level 3 | 0 | 0 | 0 | 0 | |
Transfer out of Level 3 | (1) | 0 | (2) | 0 | |
Ending balance | 493 | 624 | 493 | 624 | |
Total (gains) losses included in net (income) attributable to liabilities still held | (22) | 4 | (63) | (102) | |
Total (gains) losses included in OCI attributable to liabilities still held | 0 | 0 | 0 | 0 | |
Policyholder account balances | GMWB embedded derivatives | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | [1] | 277 | 275 | 271 | 379 |
Total realized and unrealized (gains) losses included in net (income) | [1] | (23) | 5 | (29) | (111) |
Total realized and unrealized (gains) losses included in OCI | [1] | 0 | 0 | 0 | 0 |
Purchases | [1] | 0 | 0 | 0 | 0 |
Sales | [1] | 0 | 0 | 0 | 0 |
Issuances | [1] | 5 | 6 | 17 | 18 |
Settlements | [1] | 0 | 0 | 0 | 0 |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | [1] | 259 | 286 | 259 | 286 |
Total (gains) losses included in net (income) attributable to liabilities still held | [1] | (23) | 5 | (22) | (106) |
Total (gains) losses included in OCI attributable to liabilities still held | [1] | 0 | 0 | 0 | 0 |
Policyholder account balances | Fixed index annuity embedded derivatives | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 233 | 339 | 294 | 399 | |
Total realized and unrealized (gains) losses included in net (income) | 5 | 3 | (18) | 21 | |
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (18) | (30) | (55) | (108) | |
Transfer into Level 3 | 0 | 0 | 0 | 0 | |
Transfer out of Level 3 | (1) | 0 | (2) | 0 | |
Ending balance | 219 | 312 | 219 | 312 | |
Total (gains) losses included in net (income) attributable to liabilities still held | 5 | 3 | (18) | 21 | |
Total (gains) losses included in OCI attributable to liabilities still held | 0 | 0 | 0 | 0 | |
Policyholder account balances | Indexed universal life embedded derivatives | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 16 | 24 | 25 | 26 | |
Total realized and unrealized (gains) losses included in net (income) | (4) | (4) | (23) | (17) | |
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 3 | 6 | 13 | 17 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | 0 | 0 | 0 | 0 | |
Transfer out of Level 3 | 0 | 0 | 0 | 0 | |
Ending balance | 15 | 26 | 15 | 26 | |
Total (gains) losses included in net (income) attributable to liabilities still held | (4) | (4) | (23) | (17) | |
Total (gains) losses included in OCI attributable to liabilities still held | $ 0 | $ 0 | $ 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Total realized and unrealized (gains) losses included in net (income), liabilities | $ (22) | $ 4 | $ (70) | $ (107) |
Total (gains) losses included in net (income) attributable to liabilities still held, liabilities | (22) | 4 | (63) | (102) |
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 | 0 | 0 |
Total (gains) losses included in net (income) attributable to liabilities still held, liabilities | 0 | 0 | 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 | (22) | 4 | (70) | (107) |
Total (gains) losses included in net (income) attributable to liabilities still held, liabilities | $ (22) | $ 4 | $ (63) | $ (102) |
Fair Value Financial Instrument
Fair Value Financial Instruments Not Required to Be Carried at Fair Value (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Commercial mortgage loans | $ 7,063 | $ 6,830 | |
Liabilities: | |||
Long-term borrowings | 1,622 | 1,899 | |
Off-balance sheet risk | 1,332 | 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] | 0 | 0 |
Bank loan investments | [1] | 0 | 0 |
Liabilities: | |||
Long-term borrowings | [1] | 1,276 | 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] | 6,499 | 7,224 |
Bank loan investments | [1] | 440 | 370 |
Liabilities: | |||
Long-term borrowings | [1] | 0 | 0 |
Investment contracts | [1] | 7,611 | 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] | 7,063 | 6,830 |
Bank loan investments | [1] | 453 | 363 |
Liabilities: | |||
Long-term borrowings | [1] | 1,622 | 1,899 |
Investment contracts | [1] | 7,734 | 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] | 6,499 | 7,224 |
Bank loan investments | [1] | 440 | 370 |
Liabilities: | |||
Long-term borrowings | [1] | 1,276 | 1,767 |
Investment contracts | [1] | 7,611 | 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 | 91 | 141 | |
Notional amount | Ordinary course of business lending commitments | |||
Liabilities: | |||
Off-balance sheet risk | $ 49 | $ 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 | Sep. 30, 2022 | Dec. 31, 2021 | |
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | $ 2,195 | $ 1,900 | |
Off-balance sheet risk | 1,332 | 1,185 | |
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] | 1,545 | 1,312 |
Off-balance sheet risk | [1] | 1,044 | 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] | 76 | 67 |
Off-balance sheet risk | [2] | 108 | 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] | 62 | 57 |
Off-balance sheet risk | [3] | 29 | 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 | 1,683 | 1,436 | |
Off-balance sheet risk | 1,181 | 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 | 488 | 437 | |
Off-balance sheet risk | 150 | 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] | 0 | 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 | 24 | 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. |
Deferred Acquisition Costs - Ad
Deferred Acquisition Costs - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Deferred Policy Acquisition Costs [Line Items] | ||
Accumulated effect of net unrealized investment (gains) losses | $ 36 | $ (1,375) |
Universal and term universal life insurance contracts | Unlocking | ||
Deferred Policy Acquisition Costs [Line Items] | ||
Deferred policy acquisition costs, impairment loss | 52 | 76 |
Shadow accounting adjustment | ||
Deferred Policy Acquisition Costs [Line Items] | ||
Accumulated effect of net unrealized investment (gains) losses | $ 36 | $ (1,375) |
Activity Impacting Deferred Acq
Activity Impacting Deferred Acquisition Costs (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Deferred Policy Acquisition Costs [Line Items] | |||
Unamortized beginning balance | $ 2,438 | $ 2,809 | |
Costs deferred | 0 | 6 | |
Amortization, net of interest accretion | (227) | (247) | |
Unamortized ending balance | 2,211 | 2,568 | |
Accumulated effect of net unrealized investment (gains) losses | 36 | (1,375) | |
Ending balance | $ 2,247 | $ 1,193 | $ 1,146 |
Changes in Liability for Policy
Changes in Liability for Policy and Contract Claims (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Beginning balance | $ 11,841 | $ 11,486 |
Less reinsurance recoverables | (2,388) | (2,431) |
Net beginning balance | 9,453 | 9,055 |
Current year | 3,075 | 2,978 |
Prior years | (642) | (439) |
Total incurred | 2,433 | 2,539 |
Current year | (722) | (793) |
Prior years | (1,821) | (1,763) |
Total paid | (2,543) | (2,556) |
Interest on liability for policy and contract claims | 314 | 304 |
Net ending balance | 9,657 | 9,342 |
Add reinsurance recoverables | 2,347 | 2,401 |
Ending balance | $ 12,004 | $ 11,743 |
Liability for Policy and Cont_3
Liability for Policy and Contract Claims - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Incurred related to insured events of prior year | $ (642) | $ (439) | ||
Liability for Claims and Claims Adjustment Expense | 12,004 | $ 11,743 | $ 11,841 | $ 11,486 |
Long-term Care Insurance | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Incurred related to insured events of prior year | 642 | |||
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 | 77 | |||
Liability for Claims and Claims Adjustment Expense | 150 | $ 209 | ||
Enact | GNW Covid Nineteen [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Incurred related to insured events of prior year | $ 251 |
Borrowings - Long Term Borrowin
Borrowings - Long Term Borrowings (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Total | $ 1,622 | $ 1,899 | |
Genworth Holdings | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | 896 | 1,178 | |
Bond consent fees | (10) | (12) | |
Deferred borrowing charges | (6) | (7) | |
Total | 880 | 1,159 | |
Genworth Holdings | 4.80% Senior Notes, Due 2024 | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | 0 | 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 | 598 | 598 | |
Enact Holdings | |||
Debt Instrument [Line Items] | |||
Deferred borrowing charges | (8) | (10) | |
Total | 742 | 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, 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) | 6 Months Ended | 9 Months Ended | |
Jun. 30, 2022 | Sep. 30, 2022 | Sep. 21, 2022 | |
4.80% Senior Notes, Due 2024 | Genworth Holdings | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.80% | 4.80% | 4.80% |
Debt instrument, maturity year | 2024 | 2024 | |
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 | ||
Debt instrument, option to redeem date, prior to | Feb. 15, 2025 | ||
Fixed Rate Senior Notes [Member] | Genworth Holdings | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes option to redeem | 100% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 21, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Instrument [Line Items] | ||||||
Gain (Loss) on Extinguishment of Debt | $ (3) | $ (6) | $ (7) | $ (10) | ||
Genworth Holdings | 4.80% Senior Notes, Due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.80% | 4.80% | 4.80% | 4.80% | ||
Aggregate principal amount of notes redeemed | $ 152 | |||||
Debt instrument, maturity month and year | 2024-02 | |||||
Early redemption of senior notes | $ 155 | |||||
Pre-tax make-whole expense on redemption of senior notes | 2 | |||||
Gain (Loss) on Extinguishment of Debt | $ 4 | |||||
Debt instrument, maturity year | 2024 | 2024 | ||||
Aggregate principal amount of notes repurchased | $ 130 | |||||
Interest paid | 1 | |||||
Write off of bond consent fees and deferred borrowing costs | $ 1 | |||||
Enact Holdings | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 200 | |||||
Debt instrument, Term | 5 years | |||||
Line of credit facility additional borrowing capacity | $ 100 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||||
Valuation allowances | $ 585 | $ 585 | $ 382 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | 21% | |
Accumulated other comprehensive income (loss) | |||||
Income Taxes [Line Items] | |||||
Increase (decrease) in the valuation allowance | $ 150 | $ 200 | |||
Forward Starting Swaps | |||||
Income Taxes [Line Items] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35% | 35% |
Reconciliation of Federal Statu
Reconciliation of Federal Statutory Tax Rate to Effective Income Tax Rate (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Examination [Line Items] | ||||
Statutory U.S. federal income tax rate | 21% | 21% | 21% | 21% |
Tax on income from terminated swaps | 5.60% | 2.30% | 3.60% | 2.70% |
Reduction in uncertain tax positions | 0% | (5.70%) | 0% | (2.30%) |
Non-deductible expenses | 1.20% | 0.40% | 0.70% | 0.50% |
Other, net | 0.20% | 0% | 0.20% | (0.20%) |
Effective rate | 28% | 18% | 25.50% | 21.70% |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) Segment | Sep. 30, 2021 USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of operating segments | Segment | 3 | |||
Corporate federal income tax rate | 21% | 21% | 21% | 21% |
Assumed tax rate on adjustments to adjusted operating income (loss) | 21% | |||
Expenses related to restructuring | $ 0 | $ 3 | $ 1 | $ 29 |
Gains (losses) related to early extinguishment of debt | (3) | (6) | (7) | (10) |
Pre-tax pension plan termination costs | 6 | 0 | 6 | 0 |
Net Investment Gains (Losses) [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjustment for DAC and other intangibles and certain benefit reserves | (2) | (4) | ||
Genworth Holdings | Senior Notes 2021 | ||||
Segment Reporting Information [Line Items] | ||||
Gains (losses) related to early extinguishment of debt | 4 | |||
Pre-tax make-whole expense | 6 | 6 | ||
Aggregate principal amount of notes repurchased | $ 146 | $ 146 | ||
Debt instrument, maturity month and year | 2021-09 | |||
Genworth Holdings | Senior Notes 2024 | ||||
Segment Reporting Information [Line Items] | ||||
Gains (losses) related to early extinguishment of debt | 4 | |||
Pre-tax make-whole expense | 2 | 2 | ||
Write off of bond consent fees and deferred borrowing costs | 1 | 1 | ||
Aggregate principal amount of notes repurchased | $ 130 | $ 130 | ||
Debt instrument, maturity month and year | 2024-02 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 1,839 | $ 2,070 | $ 5,612 | $ 6,096 |
Segment, Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,839 | 2,070 | 5,612 | 6,096 |
Segment, Continuing Operations | Enact | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 275 | 281 | 818 | 845 |
Segment, Continuing Operations | Long-term Care Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,092 | 1,256 | 3,320 | 3,622 |
Segment, Continuing Operations | Life Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 302 | 320 | 951 | 997 |
Segment, Continuing Operations | Fixed Annuities | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 91 | 127 | 299 | 381 |
Segment, Continuing Operations | U.S. Life Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,485 | 1,703 | 4,570 | 5,000 |
Segment, Continuing Operations | Runoff | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 73 | 81 | 209 | 245 |
Segment, Continuing Operations | Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 6 | $ 5 | $ 15 | $ 6 |
Summary of Assets for Segments
Summary of Assets for Segments and Corporate and Other Activities (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 85,939 | $ 99,171 |
Enact | Segment, Continuing Operations | ||
Segment Reporting Information [Line Items] | ||
Total assets | 5,725 | 5,850 |
U.S. Life Insurance | Segment, Continuing Operations | ||
Segment Reporting Information [Line Items] | ||
Total assets | 70,890 | 81,210 |
Runoff | Segment, Continuing Operations | ||
Segment Reporting Information [Line Items] | ||
Total assets | 7,886 | 9,460 |
Corporate and Other | Segment, Continuing Operations | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 1,438 | $ 2,651 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Net income available to Genworth Financial, Inc.'s common stockholders | $ 104 | $ 314 | $ 434 | $ 741 |
Add: net income from continuing operations attributable to noncontrolling interests | 35 | 4 | 103 | 4 |
Add: net income from discontinued operations attributable to noncontrolling interests | 0 | 0 | 0 | 8 |
Net income | 139 | 318 | 537 | 753 |
Less: income from discontinued operations, net of taxes | 5 | 12 | 2 | 28 |
Income from continuing operations | 134 | 306 | 535 | 725 |
Less: net income from continuing operations attributable to noncontrolling interests | 35 | 4 | 103 | 4 |
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders | 99 | 302 | 432 | 721 |
Net investment (gains) losses, net | 67 | (88) | 29 | (191) |
(Gains) losses on early extinguishment of debt | 3 | 6 | 7 | 10 |
Expenses related to restructuring | 0 | 3 | 1 | 29 |
Pension plan termination costs | 6 | 0 | 6 | 0 |
Taxes on adjustments | (16) | 16 | (9) | 32 |
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | 159 | 239 | 466 | 601 |
Segment, Continuing Operations | Enact | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | 156 | 134 | 458 | 395 |
Segment, Continuing Operations | Long-term Care Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | 25 | 133 | 118 | 326 |
Segment, Continuing Operations | Life Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | (33) | (68) | (146) | (171) |
Segment, Continuing Operations | Fixed Annuities | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | 19 | 28 | 56 | 71 |
Segment, Continuing Operations | U.S. Life Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | 11 | 93 | 28 | 226 |
Segment, Continuing Operations | Runoff | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | 9 | 11 | 20 | 38 |
Segment, Continuing Operations | Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | $ (17) | $ 1 | $ (40) | $ (58) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||
Mar. 25, 2022 | Aug. 11, 2021 | Jul. 17, 2020 | Jan. 31, 2020 | Jan. 31, 2021 | Dec. 31, 2019 | Sep. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 11, 2019 | |
Commitments and Contingencies Disclosure [Line Items] | ||||||||||
Off-balance sheet risk | $ 1,332 | $ 1,185 | ||||||||
Commitments to Fund Limited Partnerships | ||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||
Off-balance sheet risk | 1,332 | |||||||||
Commitments to fund U.S. commercial mortgage loan investments | ||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||
Off-balance sheet risk | 24 | |||||||||
Commitments to Fund Private Placement Investments | ||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||
Off-balance sheet risk | 25 | |||||||||
Commitments to Fund Bank Loan Investments | ||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||
Off-balance sheet risk | $ 91 | |||||||||
Other Litigation | ||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||
Plaintiff's Motion Dismissed | $ 395 | |||||||||
Loss Contingency, Damages Sought | $ 5 | $ 5 | ||||||||
Plaintiffs' motion | $ 15 | $ 410 | ||||||||
Restricted cash proceeds on sale per litigation | $ 450 | |||||||||
Life Insurance [Member] | Litigation | Cost of Insurance | ||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||
Loss Contingency, Damages Sought | $ 5 | $ 5 | ||||||||
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 | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | $ (145) | $ 3,834 | $ 3,861 | $ 4,425 | |
OCI before reclassifications | (2,629) | 37 | (6,640) | (335) | |
Amounts reclassified from (to) OCI | (16) | (46) | (80) | (118) | |
Total other comprehensive income (loss) | (2,645) | (9) | (6,720) | (453) | |
Balances before nonnontrolling interests | (2,790) | 3,825 | (2,859) | 3,972 | |
Less: change in OCI attributable to noncontrolling interests | (25) | 25 | (94) | 172 | |
Ending balance | (2,765) | 3,800 | (2,765) | 3,800 | |
Net unrealized investment gains (losses) | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | [1] | (1,554) | 1,865 | 1,860 | 2,214 |
OCI before reclassifications | [1] | (2,531) | 16 | (6,024) | (354) |
Amounts reclassified from (to) OCI | [1] | 21 | (9) | 31 | (13) |
Total other comprehensive income (loss) | [1] | (2,510) | 7 | (5,993) | (367) |
Balances before nonnontrolling interests | [1] | (4,064) | 1,872 | (4,133) | 1,847 |
Less: change in OCI attributable to noncontrolling interests | [1] | (25) | 25 | (94) | 0 |
Ending balance | [1] | (4,039) | 1,847 | (4,039) | 1,847 |
Derivatives qualifying as hedges | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | [2] | 1,445 | 2,003 | 2,025 | 2,211 |
OCI before reclassifications | [2] | (98) | 25 | (604) | (115) |
Amounts reclassified from (to) OCI | [2] | (37) | (37) | (111) | (105) |
Total other comprehensive income (loss) | [2] | (135) | (12) | (715) | (220) |
Balances before nonnontrolling interests | [2] | 1,310 | 1,991 | 1,310 | 1,991 |
Less: change in OCI attributable to noncontrolling interests | [2] | 0 | 0 | 0 | 0 |
Ending balance | [2] | 1,310 | 1,991 | 1,310 | 1,991 |
Foreign currency translation and other adjustments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (36) | (34) | (24) | 0 | |
OCI before reclassifications | 0 | (4) | (12) | 134 | |
Amounts reclassified from (to) OCI | 0 | 0 | 0 | 0 | |
Total other comprehensive income (loss) | 0 | (4) | (12) | 134 | |
Balances before nonnontrolling interests | (36) | (38) | (36) | 134 | |
Less: change in OCI attributable to noncontrolling interests | 0 | 0 | 0 | 172 | |
Ending balance | $ (36) | $ (38) | $ (36) | $ (38) | |
[1]Net of adjustments to DAC, present value of future profits, sales inducements, benefit reserves and policyholder contract balances. 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 | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrecognized postretirement benefit obligation, current period OCI | $ 2 | $ (15) |
Unrecognized postretirement benefit obligation, current period OCI, tax | (1) | 4 |
Foreign currency translation and other adjustments, current period OCI, tax | $ 4 | $ (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 | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net investment income | $ (808) | $ (859) | $ (2,359) | $ (2,504) | |
Net investment (gains) losses | 69 | (88) | 33 | (191) | |
Interest expense | 26 | 35 | 78 | 129 | |
Income taxes | 52 | 67 | 183 | 201 | |
(Income) loss from continuing operations | (134) | (306) | (535) | (725) | |
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 | [1] | 26 | (12) | 39 | (17) |
Income taxes | (5) | 3 | (8) | 4 | |
(Income) loss from continuing operations | 21 | (9) | 31 | (13) | |
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Income taxes | 21 | 21 | 60 | 57 | |
(Income) loss from continuing operations | (37) | (37) | (111) | (105) | |
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 | 0 | 1 | 2 | 1 | |
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) | (58) | (167) | (162) | |
Net investment (gains) losses | (3) | (1) | (5) | (1) | |
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 | $ 0 | $ 0 | $ (1) | $ 0 | |
[1]Amounts exclude adjustments to DAC, present value of future profits, sales inducements, benefit reserves and policyholder contract balances. |