Athene Holding (ATH-PD) 10-Q 4 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 16, 2018
Document Information [Line Items]
Entity Registrant Name	Athene Holding Ltd
Entity Central Index Key	1,527,469
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		164,709,405
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		25,483,250
Common Class M-1
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,388,890
Common Class M-2
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		851,103
Common Class M-3
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,006,110
Common Class M-4
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,376,946

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Fixed maturity securities, at fair value
Mortgage loans, net of allowances (portion at fair value: 2018 – $41 and 2017 – $41)	$ 6,139	$ 6,233
Investment funds	2,728	2,580
Deferred acquisition costs, deferred sales inducements and value of business acquired	3,142	2,930
Total assets	93,557	99,747
Liabilities
Total liabilities	84,862	90,539
Equity
Additional paid-in capital	3,485	3,472
Retained earnings	4,625	4,321
Accumulated other comprehensive income (related party: 2018 – $4 and 2017 – $48)	585	1,415
Total equity	8,695	9,208
Total liabilities and equity	93,557	99,747
Related Party
Equity
Accumulated other comprehensive income (related party: 2018 – $4 and 2017 – $48)	4	48
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Fixed maturity securities, at fair value
Available-for-sale securities	58,575	61,012
Trading securities	2,088	2,196
Equity securities	160	790
Mortgage loans, net of allowances (portion at fair value: 2018 – $41 and 2017 – $41)	6,139	6,233
Investment funds	647	699
Policy loans	510	530
Funds withheld at interest (portion at fair value: 2018 – $207 and 2017 – $312)	7,093	7,085
Derivative assets	2,031	2,551
Real estate (portion held for sale: 2018 – $0 and 2017 – $32)	0	624
Short-term investments, at fair value	235	201
Other investments	113	133
Total investments	77,591	82,054
Consolidated Entity Excluding Variable Interest Entities (VIE)
Fixed maturity securities, at fair value
Available-for-sale securities	59,080
Cash and cash equivalents	2,735	4,888
Restricted cash	87	105
Accrued investment income (related party: 2018 – $12 and 2017 – $10)	620	652
Reinsurance recoverable (portion at fair value: 2018 – $1,713 and 2017 – $1,824)	4,834	4,972
Deferred acquisition costs, deferred sales inducements and value of business acquired	3,142	2,930
Other assets	1,067	969
Liabilities
Interest sensitive contract liabilities (portion at fair value: 2018 – $8,188 and 2017 – $8,929)	67,551	67,708
Future policy benefits (portion at fair value: 2018 – $2,305 and 2017 – $2,428)	13,059	17,507
Other policy claims and benefits	137	211
Dividends payable to policyholders	119	1,025
Long-term debt	992	0
Derivative liabilities	186	134
Payables for collateral on derivatives	1,145	2,323
Funds withheld liability (portion at fair value: 2018 – $11 and 2017 – $22)	395	407
Other liabilities	1,277	1,222
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Fixed maturity securities, at fair value
Available-for-sale securities	505	406
Trading securities	305	307
Investment funds	1,499	1,310
Short-term investments, at fair value	123	52
Other investments	238	238
Accrued investment income (related party: 2018 – $12 and 2017 – $10)	12	10
Liabilities
Other liabilities	89	64
Variable Interest Entities
Fixed maturity securities, at fair value
Investment funds	582	571
Cash and cash equivalents	3	4
Other assets	2	1
Liabilities
Other liabilities	1	2
Variable Interest Entities | Related Party
Fixed maturity securities, at fair value
Trading securities	47	48
Equity securities	177	240
Investment funds	582	571
Common Class A
Equity
Common stock	0	0
Common Class B
Equity
Common stock	0	0
Common Class M-1
Equity
Common stock	0	0
Common Class M-2
Equity
Common stock	0	0
Common Class M-3
Equity
Common stock	0	0
Common Class M-4
Equity
Common stock	$ 0	$ 0

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Available-for-sale securities
Mortgage loans	$ 6,139	$ 6,233
Investment funds	2,728	2,580
Accumulated other comprehensive income	585	1,415
Related Party
Available-for-sale securities
Accumulated other comprehensive income	4	48
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Available-for-sale securities
Available-for-sale securities	57,371	58,506
Mortgage loans	6,139	6,233
Investment funds	647	699
Funds withheld at interest	7,093	7,085
Real estate held for sale	0	32
Short-term investments, cost	235	201
Other investments	113	133
Consolidated Entity Excluding Variable Interest Entities (VIE)
Available-for-sale securities
Available-for-sale securities	57,872
Accrued investment income	620	652
Reinsurance recoverable	4,834	4,972
Interest sensitive contract liabilities	67,551	67,708
Future policy benefits	13,059	17,507
Funds withheld liability	395	407
Other liabilities	1,277	1,222
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Available-for-sale securities
Available-for-sale securities	501	399
Investment funds	1,499	1,310
Short-term investments, cost	123	52
Other investments	238	238
Accrued investment income	12	10
Other liabilities	89	64
Variable Interest Entities
Available-for-sale securities
Investment funds	582	571
Other liabilities	1	2
Variable Interest Entities | Related Party
Available-for-sale securities
Investment funds	582	571
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE)
Available-for-sale securities
Mortgage loans	6,275	6,342
Investment funds	516	554
Funds withheld at interest	6,886	6,773
Other investments	74	133
Interest sensitive contract liabilities	30,892	31,656
Funds withheld liability	384	385
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Available-for-sale securities
Investment funds	1,346	1,280
Other investments	$ 258	$ 259
Common Class A | Parent Company [Member]
Available-for-sale securities
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	425,000,000	425,000,000
Common stock issued (in shares)	164,722,131	142,386,704
Common stock outstanding (in shares)	164,722,131	142,386,704
Common Class B | Parent Company [Member]
Available-for-sale securities
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	325,000,000	325,000,000
Common stock issued (in shares)	25,483,250	47,422,399
Common stock outstanding (in shares)	25,483,250	47,422,399
Common Class M-1 | Parent Company [Member]
Available-for-sale securities
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	7,109,560	7,109,560
Common stock issued (in shares)	3,388,890	3,388,890
Common stock outstanding (in shares)	3,388,890	3,388,890
Common Class M-2 | Parent Company [Member]
Available-for-sale securities
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	5,000,000	5,000,000
Common stock issued (in shares)	851,103	851,103
Common stock outstanding (in shares)	851,103	851,103
Common Class M-3 | Parent Company [Member]
Available-for-sale securities
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	7,500,000	7,500,000
Common stock issued (in shares)	1,006,110	1,092,000
Common stock outstanding (in shares)	1,006,110	1,092,000
Common Class M-4 | Parent Company [Member]
Available-for-sale securities
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	7,500,000	7,500,000
Common stock issued (in shares)	4,398,646	4,711,743
Common stock outstanding (in shares)	4,398,646	4,711,743
Recurring | Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Available-for-sale securities
Mortgage loans	$ 41	$ 41
Investment funds	131	145
Funds withheld at interest	207	312
Other investments	39	0
Recurring | Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE)
Available-for-sale securities
Mortgage loans	41	41
Investment funds	131	145
Other investments	39
Reinsurance recoverable	1,713	1,824
Interest sensitive contract liabilities	8,188	8,929
Future policy benefits	2,305	2,428
Funds withheld liability	11	22
Recurring | Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Available-for-sale securities
Investment funds	153	30
Recurring | Fair Value | Variable Interest Entities
Available-for-sale securities
Investment funds	$ 554	$ 549

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Other-than-temporary impairment investment losses
Other-than-temporary impairment losses recognized in other comprehensive income		$ 0	$ (1)
Total revenues		1,011	1,619
Benefits and Expenses
Total benefits and expenses		684	1,213
Income before income taxes		327	406
Income tax expense (benefit)		59	22
Net income		268	384
Consolidated Entity Excluding Variable Interest Entities (VIE)
Revenues
Premiums		278	52
Product charges		96	81
Net investment income		855	786
Investment related gains (losses)		(236)	682
Other-than-temporary impairment investment losses
Other-than-temporary impairment losses		(3)	0
Other-than-temporary impairment losses recognized in other comprehensive income		0	(1)
Net other-than-temporary impairment losses		(3)	(1)
Other revenues		6	8
Benefits and Expenses
Interest sensitive contract benefits		19	692
Amortization of deferred sales inducements		20	18
Future policy and other policy benefits		401	214
Amortization of deferred acquisition costs and value of business acquired		89	104
Dividends to policyholders		13	32
Policy and other operating expenses (related party: 2018 – $2 and 2017 – $4)		142	153
Variable Interest Entities
Revenues
Net investment income		10	10
Investment related gains (losses)		$ 5	$ 1
Common Class A
Earnings per share
Basic (in USD per share)		$ 1.36	$ 2
Diluted (in USD per share)		1.36	1.92
Common Class B
Earnings per share
Basic (in USD per share)		1.36	2
Diluted (in USD per share)		1.36	2
Common Class M-1
Earnings per share
Basic (in USD per share)		1.36	2
Diluted (in USD per share)		1.36	2
Common Class M-2
Earnings per share
Basic (in USD per share)		1.36	2
Diluted (in USD per share)		1.34	$ 0.08
Common Class M-3
Earnings per share
Basic (in USD per share)	[1]	1.36
Diluted (in USD per share)	[1]	1.33
Common Class M-4
Earnings per share
Basic (in USD per share)	[1]	1.36
Diluted (in USD per share)	[1]	$ 0.94
[1]	Basic and diluted earnings per share for class M-3 and M-4 were not applicable for the period ended March 31, 2017. See Note 8 – Earnings Per Share for further discussion.

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Consolidated Entity Excluding Variable Interest Entities (VIE)
Investment income	$ 939	$ 866
Investment expense	84	80
Investment related gains (losses)	(236)	682
Net investment income	855	786
Policy and other operating expenses	142	153
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Investment income	76	56
Investment expense	83	78
Investment related gains (losses)	17	(11)
Policy and other operating expenses	2	4
Variable Interest Entities
Investment related gains (losses)	5	1
Net investment income	10	10
Variable Interest Entities | Related Party
Investment related gains (losses)	5	1
Net investment income	$ 10	$ 10

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 268	$ 384
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities	(910)	419
Noncredit component of other-than-temporary impairment losses on available-for-sale securities	0	1
Unrealized gains (losses) on hedging instruments	(56)	(5)
Pension adjustments	3	0
Foreign currency translation adjustments	(8)	2
Other comprehensive income (loss), before tax	(971)	417
Income tax expense (benefit) related to other comprehensive income	(183)	111
Other comprehensive income (loss)	(788)	306
Comprehensive income (loss)	$ (520)	$ 690

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common stock	Additional paid-in capital	Retained earnings		Accumulated other comprehensive income (loss)		Total Athene Holding Ltd. shareholders' equity	Noncontrolling interest
Beginning Balance at Dec. 31, 2016	$ 6,859	$ 0	$ 3,421	$ 3,070		$ 367		$ 6,858	$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	384			384				384	0
Other comprehensive income	306					306		306
Stock-based compensation	15		15					15
Retirement or repurchase of shares	(2)		0	(2)				(2)
Other changes in equity of noncontrolling interests	(1)								(1)
Ending Balance at Mar. 31, 2017	7,561	0	3,436	3,452		673		7,561	0
Beginning Balance at Dec. 31, 2017	9,208	0	3,472	4,321		1,415		9,208	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	268			268				268	0
Other comprehensive income	(788)					(788)		(788)
Issuance of shares, net of expenses	1		1					1
Stock-based compensation	12		12					12
Retirement or repurchase of shares	(3)		0	(3)				(3)
Ending Balance at Mar. 31, 2018	8,695	$ 0	$ 3,485	4,625		585		8,695	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ (3)			$ 39	[1]	$ (42)	[1]	$ (3)
[1]	See discussion of adoptions in Note 1 – Business, Basis of Presentation and Significant Accounting Policies.

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Net income		$ 268	$ 384
Adjustments to reconcile net income to net cash provided by operating activities:
Policy acquisition costs deferred		(122)	(105)
Changes in operating assets and liabilities:
Net cash provided by operating activities		573	429
Available-for-sale securities
Cash Divested from Deconsolidation		(296)	0
Net cash used in investing activities		(2,884)	(1,128)
Cash flows from financing activities
Proceeds from Issuance of Long-term Debt		998	0
Net cash provided by financing activities		139	817
Effect of exchange rate changes on cash and cash equivalents		0	4
Net increase (decrease) in cash and cash equivalents		(2,172)	122
Cash and cash equivalents at beginning of year	[1]	4,997	2,516
Cash and cash equivalents at end of period	[1]	2,825	2,638
Non-cash transactions
Deposits on investment-type policies and contracts through reinsurance agreements		108	169
Withdrawals on investment-type policies and contracts through reinsurance agreements		91	182
Consolidated Entity Excluding Variable Interest Entities (VIE)
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred acquisition costs and value of business acquired		89	104
Amortization of deferred sales inducements		20	18
Accretion of net investment premiums, discounts, and other		(45)	(54)
Stock-based compensation		7	13
Net investment income (related party: 2018 – $(43) and 2017 – $(27))		(29)	(30)
Net recognized (gains) losses on investments and derivatives (related party: 2018 – $(24) and 2017 – $10)		209	(547)
Policy acquisition costs deferred		(122)	(105)
Changes in operating assets and liabilities:
Accrued investment income		(27)	(21)
Interest sensitive contract liabilities		(201)	655
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable		333	(18)
Funds withheld assets and liabilities		(7)	(91)
Other assets and liabilities		84	121
Sales, maturities and repayments of:
Trading securities (related party: 2018 – $1 and 2017 – $14)		31	42
Mortgage loans		396	281
Investment funds (related party: 2018 – $52 and 2017 – $23)		83	52
Derivative instruments and other invested assets		551	360
Short-term investments		103	95
Available-for-sale securities
Fixed maturity securities (related party: 2017 – $(186) and 2016 – $0)		(5,914)	(4,274)
Trading securities (related party: 2017 – $0 and 2016 – $(33))		(25)	(17)
Mortgage loans		(463)	(265)
Investment funds (related party: 2017 – $(244) and 2016 – $(258))		(213)	(94)
Derivative instruments and other invested assets		(224)	(189)
Real estate		0	(7)
Short-term investments (related party: 2017 – $(37) and 2016 – $0)		(209)	(93)
Cash settlement of derivatives		(2)	(8)
Other investing activities, net		229	363
Cash flows from financing activities
Capital contributions		1	0
Deposits on investment-type policies and contracts		1,774	1,925
Withdrawals on investment-type policies and contracts		(1,474)	(1,399)
Payments for coinsurance agreements on investment-type contracts, net		(10)	(10)
Net change in cash collateral posted for derivative transactions		(1,178)	298
Repurchase of common stock		(3)	(2)
Other financing activities, net		31	5
Consolidated Entity Excluding Variable Interest Entities (VIE) | Fixed maturity securities
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2018 – $57 and 2017 – $7)		3,017	2,688
Consolidated Entity Excluding Variable Interest Entities (VIE) | Equity securities
Sales, maturities and repayments of:
Proceeds from Sale and Maturity of Marketable Securities		2	170
Available-for-sale securities
Purchases of equity securities		(9)	(211)
Variable Interest Entities
Adjustments to reconcile net income to net cash provided by operating activities:
Net recognized (gains) losses on investments and derivatives (related party: 2018 – $(24) and 2017 – $10)		(6)	(1)
Changes in operating assets and liabilities:
Other operating activities, net		0	(1)
Available-for-sale securities
Sales, maturities, and repayments of investments (related party: 2018 – $59 and 2017 – $0)		59	0
Purchases of investments (related party: 2018 – $0 and 2017 – $(21))		0	(21)
Exchange of Stock for Stock [Member] | Equity securities
Sales, maturities and repayments of:
Proceeds from Sale and Maturity of Marketable Securities			0
Reinsurance Settlements [Member]
Non-cash transactions
Transfer to Investments		0	$ 24
Investment funds | Exchange of Stock for Stock [Member]
Available-for-sale securities
Investment funds (related party: 2017 – $(244) and 2016 – $(258))		$ (108)
[1]	Includes cash and cash equivalents, restricted cash, and cash and cash equivalents of consolidated variable interest entities.

Condensed Consolidated Stateme9

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Consolidated Entity Excluding Variable Interest Entities (VIE)
Net investments (income) loss	$ (29)	$ (30)
Net recognized (gains) losses on investments and derivatives (related party: 2018 – $(24) and 2017 – $10)	209	(547)
Sales, maturities and repayments of:
Trading securities	31	42
Investment funds	83	52
Derivative instruments and other invested assets	551	360
Short-term investments	103	95
Purchases of:
Fixed maturity securities (related party: 2017 – $(186) and 2016 – $0)	(5,914)	(4,274)
Trading securities	(25)	(17)
Investment funds	(213)	(94)
Short-term investments	(209)	(93)
Variable Interest Entities
Net recognized (gains) losses on investments and derivatives (related party: 2018 – $(24) and 2017 – $10)	(6)	(1)
Purchases of:
Sales, maturities, and repayments of investments	59	0
Purchases of investments	0	(21)
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Net investments (income) loss	(43)	(27)
Net recognized (gains) losses on investments and derivatives (related party: 2018 – $(24) and 2017 – $10)	(24)	10
Sales, maturities and repayments of:
Trading securities	1	14
Investment funds	52	23
Purchases of:
Fixed maturity securities (related party: 2017 – $(186) and 2016 – $0)	(158)	(25)
Investment funds	(182)	(71)
Short-term investments	(72)	(20)
Related Party | Variable Interest Entities
Net recognized (gains) losses on investments and derivatives (related party: 2018 – $(24) and 2017 – $10)	(6)	(1)
Purchases of:
Sales, maturities, and repayments of investments	59	0
Purchases of investments	0	(21)
Fixed maturity securities | Consolidated Entity Excluding Variable Interest Entities (VIE)
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2018 – $57 and 2017 – $7)	3,017	2,688
Fixed maturity securities | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2018 – $57 and 2017 – $7)	57	7
Equity securities | Consolidated Entity Excluding Variable Interest Entities (VIE)
Sales, maturities and repayments of:
Proceeds from Sale and Maturity of Marketable Securities	2	170
Purchases of:
Purchases of equity securities	(9)	(211)
Equity securities | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Sales, maturities and repayments of:
Proceeds from Sale and Maturity of Marketable Securities	0	22
Exchange of Stock for Stock [Member] | Equity securities
Sales, maturities and repayments of:
Proceeds from Sale and Maturity of Marketable Securities		0
Reinsurance Settlements [Member]
Purchases of:
Transfer from Investments	$ 0	$ 24

Business, Basis of Presentation

Business, Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Business, Basis of Presentation, and Significant Accounting Policies	1. Business, Basis of Presentation and Significant Accounting Policies Athene Holding Ltd. (AHL), a Bermuda exempted company, together with its subsidiaries (collectively, Athene, we, our, us, or the Company), is a leading retirement services company that issues, reinsures and acquires retirement savings products in all U.S. states and the District of Columbia. We conduct business primarily through the following consolidated subsidiaries: • Our non-U.S. reinsurance subsidiaries, to which AHL’s other insurance subsidiaries and third party ceding companies directly and indirectly reinsure a portion of their liabilities, including Athene Life Re Ltd. (ALRe), a Bermuda exempted company; and • Athene USA Corporation, an Iowa corporation and its subsidiaries (Athene USA). In addition, we consolidate certain variable interest entities (VIEs), for which we determined we are the primary beneficiary, as discussed in Note 4 – Variable Interest Entities . Basis of Presentation —We have prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the United States Securities and Exchange Commission’s rules and regulations for Form 10-Q and Article 10 of Regulation S-X. The accompanying condensed consolidated financial statements are unaudited and reflect all adjustments, consisting only of normal recurring items, considered necessary for fair statement of the periods presented. All significant intercompany accounts and transactions have been eliminated. Interim operating results are not necessarily indicative of the results expected for the entire year. The condensed consolidated balance sheet as of December 31, 2017 has been derived from the audited financial statements, but does not include all of the information and footnotes required by GAAP for complete financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included our Annual Report on Form 10-K for the year ended December 31, 2017. The preparation of financial statements requires the use of management estimates. Actual results may differ from estimates used in preparing the condensed consolidated financial statements. Deconsolidation – AGER Bermuda Holding Ltd. and its subsidiaries, now known as Athora Holding Ltd. (Athora), was our consolidated subsidiary for the year ended December 31, 2017. In April 2017, in connection with a private offering, Athora entered into subscription agreements with AHL, certain affiliates of Apollo Global Management, LLC (AGM and, together with its subsidiaries, Apollo) and a number of other third-party investors pursuant to which Athora secured commitments from such parties to purchase new common shares in Athora (Athora Offering). In November 2017, the Athora board of directors approved resolutions authorizing the closing of the Athora Offering (Closing) to occur on January 1, 2018 and approving a capital call from all of the Athora investors, excluding us. In connection with the Closing and the issuance of shares in respect of the capital call, each of which occurred on January 1, 2018, our equity interest in Athora was exchanged for common shares of Athora. As a result, on January 1, 2018, we held 10% of the aggregate voting power of and less than 50% of the economic interest in Athora and, as such, it is thereafter held as a related party investment rather than a consolidated subsidiary. We did not recognize a material amount in the condensed consolidated statements of income upon deconsolidation in 2018. Adopted Accounting Pronouncements Revenue Recognition (ASU 2017-13, ASU 2016-20, ASU 2016-12, ASU 2016-11, ASU 2016-10, ASU 2016-08, ASU 2015-14 and ASU 2014-09) These updates are based on the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. These updates replace all general and most industry-specific revenue recognition guidance, excluding insurance contracts, leases, financial instruments and guarantees, which have been scoped out of these updates. Since the guidance does not apply to revenue on contracts accounted for under the financial instruments or insurance contracts standards, only a portion of our revenues are impacted by this guidance. We adopted these updates on a modified retrospective basis effective January 1, 2018. The adoptions did not have a material effect on our consolidated financial statements. Derivatives and Hedging – Targeted Improvements (ASU 2017-12) The amendments in this update contain improvements to the financial reporting of hedging relationships that more closely reflect the economic results of an entity’s risk management activities in its financial statements. Additionally, the amendments in this update make certain targeted improvements to simplify the application of hedge accounting. We early adopted this update effective January 1, 2018, and the adoption did not have a material effect on our consolidated financial statements. Gains and Losses from the Derecognition of Nonfinancial Assets (ASU 2017-05) The amendments in this update clarify the scope of asset derecognition guidance and accounting for partial sales of nonfinancial assets. We adopted this update on a modified retrospective basis effective January 1, 2018. The adoption did not have a material effect on our consolidated financial statements. Statement of Cash Flows – Restricted Cash (ASU 2016-18) This update requires amounts generally described as restricted cash or restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the consolidated statements of cash flows. We adopted this update effective January 1, 2018, and have changed the presentation on the consolidated statements of cash flows as required by this update. Income Taxes – Intra-Entity Transfers (ASU 2016-16) This update requires the immediate recognition of current and deferred income tax effects of intra-entity transfers of assets, other than inventory. Prior to adoption, recognition of the income tax consequence was not recognized until the asset was sold to an outside party. We adopted this update effective January 1, 2018. Upon adoption, we recognized a cumulative-effect decrease to beginning retained earnings of $3 million . Statement of Cash Flows (ASU 2016-15) This update provides specific guidance to clarify how entities should classify certain cash receipts and cash payments on the statement of cash flows. The update also clarifies the application of the predominance principle when cash receipts and cash payments have aspects of more than one class of cash flows. We adopted this update effective January 1, 2018, and the adoption did not have a material effect on our consolidated financial statements. Financial Instruments – Recognition and Measurement (ASU 2016-01) This update changes the accounting for certain equity investments, the presentation of changes in the fair value of liabilities measured under the fair value option due to instrument-specific credit risk, and certain disclosures. For liabilities measured under the fair value option, changes in fair value attributable to instrument-specific credit risk will no longer affect net income, but will be recognized separately in other comprehensive income (OCI). Additionally, this update requires equity investments to be measured at fair value with subsequent changes recognized in net income, except for those accounted for under the equity method or requiring consolidation. Prior to the effective date of this update, changes in fair value related to available-for-sale (AFS) equity securities were recognized in OCI. We adopted this update effective January 1, 2018. Upon adoption, we recognized a cumulative-effect increase to beginning retained earnings of $42 million and a corresponding decrease to accumulated other comprehensive income (AOCI). Additionally, we combined the presentation of AFS and trading equity securities on the consolidated balance sheets for all periods presented. Recently Issued Accounting Pronouncements Leases (ASU 2018-1, ASU 2017-13 and ASU 2016-02) These updates are intended to increase transparency and comparability for lease transactions. A lessee is required to recognize an asset and a liability for all lease arrangements longer than 12 months. Lessor accounting is largely unchanged. We will be required to adopt these updates on a modified retrospective basis effective January 1, 2019. Early adoption is permitted. We have reviewed our existing lease contracts and our implementation efforts are primarily focused on assessing the financial impact of these updates on our consolidated financial statements. Intangibles – Simplifying the Test for Goodwill Impairment (ASU 2017-04) The amendments in this update simplify the subsequent measurement of goodwill by eliminating the comparison of the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill to determine the goodwill impairment loss. With the adoption of this guidance, a goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of the goodwill allocated to that reporting unit. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. We will be required to adopt this update prospectively effective January 1, 2020. Early adoption is permitted. We do not expect the adoption of this update will have a material effect on our consolidated financial statements. Financial Instruments – Credit Losses (ASU 2016-13) This update is designed to reduce complexity by limiting the number of credit impairment models used for different assets. The model will result in accelerated credit loss recognition on assets held at amortized cost, which includes our commercial and residential mortgage investments. The identification of credit-deteriorated securities will include all assets that have experienced a more-than-insignificant deterioration in credit since origination. Additionally, any changes in the expected cash flows of credit-deteriorated securities will be recognized immediately in the income statement. AFS fixed maturity securities are not in scope of the new credit loss model, but will undergo targeted improvements to the current reporting model including the establishment of a valuation allowance for credit losses versus the current direct write down approach. We will be required to adopt this update effective January 1, 2020. Early adoption is permitted effective January 1, 2019. We are currently evaluating the impact of this guidance on our consolidated financial statements.

Investments

Investments	3 Months Ended
	Mar. 31, 2018
Investments Schedule [Abstract]
Investments	2. Investments Available-for-sale Securities — The following table represents the amortized cost, gross unrealized gains and losses, fair value and other-than-temporary impairments (OTTI) in AOCI of our AFS investments by asset type. Our AFS investment portfolio includes direct investments in affiliates of Apollo Global Management, LLC (AGM and, together with its subsidiaries, Apollo) where Apollo can exercise significant influence over the affiliates. These investments are presented as investments in related parties on the condensed consolidated balance sheets, and are separately disclosed below. March 31, 2018 (In millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCI Available-for-sale securities U.S. government and agencies $ 25 $ — $ — $ 25 $ — U.S. state, municipal and political subdivisions 995 140 (3 ) 1,132 — Foreign governments 137 2 (3 ) 136 — Corporate 35,489 875 (497 ) 35,867 1 CLO 5,617 36 (11 ) 5,642 — ABS 4,595 44 (32 ) 4,607 1 CMBS 1,981 32 (34 ) 1,979 1 RMBS 8,532 666 (11 ) 9,187 10 Total AFS securities 57,371 1,795 (591 ) 58,575 13 Available-for-sale securities – related party CLO 456 4 — 460 — ABS 45 — — 45 — Total AFS securities – related party 501 4 — 505 — Total AFS securities, including related party $ 57,872 $ 1,799 $ (591 ) $ 59,080 $ 13 December 31, 2017 (In millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCI Fixed maturity securities U.S. government and agencies $ 63 $ 1 $ (2 ) $ 62 $ — U.S. state, municipal and political subdivisions 996 171 (2 ) 1,165 — Foreign governments 2,575 116 (8 ) 2,683 — Corporate 35,173 1,658 (171 ) 36,660 — CLO 5,039 53 (8 ) 5,084 — ABS 3,945 53 (27 ) 3,971 1 CMBS 1,994 48 (21 ) 2,021 1 RMBS 8,721 652 (7 ) 9,366 11 Total fixed maturity securities 58,506 2,752 (246 ) 61,012 13 Equity securities 1 271 7 (1 ) 277 — Total AFS securities 58,777 2,759 (247 ) 61,289 13 Available-for-sale securities – related party CLO 353 7 — 360 — ABS 46 — — 46 — Total AFS securities – related party 399 7 — 406 — Total AFS securities, including related party $ 59,176 $ 2,766 $ (247 ) $ 61,695 $ 13 1 Included in equity securities on the condensed consolidated balance sheets. The amortized cost and fair value of fixed maturity AFS securities, including related party, are shown by contractual maturity below: March 31, 2018 (In millions) Amortized Cost Fair Value Due in one year or less $ 1,041 $ 1,042 Due after one year through five years 8,291 8,337 Due after five years through ten years 10,732 10,721 Due after ten years 16,582 17,060 CLO, ABS, CMBS and RMBS 20,725 21,415 Total AFS fixed maturity securities 57,371 58,575 Fixed maturity securities – related party, CLO and ABS 501 505 Total AFS fixed maturity securities, including related party $ 57,872 $ 59,080 Actual maturities can differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Unrealized Losses on AFS Securities — The following summarizes the fair value and gross unrealized losses for AFS securities, including related party, aggregated by class of security and length of time the fair value has remained below amortized cost: March 31, 2018 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Fair Value Gross Available-for-sale securities U.S. government and agencies $ 23 $ — $ — $ — $ 23 $ — U.S. state, municipal and political subdivisions 70 (1 ) 46 (2 ) 116 (3 ) Foreign governments 55 (2 ) 20 (1 ) 75 (3 ) Corporate 13,298 (296 ) 2,630 (201 ) 15,928 (497 ) CLO 1,508 (6 ) 291 (5 ) 1,799 (11 ) ABS 1,166 (13 ) 541 (19 ) 1,707 (32 ) CMBS 825 (19 ) 168 (15 ) 993 (34 ) RMBS 561 (8 ) 138 (3 ) 699 (11 ) Total AFS securities 17,506 (345 ) 3,834 (246 ) 21,340 (591 ) Available-for-sale securities – related party CLO 10 — — — 10 — ABS 41 — — — 41 — Total AFS securities – related party 51 — — — 51 — Total AFS securities, including related party $ 17,557 $ (345 ) $ 3,834 $ (246 ) $ 21,391 $ (591 ) December 31, 2017 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fixed maturity securities U.S. government and agencies $ 34 $ (1 ) $ 9 $ (1 ) $ 43 $ (2 ) U.S. state, municipal and political subdivisions 50 (1 ) 39 (1 ) 89 (2 ) Foreign governments 435 (6 ) 76 (2 ) 511 (8 ) Corporate 3,992 (49 ) 2,457 (122 ) 6,449 (171 ) CLO 414 (2 ) 340 (6 ) 754 (8 ) ABS 515 (5 ) 549 (22 ) 1,064 (27 ) CMBS 460 (8 ) 179 (13 ) 639 (21 ) RMBS 506 (3 ) 210 (4 ) 716 (7 ) Total fixed maturity securities 6,406 (75 ) 3,859 (171 ) 10,265 (246 ) Equity securities 1 134 (1 ) — — 134 (1 ) Total AFS securities 6,540 (76 ) 3,859 (171 ) 10,399 (247 ) Available-for-sale securities – related party CLO 29 — — — 29 — ABS 42 — — — 42 — Total AFS securities – related party 71 — — — 71 — Total AFS securities, including related party $ 6,611 $ (76 ) $ 3,859 $ (171 ) $ 10,470 $ (247 ) 1 Included in equity securities on the condensed consolidated balance sheets. As of March 31, 2018 , we held 2,662 AFS securities that were in an unrealized loss position. Of this total, 467 were in an unrealized loss position 12 months or more. As of March 31, 2018 , we held three related party AFS securities that were in an unrealized loss position. Of this total, none were in an unrealized loss position 12 months or more. The unrealized losses on AFS securities can primarily be attributed to changes in market interest rates since acquisition. We did not recognize the unrealized losses in income as we intend to hold these securities and it is not more likely than not we will be required to sell a security before the recovery of its amortized cost. Other-Than-Temporary Impairments — For the three months ended March 31, 2018 , we incurred $3 million of net OTTI, of which $2 million related to intent-to-sell impairments. These securities were impaired to fair value as of the impairment date. The remaining net OTTI of $1 million related to credit impairments where a portion was bifurcated in AOCI. Any credit loss impairments not bifurcated in AOCI are excluded from the rollforward below. The following table represents a rollforward of the cumulative amounts recognized on the condensed consolidated statements of income for OTTI related to pre-tax credit loss impairments on AFS fixed maturity securities, for which a portion of the securities’ total OTTI was recognized in AOCI: Three months ended March 31, (In millions) 2018 2017 Beginning balance 7 $ 16 Initial impairments – credit loss OTTI recognized on securities not previously impaired 1 — Additional impairments – credit loss OTTI recognized on securities previously impaired — — Reduction in impairments from securities sold, matured or repaid (1 ) — Reduction for credit loss that no longer has a portion of the OTTI loss recognized in AOCI — — Ending balance $ 7 $ 16 Net Investment Income —Net investment income by asset class consists of the following: Three months ended March 31, (In millions) 2018 2017 Fixed maturity securities AFS securities $ 668 $ 620 Trading securities 44 50 Equity securities 2 3 Mortgage loans 91 85 Investment funds 65 55 Funds withheld at interest 46 36 Other 23 17 Investment revenue 939 866 Investment expenses (84 ) (80 ) Net investment income $ 855 $ 786 Investment Related Gains (Losses) —Investment related gains (losses) by asset class consists of the following: Three months ended March 31, (In millions) 2018 2017 AFS securities Gross realized gains on investment activity $ 21 $ 28 Gross realized losses on investment activity (6 ) (8 ) Net realized investment gains on AFS securities 15 20 Net realized investment losses on trading securities (89 ) (14 ) Net realized investment gains on equity securities 1 18 Derivative gains (losses) (184 ) 654 Other gains 21 4 Investment related gains (losses) $ (236 ) $ 682 Proceeds from sales of AFS securities were $1,637 million and $1,531 million for the three months ended March 31, 2018 and 2017 , respectively. The following table summarizes the change in unrealized gains and losses on trading and equity securities, including related party, we still held as of the respective period end: Three months ended March 31, (In millions) 2018 2017 Trading securities $ (69 ) $ 11 Trading securities – related party (2 ) (12 ) Equity securities — 15 Purchased Credit Impaired (PCI) Investments —The following table summarizes our PCI investments: March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 (In millions) Fixed maturity securities Mortgage loans Contractually required payments receivable $ 9,009 $ 9,690 $ 1,131 $ 1,140 Less: Cash flows expected to be collected 1 (7,996 ) (8,188 ) (1,098 ) (1,090 ) Non-accretable difference $ 1,013 $ 1,502 $ 33 $ 50 Cash flows expected to be collected 1 $ 7,996 $ 8,188 $ 1,098 $ 1,090 Less: Amortized cost (6,084 ) (6,168 ) (807 ) (817 ) Accretable difference $ 1,912 $ 2,020 $ 291 $ 273 Fair value $ 6,622 $ 6,703 $ 877 $ 844 Outstanding balance 7,468 8,026 935 946 1 Represents the undiscounted principal and interest cash flows expected. During the period, we acquired PCI investments with the following amounts at the time of purchase: March 31, 2018 (In millions) Fixed maturity securities Mortgage loans Contractually required payments receivable $ 215 $ — Cash flows expected to be collected 197 — Fair value 166 — The following table summarizes the activity for the accretable yield on PCI investments: Three months ended March 31, 2018 (In millions) Fixed maturity securities Mortgage loans Beginning balance at January 1 $ 2,020 $ 273 Purchases of PCI investments, net of sales 16 (2 ) Accretion (100 ) (10 ) Net reclassification from (to) non-accretable difference (24 ) 30 Ending balance at March 31 $ 1,912 $ 291 Mortgage Loans —Mortgage loans, net of allowances, consists of the following: (In millions) March 31, 2018 December 31, 2017 Commercial mortgage loans $ 5,109 $ 5,223 Commercial mortgage loans under development 24 24 Total commercial mortgage loans 5,133 5,247 Residential mortgage loans 1,006 986 Mortgage loans, net of allowances $ 6,139 $ 6,233 We primarily invest in commercial mortgage loans on income producing properties including hotels, industrial properties and retail and office buildings. We diversify the commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. We evaluate mortgage loans based on relevant current information to confirm if properties are performing at a consistent and acceptable level to secure the related debt. The distribution of commercial mortgage loans, including those under development, net of valuation allowances, by property type and geographic region, is as follows: March 31, 2018 December 31, 2017 (In millions, except for percentages) Net Carrying Value Percentage of Total Net Carrying Value Percentage of Total Property type Office building $ 1,389 27.1 % $ 1,187 22.6 % Retail 1,167 22.7 % 1,223 23.3 % Hotels 935 18.2 % 928 17.7 % Industrial 789 15.4 % 944 18.0 % Apartment 441 8.6 % 525 10.0 % Other commercial 412 8.0 % 440 8.4 % Total commercial mortgage loans $ 5,133 100.0 % $ 5,247 100.0 % U.S. Region East North Central $ 654 12.8 % $ 643 12.3 % East South Central 128 2.5 % 144 2.7 % Middle Atlantic 825 16.1 % 909 17.3 % Mountain 488 9.5 % 492 9.4 % New England 186 3.6 % 162 3.1 % Pacific 1,119 21.8 % 991 18.9 % South Atlantic 900 17.5 % 873 16.6 % West North Central 223 4.3 % 233 4.4 % West South Central 610 11.9 % 655 12.5 % Total U.S. Region 5,133 100.0 % 5,102 97.2 % International Region — — % 145 2.8 % Total commercial mortgage loans $ 5,133 100.0 % $ 5,247 100.0 % Our residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties located in the U.S. As of March 31, 2018 , California , Florida and New York represented 35.9% , 14.9% and 5.8% , respectively, of the portfolio, and the remaining 43.4% represented all other states, with each individual state comprising less than 5% of the portfolio. As of December 31, 2017 , California , Florida and New York represented 34.3% , 15.6% and 6.0% , respectively, of the portfolio, and the remaining 44.1% represented all other states, with each individual state comprising less than 5% of the portfolio. Mortgage Loan Valuation Allowance — The assessment of mortgage loan impairments and valuation allowances is substantially the same for residential and commercial mortgage loans. The valuation allowance was $1 million as of March 31, 2018 and $2 million as of December 31, 2017 . We did not record any material activity in the valuation allowance during the three months ended March 31, 2018 or 2017 . Residential mortgage loans – The primary credit quality indicator of residential mortgage loans is loan performance. Nonperforming residential mortgage loans are 90 days or more past due and/or are in non-accrual status. As of March 31, 2018 and December 31, 2017 , $37 million and $28 million , respectively, of our residential mortgage loans were non-performing. Commercial mortgage loans – As of March 31, 2018 and December 31, 2017 , all of our commercial mortgage loans were less than 30 days past due. Loan-to-value and debt service coverage ratios are measures we use to assess the risk and quality of commercial mortgage loans other than those under development. Loans under development are not evaluated using these ratios as the properties underlying these loans are generally not yet income-producing and the value of the underlying property significantly fluctuates based on the progress of construction. Therefore, the risk and quality of loans under development are evaluated based on the aging and geographical distribution of such loans as shown above. The loan-to-value ratio is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A loan-to-value ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The following represents the loan-to-value ratio of the commercial mortgage loan portfolio, excluding those under development, net of valuation allowances: (In millions) March 31, 2018 December 31, 2017 Less than 50% $ 1,769 $ 1,841 50% to 60% 1,312 1,390 61% to 70% 1,721 1,691 71% to 100% 307 301 Commercial mortgage loans $ 5,109 $ 5,223 The debt service coverage ratio, based upon the most recent financial statements, is expressed as a percentage of a property’s net operating income to its debt service payments. A debt service ratio of less than 1.0 indicates a property’s operations do not generate enough income to cover debt payments. The following represents the debt service coverage ratio of the commercial mortgage loan portfolio, excluding those under development, net of valuation allowances: (In millions) March 31, 2018 December 31, 2017 Greater than 1.20x $ 4,667 $ 4,742 1.00x – 1.20x 298 297 Less than 1.00x 144 184 Commercial mortgage loans $ 5,109 $ 5,223 Investment Funds —Our investment fund portfolio consists of funds that employ various strategies and include investments in real estate and other real assets, credit , private equity, natural resources and hedge funds. Investment funds typically meet the definition of VIEs and are discussed further in Note 4 – Variable Interest Entities .

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	3. Derivative Instruments We use a variety of derivative instruments to manage risks, primarily equity, interest rate, credit, foreign currency and market volatility. See Note 5 – Fair Value for information about the fair value hierarchy for derivatives. The following table presents the notional amount and fair value of derivative instruments: March 31, 2018 December 31, 2017 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency swaps 1,324 $ 2 $ 155 928 $ 1 $ 99 Interest rate swaps 302 — — 302 — — Total derivatives designated as hedges 2 155 1 99 Derivatives not designated as hedges Equity options 31,868 2,019 13 31,460 2,500 19 Futures 5 5 — 1,134 7 — Total return swaps 56 — 4 114 5 — Foreign currency swaps 39 2 4 41 21 3 Interest rate swaps 550 — 1 385 — 2 Credit default swaps 10 — 5 10 — 5 Foreign currency forwards 637 3 4 1,139 17 6 Embedded derivatives Funds withheld — 207 11 — 312 22 Interest sensitive contract liabilities — — 7,254 — — 7,436 Total derivatives not designated as hedges 2,236 7,296 2,862 7,493 Total derivatives $ 2,238 $ 7,451 $ 2,863 $ 7,592 Derivatives Designated as Hedges Foreign currency swaps – We use foreign currency swaps to convert foreign currency denominated cash flows of an investment to U.S. dollars to reduce cash flow fluctuations due to changes in currency exchange rates. Certain of these swaps are designated and accounted for as cash flow hedges, which will expire by December 2045 . During the three months ended March 31, 2018 and 2017 , we had foreign currency swap losses of $56 million and $5 million , respectively, recorded in AOCI. There were no amounts reclassified to income during the three months ended March 31, 2018 and 2017 , and as of March 31, 2018 , no amounts are expected to be reclassified to income within the next 12 months. Interest rate swaps – We use interest rate swaps to reduce market risks from interest rate changes and to alter interest rate exposure arising from duration mismatches between assets and liabilities. Certain of these swaps entered into during the fourth quarter of 2016 are designated as fair value hedges. With an interest rate swap, we agree with another party to exchange the difference between fixed-rate and floating-rate interest amounts tied to an agreed-upon notional principal amount at specified intervals. As of March 31, 2018 and December 31, 2017 , the carrying amount of the hedged interest sensitive contract liabilities was $279 million and $293 million , respectively, and the cumulative amount of fair value hedging adjustment included in the hedged interest sensitive contract liabilities included gains of $17 million and $12 million , respectively. The gains and losses on derivatives and the related hedged items in fair value hedge relationships are recorded in interest sensitive contract benefits on the condensed consolidated statements of income. The derivatives had losses of $7 million and $1 million during the three months ended March 31, 2018 and 2017 , respectively, and the related hedged items had gains of $5 million and $1 million during the three months ended March 31, 2018 and 2017 , respectively. Derivatives Not Designated as Hedges Equity options – We use equity indexed options to economically hedge fixed indexed annuity products that guarantee the return of principal to the policyholder and credit interest based on a percentage of the gain in a specified market index, primarily the S&P 500. To hedge against adverse changes in equity indices, we enter into contracts to buy equity indexed options. The contracts are net settled in cash based on differentials in the indices at the time of exercise and the strike price. Futures – Futures contracts are purchased to hedge the growth in interest credited to the customer as a direct result of increases in the related indices. We enter into exchange-traded futures with regulated futures commission clearing brokers who are members of a trading exchange. Under exchange-traded futures contracts, we agree to purchase a specified number of contracts with other parties and to post variation margin on a daily basis in an amount equal to the difference in the daily fair values of those contracts. Total return swaps – We purchase total rate of return swaps to gain exposure and benefit from a reference asset or index without ownership. Total rate of return swaps are contracts in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of the underlying asset or index, which includes both the income it generates and any capital gains. Credit default swaps – Credit default swaps provide a measure of protection against the default of an issuer or allow us to gain credit exposure to an issuer or traded index. We use credit default swaps coupled with a bond to synthetically create the characteristics of a reference bond. These transactions have a lower cost and are generally more liquid relative to the cash market. We receive a periodic premium for these transactions as compensation for accepting credit risk. Hedging credit risk involves buying protection for existing credit risk. The exposure resulting from the agreements, which is usually the notional amount, is equal to the maximum proceeds that must be paid by a counterparty for a defaulted security. If a credit event occurs on a reference entity, then a counterparty who sold protection is required to pay the buyer the trade notional amount less any recovery value of the security. Foreign currency forwards – We use foreign currency forward contracts to hedge certain exposures to foreign currency risk. The price is agreed upon at the time of the contract and payment is made at a specified future date. Embedded derivatives – We have embedded derivatives which are required to be separated from their host contracts and reported as derivatives. Host contracts include reinsurance agreements structured on a modco or funds withheld basis and indexed annuity products. The following is a summary of the gains (losses) related to derivatives not designated as hedges: Three months ended March 31, (In millions) 2018 2017 Equity options $ (142 ) $ 528 Futures (5 ) (10 ) Swaps 2 5 Foreign currency forwards (7 ) 1 Embedded derivatives on funds withheld (32 ) 130 Amounts recognized in investment related gains (losses) (184 ) 654 Embedded derivatives in indexed annuity products 1 238 (431 ) Total gains on derivatives not designated as hedges $ 54 $ 223 1 Included in interest sensitive contract benefits. Credit Risk —We may be exposed to credit-related losses in the event of counterparty nonperformance on derivative financial instruments. Generally, the current credit exposure of our derivative contracts is the fair value at the reporting date less any collateral received from the counterparty. We manage credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties. Where possible, we maintain collateral arrangements and use master netting agreements that provide for a single net payment from one counterparty to another at each due date and upon termination. We have also established counterparty exposure limits, where possible, in order to evaluate if there is sufficient collateral to support the net exposure. Collateral arrangements typically require the posting of collateral in connection with its derivative instruments. Collateral agreements often contain posting thresholds, some of which may vary depending on the posting party’s financial strength ratings. Additionally, a decrease in our financial strength rating to a specified level can result in settlement of the derivative position. The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated balance sheets (In millions) Gross amount recognized 1 Financial instruments 2 Collateral received/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral March 31, 2018 Derivative assets $ 2,031 $ (87 ) $ (1,145 ) $ 799 $ (769 ) $ 30 Derivative liabilities (186 ) 87 98 (1 ) — (1 ) December 31, 2017 Derivative assets $ 2,551 $ (59 ) $ (2,323 ) $ 169 $ (221 ) $ (52 ) Derivative liabilities (134 ) 59 63 (12 ) — (12 ) 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of March 31, 2018 and December 31, 2017, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated balance sheets. 3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	4. Variable Interest Entities Our investment funds typically meet the definition of a VIE, and in certain cases these investment funds are consolidated in our financial statements because we meet the criteria of the primary beneficiary. Consolidated VIEs —We consolidate AAA Investments (Co-Invest VI), L.P. (CoInvest VI), AAA Investments (Co-Invest VII), L.P. (CoInvest VII), AAA Investments (Other), L.P. (CoInvest Other), NCL Athene, LLC (NCL LLC), Apollo Asia Sprint Co-Investment Fund, L.P. (Sprint) and ALR Aircraft Investment Ireland Limited (ALR), which are investment funds. We are the only limited partner or Class A member in these investment funds and receive all of the economic benefits and losses, other than management fees and carried interest, as applicable, paid to the general partner in each entity, or a related entity, which are related parties. We do not have any voting rights as limited partner and, as the limited partner or Class A member, do not solely satisfy the power criteria to direct the activities that significantly impact the economics of the VIE. However, the criteria for the primary beneficiary are satisfied by our related party group and, because substantially all of the activities are conducted on our behalf, we consolidate the investment funds. No arrangement exists requiring us to provide additional funding in excess of our committed capital investment, liquidity, or the funding of losses or an increase to our loss exposure in excess of our investment in the VIEs. We elected the fair value option for certain fixed maturity and equity securities, and investment funds, which are reported in the consolidated variable interest entity sections on the condensed consolidated balance sheets. CoInvest VI, CoInvest VII and CoInvest Other were formed to make investments, including co-investments alongside private equity funds sponsored by Apollo. We received our interests in CoInvest VI, CoInvest VII and CoInvest Other as part of a contribution agreement in 2012 with AAA Guarantor – Athene, L.P. (AAA Investor) and its subsidiary, Apollo Life Re Ltd., in order to provide a capital base to support future acquisitions. CoInvest VII holds a significant investment in MidCap FinCo Limited (MidCap), which is included in investment funds of consolidated VIEs on the condensed consolidated balance sheets. We have purchased pools of loans sourced by MidCap and contemporaneously sold subordinated participation interests in the loans to a subsidiary of MidCap. As of March 31, 2018 and December 31, 2017 , we had $14 million due to MidCap under the subordinated participation agreement which is reflected as a secured borrowing in other liabilities on the condensed consolidated balance sheets. In addition, we have advanced amounts under a subordinated debt facility to MidCap and, as of March 31, 2018 and December 31, 2017 , the principal balance due was $245 million , and this is included in other related party investments on the condensed consolidated balance sheets. NCL LLC was formed to hold the investment in Norwegian Cruise Line Holdings Ltd. (NCLH) shares, which were previously held by CoInvest VI. NCL LLC is subject to the same management fees, selling restrictions with respect to shares of NCLH, and carried interest calculation as CoInvest VI. NCL LLC classifies its NCLH shares as equity securities. We are the primary beneficiary and consolidate NCL LLC, as substantially all of its activities are conducted on our behalf. We have a 100% limited partnership interest in Sprint, an entity formed to make a co-investment alongside private equity funds sponsored by Apollo. The underlying investment is a structured credit facility on a nearly complete skyscraper in Southeast Asia. We are the primary beneficiary and consolidate Sprint, as substantially all of its activities are conducted on our behalf. During the first quarter of 2018, we invested in profit participating notes of ALR. ALR was formed to invest in a joint venture that provides airplane lease financing to a major commercial airline. We are the only investor in the profit participating notes and, as substantially all of the activities of ALR are conducted on our behalf, we are the primary beneficiary and consolidate ALR. Trading securities – related party – Trading securities represents investments in fixed maturity securities with changes in fair value recognized in investment related gains (losses) within revenues of consolidated variable interest entities on the condensed consolidated statements of income. The change in unrealized gains and losses on trading securities we still held as of the respective period end resulted in no unrealized gains or losses during the three months ended March 31, 2018 and 2017 . Trading securities held by CoInvest VI and CoInvest VII are related party investments because Apollo affiliates exercise significant influence over the operations of these investees. Equity securities – related party – Changes in fair value of equity securities are recognized in investment related gains (losses) within revenues of consolidated variable interest entities on the condensed consolidated statements of income. Prior period unrealized changes in fair value of equity securities designated as AFS were recognized in OCI. The change in unrealized gains and losses on equity securities we still held as of the respective period end resulted in unrealized losses of $25 million and $4 million for the three months ended March 31, 2018 and 2017 , respectively. Equity securities held by CoInvest VI, CoInvest VII, CoInvest Other and NCL LLC are related party investments because Apollo affiliates exercise significant influence over the operations of these investees. Investment funds – related party – Investment funds include non-fixed income, alternative investments in the form of limited partnerships or similar legal structures that meet the definition of VIEs; however, our consolidated VIEs are not considered the primary beneficiary of these investment funds. Changes in fair value for certain of these investment funds are included in investment related gains (losses) within revenues of consolidated variable interest entities on the condensed consolidated statements of income. Investment funds held by CoInvest VII, CoInvest Other and Sprint are related party investments as they are sponsored or managed by Apollo affiliates. Fair Value —See Note 5 – Fair Value for a description of the levels of our fair value hierarchy and our process for determining the level we assign our assets and liabilities carried at fair value. The following represents the hierarchy for assets and liabilities of our consolidated VIEs measured at fair value on a recurring basis: March 31, 2018 (In millions) Total NAV 1 Level 1 Level 2 Level 3 Assets of consolidated variable interest entities Investments Fixed maturity securities, trading $ 47 $ — $ — $ — $ 47 Equity securities 177 — 149 — 28 Investment funds 554 534 — — 20 Cash and cash equivalents 3 — 3 — — Total assets of consolidated VIEs measured at fair value $ 781 $ 534 $ 152 $ — $ 95 1 Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy. December 31, 2017 (In millions) Total NAV 1 Level 1 Level 2 Level 3 Assets of consolidated variable interest entities Investments Fixed maturity securities, trading $ 48 $ — $ — $ — $ 48 Equity securities 240 — 212 — 28 Investment funds 549 528 — — 21 Cash and cash equivalents 4 — 4 — — Total assets of consolidated VIEs measured at fair value $ 841 $ 528 $ 216 $ — $ 97 1 Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy. Fair Value Valuation Methods – See Note 5 – Fair Value for the valuation methods used to determine the fair value of trading securities, equity securities, investment funds and cash and cash equivalents. Level 3 Financial Instruments – The following is a reconciliation for all VIE Level 3 assets and liabilities measured at fair value on a recurring basis: Three months ended March 31, 2018 (In millions) Beginning Balance Total realized and unrealized gains (losses) included in income Purchases Sales Transfers in (out) Ending Balance Total gains (losses) included in earnings 1 Assets of consolidated variable interest entities Fixed maturity securities Trading securities $ 48 $ — $ — $ (1 ) $ — $ 47 $ — Equity securities 28 — — — — 28 — Investment funds 21 1 — (2 ) — 20 1 Total Level 3 assets of consolidated VIEs $ 97 $ 1 $ — $ (3 ) $ — $ 95 $ 1 1 Related to instruments held at end of period. Three months ended March 31, 2017 (In millions) Beginning Balance Total realized and unrealized gains (losses) included in income Purchases Sales Transfers in (out) Ending Balance Total gains (losses) included in earnings 1 Assets of consolidated variable interest entities Fixed maturity securities Trading securities $ 50 $ — $ — $ — $ — $ 50 $ — Equity securities 43 (11 ) — — — 32 (11 ) Investment funds 38 — — — — 38 — Total Level 3 assets of consolidated VIEs $ 131 $ (11 ) $ — $ — $ — $ 120 $ (11 ) 1 Related to instruments held at end of period. There were no transfers between Level 1 or Level 2 during the three months ended March 31, 2018 and 2017 . Significant Unobservable Inputs – For certain Level 3 trading securities and investment funds, the valuations have significant unobservable inputs, which may include, but are not limited to, comparable multiples and weighted average cost of capital rates applied in the valuation models. These inputs in isolation can cause significant increases or decreases in fair value. For example, the comparable multiples may be multiplied by the underlying investment’s earnings before interest, tax, depreciation and amortization or by some other applicable financial metric to establish the total enterprise value of the underlying investments. A comparable multiple consistent with the implied trading multiple of public industry peers or relevant recent private transactions are used when available. For other Level 3 trading securities, valuations are performed using a discounted cash flow model. For a discounted cash flow model, the significant input is the discount rate applied to present value the projected cash flows. An increase in the discount rate can significantly lower the fair value; a decrease in the discount rate can significantly increase the fair value. The discount rate may be determined by considering the weighted average cost of capital calculation of companies in similar industries with comparable debt to equity ratios. Fair Value Option – The following represents the gains (losses) recorded for instruments within the consolidated VIEs for which we have elected the fair value option: Three months ended March 31, (In millions) 2018 2017 Equity securities $ (9 ) $ (4 ) Investment funds 6 5 Total gains (losses) $ (3 ) $ 1 Fair Value of Financial Instruments Not Held at Fair Value – Assets of consolidated variable interest entities includes $28 million and $22 million of investment funds accounted for under the equity method and not carried at fair value as of March 31, 2018 and December 31, 2017 , respectively; however, the carrying amount approximates fair value. Non-Consolidated Securities and Investment Funds Fixed Maturity Securities – We invest in securitization entities as a debt holder or an investor in the residual interest of the securitization vehicle, which are included in fixed maturity securities on the condensed consolidated balance sheets. These entities are deemed VIEs due to insufficient equity within the structure and lack of control by the equity investors over the activities that significantly impact the economics of the entity. In general, we are a debt investor within these entities and, as such, hold a variable interest; however, due to the debt holders’ lack of ability to control the decisions within the trust that significantly impact the entity, and the fact the debt holders are protected from losses due to the subordination by the equity tranche, the debt holders are not deemed the primary beneficiary. Securitization vehicles in which we hold the residual tranche are not consolidated because we do not unilaterally have substantive rights to remove the general partner, or when assessing related party interests, we are not under common control, as defined by GAAP, with the related party, nor are substantially all of the activities conducted on our behalf; therefore, we are not deemed the primary beneficiary. Debt investments and investments in the residual tranche of securitization entities are considered debt instruments and are held at fair value on the balance sheet and classified as AFS or trading. Investment funds – Investment funds include non-fixed income, alternative investments in the form of limited partnerships or similar legal structures. Our risk of loss associated with our non-consolidated investments is limited and depends on the investment, including any unfunded commitments, as follows: (1) investment funds accounted for under the equity method are limited to our capital contributions, net of return of capital; (2) investment funds under the fair value option are limited to the fair value; (3) AFS securities and other investments are limited to amortized cost; and (4) trading securities are limited to carrying value. The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: March 31, 2018 December 31, 2017 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 647 $ 1,104 $ 699 $ 1,036 Investment in related parties – investment funds 1,499 2,665 1,310 2,598 Assets of consolidated variable interest entities – investment funds 582 606 571 594 Investment in fixed maturity securities 21,971 21,281 21,022 20,278 Investment in related parties – fixed maturity securities 810 806 713 792 Total non-consolidated investments $ 25,509 $ 26,462 $ 24,315 $ 25,298 The following summarizes our investment funds, including related party investment funds and investment funds owned by consolidated VIEs: March 31, 2018 December 31, 2017 (In millions, except for percentages and years) Carrying value Percent of total Remaining life in years Carrying value Percent of total Remaining life in years Investment funds Private equity $ 240 37.1 % 0 – 6 $ 271 38.8 % 0 – 7 Real estate and other real assets 174 26.9 % 1 – 7 161 23.0 % 1 – 7 Natural resources 4 0.6 % 1 – 1 4 0.6 % 1 – 1 Hedge funds 56 8.7 % 0 – 2 61 8.7 % 0 – 3 Credit funds 173 26.7 % 0 – 4 202 28.9 % 0 – 5 Total investment funds 647 100.0 % 699 100.0 % Investment funds – related parties Private equity – A-A Mortgage 1 418 27.9 % 5 – 5 403 30.8 % 5 – 5 Private equity – other 283 18.9 % 0 – 6 180 13.7 % 0 – 10 Real estate and other real assets 322 21.5 % 0 – 6 297 22.7 % 0 – 7 Natural resources 98 6.5 % 4 – 5 74 5.6 % 4 – 6 Hedge funds 99 6.6 % 11 – 11 93 7.1 % 9 – 9 Credit funds 279 18.6 % 1 – 4 263 20.1 % 2 – 4 Total investment funds – related parties 1,499 100.0 % 1,310 100.0 % Investment funds owned by consolidated VIEs Private equity – MidCap 2 534 91.8 % N/A 528 92.5 % N/A Credit funds 20 3.4 % 0 – 3 21 3.7 % 0 – 3 Real estate and other real assets 28 4.8 % 1 – 2 22 3.8 % 2 – 3 Total investment funds owned by consolidated VIEs 582 100.0 % 571 100.0 % Total investment funds including related parties and funds owned by consolidated VIEs $ 2,728 $ 2,580 1 A-A Mortgage Opportunities, LP (A-A Mortgage) is a platform to originate residential mortgage loans and mortgage servicing rights. Our total investment in A-A Mortgage, including amounts loaned to Aris Mortgage Holding Company LLC (Aris Holdco), a 100% equity investment of A-A Mortgage, was $541 million and $455 million as of March 31, 2018 and December 31, 2017, respectively. 2 Our total investment in MidCap, including amounts advanced under credit facilities, totaled $772 million and $766 million as of March 31, 2018 and December 31, 2017, respectively. Summarized Ownership of Investment Funds —The following table presents the carrying value by ownership percentage of equity method investment funds, including related party investment funds and investment funds owned by consolidated VIEs: (In millions) March 31, 2018 December 31, 2017 Ownership Percentage 100% $ 15 $ 35 50% – 99% 579 520 3% – 49% 1,296 1,301 Equity method investment funds $ 1,890 $ 1,856 The following table presents the carrying value by ownership percentage of investment funds where we elected the fair value option, including related party investment funds and investment funds owned by consolidated VIEs: (In millions) March 31, 2018 December 31, 2017 Ownership Percentage 3% – 49% $ 690 $ 590 Less than 3% 148 134 Fair value option investment funds $ 838 $ 724

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value	5. Fair Value Fair value is the price we would receive to sell an asset or pay to transfer a liability (exit price) in an orderly transaction between market participants. We determine fair value based on the following fair value hierarchy: Level 1 – Unadjusted quoted prices for identical assets or liabilities in an active market. Level 2 – Quoted prices for inactive markets or valuation techniques that require observable direct or indirect inputs for substantially the full term of the asset or liability. Level 2 inputs include the following: • Quoted prices for similar assets or liabilities in active markets, • Observable inputs other than quoted market prices, and • Observable inputs derived principally from market data through correlation or other means. Level 3 – Prices or valuation techniques with unobservable inputs significant to the overall fair value estimate. These valuations use critical assumptions not readily available to market participants. Level 3 valuations are based on market standard valuation methodologies, including discounted cash flows, matrix pricing or other similar techniques. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the instrument’s fair value measurement. We use a number of valuation sources to determine fair values. Valuation sources can include quoted market prices; third-party commercial pricing services; third-party brokers; industry-standard, vendor modeling software that uses market observable inputs; and other internal modeling techniques based on projected cash flows. We periodically review the assumptions and inputs of third-party commercial pricing services through internal valuation price variance reviews, comparisons to internal pricing models, back testing to recent trades, or monitoring trading volumes. The following represents the hierarchy for our assets and liabilities measured at fair value on a recurring basis: March 31, 2018 (In millions) Total NAV 1 Level 1 Level 2 Level 3 Assets Fixed maturity securities AFS securities U.S. government and agencies $ 25 $ — $ 23 $ 2 $ — U.S. state, municipal and political subdivisions 1,132 — — 1,132 — Foreign governments 136 — — 136 — Corporate 35,867 — — 35,186 681 CLO 5,642 — — 5,475 167 ABS 4,607 — — 3,313 1,294 CMBS 1,979 — — 1,916 63 RMBS 9,187 — — 9,149 38 Total AFS securities 58,575 — 23 56,309 2,243 Trading securities U.S. government and agencies 3 — 3 — — U.S. state, municipal and political subdivisions 130 — — 113 17 Corporate 1,399 — — 1,399 — CLO 27 — — 26 1 ABS 94 — — 94 — CMBS 50 — — 50 — RMBS 385 — — 64 321 Total trading securities 2,088 — 3 1,746 339 Equity securities 160 — 11 149 — Mortgage loans 41 — — — 41 Investment funds 131 106 — — 25 Funds withheld at interest – embedded derivative 207 — — — 207 Derivative assets 2,031 — 5 2,026 — Short-term investments 235 — 48 187 — Other investments 39 — — 39 — Cash and cash equivalents 2,735 — 2,735 — — Restricted cash 87 — 87 — — Investments in related parties Fixed maturity securities AFS securities CLO 460 — — 398 62 ABS 45 — — 45 — Total AFS securities – related party 505 — — 443 62 Trading securities CLO 134 — — 43 91 ABS 171 — — — 171 Total trading securities – related party 305 — — 43 262 Investment funds 153 42 — — 111 Short-term investments 123 — — 123 — Reinsurance recoverable 1,713 — — — 1,713 Total assets measured at fair value $ 69,128 $ 148 $ 2,912 $ 61,065 $ 5,003 (Continued) March 31, 2018 (In millions) Total NAV 1 Level 1 Level 2 Level 3 Liabilities Interest sensitive contract liabilities Embedded derivative $ 7,254 $ — $ — $ — $ 7,254 Universal life benefits 934 — — — 934 Future policy benefits AmerUs Closed Block 1,541 — — — 1,541 ILICO Closed Block and life benefits 764 — — — 764 Derivative liabilities 186 — — 181 5 Funds withheld liability – embedded derivative 11 — — 11 — Total liabilities measured at fair value $ 10,690 $ — $ — $ 192 $ 10,498 1 Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy. (Concluded) December 31, 2017 (In millions) Total NAV 1 Level 1 Level 2 Level 3 Assets Fixed maturity securities AFS securities U.S. government and agencies $ 62 $ — $ 26 $ 36 $ — U.S. state, municipal and political subdivisions 1,165 — — 1,165 — Foreign governments 2,683 — — 2,683 — Corporate 36,660 — — 36,082 578 CLO 5,084 — — 5,020 64 ABS 3,971 — — 2,510 1,461 CMBS 2,021 — — 1,884 137 RMBS 9,366 — — 9,065 301 Total AFS securities 61,012 — 26 58,445 2,541 Trading securities U.S. government and agencies 3 — 3 — — U.S. state, municipal and political subdivisions 138 — — 121 17 Corporate 1,475 — — 1,475 — CLO 27 — — 10 17 ABS 94 — — 17 77 CMBS 51 — — 51 — RMBS 408 — — 66 342 Total trading securities 2,196 — 3 1,740 453 (Continued) December 31, 2017 (In millions) Total NAV 1 Level 1 Level 2 Level 3 Equity securities 790 — 18 764 8 Mortgage loans 41 — — — 41 Investment funds 145 104 — — 41 Funds withheld at interest – embedded derivative 312 — — — 312 Derivative assets 2,551 — 7 2,544 — Short-term investments 201 — 40 161 — Cash and cash equivalents 4,888 — 4,888 — — Restricted cash 105 — 105 — — Investments in related parties Fixed maturity securities AFS securities CLO 360 — — 360 — ABS 46 — — 46 — Total AFS securities – related party 406 — — 406 — Trading securities CLO 132 — — 27 105 ABS 175 — — 175 — Total trading securities – related party 307 — — 202 105 Investment funds 30 30 — — — Short-term investments 52 — — 52 — Reinsurance recoverable 1,824 — — — 1,824 Total assets measured at fair value $ 74,860 $ 134 $ 5,087 $ 64,314 $ 5,325 Liabilities Interest sensitive contract liabilities Embedded derivative $ 7,436 $ — $ — $ — $ 7,436 Universal life benefits 1,005 — — — 1,005 Unit-linked contracts 488 — — 488 — Future policy benefits AmerUs Closed Block 1,625 — — — 1,625 ILICO Closed Block and life benefits 803 — — — 803 Derivative liabilities 134 — — 129 5 Funds withheld liability – embedded derivative 22 — — 22 — Total liabilities measured at fair value $ 11,513 $ — $ — $ 639 $ 10,874 1 Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy. (Concluded) See Note 4 – Variable Interest Entities for fair value disclosures associated with consolidated VIEs. Fair Value Valuation Methods —We used the following valuation methods and assumptions to estimate fair value: Fixed maturity – AFS and trading securities – We obtain the fair value for most marketable securities without an active market from several commercial pricing services. These are classified as Level 2 assets. The pricing services incorporate a variety of market observable information in their valuation techniques, including benchmark yields, trading activity, credit quality, issuer spreads, bids, offers and other reference data. This category typically includes U.S. and non-U.S. corporate bonds, U.S. agency and government guaranteed securities, CLO, ABS, CMBS and RMBS. We value privately placed fixed maturity securities based on the credit quality and duration of comparable marketable securities, which may be securities of another issuer with similar characteristics. In some instances, we use a matrix-based pricing model. These models consider the current level of risk-free interest rates, corporate spreads, credit quality of the issuer and cash flow characteristics of the security. We also consider additional factors such as net worth of the borrower, value of collateral, capital structure of the borrower, presence of guarantees and our evaluation of the borrower’s ability to compete in its relevant market. Privately placed fixed maturity securities are classified as Level 2 or 3. Equity securities – Fair values of publicly traded equity securities are based on quoted market prices and classified as Level 1. Other equity securities, typically private equities or equity securities not traded on an exchange, we value based on other sources, such as commercial pricing services or brokers and are classified as Level 2 or 3. Mortgage loans – Mortgage loans for which we have elected the fair value option or those held for sale are carried at fair value. We estimate fair value on a monthly basis using discounted cash flow analysis and rates being offered for similar loans to borrowers with similar credit ratings. Loans with similar characteristics are aggregated for purposes of the calculations. The discounted cash flow model uses unobservable inputs, including estimates of discount rates and loan prepayments. Mortgage loans are classified as Level 3. Funds withheld (embedded derivative) – We estimate the fair value of the embedded derivative based on the change in the fair value of the assets supporting the funds withheld payable under the combined coinsurance, modco and coinsurance funds withheld reinsurance agreements. As a result, the fair value of the embedded derivative is classified as Level 2 or 3 based on the valuation methods used for the assets held in trust supporting the reinsurance agreements. Derivatives – Derivative contracts can be exchange traded or over-the-counter. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy depending on trading activity. Over-the-counter derivatives are valued using valuation models or an income approach using third-party broker valuations. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, prepayment rates and correlation of the inputs. We consider and incorporate counterparty credit risk in the valuation process through counterparty credit rating requirements and monitoring of overall exposure. We also evaluate and include our own nonperformance risk in valuing derivatives. The majority of our derivatives trade in liquid markets; therefore, we can verify model inputs and model selection does not involve significant management judgment. These are typically classified within Level 2 of the fair value hierarchy. Cash and cash equivalents – including restricted cash – The carrying amount for cash equals fair value. We estimate the fair value for cash equivalents based on quoted market prices. These assets are classified as Level 1. Interest sensitive contract liabilities (embedded derivative) – Embedded derivatives related to interest sensitive contract liabilities with fixed indexed annuity products are classified as Level 3. The valuations include significant unobservable inputs associated with economic assumptions and actuarial assumptions for policyholder behavior. Unit-linked contracts – Unit-linked contracts are valued based on the fair value of the investments supporting the contract. The underlying investments are trading securities comprised primarily of mutual funds. The valuations of these are based on quoted market prices for similar assets and are classified as Level 2, resulting in a corresponding classification for the unit-linked contracts. AmerUs Closed Block – We elected the fair value option for the future policy benefits liability in the AmerUs Closed Block. Our valuation technique is to set the fair value of policyholder liabilities equal to the fair value of assets. There is an additional component which captures the fair value of the open block’s obligations to the closed block business. This component is the present value of the projected release of required capital and future earnings before income taxes on required capital supporting the AmerUs Closed Block, discounted at a rate which represents a market participant’s required rate of return, less the initial required capital. Unobservable inputs include estimates for these items. The AmerUs Closed Block policyholder liabilities and any corresponding reinsurance recoverable are classified as Level 3. ILICO Closed Block – We elected the fair value option for the ILICO Closed Block. Our valuation technique is to set the fair value of policyholder liabilities equal to the fair value of assets. There is an additional component which captures the fair value of the open block’s obligations to the closed block business. This component uses the present value of future cash flows which include commissions, administrative expenses, reinsurance premiums and benefits, and an explicit cost of capital. The discount rate includes a margin to reflect the business and non-performance risk. Unobservable inputs include estimates for these items. The ILICO Closed Block policyholder liabilities and corresponding reinsurance recoverable are classified as Level 3. Universal life liabilities and other life benefits – We elected the fair value option for certain blocks of universal and other life business ceded to Global Atlantic Financial Group Limited (together with its subsidiaries, Global Atlantic). We use a present value of liability cash flows. Unobservable inputs include estimates of mortality, persistency, expenses, premium payments and a risk margin used in the discount rates that reflects the riskiness of the business. These universal life policyholder liabilities and corresponding reinsurance recoverable are classified as Level 3. Fair Value Option — The following represents the gains (losses) recorded for instruments for which we have elected the fair value option: Three months ended March 31, (In millions) 2018 2017 Trading securities $ (89 ) $ (14 ) Equity securities — 16 Investment funds, including related party investment funds (4 ) 7 Future policy benefits 84 4 Total gains (losses) $ (9 ) $ 13 Gains and losses on trading and equity securities are recorded in investment related gains (losses) on the condensed consolidated statements of income. Prior period unrealized gains and losses on equity securities designated as AFS were recorded in OCI. For fair valu e option mortgage loans, we record interest income in net investment income and subsequent changes in fair value in investment related gains (losses) on the condensed consolidated statements of income. Gains and losses related to investment funds, including related party investment funds, are recorded in net investment income on the condensed consolidated statements of income. We record the change in fair value of future policy benefits to future policy and other policy benefits on the condensed consolidated statements of income. The following summarizes information for fair value option mortgage loans: (In millions) March 31, 2018 December 31, 2017 Unpaid principal balance $ 40 $ 40 Mark to fair value 1 1 Fair value $ 41 $ 41 There were no fair value option mortgage loans 90 days or more past due as of March 31, 2018 and December 31, 2017 . Transfers Between Levels —Transfers into Level 3 generally represent securities that were valued using pricing sources which, due to changing market conditions, were less observable than in prior periods as indicated by the increased volatility, which was reflected in vendor prices obtained for individual securities. Additionally, changes in pricing sources also led to securities transferring into Level 3. Transfers out of Level 3 generally represent securities that were valued using pricing sources which, due to changing market conditions, were more observable than in prior periods as indicated by decreased volatility, which was reflected in vendor prices obtained for individual securities. Additionally, changes in pricing sources also led to securities transferring into Level 2. Transfers into or out of any level are assumed to occur at the end of the period. For the three months ended March 31, 2018 and 2017 , there were no transfers between Level 1 and Level 2. Level 3 Financial Instruments — The following is a reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis: Three months ended March 31, 2018 Total realized and unrealized gains (losses) Transfers (In millions) Beginning Balance Included in income Included in OCI Purchases, issuances, sales and settlements, net In (Out) Ending Balance Total gains (losses) included in earnings 1 Assets Fixed maturity securities AFS securities Corporate $ 578 $ 4 $ (4 ) $ 58 $ 53 $ (8 ) $ 681 $ — CLO 64 — 2 131 — (30 ) 167 — ABS 1,461 2 (7 ) (104 ) — (58 ) 1,294 — CMBS 137 — (1 ) — — (73 ) 63 — RMBS 301 1 (5 ) 23 7 (289 ) 38 — Trading securities U.S. state, municipal and political subdivisions 17 — — — — — 17 — CLO 17 — — 1 — (17 ) 1 — ABS 77 — — — — (77 ) — (3 ) RMBS 342 (21 ) — — — — 321 — Equity securities 8 — — (8) — — — — Mortgage loans 41 — — — — — 41 — Investment funds 41 (9 ) — — (7 ) — — 25 — Funds withheld at interest – embedded derivative 312 (105 ) — — — — 207 — Investments in related parties Fixed maturity securities AFS securities CLO — — — 62 — — 62 — Trading securities CLO 105 1 — (1 ) 18 (32 ) 91 (1 ) ABS — — — — 171 — 171 — Investment funds — 3 — 108 — — 111 3 Reinsurance recoverable 1,824 (111 ) — — — — 1,713 — Total Level 3 assets $ 5,325 $ (235 ) $ (15 ) $ 263 $ 249 $ (584 ) $ 5,003 $ (1 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,436 ) $ 238 $ — $ (56 ) $ — $ — $ (7,254 ) $ — Universal life benefits (1,005 ) 71 — — — — (934 ) — Future policy benefits AmerUs Closed Block (1,625 ) 84 — — — — (1,541 ) — ILICO Closed Block and life benefits (803 ) 39 — — — — (764 ) — Derivative liabilities (5 ) — — — — — (5 ) — Total Level 3 liabilities $ (10,874 ) $ 432 $ — $ (56 ) $ — $ — $ (10,498 ) $ — 1 Related to instruments held at end of period. Three months ended March 31, 2017 Total realized and unrealized gains (losses) Transfers (In millions) Beginning balance Included in income Included in OCI Purchases, issuances, sales and settlements, net In Out Ending balance Total gains (losses) included in earnings 1 Assets Fixed maturity securities AFS securities U.S. state, municipal and political subdivisions $ 5 $ 16 $ (1 ) $ (20 ) $ — $ — $ — $ — Foreign governments 14 — — (1 ) — — 13 — Corporate 370 1 6 92 21 — 490 — CLO 158 — 4 3 29 (94 ) 100 — ABS 1,160 4 14 75 — (31 ) 1,222 — CMBS 152 39 — — — (44 ) 147 — RMBS 17 — 1 — 50 (8 ) 60 — Trading securities U.S. state, municipal and political subdivisions 17 — — — — — 17 — CLO 43 (1 ) — (15 ) — — 27 1 RMBS 96 (5 ) — 2 — (11 ) 82 (1 ) Equity securities 5 — — — — — 5 — Mortgage loans 44 — — — — — 44 — Funds withheld at interest – embedded derivative 140 72 — — — — 212 — Investments in related parties Fixed maturity securities AFS securities ABS 56 — 1 (2 ) — (55 ) — — Trading securities CLO 195 (12 ) — (14 ) — (38 ) 131 (12 ) Short-term investments — — — 20 — — 20 — Reinsurance recoverable 1,692 46 — — — — 1,738 — Total Level 3 assets $ 4,164 $ 160 $ 25 $ 140 $ 100 $ (281 ) $ 4,308 $ (12 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (5,283 ) $ (431 ) $ — $ (79 ) $ — $ — $ (5,793 ) $ — Universal life benefits (883 ) (27 ) — — — — (910 ) — Future policy benefits AmerUs Closed Block (1,606 ) 4 — — — — (1,602 ) — ILICO Closed Block and life benefits (794 ) (19 ) — — — — (813 ) — Derivative liabilities (7 ) — — — — — (7 ) — Total Level 3 liabilities $ (8,573 ) $ (473 ) $ — $ (79 ) $ — $ — $ (9,125 ) $ — 1 Related to instruments held at end of period. The following represents the gross components of purchases, issuances, sales and settlements, net, shown above: Three months ended March 31, 2018 (In millions) Purchases Issuances Sales Settlements Purchases, issuances, sales and settlements, net Assets Fixed maturity securities AFS securities Corporate $ 68 $ — $ (5 ) $ (5 ) $ 58 CLO 131 — — — 131 ABS 40 — (20 ) (124 ) (104 ) RMBS 31 — — (8 ) 23 Trading securities CLO 13 — — (12 ) 1 Equity securities — — (8) — (8 ) Investment funds — — — (7 ) (7 ) Investments in related parties Fixed maturity securities AFS securities CLO 62 — — — 62 Trading securities CLO — — (1 ) — (1 ) Investment funds 108 — — — 108 Total Level 3 assets $ 453 $ — $ (34 ) $ (156 ) $ 263 Liabilities Interest sensitive contract liabilities Embedded derivative $ — $ (126 ) $ — $ 70 $ (56 ) Total Level 3 liabilities $ — $ (126 ) $ — $ 70 $ (56 ) Three months ended March 31, 2017 (In millions) Purchases Issuances Sales Settlements Purchases, issuances, sales and settlements, net Assets Fixed maturity securities AFS securities U.S. state, municipal and political subdivisions $ — $ — $ — $ (20 ) $ (20 ) Foreign governments — — — (1 ) (1 ) Corporate 94 — — (2 ) 92 CLO 13 — (2 ) (8 ) 3 ABS 103 — — (28 ) 75 Trading securities CLO — — (15 ) — (15 ) RMBS 2 — — — 2 Investments in related parties Fixed maturity securities AFS securities, ABS 5 — — (7 ) (2 ) Trading securities, CLO — — (14 ) — (14 ) Short-term investments 20 — — — 20 Total Level 3 assets $ 237 $ — $ (31 ) $ (66 ) $ 140 Liabilities Interest sensitive contract liabilities Embedded derivative $ — $ (110 ) $ — $ 31 $ (79 ) Total Level 3 liabilities $ — $ (110 ) $ — $ 31 $ (79 ) Significant Unobservable Inputs — Significant unobservable inputs occur when we could not obtain or corroborate the quantitative detail of the inputs. This applies to fixed maturity securities, equity securities, mortgage loans and certain derivatives, as well as embedded derivatives in liabilities. Additional significant unobservable inputs are described below. Fixed maturity securities – For certain fixed maturity securities, internal models are used to calculate the fair value. We use a discounted cash flow approach. The discount rate is the significant unobservable input due to the determined credit spread being internally developed, illiquid, or as a result of other adjustments made to the base rate. The base rate represents a market comparable rate for securities with similar characteristics. As of March 31, 2018 , discounts ranged from 3% to 9% , and as of December 31, 2017 , discounts ranged from 2% to 6% . This excludes assets for which significant unobservable inputs are not developed internally, primarily consisting of broker quotes. Interest sensitive contract liabilities – embedded derivative – Significant unobservable inputs we use in the fixed indexed annuities embedded derivative of the interest sensitive contract liabilities valuation include: 1. Non-performance risk – For contracts we issue, we use the credit spread from the U.S. treasury curve based on our public credit rating as of the valuation date. This represents our credit risk for use in the estimate of the fair value of embedded derivatives. For contracts reinsured through funds withheld reinsurance, the cedant company holds collateral against its exposure; therefore, immaterial non-performance risk is ascribed to these contracts. 2. Option budget – We assume future hedge costs in the derivative’s fair value estimate. The level of option budgets determines the future costs of the options and impacts future policyholder account value growth. 3. Policyholder behavior – We regularly review the lapse and withdrawal assumptions (surrender rate). These are based on our initial pricing assumptions updated for actual experience. Actual experience may be limited for recently issued products. The following summarizes the unobservable inputs for the embedded derivatives of fixed indexed annuities: March 31, 2018 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Input/range of Impact of an increase in the input on fair value Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives $ 7,254 Option budget method Non-performance risk 0.5 % – 1.3% Decrease Option budget 0.8 % – 3.7% Increase Surrender rate 1.6 % – 20.7% Decrease December 31, 2017 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Input/range of Impact of an increase in the input on fair value Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives $ 7,436 Option budget method Non-performance risk 0.2 % – 1.2% Decrease Option budget 0.7 % – 3.7% Increase Surrender rate 1.5 % – 19.4% Decrease Fair Value of Financial Instruments Not Carried at Fair Value — The following represents our financial instruments not carried at fair value on the condensed consolidated balance sheets: March 31, 2018 (In millions) Carrying Value Fair Value NAV 1 Level 1 Level 2 Level 3 Assets Mortgage loans $ 6,098 $ 6,275 $ — $ — $ — $ 6,275 Investment funds 516 516 516 — — — Policy loans 510 510 — — 510 — Funds withheld at interest 6,886 6,886 — — — 6,886 Other investments 74 74 — — — 74 Investments in related parties Investment funds 1,346 1,346 1,346 — — — Other investments 238 258 — — — 258 Total assets not carried at fair value $ 15,668 $ 15,865 $ 1,862 $ — $ 510 $ 13,493 Liabilities Interest sensitive contract liabilities $ 31,878 $ 30,892 $ — $ — $ — $ 30,892 Long-term debt 992 962 — — 962 — Funds withheld liability 384 384 — — 384 — Total liabilities not carried at fair value $ 33,254 $ 32,238 $ — $ — $ 1,346 $ 30,892 1 Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy. December 31, 2017 (In millions) Carrying Value Fair Value NAV 1 Level 1 Level 2 Level 3 Assets Mortgage loans $ 6,192 $ 6,342 $ — $ — $ — $ 6,342 Investment funds 554 554 554 — — — Policy loans 530 530 — — 530 — Funds withheld at interest 6,773 6,773 — — — 6,773 Other investments 133 133 — — 58 75 Investments in related parties Investment funds 1,280 1,280 1,280 — — — Other investments 238 259 — — — 259 Total assets not carried at fair value $ 15,700 $ 15,871 $ 1,834 $ — $ 588 $ 13,449 Liabilities Interest sensitive contract liabilities $ 31,586 $ 31,656 $ — $ — $ — $ 31,656 Funds withheld liability 385 385 — — 385 — Total liabilities not carried at fair value $ 31,971 $ 32,041 $ — $ — $ 385 $ 31,656 1 Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy. We estimate the fair value for financial instruments not carried at fair value using the same methods and assumptions as those we carry at fair value. The financial instruments presented above are reported at carrying value on the condensed consolidated balance sheets; however, in the case of policy loans, funds withheld at interest and liability, and other investments, the carrying amount approximates fair value. Investment in related parties – Other investments – The fair value of related party other investments is determined using a discounted cash flow model using discount rates for similar investments. Interest sensitive contract liabilities – The carrying and fair value of interest sensitive contract liabilities above includes fixed indexed and traditional fixed annuities without mortality or morbidity risks, funding agreements and payout annuities without life contingencies. The embedded derivatives within fixed indexed annuities without mortality or morbidity risks are excluded, as they are carried at fair value. The valuation of these investment contracts is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using current market risk-free interest rates, adding a spread to reflect our nonperformance risk and subtracting a risk margin to reflect uncertainty inherent in the projected cash flows. Long-term debt – We obtain the fair value of long-term debt from commercial pricing services. These are classified as Level 2. The pricing services incorporate a variety of market observable information in their valuation techniques, including benchmark yields, trading activity, credit quality, issuer spreads, bids, offers and other reference data.

Deferred Acquisition Costs, Def

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired	3 Months Ended
	Mar. 31, 2018
Insurance [Abstract]
Deferred Acquisition Costs, Deferred Sales Inducements, and Value of Business Acquired	6. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired The following represents a rollforward of deferred acquisition costs (DAC), deferred sales inducements (DSI) and value of business acquired (VOBA): (In millions) DAC DSI VOBA Total Balance at December 31, 2017 $ 1,354 $ 520 $ 1,056 $ 2,930 Additions 122 46 — 168 Amortization (37 ) (20 ) (52 ) (109 ) Impact of unrealized investment (gains) losses 52 22 79 153 Balance at March 31, 2018 $ 1,491 $ 568 $ 1,083 $ 3,142 (In millions) DAC DSI VOBA Total Balance at December 31, 2016 $ 1,142 $ 462 $ 1,336 $ 2,940 Additions 105 37 — 142 Amortization (58 ) (18 ) (46 ) (122 ) Impact of unrealized investment (gains) losses (27 ) (13 ) (45 ) (85 ) Balance at March 31, 2017 $ 1,162 $ 468 $ 1,245 $ 2,875

Debt

Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	7. Debt Senior Notes —In the first quarter of 2018, AHL issued $1 billion of unsecured senior notes due in January 2028. The senior notes have a 4.125% coupon rate, payable semi-annually. The senior notes are callable at any time prior to October 12, 2027 by AHL, at a price equal to the greater of (1) 100% of the principal and any accrued and unpaid interest and (2) an amount equal to the sum of the present values of remaining scheduled payments, discounted from the scheduled payment date to the redemption date at the Treasury Rate (as defined in the prospectus supplement relating to the senior notes, dated January 9, 2018) plus 25 basis points, and any accrued and unpaid interest. Additionally, if our transaction with Voya Financial Inc. (Voya), as described further in Note 12 – Commitments and Contingencies , does not close, AHL will be required to redeem the senior notes at 101% of the principal and any accrued and unpaid interest. Interest expense on long-term debt was $9 million for the three months ended March 31, 2018 . Short-term Debt —In the second quarter of 2018, we borrowed $183 million from the Federal Home Loan Bank (FHLB) of Des Moines through their variable rate short-term federal funds program. The borrowing matures on August 24, 2018 and carries an interest rate of 2.16% , with interest due at maturity. In connection with such borrowing, the FHLB requires the borrower to purchase member stock and post sufficient collateral to secure the borrowing. To satisfy these requirements, we purchased an additional $7 million of FHLB stock; however, we were not required to post additional collateral. See Note 12 – Commitments and Contingencies for further discussion regarding existing collateral posting with the FHLB.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	8. Earnings Per Share The following represents our basic and diluted earnings per share (EPS) calculations: Three months ended March 31, 2018 (In millions, except share and per share data) Class A Class B Class M-1 Class M-2 Class M-3 Class M-4 Net income $ 202 $ 56 $ 5 $ 1 $ 1 $ 3 Basic weighted average shares outstanding 148,693,902 41,096,937 3,388,890 841,011 1,049,157 2,065,204 Dilutive effect of stock compensation plans 258,203 — — 8,976 20,572 929,228 Diluted weighted average shares outstanding 148,952,105 41,096,937 3,388,890 849,987 1,069,729 2,994,432 Earnings per share 1 Basic $ 1.36 $ 1.36 $ 1.36 $ 1.36 $ 1.36 $ 1.36 Diluted $ 1.36 $ 1.36 $ 1.36 $ 1.34 $ 1.33 $ 0.94 1 Calculated using whole figures. Three months ended March 31, 2017 (In millions, except share and per share data) Class A Class B Class M-1 Class M-2 2 Class M-3 Class M-4 Net income $ 156 $ 221 $ 7 $ — $ — $ — Basic weighted average shares outstanding 78,246,213 110,772,123 3,452,402 42,267 — — Dilutive effect of stock compensation plans 3,051,380 — — 971,427 — — Diluted weighted average shares outstanding 81,297,593 110,772,123 3,452,402 1,013,694 — — Earnings per share 1 Basic $ 2.00 $ 2.00 $ 2.00 $ 2.00 N/A N/A Diluted $ 1.92 $ 2.00 $ 2.00 $ 0.08 N/A N/A N/A – Not applicable 1 Calculated using whole figures. 2 Net income allocated to Class M-2 common shares rounded to $0 million for the three months ended March 31, 2017. However, earnings per share is calculated using whole figures. We use the two-class method for allocating net income to each class of our common stock. Our Class M shares do not become eligible to participate in dividends until a return of investment (ROI) condition has been met for each class. Once eligible, each class of our common stock has equal dividend rights. The ROI condition was met for Class M-2 on March 28, 2017, and for Class M-3 and Class M-4 on April 20, 2017. For purposes of calculating basic weighted average shares outstanding and the allocation of basic income, shares are deemed to be participating in earnings for only the portion of the period after the condition is met. For purposes of calculating diluted weighted average shares outstanding, shares are deemed dilutive as of the beginning of the period. Dilutive shares are calculated using the treasury stock method. For Class A shares, this method takes into account shares that can be settled into Class A shares, net of a conversion price. The diluted EPS calculations for Class A shares excluded the following shares, restricted stock units (RSUs) and options: Three months ended March 31, 2018 2017 Antidilutive shares, RSUs and options excluded from diluted EPS calculation 35,212,154 91,666,275 Shares, RSUs and options excluded from diluted EPS calculation as a performance condition had not been met 279,992 2,763,613 Total shares, RSUs and options excluded from diluted EPS calculation 35,492,146 94,429,888 Note: Shares, RSUs and options are as of period end.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Accumulated Other Comprehensive Income	9. Accumulated Other Comprehensive Income The following is a detail of AOCI and changes in AOCI. Prior period balances include equity securities that were classified as AFS securities prior to the adoption of ASU 2016-01. (In millions) March 31, 2018 December 31, 2017 AFS securities $ 1,228 $ 2,577 DAC, DSI, VOBA, future policy benefits and dividends payable to policyholders adjustments on AFS securities (349 ) (744 ) Noncredit component of OTTI losses on AFS securities (13 ) (13 ) Hedging instruments (151 ) (95 ) Pension adjustments (2 ) (5 ) Foreign currency translation adjustments — 8 Accumulated other comprehensive income, before taxes 713 1,728 Deferred income taxes (128 ) (313 ) Accumulated other comprehensive income $ 585 $ 1,415 Changes in AOCI are presented below: Three months ended March 31, (In millions) 2018 2017 Unrealized investment gains (losses) on AFS securities Unrealized investment gains (losses) on AFS securities $ (1,282 ) $ 516 Change in DAC, DSI, VOBA, future policy benefits and dividends payable to policyholders adjustment 391 (82 ) Less: Reclassification adjustment for gains (losses) realized in net income 1 19 15 Less: Income tax expense (benefit) (163 ) 113 Net unrealized investment gains (losses) on AFS securities (747 ) 306 Noncredit component of OTTI losses on AFS securities Noncredit component of OTTI losses on AFS securities (1 ) 1 Less: Reclassification adjustment for losses realized in net income 1 (1 ) — Net noncredit component of OTTI losses on AFS securities — 1 Unrealized gains (losses) on hedging instruments Unrealized gains (losses) on hedging instruments (56 ) (5 ) Less: Income tax benefit (20 ) (2 ) Net unrealized gains (losses) on hedging instruments (36 ) (3 ) Pension adjustments 3 — Foreign currency translation adjustments (8 ) 2 Change in AOCI from other comprehensive income (loss) (788 ) 306 Adoption of ASU 2016-01 (42 ) — Change in AOCI $ (830 ) $ 306 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes Our effective tax rates were 18% and 5% for the three months ended March 31, 2018 , and 2017 , respectively. Our effective tax rates may vary period to period depending upon the relationship of income and loss subject to tax compared to consolidated income and loss before income taxes. With the enactment of Public Law no. 115-97, an Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018 (Tax Act), the U.S. statutory tax rate declined to 21% from 35%; however, the Base Erosion and Anti-Abuse Tax (BEAT) was established, which may subject payments to our non-U.S. reinsurance subsidiaries to a tax of 5%, which would increase to 10% in 2019. The income tax expense for the three months ended March 31, 2018 assumes that we have taken steps so that the BEAT is not applicable to such payments and thereby assumes that more income is subject to U.S. income tax. The Internal Revenue Service is currently auditing the 2013 consolidated tax return filed by Athene USA, and is also conducting a limited scope audit of the 2015 consolidated tax return filed by Athene Annuity & Life Assurance Company (AADE). No material proposed adjustments have been issued with respect to either exam. See discussion of ongoing tax examinations relating to Aviva USA Corporation (Aviva USA) in Note 12 – Commitments and Contingencies . Under current Bermuda law, we are not required to pay any taxes in Bermuda on either income or capital gains. We have received an undertaking from the Bermuda Minister of Finance that, in the event of any such taxes being imposed, we will be exempted from taxation until the year 2035.

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Parties	11. Related Parties Athene Asset Management Investment related expenses – Substantially all of our investments are managed by Athene Asset Management LLC (AAM), a subsidiary of AGM. AAM provides direct investment management, asset allocation, mergers and acquisition asset diligence and certain operational support services for our investment portfolio, including investment compliance, tax, legal and risk management support. As of March 31, 2018 , AAM directly managed $62,051 million of our investment portfolio assets, of which 90% are designated one or two (the two highest designations) by the National Association of Insurance Commissioners (NAIC). For the services it renders, AAM earns a fee on all assets managed in accounts owned by or related to us, including sub-advised assets and certain other limited exceptions. Additionally, AAM recharges the sub-advisory fees it incurs with respect to our sub-advised assets to us. Historically, AAM generally earned an annual fee of 0.40% of assets under management. In the second quarter of 2017, following shareholder approval of an amendment to our bye-laws, we entered into the Fifth Amended and Restated Fee Agreement (Revised Fee Agreement), retroactive to January 1, 2017. The Revised Fee Agreement amended certain fee arrangements we previously had in place with AAM to provide for, among other things, an annual fee of 0.30% (reduced from 0.40% ) on all assets that Apollo manages in accounts owned by us in the U.S. and Bermuda or in accounts supporting reinsurance ceded to our U.S. and Bermuda subsidiaries by third-party insurers (North American Accounts) in excess of $65,846 million (the level of assets in the North American Accounts as of December 31, 2016). The fee to be paid by us to AAM on the first $65,846 million of assets in the North American Accounts remains 0.40% per year, subject to certain discounts and exceptions. For certain assets which require specialized sourcing and underwriting capabilities, AAM has chosen to mandate sub-advisors rather than building out in-house capabilities. AAM has entered into Master Sub-Advisory Agreements (MSAAs) with certain Apollo affiliates to sub-advise AAM with respect to a portion of our assets, with the fees recharged to us, in addition to the gross fee paid to AAM as described above. The MSAAs cover services rendered by Apollo-affiliated sub-advisors relating to the following investments: (In millions, except for percentages) March 31, 2018 December 31, 2017 Fixed maturity securities AFS securities Foreign governments $ 121 $ 152 Corporate 3,178 2,934 CLO 5,859 5,166 ABS 643 681 CMBS 845 872 Trading securities 121 121 Mortgage loans 2,419 2,232 Investment funds 26 26 Funds withheld at interest 1,726 1,737 Other investments 74 75 Total assets sub-advised by Apollo affiliates $ 15,012 $ 13,996 Percent of assets sub-advised by Apollo affiliates to total AAM-managed assets 19 % 18 % During the second quarter of 2017, AAM and certain other Apollo affiliates entered into addendums to the MSAAs currently in effect, pursuant to which, with limited exceptions, Apollo will earn 0.40% per year on all assets in the North American Accounts explicitly sub-advised by Apollo up to $10,000 million , 0.35% per year on all assets in such accounts explicitly sub-advised by Apollo in excess of $10,000 million up to $12,441 million (the level of fee-paying sub-advised assets in the North American Accounts at December 31, 2016), 0.40% per year on all assets in such accounts explicitly sub-advised by Apollo in excess of $12,441 million up to $16,000 million , and 0.35% per year on all assets in such accounts explicitly sub-advised by Apollo in excess of $16,000 million . The addendums were retroactive to January 1, 2017. The following summarizes the asset management fees and sub-advisory fees we have incurred related to AAM and other Apollo affiliates: Three months ended March 31, (In millions) 2018 2017 Asset management fees $ 70 $ 62 Sub-advisory fees 13 16 The management and sub-advisory fees are included within net investment income on the condensed consolidated statements of income. As of March 31, 2018 and December 31, 2017 , the management fees payable was $50 million and $28 million , respectively, and the sub-advisory fees payable was $17 million and $13 million , respectively. Both the management and sub-advisory fees payables are included in other liabilities on the condensed consolidated balance sheets. The investment management agreements with AAM have no stated term and any party can terminate upon notice. However, our bye-laws provide that we will not exercise our termination rights under the agreements until October 31, 2018 or any annual anniversary thereafter (each such date, an IMA Termination Election Date) and any termination thereon requires the approval of two-thirds of our Independent Directors (as defined in the bye-laws) and prior written notice thereof to Apollo of at least 30 days. If the Independent Directors make such election and such notice is timely delivered, the termination will be effective on the second anniversary of the applicable IMA Termination Election Date (an IMA Termination Effective Date). Notwithstanding the foregoing, (1) the Independent Directors may only elect to terminate an investment management agreement or advisory agreement on an IMA Termination Election Date if two-thirds of the Independent Directors determine in their sole discretion acting in good faith that either (i) there has been unsatisfactory long-term performance materially detrimental to us by Apollo or (ii) the fees being charged by Apollo are unfair and excessive compared to a comparable asset manager (provided, that in either case such Independent Directors must deliver notice of any such determination to Apollo and Apollo shall have until the applicable IMA Termination Effective Date to address such concerns, and provided, further, that in the case of such a determination that the fees being charged by Apollo are unfair and excessive, Apollo has the right to lower its fees to match the fees of such comparable asset manager) and (2) upon the determination by two-thirds of the Independent Directors, we may also terminate an investment management agreement or advisory agreement with Apollo as a result of either (i) a material violation of law relating to Apollo’s advisory business, or (ii) Apollo’s gross negligence, willful misconduct or reckless disregard of its obligations under the relevant agreement, and in either case (i) or (ii), the delivery at least 30 days’ prior written notice to Apollo of such termination and such termination will be effective at the end of such 30-day period. We have a management investment committee, which includes members of our senior management and reports to the risk committee of our board of directors. The committee focuses on strategic decisions involving our investment portfolio, such as approving investment limits, new asset classes and our allocation strategy, reviewing large asset transactions, as well as monitoring our credit risk, and the management of our assets and liabilities. A significant voting interest in the Company is held by shareholders who are members of the Apollo Group, as defined in our bye-laws. Also, James Belardi, our Chief Executive Officer, is also an employee of AAM, receives substantial remuneration from acting as Chief Executive Officer of AAM, and owns a 5% profits interest in AAM. Additionally, five of the thirteen members of our board of directors are employees of or consultants to Apollo (including Mr. Belardi). In order to protect against potential conflicts of interest resulting from transactions into which we have entered and will continue to enter into with the Apollo Group, our bye-laws require us to maintain a conflicts committee comprised solely of three of our directors who are not officers or employees of any member of the Apollo Group. The conflicts committee reviews and approves material transactions between us and the Apollo Group, subject to certain exceptions. Other related party transactions —We have a loan purchase agreement with AmeriHome Mortgage Company, LLC (AmeriHome), an investee of A-A Mortgage, an equity method investee. The agreement allows us to purchase residential mortgage loans which they have purchased from correspondent sellers and pooled for sale in the secondary market. AmeriHome retains the servicing rights to the sold loans. We purchased $44 million and $1 million of residential mortgage loans under this agreement during the three months ended March 31, 2018 and 2017 , respectively. Additionally, we have made loans to Aris Holdco, which owns 100% of the equity interests in AmeriHome, in the principal amount of $123 million and $52 million as of March 31, 2018 and December 31, 2017 , respectively, and these are included in related party short-term investments on the condensed consolidated balance sheets. On January 1, 2018, in order to align our interests with those of Athora, in connection with the Closing, we entered into a cooperation agreement with Athora, pursuant to which, among other things, (1) we will have the right to reinsure approximately 20% of the spread business written or reinsured by any insurance or reinsurance company owned or acquired by Athora, (2) Athora’s insurance subsidiaries will be required to purchase certain funding agreements and/or other spread instruments issued by our insurance subsidiaries, (3) we will provide Athora with a right of first refusal to pursue acquisition and reinsurance transactions in Europe (other than the United Kingdom) and (4) Athora will provide us and our subsidiaries with a right of first refusal to pursue acquisition and reinsurance transactions in North America and the United Kingdom. Additionally, as of March 31, 2018 , we had $178 million of funding agreements outstanding to Athora, which were issued to Athora prior to Closing .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Contingent Commitments —We had commitments to make investments, primarily capital contributions to investment funds, inclusive of the equity and financing transactions described below, of $2,366 million a nd $2,358 million as of March 31, 2018 and December 31, 2017 , respectively. We expect most of our current commitments will be invested over the next five years; however, these commitments could become due any time upon counterparty request. In December 2017, we entered into a transaction with Voya, pursuant to which we agreed to reinsure approximately $19 billion of fixed annuities. Additionally, a consortium of investors, led by affiliates of Apollo, and certain other investors, agreed to purchase Voya Insurance and Annuity Company (VIAC), including its closed block variable annuity segment, and create a newly formed standalone entity, Venerable Holdings, Inc. (Venerable) that will be the holding company of VIAC. We committed to make a $75 million minority equity investment in VA Capital Company LLC, the holding company of Venerable, and provide financing to Venerable of $150 million , in each case, subject to certain closing adjustments. These transactions are expected to close in the second or third quarter of 2018, subject to regulatory approval and customary closing conditions. Funding Agreements —We are a member of the FHLB and, through membership, we have issued funding agreements to the FHLB in exchange for cash advances. As of March 31, 2018 and December 31, 2017 , we had $616 million and $573 million , respectively, of funding agreements outstanding with the FHLB. We are required to provide collateral in excess of the funding agreement amounts outstanding, considering any discounts to the securities posted and prepayment penalties. We have a funding agreement backed notes (FABN) program, which allows Athene Global Funding, a special-purpose, unaffiliated statutory trust to offer up to $5 billion of its senior secured medium-term notes. Athene Global Funding uses the net proceeds from each sale to purchase one or more funding agreements from us. Funding agreements outstanding under this program had a carrying value of $2,996 million as of March 31, 2018 and December 31, 2017 . Pledged Assets and Funds in Trust (Restricted Assets)— The total restricted assets included on the condensed consolidated balance sheets are as follows: (In millions) March 31, 2018 December 31, 2017 Fixed maturity securities, AFS securities $ 1,537 $ 1,572 Equity securities — 36 Mortgage loans 858 914 Investment funds 15 20 Short-term investments 7 10 Other investments 35 — Restricted cash 87 105 Total restricted assets $ 2,539 $ 2,657 The restricted assets are primarily related to reinsurance trusts established in accordance with coinsurance agreements, and the FHLB funding agreements described above. Litigation, Claims and Assessments Griffiths Matter – On July 27, 2015, John Griffiths, on behalf of himself and others similarly situated, filed a putative class action complaint against us in the United States District Court for the District of Massachusetts. An amended complaint was filed on December 18, 2015. The complaint asserts claims against AHL, AAIA and Athene London Assignment Corporation (Athene London), in addition to an Aviva defendant. AHL is a named defendant due to its purchase of Aviva USA, and AAIA and Athene London are named as successors to Aviva Life Insurance Company and Aviva London Assignment Corporation, respectively. The complaint alleges a putative class of all persons who are the beneficial owners of assets which were used to purchase structured settlement annuities that Aviva Life Insurance Company, Aviva London Assignment Corporation, and Aviva International Insurance Limited (collectively, the Aviva Entities) or their predecessors, as applicable, delivered to purchasers on or after April 1, 2003 that were backed by a capital maintenance agreement issued by Aviva International Insurance Limited or its predecessor (the CMA). The complaint alleges that the Aviva Entities sold structured settlement annuities to the public on the basis that such products were backed by the CMA, which was alleged to be a source of great financial strength. The complaint further alleges that the Aviva Entities used the CMA to enhance the sales volume and raise the price of the annuities. The complaint claims that, as a result of Aviva USA’s sale to AHL, the CMA terminated. According to the complaint, no notice of this termination was provided to the owners of the structured settlement annuities. The complaint alleges that the termination of the CMA gave rise to claims for breach of contract, breach of fiduciary duty, promissory estoppel, and unjust enrichment. AHL and plaintiff recently agreed to a term sheet settlement on a class wide basis. Terms of the settlement, which is subject to court approval, include: (1) AHL entering into a capital maintenance agreement with Athene London requiring AHL to provide capital to Athene London upon a missed structured settlement payment that is not timely cured and (2) AHL paying a monetary amount that is immaterial to us. Internal Revenue Service (IRS) Matters – The IRS completed its examinations of the 2006 through 2010 Aviva USA tax years with Aviva USA agreeing to all proposed adjustments with two exceptions: (1) AAIA’s treatment of call options used to hedge fixed indexed annuity (FIA) liabilities for the tax years 2008–2010 and (2) the disallowance of offsetting tax deductions taken by AAIA and taxable income reported by the non-life subgroup with respect to unpaid independent marketing organization commissions. The first adjustment to which Aviva USA did not agree would disallow deductions of $191 million , $154 million and $76 million for 2008, 2009 and 2010, respectively. The second adjustment to which Aviva USA did not agree would increase non-life net operating losses and decrease AAIA net operating losses by $16 million in each of 2009 and 2010. Taxes, penalties and interest with respect to these two issues for the years under audit are subject to indemnification by Aviva plc under the Stock Purchase Agreement (SPA) between Aviva plc and AHL, dated December 21, 2012 assuming the SPA requirements are satisfied. Athene USA was unable to negotiate a favorable settlement of this issue with the IRS, and is contesting the adjustment in federal court. If the IRS position is upheld in federal court, Athene USA expects that it would owe tax of $120 million , plus interest, for tax years ending on or before October 2, 2013, which are subject to indemnification by Aviva plc as described above. The IRS also recently completed its examination of the 2011 through 2012 Aviva USA tax years, proposing adjustments that would increase taxable income by approximately $16 million in the aggregate for these two tax years. Athene USA agreed to all adjustments that were proposed with respect to those tax years except for adjustments relating to the same two issues that were not agreed to during the prior examination as discussed above. The first adjustment to which Athene USA did not agree would disallow deductions of $16 million in 2011 and increase deductions by $12 million in 2012. The second adjustment to which Athene USA did not agree would increase non-life net operating losses and decrease AAIA net operating losses by $15 million in 2011 and $12 million in 2012. Taxes, penalties and interest with respect to these two tax years are subject to indemnification by Aviva plc under the SPA, assuming the SPA requirements are satisfied. The treatment of FIA hedges is a recurring issue as to the timing of the related deductions and could affect the current income tax incurred in periods after October 2, 2013, which are not subject to indemnification by Aviva plc. Given that the disallowance of a deduction in one period results in an increased deduction in a future period, we do not expect that there will be any material impact to our financial condition resulting from this issue. Corporate-owned Life Insurance (COLI) Matter – In 2000 and 2001, two insurance companies which were subsequently merged into AAIA purchased from American General Life Insurance Company (American General) broad based variable COLI policies that, as of March 31, 2018 , had an asset value of $354 million , and is included in other assets on the condensed consolidated balance sheets. In January 2012, the COLI policy administrator delivered to AAIA a supplement to the existing COLI policies and advised that American General and ZC Resource Investment Trust (ZC Trust) had unilaterally implemented changes set forth in the supplement that if effective, would: (1) potentially negatively impact the crediting rate for the policies and (2) change the exit and surrender protocols set forth in the policies. In March 2013, AAIA filed suit against American General, ZC Trust, and ZC Resource LLC in Chancery Court in Delaware, seeking, among other relief, a declaration that the changes set forth in the supplement were ineffectual and in breach of the parties’ agreement. The parties filed cross motions for judgment as a matter of law, and the court granted defendants’ motion and dismissed without prejudice on ripeness grounds. The issue that negatively impacts the crediting rate for one of the COLI policies has subsequently been triggered and on April 3, 2018, we filed suit against the same defendants in Chancery Court in Delaware seeking substantially similar relief. If the supplement is ultimately deemed to be effective, the purported changes to the policies could impair AAIA’s ability to access the value of guarantees associated with the policies. The value of the guarantees included within the asset value reflected above is $171 million as of March 31, 2018 . Holzer Matter – On September 12, 2016, Jack Holzer and Mary Bruesh-Holzer filed suit in Jackson County, Missouri against several defendants, including AADE, as successor-in-interest to Business Men’s Assurance Company of America. Mr. Holzer allegedly sustained injuries due to asbestos exposure from 1966–1973 while working in an office building in Kansas City, Missouri, then owned by Business Men’s Assurance Company of America. Plaintiffs asserted strict liability and negligence claims against AADE. On February 26, 2018, an agreement was reached that resulted in the settlement of this matter. The settlement had no impact on our financial condition, results of operations or cash flows. Regulatory Matter – Our U.S. insurance subsidiaries have experienced increased service and administration complaints related to the conversion and administration of the block of life insurance business acquired in connection with our acquisition of Aviva USA and reinsured to affiliates of Global Atlantic by the third-party administrator (TPA) retained by such Global Atlantic affiliates to provide services on such policies, as well as on certain annuity policies that were on Aviva USA’s legacy policy administration systems that were also converted to and are being administered by the same TPA. On April 5, 2017, we received notification from the New York State Department of Financial Services (NYSDFS) that it planned to undertake a market conduct examination of Athene Life Insurance Company of New York (ALICNY) for the period of January 1, 2012 through March 31, 2017 (NYSDFS Market Conduct Examination), and on May 31, 2017, we received notification from the Texas Department of Insurance that it intended to undertake an enforcement proceeding, in each case, relating to the treatment of policyholders subject to our reinsurance agreements with affiliates of Global Atlantic and the conversion of such annuity policies, including the administration of such blocks by such TPA. On November 15, 2017, we received notification from the NYSDFS that its examination of ALICNY had resulted in the identification of a significant number of asserted violations of New York insurance law associated with the life block reinsured to affiliates of Global Atlantic, who have also been overseeing policyholder administration and the TPA servicing the policies in the block, with a significant number of such violations not subject to dispute by the relevant affiliates of Global Atlantic or by us. On January 30, 2018, we received a draft report regarding the NYSDFS Market Conduct Examination from the NYSDFS, which identified in more detail the violations asserted in the November 15, 2017 letter as well as certain other violations. We believe we are nearing a resolution of the NYDFS Market Conduct Examination, but there are no assurances that a definitive agreement will be finalized and executed by the parties. We currently expect that the resolution will not have a material impact on our financial condition, results of operations or cash flows. To the extent we are unable to reach a final agreement with the NYSDFS, it is possible that we may incur fines or penalties which could have a material adverse effect on our financial condition, results of operations or cash flows. In addition to the foregoing, we have received inquiries, and expect to continue to receive inquiries, from other regulatory authorities regarding the conversion matter. It is possible that other jurisdictions may pursue similar formal examinations, inquiries or enforcement proceedings and that any examinations, inquiries and/or enforcement proceedings may result in fines, administrative penalties and payments to policyholders. Other than as described above, we are not currently able to estimate the amount of any such fines, penalties or payments arising from these matters with reasonable certainty, but it is possible that such amounts may be material.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment Information	13. Segment Information We operate our core business strategies out of one reportable segment, Retirement Services . In addition to Retirement Services , we report certain other operations in Corporate and Other. Retirement Services — Retirement Services is comprised of our United States and Bermuda operations, which issue and reinsure retirement savings products and institutional products. Retirement Services has retail operations, which provide annuity retirement solutions to our policyholders. Retirement Services also has reinsurance operations, which reinsure multi-year guaranteed annuities, fixed indexed annuities, traditional one-year guarantee fixed deferred annuities, immediate annuities and institutional products from our reinsurance partners. In addition, our institutional operations, including funding agreements and pension risk transfer (PRT) obligations, are included in our Retirement Services segment. Corporate and Other — Corporate and Other includes certain other operations related to our corporate activities, including corporate allocated expenses, merger and acquisition costs, debt costs, certain integration and restructuring costs, certain stock-based compensation and intersegment eliminations. In Corporate and Other, we also hold capital in excess of the level of capital we hold in Retirement Services to support our operating strategy. Prior to the deconsolidation of Athora on January 1, 2018, Corporate and Other included our German operations, which were primarily comprised of participating long-duration savings products. See Note 1 – Business, Basis of Presentation and Significant Accounting Policies for discussion on the deconsolidation of our German operations in 2018. Financial Measures —Segment adjusted operating income is an internal measure used by the chief operating decision maker to evaluate and assess the results of our segments. Operating revenue is a component of adjusted operating income and excludes market volatility and adjustments for other non-operating activity. Our operating revenue equals our total revenue, adjusted to eliminate the impact of the following non-operating adjustments: • Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets; • Investment gains (losses), net of offsets; • VIE expenses and noncontrolling interest; and • Other adjustments to revenues. The table below reconciles segment adjusted operating revenues to total revenues presented on the condensed consolidated statements of income: Three months ended March 31, (In millions) 2018 2017 Adjusted operating revenue by segment Retirement Services $ 1,257 $ 888 Corporate and Other 27 68 Total segment adjusted operating revenues 1,284 956 Non-operating adjustments Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets (158 ) 536 Investment gains (losses), net of offsets (106 ) 125 Other adjustments to revenues (9 ) 2 Total non-operating adjustments (273 ) 663 Total revenues $ 1,011 $ 1,619 Adjusted operating income is an internal measure used to evaluate our financial performance excluding market volatility and expenses related to integration, restructuring, stock compensation and certain other expenses. Our adjusted operating income equals net income adjusted to eliminate the impact of the following non-operating adjustments: • Investment gains (losses), net of offsets; • Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets; • Integration, restructuring and other non-operating expenses; • Stock-based compensation, excluding the long-term incentive plan (LTIP); and • Income tax (expense) benefit – non-operating. The table below reconciles segment adjusted operating income to net income on the condensed consolidated statements of income: Three months ended March 31, (In millions) 2018 2017 Adjusted operating income (loss) by segment Retirement Services $ 235 $ 275 Corporate and other 2 (9 ) Total segment adjusted operating income 237 266 Non-operating adjustments Investment gains (losses), net of offsets (33 ) 57 Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets 95 94 Integration, restructuring and other non-operating expenses (8 ) (9 ) Stock-based compensation, excluding LTIP (3 ) (10 ) Income tax (expense) benefit – non-operating (20 ) (14 ) Total non-operating adjustments 31 118 Net income $ 268 $ 384 The following represents total assets by segment: (In millions) March 31, 2018 December 31, 2017 Total assets by segment Retirement Services $ 90,115 $ 91,335 Corporate and Other 3,442 8,412 Total assets $ 93,557 $ 99,747

Business, Basis of Presentati23

Business, Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —We have prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the United States Securities and Exchange Commission’s rules and regulations for Form 10-Q and Article 10 of Regulation S-X. The accompanying condensed consolidated financial statements are unaudited and reflect all adjustments, consisting only of normal recurring items, considered necessary for fair statement of the periods presented. All significant intercompany accounts and transactions have been eliminated. Interim operating results are not necessarily indicative of the results expected for the entire year. The condensed consolidated balance sheet as of December 31, 2017 has been derived from the audited financial statements, but does not include all of the information and footnotes required by GAAP for complete financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included our Annual Report on Form 10-K for the year ended December 31, 2017.
Use of Estimates	The preparation of financial statements requires the use of management estimates. Actual results may differ from estimates used in preparing the condensed consolidated financial statements.
Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Adopted Accounting Pronouncements Revenue Recognition (ASU 2017-13, ASU 2016-20, ASU 2016-12, ASU 2016-11, ASU 2016-10, ASU 2016-08, ASU 2015-14 and ASU 2014-09) These updates are based on the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. These updates replace all general and most industry-specific revenue recognition guidance, excluding insurance contracts, leases, financial instruments and guarantees, which have been scoped out of these updates. Since the guidance does not apply to revenue on contracts accounted for under the financial instruments or insurance contracts standards, only a portion of our revenues are impacted by this guidance. We adopted these updates on a modified retrospective basis effective January 1, 2018. The adoptions did not have a material effect on our consolidated financial statements. Derivatives and Hedging – Targeted Improvements (ASU 2017-12) The amendments in this update contain improvements to the financial reporting of hedging relationships that more closely reflect the economic results of an entity’s risk management activities in its financial statements. Additionally, the amendments in this update make certain targeted improvements to simplify the application of hedge accounting. We early adopted this update effective January 1, 2018, and the adoption did not have a material effect on our consolidated financial statements. Gains and Losses from the Derecognition of Nonfinancial Assets (ASU 2017-05) The amendments in this update clarify the scope of asset derecognition guidance and accounting for partial sales of nonfinancial assets. We adopted this update on a modified retrospective basis effective January 1, 2018. The adoption did not have a material effect on our consolidated financial statements. Statement of Cash Flows – Restricted Cash (ASU 2016-18) This update requires amounts generally described as restricted cash or restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the consolidated statements of cash flows. We adopted this update effective January 1, 2018, and have changed the presentation on the consolidated statements of cash flows as required by this update. Income Taxes – Intra-Entity Transfers (ASU 2016-16) This update requires the immediate recognition of current and deferred income tax effects of intra-entity transfers of assets, other than inventory. Prior to adoption, recognition of the income tax consequence was not recognized until the asset was sold to an outside party. We adopted this update effective January 1, 2018. Upon adoption, we recognized a cumulative-effect decrease to beginning retained earnings of $3 million . Statement of Cash Flows (ASU 2016-15) This update provides specific guidance to clarify how entities should classify certain cash receipts and cash payments on the statement of cash flows. The update also clarifies the application of the predominance principle when cash receipts and cash payments have aspects of more than one class of cash flows. We adopted this update effective January 1, 2018, and the adoption did not have a material effect on our consolidated financial statements. Financial Instruments – Recognition and Measurement (ASU 2016-01) This update changes the accounting for certain equity investments, the presentation of changes in the fair value of liabilities measured under the fair value option due to instrument-specific credit risk, and certain disclosures. For liabilities measured under the fair value option, changes in fair value attributable to instrument-specific credit risk will no longer affect net income, but will be recognized separately in other comprehensive income (OCI). Additionally, this update requires equity investments to be measured at fair value with subsequent changes recognized in net income, except for those accounted for under the equity method or requiring consolidation. Prior to the effective date of this update, changes in fair value related to available-for-sale (AFS) equity securities were recognized in OCI. We adopted this update effective January 1, 2018. Upon adoption, we recognized a cumulative-effect increase to beginning retained earnings of $42 million and a corresponding decrease to accumulated other comprehensive income (AOCI). Additionally, we combined the presentation of AFS and trading equity securities on the consolidated balance sheets for all periods presented. Recently Issued Accounting Pronouncements Leases (ASU 2018-1, ASU 2017-13 and ASU 2016-02) These updates are intended to increase transparency and comparability for lease transactions. A lessee is required to recognize an asset and a liability for all lease arrangements longer than 12 months. Lessor accounting is largely unchanged. We will be required to adopt these updates on a modified retrospective basis effective January 1, 2019. Early adoption is permitted. We have reviewed our existing lease contracts and our implementation efforts are primarily focused on assessing the financial impact of these updates on our consolidated financial statements. Intangibles – Simplifying the Test for Goodwill Impairment (ASU 2017-04) The amendments in this update simplify the subsequent measurement of goodwill by eliminating the comparison of the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill to determine the goodwill impairment loss. With the adoption of this guidance, a goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of the goodwill allocated to that reporting unit. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. We will be required to adopt this update prospectively effective January 1, 2020. Early adoption is permitted. We do not expect the adoption of this update will have a material effect on our consolidated financial statements. Financial Instruments – Credit Losses (ASU 2016-13) This update is designed to reduce complexity by limiting the number of credit impairment models used for different assets. The model will result in accelerated credit loss recognition on assets held at amortized cost, which includes our commercial and residential mortgage investments. The identification of credit-deteriorated securities will include all assets that have experienced a more-than-insignificant deterioration in credit since origination. Additionally, any changes in the expected cash flows of credit-deteriorated securities will be recognized immediately in the income statement. AFS fixed maturity securities are not in scope of the new credit loss model, but will undergo targeted improvements to the current reporting model including the establishment of a valuation allowance for credit losses versus the current direct write down approach. We will be required to adopt this update effective January 1, 2020. Early adoption is permitted effective January 1, 2019. We are currently evaluating the impact of this guidance on our consolidated financial statements.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Investments Schedule [Abstract]
Available-for-sale Securities	The following table represents the amortized cost, gross unrealized gains and losses, fair value and other-than-temporary impairments (OTTI) in AOCI of our AFS investments by asset type. Our AFS investment portfolio includes direct investments in affiliates of Apollo Global Management, LLC (AGM and, together with its subsidiaries, Apollo) where Apollo can exercise significant influence over the affiliates. These investments are presented as investments in related parties on the condensed consolidated balance sheets, and are separately disclosed below. March 31, 2018 (In millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCI Available-for-sale securities U.S. government and agencies $ 25 $ — $ — $ 25 $ — U.S. state, municipal and political subdivisions 995 140 (3 ) 1,132 — Foreign governments 137 2 (3 ) 136 — Corporate 35,489 875 (497 ) 35,867 1 CLO 5,617 36 (11 ) 5,642 — ABS 4,595 44 (32 ) 4,607 1 CMBS 1,981 32 (34 ) 1,979 1 RMBS 8,532 666 (11 ) 9,187 10 Total AFS securities 57,371 1,795 (591 ) 58,575 13 Available-for-sale securities – related party CLO 456 4 — 460 — ABS 45 — — 45 — Total AFS securities – related party 501 4 — 505 — Total AFS securities, including related party $ 57,872 $ 1,799 $ (591 ) $ 59,080 $ 13	December 31, 2017 (In millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCI Fixed maturity securities U.S. government and agencies $ 63 $ 1 $ (2 ) $ 62 $ — U.S. state, municipal and political subdivisions 996 171 (2 ) 1,165 — Foreign governments 2,575 116 (8 ) 2,683 — Corporate 35,173 1,658 (171 ) 36,660 — CLO 5,039 53 (8 ) 5,084 — ABS 3,945 53 (27 ) 3,971 1 CMBS 1,994 48 (21 ) 2,021 1 RMBS 8,721 652 (7 ) 9,366 11 Total fixed maturity securities 58,506 2,752 (246 ) 61,012 13 Equity securities 1 271 7 (1 ) 277 — Total AFS securities 58,777 2,759 (247 ) 61,289 13 Available-for-sale securities – related party CLO 353 7 — 360 — ABS 46 — — 46 — Total AFS securities – related party 399 7 — 406 — Total AFS securities, including related party $ 59,176 $ 2,766 $ (247 ) $ 61,695 $ 13 1 Included in equity securities on the condensed consolidated balance sheets.
Available-for-sale Securities by Contractual Maturity	The amortized cost and fair value of fixed maturity AFS securities, including related party, are shown by contractual maturity below: March 31, 2018 (In millions) Amortized Cost Fair Value Due in one year or less $ 1,041 $ 1,042 Due after one year through five years 8,291 8,337 Due after five years through ten years 10,732 10,721 Due after ten years 16,582 17,060 CLO, ABS, CMBS and RMBS 20,725 21,415 Total AFS fixed maturity securities 57,371 58,575 Fixed maturity securities – related party, CLO and ABS 501 505 Total AFS fixed maturity securities, including related party $ 57,872 $ 59,080
Fair Values and Unrealized Losses on Available-for-sale Securities	The following summarizes the fair value and gross unrealized losses for AFS securities, including related party, aggregated by class of security and length of time the fair value has remained below amortized cost: March 31, 2018 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Fair Value Gross Available-for-sale securities U.S. government and agencies $ 23 $ — $ — $ — $ 23 $ — U.S. state, municipal and political subdivisions 70 (1 ) 46 (2 ) 116 (3 ) Foreign governments 55 (2 ) 20 (1 ) 75 (3 ) Corporate 13,298 (296 ) 2,630 (201 ) 15,928 (497 ) CLO 1,508 (6 ) 291 (5 ) 1,799 (11 ) ABS 1,166 (13 ) 541 (19 ) 1,707 (32 ) CMBS 825 (19 ) 168 (15 ) 993 (34 ) RMBS 561 (8 ) 138 (3 ) 699 (11 ) Total AFS securities 17,506 (345 ) 3,834 (246 ) 21,340 (591 ) Available-for-sale securities – related party CLO 10 — — — 10 — ABS 41 — — — 41 — Total AFS securities – related party 51 — — — 51 — Total AFS securities, including related party $ 17,557 $ (345 ) $ 3,834 $ (246 ) $ 21,391 $ (591 ) December 31, 2017 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fixed maturity securities U.S. government and agencies $ 34 $ (1 ) $ 9 $ (1 ) $ 43 $ (2 ) U.S. state, municipal and political subdivisions 50 (1 ) 39 (1 ) 89 (2 ) Foreign governments 435 (6 ) 76 (2 ) 511 (8 ) Corporate 3,992 (49 ) 2,457 (122 ) 6,449 (171 ) CLO 414 (2 ) 340 (6 ) 754 (8 ) ABS 515 (5 ) 549 (22 ) 1,064 (27 ) CMBS 460 (8 ) 179 (13 ) 639 (21 ) RMBS 506 (3 ) 210 (4 ) 716 (7 ) Total fixed maturity securities 6,406 (75 ) 3,859 (171 ) 10,265 (246 ) Equity securities 1 134 (1 ) — — 134 (1 ) Total AFS securities 6,540 (76 ) 3,859 (171 ) 10,399 (247 ) Available-for-sale securities – related party CLO 29 — — — 29 — ABS 42 — — — 42 — Total AFS securities – related party 71 — — — 71 — Total AFS securities, including related party $ 6,611 $ (76 ) $ 3,859 $ (171 ) $ 10,470 $ (247 ) 1 Included in equity securities on the condensed consolidated balance sheets.
Other-than-temporary Impairments on Available-for-sale Securities	The following table represents a rollforward of the cumulative amounts recognized on the condensed consolidated statements of income for OTTI related to pre-tax credit loss impairments on AFS fixed maturity securities, for which a portion of the securities’ total OTTI was recognized in AOCI: Three months ended March 31, (In millions) 2018 2017 Beginning balance 7 $ 16 Initial impairments – credit loss OTTI recognized on securities not previously impaired 1 — Additional impairments – credit loss OTTI recognized on securities previously impaired — — Reduction in impairments from securities sold, matured or repaid (1 ) — Reduction for credit loss that no longer has a portion of the OTTI loss recognized in AOCI — — Ending balance $ 7 $ 16
Net Investment Income	Net Investment Income —Net investment income by asset class consists of the following: Three months ended March 31, (In millions) 2018 2017 Fixed maturity securities AFS securities $ 668 $ 620 Trading securities 44 50 Equity securities 2 3 Mortgage loans 91 85 Investment funds 65 55 Funds withheld at interest 46 36 Other 23 17 Investment revenue 939 866 Investment expenses (84 ) (80 ) Net investment income $ 855 $ 786
Investment Related Gains (Losses)	Investment Related Gains (Losses) —Investment related gains (losses) by asset class consists of the following: Three months ended March 31, (In millions) 2018 2017 AFS securities Gross realized gains on investment activity $ 21 $ 28 Gross realized losses on investment activity (6 ) (8 ) Net realized investment gains on AFS securities 15 20 Net realized investment losses on trading securities (89 ) (14 ) Net realized investment gains on equity securities 1 18 Derivative gains (losses) (184 ) 654 Other gains 21 4 Investment related gains (losses) $ (236 ) $ 682
Purchased Credit Impaired (PCI) Investments	Purchased Credit Impaired (PCI) Investments —The following table summarizes our PCI investments: March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 (In millions) Fixed maturity securities Mortgage loans Contractually required payments receivable $ 9,009 $ 9,690 $ 1,131 $ 1,140 Less: Cash flows expected to be collected 1 (7,996 ) (8,188 ) (1,098 ) (1,090 ) Non-accretable difference $ 1,013 $ 1,502 $ 33 $ 50 Cash flows expected to be collected 1 $ 7,996 $ 8,188 $ 1,098 $ 1,090 Less: Amortized cost (6,084 ) (6,168 ) (807 ) (817 ) Accretable difference $ 1,912 $ 2,020 $ 291 $ 273 Fair value $ 6,622 $ 6,703 $ 877 $ 844 Outstanding balance 7,468 8,026 935 946 1 Represents the undiscounted principal and interest cash flows expected. During the period, we acquired PCI investments with the following amounts at the time of purchase: March 31, 2018 (In millions) Fixed maturity securities Mortgage loans Contractually required payments receivable $ 215 $ — Cash flows expected to be collected 197 — Fair value 166 — The following table summarizes the activity for the accretable yield on PCI investments: Three months ended March 31, 2018 (In millions) Fixed maturity securities Mortgage loans Beginning balance at January 1 $ 2,020 $ 273 Purchases of PCI investments, net of sales 16 (2 ) Accretion (100 ) (10 ) Net reclassification from (to) non-accretable difference (24 ) 30 Ending balance at March 31 $ 1,912 $ 291
Mortgage Loans, Net	The distribution of commercial mortgage loans, including those under development, net of valuation allowances, by property type and geographic region, is as follows: March 31, 2018 December 31, 2017 (In millions, except for percentages) Net Carrying Value Percentage of Total Net Carrying Value Percentage of Total Property type Office building $ 1,389 27.1 % $ 1,187 22.6 % Retail 1,167 22.7 % 1,223 23.3 % Hotels 935 18.2 % 928 17.7 % Industrial 789 15.4 % 944 18.0 % Apartment 441 8.6 % 525 10.0 % Other commercial 412 8.0 % 440 8.4 % Total commercial mortgage loans $ 5,133 100.0 % $ 5,247 100.0 % U.S. Region East North Central $ 654 12.8 % $ 643 12.3 % East South Central 128 2.5 % 144 2.7 % Middle Atlantic 825 16.1 % 909 17.3 % Mountain 488 9.5 % 492 9.4 % New England 186 3.6 % 162 3.1 % Pacific 1,119 21.8 % 991 18.9 % South Atlantic 900 17.5 % 873 16.6 % West North Central 223 4.3 % 233 4.4 % West South Central 610 11.9 % 655 12.5 % Total U.S. Region 5,133 100.0 % 5,102 97.2 % International Region — — % 145 2.8 % Total commercial mortgage loans $ 5,133 100.0 % $ 5,247 100.0 % Mortgage Loans —Mortgage loans, net of allowances, consists of the following: (In millions) March 31, 2018 December 31, 2017 Commercial mortgage loans $ 5,109 $ 5,223 Commercial mortgage loans under development 24 24 Total commercial mortgage loans 5,133 5,247 Residential mortgage loans 1,006 986 Mortgage loans, net of allowances $ 6,139 $ 6,233
Aging of the Commercial Mortgage Loan Portfolio	As of March 31, 2018 and December 31, 2017 , all of our commercial mortgage loans were less than 30 days past due.
Credit Quality Indicators of the Commercial Mortgage Portfolio	The loan-to-value ratio is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A loan-to-value ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The following represents the loan-to-value ratio of the commercial mortgage loan portfolio, excluding those under development, net of valuation allowances: (In millions) March 31, 2018 December 31, 2017 Less than 50% $ 1,769 $ 1,841 50% to 60% 1,312 1,390 61% to 70% 1,721 1,691 71% to 100% 307 301 Commercial mortgage loans $ 5,109 $ 5,223 The debt service coverage ratio, based upon the most recent financial statements, is expressed as a percentage of a property’s net operating income to its debt service payments. A debt service ratio of less than 1.0 indicates a property’s operations do not generate enough income to cover debt payments. The following represents the debt service coverage ratio of the commercial mortgage loan portfolio, excluding those under development, net of valuation allowances: (In millions) March 31, 2018 December 31, 2017 Greater than 1.20x $ 4,667 $ 4,742 1.00x – 1.20x 298 297 Less than 1.00x 144 184 Commercial mortgage loans $ 5,109 $ 5,223

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional Amount and Fair Value of Derivative Instruments	The following table presents the notional amount and fair value of derivative instruments: March 31, 2018 December 31, 2017 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency swaps 1,324 $ 2 $ 155 928 $ 1 $ 99 Interest rate swaps 302 — — 302 — — Total derivatives designated as hedges 2 155 1 99 Derivatives not designated as hedges Equity options 31,868 2,019 13 31,460 2,500 19 Futures 5 5 — 1,134 7 — Total return swaps 56 — 4 114 5 — Foreign currency swaps 39 2 4 41 21 3 Interest rate swaps 550 — 1 385 — 2 Credit default swaps 10 — 5 10 — 5 Foreign currency forwards 637 3 4 1,139 17 6 Embedded derivatives Funds withheld — 207 11 — 312 22 Interest sensitive contract liabilities — — 7,254 — — 7,436 Total derivatives not designated as hedges 2,236 7,296 2,862 7,493 Total derivatives $ 2,238 $ 7,451 $ 2,863 $ 7,592
Gains (Losses) on Derivatives and Related Hedged Items	he gains and losses on derivatives and the related hedged items in fair value hedge relationships are recorded in interest sensitive contract benefits on the condensed consolidated statements of income. The derivatives had losses of $7 million and $1 million during the three months ended March 31, 2018 and 2017 , respectively, and the related hedged items had gains of $5 million and $1 million during the three months ended March 31, 2018 and 2017 , respectively.
Gains (Losses) Related to Derivatives Not Designated as Hedges	The following is a summary of the gains (losses) related to derivatives not designated as hedges: Three months ended March 31, (In millions) 2018 2017 Equity options $ (142 ) $ 528 Futures (5 ) (10 ) Swaps 2 5 Foreign currency forwards (7 ) 1 Embedded derivatives on funds withheld (32 ) 130 Amounts recognized in investment related gains (losses) (184 ) 654 Embedded derivatives in indexed annuity products 1 238 (431 ) Total gains on derivatives not designated as hedges $ 54 $ 223 1 Included in interest sensitive contract benefits.
Estimated Fair Value of Net Derivative and Other Financial Assets	The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated balance sheets (In millions) Gross amount recognized 1 Financial instruments 2 Collateral received/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral March 31, 2018 Derivative assets $ 2,031 $ (87 ) $ (1,145 ) $ 799 $ (769 ) $ 30 Derivative liabilities (186 ) 87 98 (1 ) — (1 ) December 31, 2017 Derivative assets $ 2,551 $ (59 ) $ (2,323 ) $ 169 $ (221 ) $ (52 ) Derivative liabilities (134 ) 59 63 (12 ) — (12 ) 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of March 31, 2018 and December 31, 2017, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated balance sheets. 3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.
Estimated Fair Value of Net Derivative and Other Financial Liabilities	The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated balance sheets (In millions) Gross amount recognized 1 Financial instruments 2 Collateral received/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral March 31, 2018 Derivative assets $ 2,031 $ (87 ) $ (1,145 ) $ 799 $ (769 ) $ 30 Derivative liabilities (186 ) 87 98 (1 ) — (1 ) December 31, 2017 Derivative assets $ 2,551 $ (59 ) $ (2,323 ) $ 169 $ (221 ) $ (52 ) Derivative liabilities (134 ) 59 63 (12 ) — (12 ) 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of March 31, 2018 and December 31, 2017, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated balance sheets. 3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of VIE	The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: March 31, 2018 December 31, 2017 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 647 $ 1,104 $ 699 $ 1,036 Investment in related parties – investment funds 1,499 2,665 1,310 2,598 Assets of consolidated variable interest entities – investment funds 582 606 571 594 Investment in fixed maturity securities 21,971 21,281 21,022 20,278 Investment in related parties – fixed maturity securities 810 806 713 792 Total non-consolidated investments $ 25,509 $ 26,462 $ 24,315 $ 25,298 The following is a reconciliation for all VIE Level 3 assets and liabilities measured at fair value on a recurring basis: Three months ended March 31, 2018 (In millions) Beginning Balance Total realized and unrealized gains (losses) included in income Purchases Sales Transfers in (out) Ending Balance Total gains (losses) included in earnings 1 Assets of consolidated variable interest entities Fixed maturity securities Trading securities $ 48 $ — $ — $ (1 ) $ — $ 47 $ — Equity securities 28 — — — — 28 — Investment funds 21 1 — (2 ) — 20 1 Total Level 3 assets of consolidated VIEs $ 97 $ 1 $ — $ (3 ) $ — $ 95 $ 1 1 Related to instruments held at end of period. The following represents the gains (losses) recorded for instruments within the consolidated VIEs for which we have elected the fair value option: Three months ended March 31, (In millions) 2018 2017 Equity securities $ (9 ) $ (4 ) Investment funds 6 5 Total gains (losses) $ (3 ) $ 1 The following table presents the carrying value by ownership percentage of equity method investment funds, including related party investment funds and investment funds owned by consolidated VIEs: (In millions) March 31, 2018 December 31, 2017 Ownership Percentage 100% $ 15 $ 35 50% – 99% 579 520 3% – 49% 1,296 1,301 Equity method investment funds $ 1,890 $ 1,856 The following table presents the carrying value by ownership percentage of investment funds where we elected the fair value option, including related party investment funds and investment funds owned by consolidated VIEs: (In millions) March 31, 2018 December 31, 2017 Ownership Percentage 3% – 49% $ 690 $ 590 Less than 3% 148 134 Fair value option investment funds $ 838 $ 724 The following represents the hierarchy for assets and liabilities of our consolidated VIEs measured at fair value on a recurring basis: March 31, 2018 (In millions) Total NAV 1 Level 1 Level 2 Level 3 Assets of consolidated variable interest entities Investments Fixed maturity securities, trading $ 47 $ — $ — $ — $ 47 Equity securities 177 — 149 — 28 Investment funds 554 534 — — 20 Cash and cash equivalents 3 — 3 — — Total assets of consolidated VIEs measured at fair value $ 781 $ 534 $ 152 $ — $ 95 1 Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy. The following summarizes our investment funds, including related party investment funds and investment funds owned by consolidated VIEs: March 31, 2018 December 31, 2017 (In millions, except for percentages and years) Carrying value Percent of total Remaining life in years Carrying value Percent of total Remaining life in years Investment funds Private equity $ 240 37.1 % 0 – 6 $ 271 38.8 % 0 – 7 Real estate and other real assets 174 26.9 % 1 – 7 161 23.0 % 1 – 7 Natural resources 4 0.6 % 1 – 1 4 0.6 % 1 – 1 Hedge funds 56 8.7 % 0 – 2 61 8.7 % 0 – 3 Credit funds 173 26.7 % 0 – 4 202 28.9 % 0 – 5 Total investment funds 647 100.0 % 699 100.0 % Investment funds – related parties Private equity – A-A Mortgage 1 418 27.9 % 5 – 5 403 30.8 % 5 – 5 Private equity – other 283 18.9 % 0 – 6 180 13.7 % 0 – 10 Real estate and other real assets 322 21.5 % 0 – 6 297 22.7 % 0 – 7 Natural resources 98 6.5 % 4 – 5 74 5.6 % 4 – 6 Hedge funds 99 6.6 % 11 – 11 93 7.1 % 9 – 9 Credit funds 279 18.6 % 1 – 4 263 20.1 % 2 – 4 Total investment funds – related parties 1,499 100.0 % 1,310 100.0 % Investment funds owned by consolidated VIEs Private equity – MidCap 2 534 91.8 % N/A 528 92.5 % N/A Credit funds 20 3.4 % 0 – 3 21 3.7 % 0 – 3 Real estate and other real assets 28 4.8 % 1 – 2 22 3.8 % 2 – 3 Total investment funds owned by consolidated VIEs 582 100.0 % 571 100.0 % Total investment funds including related parties and funds owned by consolidated VIEs $ 2,728 $ 2,580 1 A-A Mortgage Opportunities, LP (A-A Mortgage) is a platform to originate residential mortgage loans and mortgage servicing rights. Our total investment in A-A Mortgage, including amounts loaned to Aris Mortgage Holding Company LLC (Aris Holdco), a 100% equity investment of A-A Mortgage, was $541 million and $455 million as of March 31, 2018 and December 31, 2017, respectively. 2 Our total investment in MidCap, including amounts advanced under credit facilities, totaled $772 million and $766 million as of March 31, 2018 and December 31, 2017, respectively.	Three months ended March 31, 2017 (In millions) Beginning Balance Total realized and unrealized gains (losses) included in income Purchases Sales Transfers in (out) Ending Balance Total gains (losses) included in earnings 1 Assets of consolidated variable interest entities Fixed maturity securities Trading securities $ 50 $ — $ — $ — $ — $ 50 $ — Equity securities 43 (11 ) — — — 32 (11 ) Investment funds 38 — — — — 38 — Total Level 3 assets of consolidated VIEs $ 131 $ (11 ) $ — $ — $ — $ 120 $ (11 ) 1 Related to instruments held at end of period. December 31, 2017 (In millions) Total NAV 1 Level 1 Level 2 Level 3 Assets of consolidated variable interest entities Investments Fixed maturity securities, trading $ 48 $ — $ — $ — $ 48 Equity securities 240 — 212 — 28 Investment funds 549 528 — — 21 Cash and cash equivalents 4 — 4 — — Total assets of consolidated VIEs measured at fair value $ 841 $ 528 $ 216 $ — $ 97 1 Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy.

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	The following represents the hierarchy for our assets and liabilities measured at fair value on a recurring basis: March 31, 2018 (In millions) Total NAV 1 Level 1 Level 2 Level 3 Assets Fixed maturity securities AFS securities U.S. government and agencies $ 25 $ — $ 23 $ 2 $ — U.S. state, municipal and political subdivisions 1,132 — — 1,132 — Foreign governments 136 — — 136 — Corporate 35,867 — — 35,186 681 CLO 5,642 — — 5,475 167 ABS 4,607 — — 3,313 1,294 CMBS 1,979 — — 1,916 63 RMBS 9,187 — — 9,149 38 Total AFS securities 58,575 — 23 56,309 2,243 Trading securities U.S. government and agencies 3 — 3 — — U.S. state, municipal and political subdivisions 130 — — 113 17 Corporate 1,399 — — 1,399 — CLO 27 — — 26 1 ABS 94 — — 94 — CMBS 50 — — 50 — RMBS 385 — — 64 321 Total trading securities 2,088 — 3 1,746 339 Equity securities 160 — 11 149 — Mortgage loans 41 — — — 41 Investment funds 131 106 — — 25 Funds withheld at interest – embedded derivative 207 — — — 207 Derivative assets 2,031 — 5 2,026 — Short-term investments 235 — 48 187 — Other investments 39 — — 39 — Cash and cash equivalents 2,735 — 2,735 — — Restricted cash 87 — 87 — — Investments in related parties Fixed maturity securities AFS securities CLO 460 — — 398 62 ABS 45 — — 45 — Total AFS securities – related party 505 — — 443 62 Trading securities CLO 134 — — 43 91 ABS 171 — — — 171 Total trading securities – related party 305 — — 43 262 Investment funds 153 42 — — 111 Short-term investments 123 — — 123 — Reinsurance recoverable 1,713 — — — 1,713 Total assets measured at fair value $ 69,128 $ 148 $ 2,912 $ 61,065 $ 5,003 (Continued) March 31, 2018 (In millions) Total NAV 1 Level 1 Level 2 Level 3 Liabilities Interest sensitive contract liabilities Embedded derivative $ 7,254 $ — $ — $ — $ 7,254 Universal life benefits 934 — — — 934 Future policy benefits AmerUs Closed Block 1,541 — — — 1,541 ILICO Closed Block and life benefits 764 — — — 764 Derivative liabilities 186 — — 181 5 Funds withheld liability – embedded derivative 11 — — 11 — Total liabilities measured at fair value $ 10,690 $ — $ — $ 192 $ 10,498 1 Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy. (Concluded) December 31, 2017 (In millions) Total NAV 1 Level 1 Level 2 Level 3 Assets Fixed maturity securities AFS securities U.S. government and agencies $ 62 $ — $ 26 $ 36 $ — U.S. state, municipal and political subdivisions 1,165 — — 1,165 — Foreign governments 2,683 — — 2,683 — Corporate 36,660 — — 36,082 578 CLO 5,084 — — 5,020 64 ABS 3,971 — — 2,510 1,461 CMBS 2,021 — — 1,884 137 RMBS 9,366 — — 9,065 301 Total AFS securities 61,012 — 26 58,445 2,541 Trading securities U.S. government and agencies 3 — 3 — — U.S. state, municipal and political subdivisions 138 — — 121 17 Corporate 1,475 — — 1,475 — CLO 27 — — 10 17 ABS 94 — — 17 77 CMBS 51 — — 51 — RMBS 408 — — 66 342 Total trading securities 2,196 — 3 1,740 453 (Continued) December 31, 2017 (In millions) Total NAV 1 Level 1 Level 2 Level 3 Equity securities 790 — 18 764 8 Mortgage loans 41 — — — 41 Investment funds 145 104 — — 41 Funds withheld at interest – embedded derivative 312 — — — 312 Derivative assets 2,551 — 7 2,544 — Short-term investments 201 — 40 161 — Cash and cash equivalents 4,888 — 4,888 — — Restricted cash 105 — 105 — — Investments in related parties Fixed maturity securities AFS securities CLO 360 — — 360 — ABS 46 — — 46 — Total AFS securities – related party 406 — — 406 — Trading securities CLO 132 — — 27 105 ABS 175 — — 175 — Total trading securities – related party 307 — — 202 105 Investment funds 30 30 — — — Short-term investments 52 — — 52 — Reinsurance recoverable 1,824 — — — 1,824 Total assets measured at fair value $ 74,860 $ 134 $ 5,087 $ 64,314 $ 5,325 Liabilities Interest sensitive contract liabilities Embedded derivative $ 7,436 $ — $ — $ — $ 7,436 Universal life benefits 1,005 — — — 1,005 Unit-linked contracts 488 — — 488 — Future policy benefits AmerUs Closed Block 1,625 — — — 1,625 ILICO Closed Block and life benefits 803 — — — 803 Derivative liabilities 134 — — 129 5 Funds withheld liability – embedded derivative 22 — — 22 — Total liabilities measured at fair value $ 11,513 $ — $ — $ 639 $ 10,874 1 Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy. (Concluded)
Summary of Fair Value Option	The following summarizes information for fair value option mortgage loans: (In millions) March 31, 2018 December 31, 2017 Unpaid principal balance $ 40 $ 40 Mark to fair value 1 1 Fair value $ 41 $ 41 The following represents the gains (losses) recorded for instruments for which we have elected the fair value option: Three months ended March 31, (In millions) 2018 2017 Trading securities $ (89 ) $ (14 ) Equity securities — 16 Investment funds, including related party investment funds (4 ) 7 Future policy benefits 84 4 Total gains (losses) $ (9 ) $ 13
Reconciliation of Level 3 Assets Measured on a Recurring Basis	The following is a reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis: Three months ended March 31, 2018 Total realized and unrealized gains (losses) Transfers (In millions) Beginning Balance Included in income Included in OCI Purchases, issuances, sales and settlements, net In (Out) Ending Balance Total gains (losses) included in earnings 1 Assets Fixed maturity securities AFS securities Corporate $ 578 $ 4 $ (4 ) $ 58 $ 53 $ (8 ) $ 681 $ — CLO 64 — 2 131 — (30 ) 167 — ABS 1,461 2 (7 ) (104 ) — (58 ) 1,294 — CMBS 137 — (1 ) — — (73 ) 63 — RMBS 301 1 (5 ) 23 7 (289 ) 38 — Trading securities U.S. state, municipal and political subdivisions 17 — — — — — 17 — CLO 17 — — 1 — (17 ) 1 — ABS 77 — — — — (77 ) — (3 ) RMBS 342 (21 ) — — — — 321 — Equity securities 8 — — (8) — — — — Mortgage loans 41 — — — — — 41 — Investment funds 41 (9 ) — — (7 ) — — 25 — Funds withheld at interest – embedded derivative 312 (105 ) — — — — 207 — Investments in related parties Fixed maturity securities AFS securities CLO — — — 62 — — 62 — Trading securities CLO 105 1 — (1 ) 18 (32 ) 91 (1 ) ABS — — — — 171 — 171 — Investment funds — 3 — 108 — — 111 3 Reinsurance recoverable 1,824 (111 ) — — — — 1,713 — Total Level 3 assets $ 5,325 $ (235 ) $ (15 ) $ 263 $ 249 $ (584 ) $ 5,003 $ (1 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,436 ) $ 238 $ — $ (56 ) $ — $ — $ (7,254 ) $ — Universal life benefits (1,005 ) 71 — — — — (934 ) — Future policy benefits AmerUs Closed Block (1,625 ) 84 — — — — (1,541 ) — ILICO Closed Block and life benefits (803 ) 39 — — — — (764 ) — Derivative liabilities (5 ) — — — — — (5 ) — Total Level 3 liabilities $ (10,874 ) $ 432 $ — $ (56 ) $ — $ — $ (10,498 ) $ — 1 Related to instruments held at end of period.	Three months ended March 31, 2017 Total realized and unrealized gains (losses) Transfers (In millions) Beginning balance Included in income Included in OCI Purchases, issuances, sales and settlements, net In Out Ending balance Total gains (losses) included in earnings 1 Assets Fixed maturity securities AFS securities U.S. state, municipal and political subdivisions $ 5 $ 16 $ (1 ) $ (20 ) $ — $ — $ — $ — Foreign governments 14 — — (1 ) — — 13 — Corporate 370 1 6 92 21 — 490 — CLO 158 — 4 3 29 (94 ) 100 — ABS 1,160 4 14 75 — (31 ) 1,222 — CMBS 152 39 — — — (44 ) 147 — RMBS 17 — 1 — 50 (8 ) 60 — Trading securities U.S. state, municipal and political subdivisions 17 — — — — — 17 — CLO 43 (1 ) — (15 ) — — 27 1 RMBS 96 (5 ) — 2 — (11 ) 82 (1 ) Equity securities 5 — — — — — 5 — Mortgage loans 44 — — — — — 44 — Funds withheld at interest – embedded derivative 140 72 — — — — 212 — Investments in related parties Fixed maturity securities AFS securities ABS 56 — 1 (2 ) — (55 ) — — Trading securities CLO 195 (12 ) — (14 ) — (38 ) 131 (12 ) Short-term investments — — — 20 — — 20 — Reinsurance recoverable 1,692 46 — — — — 1,738 — Total Level 3 assets $ 4,164 $ 160 $ 25 $ 140 $ 100 $ (281 ) $ 4,308 $ (12 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (5,283 ) $ (431 ) $ — $ (79 ) $ — $ — $ (5,793 ) $ — Universal life benefits (883 ) (27 ) — — — — (910 ) — Future policy benefits AmerUs Closed Block (1,606 ) 4 — — — — (1,602 ) — ILICO Closed Block and life benefits (794 ) (19 ) — — — — (813 ) — Derivative liabilities (7 ) — — — — — (7 ) — Total Level 3 liabilities $ (8,573 ) $ (473 ) $ — $ (79 ) $ — $ — $ (9,125 ) $ — 1 Related to instruments held at end of period.
Reconciliation of Level 3 Liabilities Measured on a Recurring Basis	The following is a reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis: Three months ended March 31, 2018 Total realized and unrealized gains (losses) Transfers (In millions) Beginning Balance Included in income Included in OCI Purchases, issuances, sales and settlements, net In (Out) Ending Balance Total gains (losses) included in earnings 1 Assets Fixed maturity securities AFS securities Corporate $ 578 $ 4 $ (4 ) $ 58 $ 53 $ (8 ) $ 681 $ — CLO 64 — 2 131 — (30 ) 167 — ABS 1,461 2 (7 ) (104 ) — (58 ) 1,294 — CMBS 137 — (1 ) — — (73 ) 63 — RMBS 301 1 (5 ) 23 7 (289 ) 38 — Trading securities U.S. state, municipal and political subdivisions 17 — — — — — 17 — CLO 17 — — 1 — (17 ) 1 — ABS 77 — — — — (77 ) — (3 ) RMBS 342 (21 ) — — — — 321 — Equity securities 8 — — (8) — — — — Mortgage loans 41 — — — — — 41 — Investment funds 41 (9 ) — — (7 ) — — 25 — Funds withheld at interest – embedded derivative 312 (105 ) — — — — 207 — Investments in related parties Fixed maturity securities AFS securities CLO — — — 62 — — 62 — Trading securities CLO 105 1 — (1 ) 18 (32 ) 91 (1 ) ABS — — — — 171 — 171 — Investment funds — 3 — 108 — — 111 3 Reinsurance recoverable 1,824 (111 ) — — — — 1,713 — Total Level 3 assets $ 5,325 $ (235 ) $ (15 ) $ 263 $ 249 $ (584 ) $ 5,003 $ (1 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,436 ) $ 238 $ — $ (56 ) $ — $ — $ (7,254 ) $ — Universal life benefits (1,005 ) 71 — — — — (934 ) — Future policy benefits AmerUs Closed Block (1,625 ) 84 — — — — (1,541 ) — ILICO Closed Block and life benefits (803 ) 39 — — — — (764 ) — Derivative liabilities (5 ) — — — — — (5 ) — Total Level 3 liabilities $ (10,874 ) $ 432 $ — $ (56 ) $ — $ — $ (10,498 ) $ — 1 Related to instruments held at end of period.	Three months ended March 31, 2017 Total realized and unrealized gains (losses) Transfers (In millions) Beginning balance Included in income Included in OCI Purchases, issuances, sales and settlements, net In Out Ending balance Total gains (losses) included in earnings 1 Assets Fixed maturity securities AFS securities U.S. state, municipal and political subdivisions $ 5 $ 16 $ (1 ) $ (20 ) $ — $ — $ — $ — Foreign governments 14 — — (1 ) — — 13 — Corporate 370 1 6 92 21 — 490 — CLO 158 — 4 3 29 (94 ) 100 — ABS 1,160 4 14 75 — (31 ) 1,222 — CMBS 152 39 — — — (44 ) 147 — RMBS 17 — 1 — 50 (8 ) 60 — Trading securities U.S. state, municipal and political subdivisions 17 — — — — — 17 — CLO 43 (1 ) — (15 ) — — 27 1 RMBS 96 (5 ) — 2 — (11 ) 82 (1 ) Equity securities 5 — — — — — 5 — Mortgage loans 44 — — — — — 44 — Funds withheld at interest – embedded derivative 140 72 — — — — 212 — Investments in related parties Fixed maturity securities AFS securities ABS 56 — 1 (2 ) — (55 ) — — Trading securities CLO 195 (12 ) — (14 ) — (38 ) 131 (12 ) Short-term investments — — — 20 — — 20 — Reinsurance recoverable 1,692 46 — — — — 1,738 — Total Level 3 assets $ 4,164 $ 160 $ 25 $ 140 $ 100 $ (281 ) $ 4,308 $ (12 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (5,283 ) $ (431 ) $ — $ (79 ) $ — $ — $ (5,793 ) $ — Universal life benefits (883 ) (27 ) — — — — (910 ) — Future policy benefits AmerUs Closed Block (1,606 ) 4 — — — — (1,602 ) — ILICO Closed Block and life benefits (794 ) (19 ) — — — — (813 ) — Derivative liabilities (7 ) — — — — — (7 ) — Total Level 3 liabilities $ (8,573 ) $ (473 ) $ — $ (79 ) $ — $ — $ (9,125 ) $ — 1 Related to instruments held at end of period.
Gross Components of Purchases, Sales, Issuances and Settlements, net	The following represents the gross components of purchases, issuances, sales and settlements, net, shown above: Three months ended March 31, 2018 (In millions) Purchases Issuances Sales Settlements Purchases, issuances, sales and settlements, net Assets Fixed maturity securities AFS securities Corporate $ 68 $ — $ (5 ) $ (5 ) $ 58 CLO 131 — — — 131 ABS 40 — (20 ) (124 ) (104 ) RMBS 31 — — (8 ) 23 Trading securities CLO 13 — — (12 ) 1 Equity securities — — (8) — (8 ) Investment funds — — — (7 ) (7 ) Investments in related parties Fixed maturity securities AFS securities CLO 62 — — — 62 Trading securities CLO — — (1 ) — (1 ) Investment funds 108 — — — 108 Total Level 3 assets $ 453 $ — $ (34 ) $ (156 ) $ 263 Liabilities Interest sensitive contract liabilities Embedded derivative $ — $ (126 ) $ — $ 70 $ (56 ) Total Level 3 liabilities $ — $ (126 ) $ — $ 70 $ (56 )	Three months ended March 31, 2017 (In millions) Purchases Issuances Sales Settlements Purchases, issuances, sales and settlements, net Assets Fixed maturity securities AFS securities U.S. state, municipal and political subdivisions $ — $ — $ — $ (20 ) $ (20 ) Foreign governments — — — (1 ) (1 ) Corporate 94 — — (2 ) 92 CLO 13 — (2 ) (8 ) 3 ABS 103 — — (28 ) 75 Trading securities CLO — — (15 ) — (15 ) RMBS 2 — — — 2 Investments in related parties Fixed maturity securities AFS securities, ABS 5 — — (7 ) (2 ) Trading securities, CLO — — (14 ) — (14 ) Short-term investments 20 — — — 20 Total Level 3 assets $ 237 $ — $ (31 ) $ (66 ) $ 140 Liabilities Interest sensitive contract liabilities Embedded derivative $ — $ (110 ) $ — $ 31 $ (79 ) Total Level 3 liabilities $ — $ (110 ) $ — $ 31 $ (79 )
Summary of the Unobservable Inputs for the Embedded Derivative of Fixed Indexed Annuities	The following summarizes the unobservable inputs for the embedded derivatives of fixed indexed annuities: March 31, 2018 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Input/range of Impact of an increase in the input on fair value Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives $ 7,254 Option budget method Non-performance risk 0.5 % – 1.3% Decrease Option budget 0.8 % – 3.7% Increase Surrender rate 1.6 % – 20.7% Decrease	December 31, 2017 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Input/range of Impact of an increase in the input on fair value Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives $ 7,436 Option budget method Non-performance risk 0.2 % – 1.2% Decrease Option budget 0.7 % – 3.7% Increase Surrender rate 1.5 % – 19.4% Decrease
Summary of Financial Instruments Not Carried at Fair Value on the Balance Sheet	The following represents our financial instruments not carried at fair value on the condensed consolidated balance sheets: March 31, 2018 (In millions) Carrying Value Fair Value NAV 1 Level 1 Level 2 Level 3 Assets Mortgage loans $ 6,098 $ 6,275 $ — $ — $ — $ 6,275 Investment funds 516 516 516 — — — Policy loans 510 510 — — 510 — Funds withheld at interest 6,886 6,886 — — — 6,886 Other investments 74 74 — — — 74 Investments in related parties Investment funds 1,346 1,346 1,346 — — — Other investments 238 258 — — — 258 Total assets not carried at fair value $ 15,668 $ 15,865 $ 1,862 $ — $ 510 $ 13,493 Liabilities Interest sensitive contract liabilities $ 31,878 $ 30,892 $ — $ — $ — $ 30,892 Long-term debt 992 962 — — 962 — Funds withheld liability 384 384 — — 384 — Total liabilities not carried at fair value $ 33,254 $ 32,238 $ — $ — $ 1,346 $ 30,892 1 Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy.	December 31, 2017 (In millions) Carrying Value Fair Value NAV 1 Level 1 Level 2 Level 3 Assets Mortgage loans $ 6,192 $ 6,342 $ — $ — $ — $ 6,342 Investment funds 554 554 554 — — — Policy loans 530 530 — — 530 — Funds withheld at interest 6,773 6,773 — — — 6,773 Other investments 133 133 — — 58 75 Investments in related parties Investment funds 1,280 1,280 1,280 — — — Other investments 238 259 — — — 259 Total assets not carried at fair value $ 15,700 $ 15,871 $ 1,834 $ — $ 588 $ 13,449 Liabilities Interest sensitive contract liabilities $ 31,586 $ 31,656 $ — $ — $ — $ 31,656 Funds withheld liability 385 385 — — 385 — Total liabilities not carried at fair value $ 31,971 $ 32,041 $ — $ — $ 385 $ 31,656 1 Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy.

Deferred Acquisition Costs, D28

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables)	3 Months Ended
	Mar. 31, 2018
Insurance [Abstract]
Deferred Acquisition Costs	The following represents a rollforward of deferred acquisition costs (DAC), deferred sales inducements (DSI) and value of business acquired (VOBA): (In millions) DAC DSI VOBA Total Balance at December 31, 2017 $ 1,354 $ 520 $ 1,056 $ 2,930 Additions 122 46 — 168 Amortization (37 ) (20 ) (52 ) (109 ) Impact of unrealized investment (gains) losses 52 22 79 153 Balance at March 31, 2018 $ 1,491 $ 568 $ 1,083 $ 3,142 (In millions) DAC DSI VOBA Total Balance at December 31, 2016 $ 1,142 $ 462 $ 1,336 $ 2,940 Additions 105 37 — 142 Amortization (58 ) (18 ) (46 ) (122 ) Impact of unrealized investment (gains) losses (27 ) (13 ) (45 ) (85 ) Balance at March 31, 2017 $ 1,162 $ 468 $ 1,245 $ 2,875
Deferred Sales Inducements	The following represents a rollforward of deferred acquisition costs (DAC), deferred sales inducements (DSI) and value of business acquired (VOBA): (In millions) DAC DSI VOBA Total Balance at December 31, 2017 $ 1,354 $ 520 $ 1,056 $ 2,930 Additions 122 46 — 168 Amortization (37 ) (20 ) (52 ) (109 ) Impact of unrealized investment (gains) losses 52 22 79 153 Balance at March 31, 2018 $ 1,491 $ 568 $ 1,083 $ 3,142 (In millions) DAC DSI VOBA Total Balance at December 31, 2016 $ 1,142 $ 462 $ 1,336 $ 2,940 Additions 105 37 — 142 Amortization (58 ) (18 ) (46 ) (122 ) Impact of unrealized investment (gains) losses (27 ) (13 ) (45 ) (85 ) Balance at March 31, 2017 $ 1,162 $ 468 $ 1,245 $ 2,875

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	The following represents our basic and diluted earnings per share (EPS) calculations: Three months ended March 31, 2018 (In millions, except share and per share data) Class A Class B Class M-1 Class M-2 Class M-3 Class M-4 Net income $ 202 $ 56 $ 5 $ 1 $ 1 $ 3 Basic weighted average shares outstanding 148,693,902 41,096,937 3,388,890 841,011 1,049,157 2,065,204 Dilutive effect of stock compensation plans 258,203 — — 8,976 20,572 929,228 Diluted weighted average shares outstanding 148,952,105 41,096,937 3,388,890 849,987 1,069,729 2,994,432 Earnings per share 1 Basic $ 1.36 $ 1.36 $ 1.36 $ 1.36 $ 1.36 $ 1.36 Diluted $ 1.36 $ 1.36 $ 1.36 $ 1.34 $ 1.33 $ 0.94 1 Calculated using whole figures. Three months ended March 31, 2017 (In millions, except share and per share data) Class A Class B Class M-1 Class M-2 2 Class M-3 Class M-4 Net income $ 156 $ 221 $ 7 $ — $ — $ — Basic weighted average shares outstanding 78,246,213 110,772,123 3,452,402 42,267 — — Dilutive effect of stock compensation plans 3,051,380 — — 971,427 — — Diluted weighted average shares outstanding 81,297,593 110,772,123 3,452,402 1,013,694 — — Earnings per share 1 Basic $ 2.00 $ 2.00 $ 2.00 $ 2.00 N/A N/A Diluted $ 1.92 $ 2.00 $ 2.00 $ 0.08 N/A N/A N/A – Not applicable 1 Calculated using whole figures. 2 Net income allocated to Class M-2 common shares rounded to $0 million for the three months ended March 31, 2017. However, earnings per share is calculated using whole figures.
Shares Excluded from Dilutive Earnings Per Share	The diluted EPS calculations for Class A shares excluded the following shares, restricted stock units (RSUs) and options: Three months ended March 31, 2018 2017 Antidilutive shares, RSUs and options excluded from diluted EPS calculation 35,212,154 91,666,275 Shares, RSUs and options excluded from diluted EPS calculation as a performance condition had not been met 279,992 2,763,613 Total shares, RSUs and options excluded from diluted EPS calculation 35,492,146 94,429,888 Note: Shares, RSUs and options are as of period end.

Accumulated Other Comprehensi30

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Accumulated Other Comprehensive Income	The following is a detail of AOCI and changes in AOCI. Prior period balances include equity securities that were classified as AFS securities prior to the adoption of ASU 2016-01. (In millions) March 31, 2018 December 31, 2017 AFS securities $ 1,228 $ 2,577 DAC, DSI, VOBA, future policy benefits and dividends payable to policyholders adjustments on AFS securities (349 ) (744 ) Noncredit component of OTTI losses on AFS securities (13 ) (13 ) Hedging instruments (151 ) (95 ) Pension adjustments (2 ) (5 ) Foreign currency translation adjustments — 8 Accumulated other comprehensive income, before taxes 713 1,728 Deferred income taxes (128 ) (313 ) Accumulated other comprehensive income $ 585 $ 1,415 Changes in AOCI are presented below: Three months ended March 31, (In millions) 2018 2017 Unrealized investment gains (losses) on AFS securities Unrealized investment gains (losses) on AFS securities $ (1,282 ) $ 516 Change in DAC, DSI, VOBA, future policy benefits and dividends payable to policyholders adjustment 391 (82 ) Less: Reclassification adjustment for gains (losses) realized in net income 1 19 15 Less: Income tax expense (benefit) (163 ) 113 Net unrealized investment gains (losses) on AFS securities (747 ) 306 Noncredit component of OTTI losses on AFS securities Noncredit component of OTTI losses on AFS securities (1 ) 1 Less: Reclassification adjustment for losses realized in net income 1 (1 ) — Net noncredit component of OTTI losses on AFS securities — 1 Unrealized gains (losses) on hedging instruments Unrealized gains (losses) on hedging instruments (56 ) (5 ) Less: Income tax benefit (20 ) (2 ) Net unrealized gains (losses) on hedging instruments (36 ) (3 ) Pension adjustments 3 — Foreign currency translation adjustments (8 ) 2 Change in AOCI from other comprehensive income (loss) (788 ) 306 Adoption of ASU 2016-01 (42 ) — Change in AOCI $ (830 ) $ 306 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income.

Related Parties (Tables)

Related Parties (Tables)	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following summarizes the asset management fees and sub-advisory fees we have incurred related to AAM and other Apollo affiliates: Three months ended March 31, (In millions) 2018 2017 Asset management fees $ 70 $ 62 Sub-advisory fees 13 16 For certain assets which require specialized sourcing and underwriting capabilities, AAM has chosen to mandate sub-advisors rather than building out in-house capabilities. AAM has entered into Master Sub-Advisory Agreements (MSAAs) with certain Apollo affiliates to sub-advise AAM with respect to a portion of our assets, with the fees recharged to us, in addition to the gross fee paid to AAM as described above. The MSAAs cover services rendered by Apollo-affiliated sub-advisors relating to the following investments: (In millions, except for percentages) March 31, 2018 December 31, 2017 Fixed maturity securities AFS securities Foreign governments $ 121 $ 152 Corporate 3,178 2,934 CLO 5,859 5,166 ABS 643 681 CMBS 845 872 Trading securities 121 121 Mortgage loans 2,419 2,232 Investment funds 26 26 Funds withheld at interest 1,726 1,737 Other investments 74 75 Total assets sub-advised by Apollo affiliates $ 15,012 $ 13,996 Percent of assets sub-advised by Apollo affiliates to total AAM-managed assets 19 % 18 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Restricted Pledged Assets and Funds in Trust	The total restricted assets included on the condensed consolidated balance sheets are as follows: (In millions) March 31, 2018 December 31, 2017 Fixed maturity securities, AFS securities $ 1,537 $ 1,572 Equity securities — 36 Mortgage loans 858 914 Investment funds 15 20 Short-term investments 7 10 Other investments 35 — Restricted cash 87 105 Total restricted assets $ 2,539 $ 2,657

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Reconciliation of Segment Operating Revenues to Consolidation	The table below reconciles segment adjusted operating revenues to total revenues presented on the condensed consolidated statements of income: Three months ended March 31, (In millions) 2018 2017 Adjusted operating revenue by segment Retirement Services $ 1,257 $ 888 Corporate and Other 27 68 Total segment adjusted operating revenues 1,284 956 Non-operating adjustments Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets (158 ) 536 Investment gains (losses), net of offsets (106 ) 125 Other adjustments to revenues (9 ) 2 Total non-operating adjustments (273 ) 663 Total revenues $ 1,011 $ 1,619
Reconciliation of Segment Operating Income to Consolidation	The table below reconciles segment adjusted operating income to net income on the condensed consolidated statements of income: Three months ended March 31, (In millions) 2018 2017 Adjusted operating income (loss) by segment Retirement Services $ 235 $ 275 Corporate and other 2 (9 ) Total segment adjusted operating income 237 266 Non-operating adjustments Investment gains (losses), net of offsets (33 ) 57 Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets 95 94 Integration, restructuring and other non-operating expenses (8 ) (9 ) Stock-based compensation, excluding LTIP (3 ) (10 ) Income tax (expense) benefit – non-operating (20 ) (14 ) Total non-operating adjustments 31 118 Net income $ 268 $ 384
Total Assets by Segment	The following represents total assets by segment: (In millions) March 31, 2018 December 31, 2017 Total assets by segment Retirement Services $ 90,115 $ 91,335 Corporate and Other 3,442 8,412 Total assets $ 93,557 $ 99,747

Business, Basis of Presentati34

Business, Basis of Presentation and Significant Accounting Policies - Narrative (Details) $ in Millions	Mar. 31, 2018USD ($)
Narrative [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ (3)
Retained earnings
Narrative [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption	39	[1]
Accounting Standards Update 2016-01 [Member] | Retained earnings
Narrative [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption	42
Accounting Standards Update 2016-16 [Member] | Retained earnings
Narrative [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption	(3)
Other Assets [Member] | Accounting Standards Update 2016-16 [Member]
Narrative [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ 3
[1]	See discussion of adoptions in Note 1 – Business, Basis of Presentation and Significant Accounting Policies.

Investments - Schedule of AFS S

Investments - Schedule of AFS Securities (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Fixed maturity securities
Cost or Amortized Cost	$ 57,371	$ 58,506
Gross Unrealized Gains		2,752
Gross Unrealized Losses		(246)
Fair Value	58,575	61,012
OTTI in AOCI	13	13
Equity securities
Cost or Amortized Cost		271
Gross Unrealized Gains		7
Gross Unrealized Losses		(1)
Fair Value		277
Total AFS securities
Cost or Amortized Cost	57,371	58,777
Gross Unrealized Gains	1,795	2,759
Gross Unrealized Losses	(591)	(247)
Total AFS securities	58,575	61,289
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | U.S. government and agencies
Fixed maturity securities
Cost or Amortized Cost	25	63
Gross Unrealized Gains	0	1
Gross Unrealized Losses	0	(2)
Fair Value	25	62
OTTI in AOCI	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | U.S. state, municipal and political subdivisions
Fixed maturity securities
Cost or Amortized Cost	995	996
Gross Unrealized Gains	140	171
Gross Unrealized Losses	(3)	(2)
Fair Value	1,132	1,165
OTTI in AOCI	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Foreign governments
Fixed maturity securities
Cost or Amortized Cost	137	2,575
Gross Unrealized Gains	2	116
Gross Unrealized Losses	(3)	(8)
Fair Value	136	2,683
OTTI in AOCI	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Corporate
Fixed maturity securities
Cost or Amortized Cost	35,489	35,173
Gross Unrealized Gains	875	1,658
Gross Unrealized Losses	(497)	(171)
Fair Value	35,867	36,660
OTTI in AOCI	1	0
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | CLO
Fixed maturity securities
Cost or Amortized Cost	5,617	5,039
Gross Unrealized Gains	36	53
Gross Unrealized Losses	(11)	(8)
Fair Value	5,642	5,084
OTTI in AOCI	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ABS
Fixed maturity securities
Cost or Amortized Cost	4,595	3,945
Gross Unrealized Gains	44	53
Gross Unrealized Losses	(32)	(27)
Fair Value	4,607	3,971
OTTI in AOCI	1	1
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | CMBS
Fixed maturity securities
Cost or Amortized Cost	1,981	1,994
Gross Unrealized Gains	32	48
Gross Unrealized Losses	(34)	(21)
Fair Value	1,979	2,021
OTTI in AOCI	1	1
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | RMBS
Fixed maturity securities
Cost or Amortized Cost	8,532	8,721
Gross Unrealized Gains	666	652
Gross Unrealized Losses	(11)	(7)
Fair Value	9,187	9,366
OTTI in AOCI	10	11
Consolidated Entity Excluding Variable Interest Entities (VIE)
Fixed maturity securities
Cost or Amortized Cost	57,872
Fair Value	59,080
OTTI in AOCI	13	13
Total AFS securities
Cost or Amortized Cost	57,872	59,176
Gross Unrealized Gains	1,799	2,766
Gross Unrealized Losses	(591)	(247)
Total AFS securities	59,080	61,695
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Fixed maturity securities
Cost or Amortized Cost	501	399
Gross Unrealized Gains	4
Gross Unrealized Losses	0
Fair Value	505	406
OTTI in AOCI	0	0
Total AFS securities
Cost or Amortized Cost		399
Gross Unrealized Gains		7
Gross Unrealized Losses		0
Total AFS securities		406
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | CLO
Fixed maturity securities
Cost or Amortized Cost	456	353
Gross Unrealized Gains	4	7
Gross Unrealized Losses	0	0
Fair Value	460	360
OTTI in AOCI	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | ABS
Fixed maturity securities
Cost or Amortized Cost	45	46
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	45	46
OTTI in AOCI	$ 0	$ 0

Investments - Maturities of AFS

Investments - Maturities of AFS Securities (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Amortized Cost
Due in one year or less	$ 1,041
Due after one year through five years	8,291
Due after five years through ten years	10,732
Due after ten years	16,582
CLO, ABS, CMBS and RMBS	20,725
Cost or Amortized Cost	57,371	$ 58,506
Fair Value
Due in one year or less	1,042
Due after one year through five years	8,337
Due after five years through ten years	10,721
Due after ten years	17,060
CLO, ABS, CMBS and RMBS	21,415
Total AFS fixed maturity securities	58,575	61,012
Consolidated Entity Excluding Variable Interest Entities (VIE)
Amortized Cost
Cost or Amortized Cost	57,872
Fair Value
Total AFS fixed maturity securities	59,080
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Amortized Cost
CLO, ABS, CMBS and RMBS	501
Cost or Amortized Cost	501	399
Fair Value
CLO, ABS, CMBS and RMBS	505
Total AFS fixed maturity securities	$ 505	$ 406

Investments - Unrealized Losses

Investments - Unrealized Losses on AFS Securities (Details) $ in Millions	Mar. 31, 2018USD ($)security	Dec. 31, 2017USD ($)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Fair Value
Less than 12 months	$ 17,506	$ 6,540
12 months or greater	3,834	3,859
Total	21,340	10,399
Gross Unrealized Losses
Less than 12 months	(345)	(76)
12 months or greater	(246)	(171)
Total	$ (591)	(247)
Securities in unrealized loss position | security	2,662
Securities in unrealized loss position, great than 12 months | security	467
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | U.S. government and agencies
Fair Value
Less than 12 months	$ 23	34
12 months or greater	0	9
Total	23	43
Gross Unrealized Losses
Less than 12 months	0	(1)
12 months or greater	0	(1)
Total	0	(2)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | U.S. state, municipal and political subdivisions
Fair Value
Less than 12 months	70	50
12 months or greater	46	39
Total	116	89
Gross Unrealized Losses
Less than 12 months	(1)	(1)
12 months or greater	(2)	(1)
Total	(3)	(2)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Foreign governments
Fair Value
Less than 12 months	55	435
12 months or greater	20	76
Total	75	511
Gross Unrealized Losses
Less than 12 months	(2)	(6)
12 months or greater	(1)	(2)
Total	(3)	(8)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Corporate
Fair Value
Less than 12 months	13,298	3,992
12 months or greater	2,630	2,457
Total	15,928	6,449
Gross Unrealized Losses
Less than 12 months	(296)	(49)
12 months or greater	(201)	(122)
Total	(497)	(171)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | CLO
Fair Value
Less than 12 months	1,508	414
12 months or greater	291	340
Total	1,799	754
Gross Unrealized Losses
Less than 12 months	(6)	(2)
12 months or greater	(5)	(6)
Total	(11)	(8)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ABS
Fair Value
Less than 12 months	1,166	515
12 months or greater	541	549
Total	1,707	1,064
Gross Unrealized Losses
Less than 12 months	(13)	(5)
12 months or greater	(19)	(22)
Total	(32)	(27)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | CMBS
Fair Value
Less than 12 months	825	460
12 months or greater	168	179
Total	993	639
Gross Unrealized Losses
Less than 12 months	(19)	(8)
12 months or greater	(15)	(13)
Total	(34)	(21)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | RMBS
Fair Value
Less than 12 months	561	506
12 months or greater	138	210
Total	699	716
Gross Unrealized Losses
Less than 12 months	(8)	(3)
12 months or greater	(3)	(4)
Total	(11)	(7)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Fixed maturity securities
Fair Value
Less than 12 months		6,406
12 months or greater		3,859
Total		10,265
Gross Unrealized Losses
Less than 12 months		(75)
12 months or greater		(171)
Total		(246)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Equity securities
Fair Value
Less than 12 months		134
12 months or greater		0
Total		134
Gross Unrealized Losses
Less than 12 months		(1)
12 months or greater		0
Total		(1)
Consolidated Entity Excluding Variable Interest Entities (VIE)
Fair Value
Less than 12 months	17,557	6,611
12 months or greater	3,834	3,859
Total	21,391	10,470
Gross Unrealized Losses
Less than 12 months	(345)	(76)
12 months or greater	(246)	(171)
Total	(591)	(247)
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Fair Value
Less than 12 months	51	71
12 months or greater	0	0
Total	51	71
Gross Unrealized Losses
Less than 12 months	0	0
12 months or greater	0	0
Total	$ 0	0
Securities in unrealized loss position | security	3
Securities in unrealized loss position, great than 12 months | security	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | CLO
Fair Value
Less than 12 months	$ 10	29
12 months or greater	0	0
Total	10	29
Gross Unrealized Losses
Less than 12 months	0	0
12 months or greater	0	0
Total	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | ABS
Fair Value
Less than 12 months	41	42
12 months or greater	0	0
Total	41	42
Gross Unrealized Losses
Less than 12 months	0	0
12 months or greater	0	0
Total	$ 0	$ 0

Investments - OTTI AFS Securiti

Investments - OTTI AFS Securities (Details) - Consolidated Entity Excluding Variable Interest Entities (VIE) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Net other-than-temporary impairment losses	$ 3	$ 1
Net other-than-temporary-impairment, Portion Recognized in Earnings, Net Intent to Sell	2
Other-than-Temporary-Impairment, Investments, Portion Recognized in Earnings, Net Credit Related	1
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Beginning balance	7	16
Initial impairments – credit loss OTTI recognized on securities not previously impaired	1	0
Additional impairments – credit loss OTTI recognized on securities previously impaired	0	0
Reduction in impairments from securities sold, matured or repaid	(1)	0
Ending balance	7	16
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Change in Status	$ 0	$ 0

Investments - Net Investment In

Investments - Net Investment Income (Details) - Consolidated Entity Excluding Variable Interest Entities (VIE) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net Investment Income [Line Items]
Investment revenue	$ 939	$ 866
Investment expenses	(84)	(80)
Net investment income	855	786
AFS securities | Fixed maturity securities
Net Investment Income [Line Items]
Investment revenue	668	620
AFS securities | Equity securities
Net Investment Income [Line Items]
Investment revenue	2	3
Trading securities
Net Investment Income [Line Items]
Investment revenue	44	50
Mortgage loans
Net Investment Income [Line Items]
Investment revenue	91	85
Investment funds
Net Investment Income [Line Items]
Investment revenue	65	55
Funds withheld at interest
Net Investment Income [Line Items]
Investment revenue	46	36
Other
Net Investment Income [Line Items]
Investment revenue	$ 23	$ 17

Investments - Investment Relate

Investments - Investment Related Gains (Losses) (Details) - Consolidated Entity Excluding Variable Interest Entities (VIE) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
AFS fixed maturity securities
Net realized investment losses on trading securities	$ (89)	$ (14)
Net realized investment gains on equity securities	1	18
Derivative gains (losses)	(184)	654
Other gains	21	4
Investment related gains (losses)	(236)	682
Proceeds from sale of available-for-sale securities	1,637	1,531
Fixed maturity securities
AFS fixed maturity securities
Gross realized gains on investment activity	21	28
Gross realized losses on investment activity	(6)	(8)
Net realized investment gains on AFS securities	15	20
Related Party
AFS fixed maturity securities
Investment related gains (losses)	$ 17	$ (11)

Investments - Purchase Credit I

Investments - Purchase Credit Impaired (PCI) Investments (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Fixed maturity securities
Certain Loans Acquired in Transfer Accounted for as Available-for-sale Debt Securities, Contractually Required Payments Receivable	$ 9,009	$ 9,690
Contractually required payments	7,468	8,026
Less: Cash flows expected to be collected	(7,996)	(8,188)
Cash flows expected to be collected2	7,996	8,188
Less: Amortized cost	(6,084)	(6,168)
Accretable difference	1,912	2,020
Fair value	6,622	6,703
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Fair Value	877	844
Mortgage loans
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Contractually Required Payments Receivable	1,131	1,140
Contractually required payments	935	946
Less: Cash flows expected to be collected	(1,098)	(1,090)
Cash flows expected to be collected	1,098	1,090
Accretable difference	291	273
Fair value	807	817
Mortgage loans
Fixed maturity securities
Certain Loans Acquired in Transfer, Nonaccretable Difference	33	50
Fixed maturity securities
Fixed maturity securities
Certain Loans Acquired in Transfer, Nonaccretable Difference	$ 1,013	$ 1,502

Investments - PCI Securities Ac

Investments - PCI Securities Acquired During the Period (Details) $ in Millions	Mar. 31, 2018USD ($)
Fixed maturity securities
Contractually required principal and interest	$ 215
Expected cash flows	197
Estimated fair value	166
Mortgage loans
Contractually required principal and interest	0
Expected cash flows	0
Estimated fair value	$ 0

Investments - PCI Securities 43

Investments - PCI Securities Accretable Yield (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Fixed Maturity Securities Accretable Yield Activity
Beginning balance	$ 2,020
Purchases of PCI investments, net of sales	16
Accretion	(100)
Ending balance	1,912
Mortgage Loans Accretable Yield Activity
Beginning balance	273
Purchases of PCI investments, net of sales	(2)
Accretion	(10)
Ending balance	291
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference	(24)
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications (to) from Nonaccretable Difference	$ 30

Investments - Mortgage Loans, N

Investments - Mortgage Loans, Net (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 6,139	$ 6,233
Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	5,133	5,247
Commercial mortgage loans | Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	5,109	5,223
Commercial mortgage loans | Commercial mortgage loans under development
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	24	24
Residential mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,006	$ 986

Investments - Mortgage Loans,45

Investments - Mortgage Loans, Net by Property Type and Geographic Region (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 6,139	$ 6,233
Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 5,133	$ 5,247
Commercial mortgage loans | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	100.00%	100.00%
Commercial mortgage loans | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	100.00%	100.00%
Commercial mortgage loans | Total U.S. Region
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 5,133	$ 5,102
Commercial mortgage loans | Total U.S. Region | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	100.00%	97.20%
Commercial mortgage loans | East North Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 654	$ 643
Commercial mortgage loans | East North Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	12.80%	12.30%
Commercial mortgage loans | East South Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 128	$ 144
Commercial mortgage loans | East South Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	2.50%	2.70%
Commercial mortgage loans | Middle Atlantic
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 825	$ 909
Commercial mortgage loans | Middle Atlantic | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	16.10%	17.30%
Commercial mortgage loans | Mountain
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 488	$ 492
Commercial mortgage loans | Mountain | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	9.50%	9.40%
Commercial mortgage loans | New England
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 186	$ 162
Commercial mortgage loans | New England | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	3.60%	3.10%
Commercial mortgage loans | Pacific
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,119	$ 991
Commercial mortgage loans | Pacific | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	21.80%	18.90%
Commercial mortgage loans | South Atlantic
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 900	$ 873
Commercial mortgage loans | South Atlantic | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	17.50%	16.60%
Commercial mortgage loans | West North Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 223	$ 233
Commercial mortgage loans | West North Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	4.30%	4.40%
Commercial mortgage loans | West South Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 610	$ 655
Commercial mortgage loans | West South Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	11.90%	12.50%
Commercial mortgage loans | International Region
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 0	$ 145
Commercial mortgage loans | International Region | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	0.00%	2.80%
Commercial mortgage loans | Hotels
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 935	$ 928
Commercial mortgage loans | Hotels | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	18.20%	17.70%
Commercial mortgage loans | Retail
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,167	$ 1,223
Commercial mortgage loans | Retail | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	22.70%	23.30%
Commercial mortgage loans | Office building
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,389	$ 1,187
Commercial mortgage loans | Office building | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	27.10%	22.60%
Commercial mortgage loans | Industrial
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 789	$ 944
Commercial mortgage loans | Industrial | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	15.40%	18.00%
Commercial mortgage loans | Apartment
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 441	$ 525
Commercial mortgage loans | Apartment | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	8.60%	10.00%
Commercial mortgage loans | Other commercial
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 412	$ 440
Commercial mortgage loans | Other commercial | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	8.00%	8.40%
Residential mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,006	$ 986
Residential mortgage loans | California | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	35.90%	34.30%
Residential mortgage loans | Florida | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	14.90%	15.60%
Residential mortgage loans | New York | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	5.80%	6.00%
Residential mortgage loans | Other U.S. States | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	43.40%	44.10%

Investments - Mortgage Loans,46

Investments - Mortgage Loans, Net Past Due (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Investments Schedule [Abstract]
Mortgage loan valuation allowance	$ 1	$ 2
Non-performing mortgage loans	37	28
Financing Receivable, Recorded Investment, Past Due [Line Items]
Mortgage loans, net of allowances	6,139	6,233
Commercial mortgage loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current (less than 30 days past due)	5,133	5,247
Mortgage loans, net of allowances	$ 5,133	$ 5,247

Investments - Mortgage Loans, L

Investments - Mortgage Loans, Loan to Value Ratio (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment [Line Items]
Mortgage loans, net of allowances	$ 6,139	$ 6,233
Commercial mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Mortgage loans, net of allowances	5,133	5,247
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development
Financing Receivable, Recorded Investment [Line Items]
Mortgage loans, net of allowances	5,109	5,223
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | Less than 50%
Financing Receivable, Recorded Investment [Line Items]
Mortgage loans, net of allowances	1,769	1,841
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | 50% to 60%
Financing Receivable, Recorded Investment [Line Items]
Mortgage loans, net of allowances	1,312	1,390
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | 61% to 70%
Financing Receivable, Recorded Investment [Line Items]
Mortgage loans, net of allowances	1,721	1,691
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | 71% to 100%
Financing Receivable, Recorded Investment [Line Items]
Mortgage loans, net of allowances	$ 307	$ 301

Investments - Mortgage Loans, D

Investments - Mortgage Loans, Debt Service Coverage Ratio (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 6,139	$ 6,233
Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	5,133	5,247
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	5,109	5,223
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | Greater than 1.20x
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	4,667	4,742
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | 1.00x – 1.20x
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	298	297
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | Less than 1.00x
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 144	$ 184

Investments Unrealized gains (l

Investments Unrealized gains (losses) recognized in income (Details) - Consolidated Entity Excluding Variable Interest Entities (VIE) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Gain (Loss) on Investments [Line Items]
Trading securities, change in unrealized holding gain (loss)	$ (69)	$ 11
Equity Securities, Change in Unrealized Holding Gain (Loss)	0	15
Related Party
Gain (Loss) on Investments [Line Items]
Trading securities, change in unrealized holding gain (loss)	$ (2)	$ (12)

Derivative Instruments - Summar

Derivative Instruments - Summary of Notional and Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Total derivative assets, including embedded derivatives, fair value	$ 2,238	$ 2,863
Total derivative liabilities, including embedded derivatives, fair value	7,451	7,592
Derivatives designated as hedges
Derivative [Line Items]
Derivative assets, fair value	2	1
Derivative liabilities, fair value	155	99
Derivatives designated as hedges | Foreign currency swaps
Derivative [Line Items]
Notional Amount	1,324	928
Derivative assets, fair value	2	1
Derivative liabilities, fair value	155	99
Derivatives designated as hedges | Interest rate swaps
Derivative [Line Items]
Notional Amount	302	302
Derivative assets, fair value	0	0
Derivative liabilities, fair value	0	0
Derivatives not designated as hedges
Derivative [Line Items]
Total derivative assets, including embedded derivatives, fair value	2,236	2,862
Total derivative liabilities, including embedded derivatives, fair value	7,296	7,493
Derivatives not designated as hedges | Foreign currency swaps
Derivative [Line Items]
Notional Amount	39	41
Derivative assets, fair value	2	21
Derivative liabilities, fair value	4	3
Derivatives not designated as hedges | Interest rate swaps
Derivative [Line Items]
Notional Amount	550	385
Derivative assets, fair value	0	0
Derivative liabilities, fair value	1	2
Derivatives not designated as hedges | Equity options
Derivative [Line Items]
Notional Amount	31,868	31,460
Derivative assets, fair value	2,019	2,500
Derivative liabilities, fair value	13	19
Derivatives not designated as hedges | Futures
Derivative [Line Items]
Notional Amount	5	1,134
Derivative assets, fair value	5	7
Derivative liabilities, fair value	0	0
Derivatives not designated as hedges | Total return swaps
Derivative [Line Items]
Notional Amount	56	114
Derivative assets, fair value	0	5
Derivative liabilities, fair value	4	0
Derivatives not designated as hedges | Credit default swaps
Derivative [Line Items]
Notional Amount	10	10
Derivative assets, fair value	0	0
Derivative liabilities, fair value	5	5
Derivatives not designated as hedges | Foreign currency forwards
Derivative [Line Items]
Notional Amount	637	1,139
Derivative assets, fair value	3	17
Derivative liabilities, fair value	4	6
Derivatives not designated as hedges | Embedded derivatives | Funds withheld
Derivative [Line Items]
Notional Amount	0	0
Embedded derivative assets, fair value		312
Embedded derivative liabilities, fair value		22
Derivatives not designated as hedges | Embedded derivatives | Interest sensitive contract liabilities
Derivative [Line Items]
Notional Amount	0	0
Embedded derivative assets, fair value	0	0
Embedded derivative liabilities, fair value	7,254	7,436
Consolidated Entity Excluding Variable Interest Entities (VIE)
Derivative [Line Items]
Funds withheld liability	395	407
Derivative liabilities, fair value	186	134
Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 3 | Recurring
Derivative [Line Items]
Derivative assets, fair value	0	0
Derivative liabilities, fair value	5	5
Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 3 | Recurring | Embedded derivatives
Derivative [Line Items]
Funds withheld at interest		312
Funds withheld liability	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 3 | Recurring | Derivatives not designated as hedges | Embedded derivatives | Funds withheld
Derivative [Line Items]
Funds withheld at interest	207
Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 2 | Recurring
Derivative [Line Items]
Derivative assets, fair value	2,026	2,544
Derivative liabilities, fair value	181	129
Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 2 | Recurring | Embedded derivatives
Derivative [Line Items]
Funds withheld at interest	0	0
Funds withheld liability		$ 22
Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 2 | Recurring | Derivatives not designated as hedges | Embedded derivatives | Funds withheld
Derivative [Line Items]
Funds withheld liability	$ 11

Derivative Instruments - Fair v

Derivative Instruments - Fair value hedging (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	$ (7)	$ (1)
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	$ 5	$ 1

Derivative Instruments - Gains

Derivative Instruments - Gains (Losses) on Derivatives Not Designated as Hedging (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	$ 54,000,000	$ 223,000,000
Investment related gains (losses)
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	(184,000,000)	654,000,000
Investment related gains (losses) | Equity options
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	(142,000,000)	528,000,000
Investment related gains (losses) | Futures
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	(5,000,000)	(10,000,000)
Investment related gains (losses) | Swap [Member]
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	2,000,000	5,000,000
Investment related gains (losses) | Foreign currency forwards
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	(7,000,000)	1,000,000
Investment related gains (losses) | Embedded derivatives
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	(32,000,000)	130,000,000
Interest sensitive contract benefits | Embedded derivatives
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	238,000,000	(431,000,000)
Cash flow hedges | Derivatives designated as hedges | Foreign currency swaps
Derivative [Line Items]
Foreign currency swap gain (loss) reclassified to income	$ 0	$ 0

Derivative Instruments - Offset

Derivative Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Offsetting Derivative Assets
Gross amount recognized	$ 2,031	$ 2,551
Gross amounts not offset on the consolidated balance sheets, financial instruments	(87)	(59)
Gross amounts not offset on the consolidated balance sheets, collateral received/pledged	(1,145)	(2,323)
Net amount	799	169
Off-balance sheet securities collateral	(769)	(221)
Net amount after securities collateral	30	(52)
Offsetting Derivative Liabilities
Gross amount recognized	(186)	(134)
Gross amounts not offset on the consolidated balance sheets, financial instruments	87	59
Gross amounts not offset on the consolidated balance sheets, collateral received/pledged	98	63
Net amount	(1)	(12)
Off-balance sheet securities collateral	0	0
Net amount after securities collateral	$ (1)	$ (12)

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Derivative [Line Items]
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	$ (7,000,000)	$ (1,000,000)
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	5,000,000	1,000,000
Cash flow hedges | Derivatives designated as hedges | Foreign currency swaps
Derivative [Line Items]
Foreign currency swap gains (losses)	(56,000,000)	(5,000,000)
Foreign currency swap gain (loss) reclassified to income	0	$ 0
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	0
Fair value hedge | Interest rate swaps
Derivative [Line Items]
Derivative, Amount of Hedged Item	279,000,000		$ 293,000,000
Fair Value Hedging Adjustment, Hedged Item	$ (17,000,000)		$ (12,000,000)

Variable Interest Entities - Fa

Variable Interest Entities - Fair Value Hierarchy of Consolidated VIEs (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Trading securities
Investment funds	$ 2,728	$ 2,580
Variable Interest Entities
Trading securities
Investment funds	582	571
Recurring | Variable Interest Entities | Level 1
Trading securities
Fixed maturity securities, trading	0	0
Equity securities	149	212
Investment funds	0	0
Cash and cash equivalents	3	4
Total assets, fair value disclosure	152	216
Recurring | Variable Interest Entities | Level 2
Trading securities
Fixed maturity securities, trading	0	0
Equity securities	0	0
Investment funds	0	0
Cash and cash equivalents	0	0
Total assets, fair value disclosure	0	0
Recurring | Variable Interest Entities | Level 3
Trading securities
Fixed maturity securities, trading	47	48
Equity securities	28	28
Investment funds	20	21
Cash and cash equivalents	0	0
Total assets, fair value disclosure	95	97
Fair Value | Recurring | Variable Interest Entities
Trading securities
Fixed maturity securities, trading	47	48
Equity securities	177	240
Investment funds	554	549
Cash and cash equivalents	3	4
Total assets, fair value disclosure	781	841
Investment funds | Recurring
Trading securities
Alternative investments	534	528
Investment funds | Recurring | Variable Interest Entities
Trading securities
Alternative investments	$ 534	$ 528

Variable Interest Entities - As

Variable Interest Entities - Assets for Which Fair Value Option Was Elected (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Variable Interest Entity [Line Items]
Total gains (losses)	$ (9)	$ 13
Variable Interest Entities
Variable Interest Entity [Line Items]
Total gains (losses)	(3)	1
Variable Interest Entities | Equity securities
Variable Interest Entity [Line Items]
Total gains (losses)	(9)	(4)
Variable Interest Entities | Investment funds
Variable Interest Entity [Line Items]
Total gains (losses)	$ 6	$ 5

Variable Interest Entities - Ca

Variable Interest Entities - Carrying Value and Exposure of Non-Consolidated VIEs (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Carrying Value	$ 25,509	$ 24,315
Maximum Loss Exposure	26,462	25,298
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Total fixed maturity securities
Variable Interest Entity [Line Items]
Carrying Value	810	713
Maximum Loss Exposure	806	792
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Total fixed maturity securities
Variable Interest Entity [Line Items]
Carrying Value	21,971	21,022
Maximum Loss Exposure	21,281	20,278
Investment funds
Variable Interest Entity [Line Items]
Carrying Value	582	571
Maximum Loss Exposure	606	594
Investment funds | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Variable Interest Entity [Line Items]
Carrying Value	1,499	1,310
Maximum Loss Exposure	2,665	2,598
Investment funds | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Variable Interest Entity [Line Items]
Carrying Value	647	699
Maximum Loss Exposure	$ 1,104	$ 1,036

Variable Interest Entities - Su

Variable Interest Entities - Summary of Consolidated VIE Investment Funds (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Investment funds	$ 2,728	$ 2,580
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Variable Interest Entity [Line Items]
Investment funds	$ 1,499	$ 1,310
Percent of total	100.00%	100.00%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Private equity | Related Party
Variable Interest Entity [Line Items]
Investment funds	$ 418	$ 403
Percent of total	27.90%	30.80%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Private equity – other | Related Party
Variable Interest Entity [Line Items]
Investment funds	$ 283	$ 180
Percent of total	18.90%	13.70%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Real estate and other real assets | Related Party
Variable Interest Entity [Line Items]
Investment funds	$ 322	$ 297
Percent of total	21.50%	22.70%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Natural resources | Related Party
Variable Interest Entity [Line Items]
Investment funds	$ 98	$ 74
Percent of total	6.50%	5.60%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Hedge funds | Related Party
Variable Interest Entity [Line Items]
Investment funds	$ 99	$ 93
Percent of total	6.60%	7.10%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Credit funds | Related Party
Variable Interest Entity [Line Items]
Investment funds	$ 279	$ 263
Percent of total	18.60%	20.10%
Variable Interest Entities
Variable Interest Entity [Line Items]
Investment funds	$ 582	$ 571
Percent of total	100.00%	100.00%
Variable Interest Entities | Related Party
Variable Interest Entity [Line Items]
Investment funds	$ 582	$ 571
Variable Interest Entities | Private equity
Variable Interest Entity [Line Items]
Investment funds	$ 534	$ 528
Percent of total	91.80%	92.50%
Variable Interest Entities | Real estate and other real assets
Variable Interest Entity [Line Items]
Investment funds	$ 28	$ 22
Percent of total	4.80%	3.80%
Variable Interest Entities | Credit funds
Variable Interest Entity [Line Items]
Investment funds	$ 20	$ 21
Percent of total	3.40%	3.70%
A-A Mortgage Opportunities, LP [Member] | Related Party
Variable Interest Entity [Line Items]
MidCap Investment	$ 541	$ 455
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Variable Interest Entity [Line Items]
Investment funds	$ 647	$ 699
Percent of total	100.00%	100.00%
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Private equity
Variable Interest Entity [Line Items]
Investment funds	$ 240	$ 271
Percent of total	37.10%	38.80%
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Real estate and other real assets
Variable Interest Entity [Line Items]
Investment funds	$ 174	$ 161
Percent of total	26.90%	23.00%
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Natural resources
Variable Interest Entity [Line Items]
Investment funds	$ 4	$ 4
Percent of total	0.60%	0.60%
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Hedge funds
Variable Interest Entity [Line Items]
Investment funds	$ 56	$ 61
Percent of total	8.70%	8.70%
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Credit funds
Variable Interest Entity [Line Items]
Investment funds	$ 173	$ 202
Percent of total	26.70%	28.90%
MidCap Holdings | Related Party
Variable Interest Entity [Line Items]
MidCap Investment	$ 772	$ 766
Minimum | Consolidated Entity Excluding Variable Interest Entities (VIE) | Private equity | Related Party
Variable Interest Entity [Line Items]
Life of underlying funds	5 years	5 years
Minimum | Consolidated Entity Excluding Variable Interest Entities (VIE) | Private equity – other | Related Party
Variable Interest Entity [Line Items]
Life of underlying funds	0 years	0 years
Minimum | Consolidated Entity Excluding Variable Interest Entities (VIE) | Real estate and other real assets | Related Party
Variable Interest Entity [Line Items]
Life of underlying funds	0 years	0 years
Minimum | Consolidated Entity Excluding Variable Interest Entities (VIE) | Natural resources | Related Party
Variable Interest Entity [Line Items]
Life of underlying funds	4 years	4 years
Minimum | Consolidated Entity Excluding Variable Interest Entities (VIE) | Hedge funds | Related Party
Variable Interest Entity [Line Items]
Life of underlying funds	11 years	9 years
Minimum | Consolidated Entity Excluding Variable Interest Entities (VIE) | Credit funds | Related Party
Variable Interest Entity [Line Items]
Life of underlying funds	1 year	2 years
Minimum | Variable Interest Entities | Real estate and other real assets
Variable Interest Entity [Line Items]
Life of underlying funds	1 year	2 years
Minimum | Variable Interest Entities | Credit funds
Variable Interest Entity [Line Items]
Life of underlying funds	0 years	0 years
Minimum | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Private equity
Variable Interest Entity [Line Items]
Life of underlying funds	0 years	0 years
Minimum | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Real estate and other real assets
Variable Interest Entity [Line Items]
Life of underlying funds	1 year	1 year
Minimum | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Natural resources
Variable Interest Entity [Line Items]
Life of underlying funds	1 year	1 year
Minimum | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Hedge funds
Variable Interest Entity [Line Items]
Life of underlying funds	0 years	0 years
Minimum | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Credit funds
Variable Interest Entity [Line Items]
Life of underlying funds	0 years	0 years
Maximum | Consolidated Entity Excluding Variable Interest Entities (VIE) | Private equity | Related Party
Variable Interest Entity [Line Items]
Life of underlying funds	5 years	5 years
Maximum | Consolidated Entity Excluding Variable Interest Entities (VIE) | Private equity – other | Related Party
Variable Interest Entity [Line Items]
Life of underlying funds	6 years	10 years
Maximum | Consolidated Entity Excluding Variable Interest Entities (VIE) | Real estate and other real assets | Related Party
Variable Interest Entity [Line Items]
Life of underlying funds	6 years	7 years
Maximum | Consolidated Entity Excluding Variable Interest Entities (VIE) | Natural resources | Related Party
Variable Interest Entity [Line Items]
Life of underlying funds	5 years	6 years
Maximum | Consolidated Entity Excluding Variable Interest Entities (VIE) | Hedge funds | Related Party
Variable Interest Entity [Line Items]
Life of underlying funds	11 years	9 years
Maximum | Consolidated Entity Excluding Variable Interest Entities (VIE) | Credit funds | Related Party
Variable Interest Entity [Line Items]
Life of underlying funds	4 years	4 years
Maximum | Variable Interest Entities | Real estate and other real assets
Variable Interest Entity [Line Items]
Life of underlying funds	2 years	3 years
Maximum | Variable Interest Entities | Credit funds
Variable Interest Entity [Line Items]
Life of underlying funds	3 years	3 years
Maximum | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Private equity
Variable Interest Entity [Line Items]
Life of underlying funds	6 years	7 years
Maximum | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Real estate and other real assets
Variable Interest Entity [Line Items]
Life of underlying funds	7 years	7 years
Maximum | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Natural resources
Variable Interest Entity [Line Items]
Life of underlying funds	1 year	1 year
Maximum | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Hedge funds
Variable Interest Entity [Line Items]
Life of underlying funds	2 years	3 years
Maximum | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Credit funds
Variable Interest Entity [Line Items]
Life of underlying funds	4 years	5 years

Variable Interest Entities - In

Variable Interest Entities - Investments by Ownership Percentage (Details) - Investment funds - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Equity method investment funds	$ 1,890	$ 1,856
100%
Variable Interest Entity [Line Items]
Equity method investment funds	15	35
50% – 99%
Variable Interest Entity [Line Items]
Equity method investment funds	579	520
Greater than 3% – 49%
Variable Interest Entity [Line Items]
Equity method investment funds	$ 1,296	$ 1,301

Variable Interest Entities - 60

Variable Interest Entities - Investments by Ownership Percentage with Fair Value Election (Details) - Investment funds - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Fair value option investment funds	$ 838	$ 724
Greater than 3% – 49%
Variable Interest Entity [Line Items]
Fair value option investment funds	690	590
3% or less
Variable Interest Entity [Line Items]
Fair value option investment funds	$ 148	$ 134

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Variable Interest Entity [Line Items]
Participation interest liability			$ 14,000,000
Assets, Level 1 to Level 2 transfers	$ 0	$ 0
Assets, Level 2 to Level 1 transfers	0	0
Liabilities, Level 2 to Level 1 transfers	0	0
Liabilities, Level 1 to Level 2 transfers	0	0
Variable Interest Entities
Variable Interest Entity [Line Items]
Trading securities, change in unrealized holding loss included in income statement	0	0
Assets, Level 1 to Level 2 transfers	0	0
Assets, Level 2 to Level 1 transfers	0	0
Liabilities, Level 2 to Level 1 transfers	0	0
Liabilities, Level 1 to Level 2 transfers	0	0
Equity Securities, Change in Unrealized Holding Gain (Loss)	(25,000,000)	$ (4,000,000)
Investment funds
Variable Interest Entity [Line Items]
Investment funds	28,000,000		22,000,000
Related Party | Variable Interest Entities
Variable Interest Entity [Line Items]
Equity securities	177,000,000		240,000,000
Related Party | MidCap Holdings
Variable Interest Entity [Line Items]
Participation interest liability	14,000,000
Investment Owned, Balance, Principal Amount	$ 245,000,000		$ 245,000,000

Variable Interest Entities Vari

Variable Interest Entities Variable Interest Entities - Rollforward of Level 3 Fair Value (Details) - Variable Interest Entities - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Variable Interest Entity [Line Items]
Beginning balance	$ 97	$ 131
Total realized and unrealized gains (losses) included in income	1	(11)
Purchases	0	0
Sales	(3)	0
Transfers in (out)	0	0
Ending balance	95	120
Total gains (losses) included in earnings	1	(11)
Investment funds
Variable Interest Entity [Line Items]
Beginning balance	21	38
Total realized and unrealized gains (losses) included in income	1	0
Purchases	0	0
Sales	(2)	0
Transfers in (out)	0	0
Ending balance	20	38
Total gains (losses) included in earnings	1	0
Total fixed maturity securities | Trading securities
Variable Interest Entity [Line Items]
Beginning balance	48	50
Total realized and unrealized gains (losses) included in income	0	0
Purchases	0	0
Sales	(1)	0
Transfers in (out)	0	0
Ending balance	47	50
Total gains (losses) included in earnings	0	0
Equity securities
Variable Interest Entity [Line Items]
Beginning balance	28	43
Total realized and unrealized gains (losses) included in income	0	(11)
Purchases	0	0
Sales	0	0
Transfers in (out)	0	0
Ending balance	28	32
Total gains (losses) included in earnings	$ 0	$ (11)

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Assets
Mortgage loans	$ 6,139	$ 6,233
Investment funds	2,728	2,580
Recurring | Investment funds
Assets
Alternative investments	534	528
Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets
Available-for-sale securities	59,080
Restricted cash	87	105
Reinsurance recoverable	4,834	4,972
Liabilities
Interest sensitive contract liabilities	67,551	67,708
Future policy benefits	13,059	17,507
Derivative liabilities	186	134
Funds withheld liability	395	407
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Assets
Available-for-sale securities	505	406
Investment funds	1,499	1,310
Short-term investments	123	52
Other investments	238	238
Consolidated Entity Excluding Variable Interest Entities (VIE) | CLO | Related Party
Assets
Available-for-sale securities	460	360
Consolidated Entity Excluding Variable Interest Entities (VIE) | ABS | Related Party
Assets
Available-for-sale securities	45	46
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring
Assets
Alternative investments	148	134
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Investment funds
Assets
Alternative investments	106	104
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Investment funds | Related Party
Assets
Alternative investments	42	30
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1
Assets
Available-for-sale securities	23	26
Fixed maturity securities, trading	3	3
Equity securities	11	18
Mortgage loans	0	0
Investment funds	0	0
Derivative assets	5	7
Short-term investments	48	40
Other investments	0
Cash and cash equivalents	2,735	4,888
Restricted cash	87	105
Reinsurance recoverable	0	0
Total assets, fair value disclosure	2,912	5,087
Liabilities
Derivative liabilities	0	0
Total liabilities measured at fair value	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | Related Party
Assets
Available-for-sale securities	0	0
Fixed maturity securities, trading	0	0
Investment funds	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | Universal life
Liabilities
Interest sensitive contract liabilities	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | Unit-linked contracts
Liabilities
Interest sensitive contract liabilities		0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | AmerUs Closed Block
Liabilities
Future policy benefits	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | ILICO Closed Block and life benefits
Liabilities
Future policy benefits	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | Embedded derivatives
Assets
Funds withheld at interest	0	0
Liabilities
Interest sensitive contract liabilities	0	0
Funds withheld liability	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | U.S. government and agencies
Assets
Available-for-sale securities	23	26
Fixed maturity securities, trading	3	3
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | U.S. state, municipal and political subdivisions
Assets
Available-for-sale securities	0	0
Fixed maturity securities, trading	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | Foreign governments
Assets
Available-for-sale securities	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | Corporate
Assets
Available-for-sale securities	0	0
Fixed maturity securities, trading	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | CLO
Assets
Available-for-sale securities	0	0
Fixed maturity securities, trading	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | CLO | Related Party
Assets
Available-for-sale securities	0	0
Fixed maturity securities, trading	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | ABS
Assets
Available-for-sale securities	0	0
Fixed maturity securities, trading	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | ABS | Related Party
Assets
Available-for-sale securities	0	0
Fixed maturity securities, trading	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | CMBS
Assets
Available-for-sale securities	0	0
Fixed maturity securities, trading	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | RMBS
Assets
Available-for-sale securities	0	0
Fixed maturity securities, trading	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2
Assets
Available-for-sale securities	56,309	58,445
Fixed maturity securities, trading	1,746	1,740
Equity securities	149	764
Mortgage loans	0	0
Investment funds	0	0
Derivative assets	2,026	2,544
Short-term investments	187	161
Other investments	39
Cash and cash equivalents	0	0
Restricted cash	0	0
Reinsurance recoverable	0	0
Total assets, fair value disclosure	61,065	64,314
Liabilities
Derivative liabilities	181	129
Total liabilities measured at fair value	192	639
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Related Party
Assets
Available-for-sale securities	443	406
Fixed maturity securities, trading	43	202
Investment funds	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Universal life
Liabilities
Interest sensitive contract liabilities	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Unit-linked contracts
Liabilities
Interest sensitive contract liabilities		488
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | AmerUs Closed Block
Liabilities
Future policy benefits	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | ILICO Closed Block and life benefits
Liabilities
Future policy benefits	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Embedded derivatives
Assets
Funds withheld at interest	0	0
Liabilities
Interest sensitive contract liabilities	0	0
Funds withheld liability		22
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | U.S. government and agencies
Assets
Available-for-sale securities	2	36
Fixed maturity securities, trading	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | U.S. state, municipal and political subdivisions
Assets
Available-for-sale securities	1,132	1,165
Fixed maturity securities, trading	113	121
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Foreign governments
Assets
Available-for-sale securities	136	2,683
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Corporate
Assets
Available-for-sale securities	35,186	36,082
Fixed maturity securities, trading	1,399	1,475
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | CLO
Assets
Available-for-sale securities	5,475	5,020
Fixed maturity securities, trading	26	10
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | CLO | Related Party
Assets
Available-for-sale securities	398	360
Fixed maturity securities, trading	43	27
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | ABS
Assets
Available-for-sale securities	3,313	2,510
Fixed maturity securities, trading	94	17
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | ABS | Related Party
Assets
Available-for-sale securities	45	46
Fixed maturity securities, trading	0	175
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | CMBS
Assets
Available-for-sale securities	1,916	1,884
Fixed maturity securities, trading	50	51
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | RMBS
Assets
Available-for-sale securities	9,149	9,065
Fixed maturity securities, trading	64	66
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3
Assets
Available-for-sale securities	2,243	2,541
Fixed maturity securities, trading	339	453
Equity securities	0	8
Mortgage loans	41	41
Investment funds	25	41
Derivative assets	0	0
Short-term investments	0	0
Other investments	0
Cash and cash equivalents	0	0
Restricted cash	0	0
Reinsurance recoverable	1,713	1,824
Total assets, fair value disclosure	5,003	5,325
Liabilities
Derivative liabilities	5	5
Total liabilities measured at fair value	10,498	10,874
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Related Party
Assets
Available-for-sale securities	62	0
Fixed maturity securities, trading	262	105
Investment funds	111	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Universal life
Liabilities
Interest sensitive contract liabilities	934	1,005
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Unit-linked contracts
Liabilities
Interest sensitive contract liabilities		0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | AmerUs Closed Block
Liabilities
Future policy benefits	1,541	1,625
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | ILICO Closed Block and life benefits
Liabilities
Future policy benefits	764	803
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Embedded derivatives
Assets
Funds withheld at interest		312
Liabilities
Interest sensitive contract liabilities	7,254	7,436
Funds withheld liability	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | U.S. government and agencies
Assets
Available-for-sale securities	0	0
Fixed maturity securities, trading	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | U.S. state, municipal and political subdivisions
Assets
Available-for-sale securities	0	0
Fixed maturity securities, trading	17	17
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Foreign governments
Assets
Available-for-sale securities	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Corporate
Assets
Available-for-sale securities	681	578
Fixed maturity securities, trading	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | CLO
Assets
Available-for-sale securities	167	64
Fixed maturity securities, trading	1	17
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | CLO | Related Party
Assets
Available-for-sale securities	62	0
Fixed maturity securities, trading	91	105
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | ABS
Assets
Available-for-sale securities	1,294	1,461
Fixed maturity securities, trading	0	77
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | ABS | Related Party
Assets
Available-for-sale securities	0	0
Fixed maturity securities, trading	171	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | CMBS
Assets
Available-for-sale securities	63	137
Fixed maturity securities, trading	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | RMBS
Assets
Available-for-sale securities	38	301
Fixed maturity securities, trading	321	342
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets
Mortgage loans	6,275	6,342
Investment funds	516	554
Alternative investments	1,862	1,834
Funds withheld at interest	6,886	6,773
Other investments	74	133
Total assets, fair value disclosure	15,865	15,871
Liabilities
Interest sensitive contract liabilities	30,892	31,656
Funds withheld liability	384	385
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Assets
Investment funds	1,346	1,280
Other investments	258	259
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Investment funds
Assets
Alternative investments	516	554
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Investment funds | Related Party
Assets
Alternative investments	1,346	1,280
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 1
Assets
Mortgage loans	0	0
Investment funds	0	0
Funds withheld at interest	0	0
Other investments	0	0
Total assets, fair value disclosure	0	0
Liabilities
Interest sensitive contract liabilities	0	0
Funds withheld liability	0	0
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 1 | Related Party
Assets
Investment funds	0	0
Other investments	0	0
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 2
Assets
Mortgage loans	0	0
Investment funds	0	0
Funds withheld at interest	0	0
Other investments	0	58
Total assets, fair value disclosure	510	588
Liabilities
Interest sensitive contract liabilities	0	0
Funds withheld liability	384	385
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 2 | Related Party
Assets
Investment funds	0	0
Other investments	0	0
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 3
Assets
Mortgage loans	6,275	6,342
Investment funds	0	0
Funds withheld at interest	6,886	6,773
Other investments	74	75
Total assets, fair value disclosure	13,493	13,449
Liabilities
Interest sensitive contract liabilities	30,892	31,656
Funds withheld liability	0	0
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 3 | Related Party
Assets
Investment funds	0	0
Other investments	258	259
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring
Assets
Available-for-sale securities	58,575	61,012
Fixed maturity securities, trading	2,088	2,196
Equity securities	160	790
Mortgage loans	41	41
Investment funds	131	145
Derivative assets	2,031	2,551
Short-term investments	235	201
Other investments	39
Cash and cash equivalents	2,735	4,888
Restricted cash	87	105
Reinsurance recoverable	1,713	1,824
Total assets, fair value disclosure	69,128	74,860
Liabilities
Interest sensitive contract liabilities	8,188	8,929
Future policy benefits	2,305	2,428
Derivative liabilities	186	134
Funds withheld liability	11	22
Total liabilities measured at fair value	10,690	11,513
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Related Party
Assets
Available-for-sale securities	505	406
Fixed maturity securities, trading	305	307
Investment funds	153	30
Short-term investments	123	52
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Universal life
Liabilities
Interest sensitive contract liabilities	934	1,005
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Unit-linked contracts
Liabilities
Interest sensitive contract liabilities		488
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | AmerUs Closed Block
Liabilities
Future policy benefits	1,541	1,625
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | ILICO Closed Block and life benefits
Liabilities
Future policy benefits	764	803
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Embedded derivatives
Assets
Funds withheld at interest	207	312
Liabilities
Interest sensitive contract liabilities	7,254	7,436
Funds withheld liability	11	22
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | U.S. government and agencies
Assets
Available-for-sale securities	25	62
Fixed maturity securities, trading	3	3
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | U.S. state, municipal and political subdivisions
Assets
Available-for-sale securities	1,132	1,165
Fixed maturity securities, trading	130	138
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Foreign governments
Assets
Available-for-sale securities	136	2,683
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Corporate
Assets
Available-for-sale securities	35,867	36,660
Fixed maturity securities, trading	1,399	1,475
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | CLO
Assets
Available-for-sale securities	5,642	5,084
Fixed maturity securities, trading	27	27
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | CLO | Related Party
Assets
Available-for-sale securities	460	360
Fixed maturity securities, trading	134	132
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | ABS
Assets
Available-for-sale securities	4,607	3,971
Fixed maturity securities, trading	94	94
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | ABS | Related Party
Assets
Available-for-sale securities	45	46
Fixed maturity securities, trading	171	175
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | CMBS
Assets
Available-for-sale securities	1,979	2,021
Fixed maturity securities, trading	50	51
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | RMBS
Assets
Available-for-sale securities	9,187	9,366
Fixed maturity securities, trading	385	408
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | Related Party
Assets
Short-term investments	0	0
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Related Party
Assets
Short-term investments	123	52
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Related Party
Assets
Short-term investments	0	$ 0
Derivatives not designated as hedges | Funds withheld at interest | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Embedded derivatives
Liabilities
Funds withheld liability	11
Derivatives not designated as hedges | Funds withheld at interest | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Embedded derivatives
Assets
Funds withheld at interest	$ 207

Fair Value - Fair Value Option

Fair Value - Fair Value Option (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	$ (9,000,000)	$ 13,000,000
Assets, Level 1 to Level 2 transfers	0	0
Mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option, loans, 90 days or more past due	0		$ 0
Unpaid principal balance	40,000,000		40,000,000
Mark to fair value	1,000,000		1,000,000
Fair value	41,000,000		$ 41,000,000
Trading securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	(89,000,000)	(14,000,000)
Equity securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	0	16,000,000
Investment funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	(4,000,000)	7,000,000
Future policy benefits
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	$ 84,000,000	$ 4,000,000

Fair Value Fair Value - Reconci

Fair Value Fair Value - Reconciliation of Level 3 Financial Instruments (Details) - Consolidated Entity Excluding Variable Interest Entities (VIE) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	$ 5,325	$ 4,164
Total realized and unrealized gains (losses) included in income	(235)	160
Total realized and unrealized gains (losses) included in OCI	(15)	25
Purchases, issuances, sales and settlements, net	263	140
Transfers in	249	100
Transfers (out)	(584)	(281)
Ending balance	5,003	4,308
Total gains (losses) included in earnings	(1)	(12)
Beginning balance	(10,874)	(8,573)
Total realized and unrealized gains (losses) included in income	432	(473)
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	(56)	(79)
Transfers in	0	0
Transfers (out)	0	0
Ending balance	(10,498)	(9,125)
Total gains (losses) included in earnings	0	0
Reinsurance Recoverable Including Reinsurance Premium Paid [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	1,824	1,692
Total realized and unrealized gains (losses) included in income	(111)	46
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	0
Transfers in	0	0
Transfers (out)	0	0
Ending balance	1,713	1,738
Total gains (losses) included in earnings	0	0
Mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	41	44
Total realized and unrealized gains (losses) included in income	0	0
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	0
Transfers in	0	0
Transfers (out)	0	0
Ending balance	41	44
Total gains (losses) included in earnings	0	0
Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	41
Total realized and unrealized gains (losses) included in income	(9)
Total realized and unrealized gains (losses) included in OCI	0
Purchases, issuances, sales and settlements, net	(7)
Transfers in	0
Transfers (out)	0
Ending balance	25
Total gains (losses) included in earnings	0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	8	5
Total realized and unrealized gains (losses) included in income	0	0
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	(8)	0
Transfers in	0	0
Transfers (out)	0	0
Ending balance	0	5
Total gains (losses) included in earnings	0	0
Embedded derivatives | Funds withheld at interest
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	312	140
Total realized and unrealized gains (losses) included in income	(105)	72
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	0
Transfers in	0	0
Transfers (out)	0	0
Ending balance	207	212
Total gains (losses) included in earnings	0	0
Related Party | Short-term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance		0
Total realized and unrealized gains (losses) included in income		0
Total realized and unrealized gains (losses) included in OCI		0
Purchases, issuances, sales and settlements, net		20
Transfers in		0
Transfers (out)		0
Ending balance		20
Total gains (losses) included in earnings		0
Related Party | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	0
Total realized and unrealized gains (losses) included in income	3
Total realized and unrealized gains (losses) included in OCI	0
Purchases, issuances, sales and settlements, net	108
Transfers in	0
Transfers (out)	0
Ending balance	111
Total gains (losses) included in earnings	3
RMBS | Fixed maturity securities | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	301	17
Total realized and unrealized gains (losses) included in income	1	0
Total realized and unrealized gains (losses) included in OCI	(5)	1
Purchases, issuances, sales and settlements, net	23	0
Transfers in	7	50
Transfers (out)	(289)	(8)
Ending balance	38	60
Total gains (losses) included in earnings	0	0
RMBS | Fixed maturity securities | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	342	96
Total realized and unrealized gains (losses) included in income	(21)	(5)
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	2
Transfers in	0	0
Transfers (out)	0	(11)
Ending balance	321	82
Total gains (losses) included in earnings	0	(1)
ABS | Fixed maturity securities | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	1,461	1,160
Total realized and unrealized gains (losses) included in income	2	4
Total realized and unrealized gains (losses) included in OCI	(7)	14
Purchases, issuances, sales and settlements, net	(104)	75
Transfers in	0	0
Transfers (out)	(58)	(31)
Ending balance	1,294	1,222
Total gains (losses) included in earnings	0	0
ABS | Fixed maturity securities | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	77
Total realized and unrealized gains (losses) included in income	0
Total realized and unrealized gains (losses) included in OCI	0
Purchases, issuances, sales and settlements, net	0
Transfers in	0
Transfers (out)	(77)
Ending balance	0
Total gains (losses) included in earnings	(3)
ABS | Related Party | Fixed maturity securities | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance		56
Total realized and unrealized gains (losses) included in income		0
Total realized and unrealized gains (losses) included in OCI		1
Purchases, issuances, sales and settlements, net		(2)
Transfers in		0
Transfers (out)		(55)
Ending balance		0
Total gains (losses) included in earnings		0
ABS | Related Party | Fixed maturity securities | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	0
Total realized and unrealized gains (losses) included in income	0
Total realized and unrealized gains (losses) included in OCI	0
Purchases, issuances, sales and settlements, net	0
Transfers in	171
Transfers (out)	0
Ending balance	171
Total gains (losses) included in earnings	0
CLO | Fixed maturity securities | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	64	158
Total realized and unrealized gains (losses) included in income	0	0
Total realized and unrealized gains (losses) included in OCI	2	4
Purchases, issuances, sales and settlements, net	131	3
Transfers in	0	29
Transfers (out)	(30)	(94)
Ending balance	167	100
Total gains (losses) included in earnings	0	0
CLO | Fixed maturity securities | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	17	43
Total realized and unrealized gains (losses) included in income	0	(1)
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	1	(15)
Transfers in	0	0
Transfers (out)	(17)	0
Ending balance	1	27
Total gains (losses) included in earnings	0	1
CLO | Related Party | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchases, issuances, sales and settlements, net	(1)	(14)
CLO | Related Party | Fixed maturity securities | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	0
Total realized and unrealized gains (losses) included in income	0
Total realized and unrealized gains (losses) included in OCI	0
Purchases, issuances, sales and settlements, net	62
Transfers in	0
Transfers (out)	0
Ending balance	62
Total gains (losses) included in earnings	0
CLO | Related Party | Fixed maturity securities | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	105	195
Total realized and unrealized gains (losses) included in income	1	(12)
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	(1)	(14)
Transfers in	18	0
Transfers (out)	(32)	(38)
Ending balance	91	131
Total gains (losses) included in earnings	(1)	(12)
Corporate | Fixed maturity securities | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	578	370
Total realized and unrealized gains (losses) included in income	4	1
Total realized and unrealized gains (losses) included in OCI	(4)	6
Purchases, issuances, sales and settlements, net	58	92
Transfers in	53	21
Transfers (out)	(8)	0
Ending balance	681	490
Total gains (losses) included in earnings	0	0
CMBS | Fixed maturity securities | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	137	152
Total realized and unrealized gains (losses) included in income	0	39
Total realized and unrealized gains (losses) included in OCI	(1)	0
Purchases, issuances, sales and settlements, net	0	0
Transfers in	0	0
Transfers (out)	(73)	(44)
Ending balance	63	147
Total gains (losses) included in earnings	0	0
Foreign governments | Fixed maturity securities | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance		14
Total realized and unrealized gains (losses) included in income		0
Total realized and unrealized gains (losses) included in OCI		0
Purchases, issuances, sales and settlements, net		(1)
Transfers in		0
Transfers (out)		0
Ending balance		13
Total gains (losses) included in earnings		0
U.S. state, municipal and political subdivisions | Fixed maturity securities | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance		5
Total realized and unrealized gains (losses) included in income		16
Total realized and unrealized gains (losses) included in OCI		(1)
Purchases, issuances, sales and settlements, net		(20)
Transfers in		0
Transfers (out)		0
Ending balance		0
Total gains (losses) included in earnings		0
U.S. state, municipal and political subdivisions | Fixed maturity securities | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	17	17
Total realized and unrealized gains (losses) included in income	0	0
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	0
Transfers in	0	0
Transfers (out)	0	0
Ending balance	17	17
Total gains (losses) included in earnings	0	0
Derivative Financial Instruments, Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(5)	(7)
Total realized and unrealized gains (losses) included in income	0	0
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	0
Transfers in	0	0
Transfers (out)	0	0
Ending balance	(5)	(7)
Total gains (losses) included in earnings	0	0
Interest sensitive contract liabilities | Embedded derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(7,436)	(5,283)
Total realized and unrealized gains (losses) included in income	238	(431)
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	(56)	(79)
Transfers in	0	0
Transfers (out)	0	0
Ending balance	(7,254)	(5,793)
Total gains (losses) included in earnings	0	0
Universal life | Interest sensitive contract liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(1,005)	(883)
Total realized and unrealized gains (losses) included in income	71	(27)
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	0
Transfers in	0	0
Transfers (out)	0	0
Ending balance	(934)	(910)
Total gains (losses) included in earnings	0	0
AmerUs Closed Block | Future policy benefits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(1,625)	(1,606)
Total realized and unrealized gains (losses) included in income	84	4
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	0
Transfers in	0	0
Transfers (out)	0	0
Ending balance	(1,541)	(1,602)
Total gains (losses) included in earnings	0	0
ILICO Closed Block and life benefits | Future policy benefits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(803)	(794)
Total realized and unrealized gains (losses) included in income	39	(19)
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	0
Transfers in	0	0
Transfers (out)	0	0
Ending balance	(764)	(813)
Total gains (losses) included in earnings	$ 0	$ 0

Fair Value - Gross Components o

Fair Value - Gross Components of Purchases, Sales, Issuances and Settlements, net (Details) - Consolidated Entity Excluding Variable Interest Entities (VIE) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	$ 453	$ 237
Issuances	0
Sales	(34)	(31)
Settlements	(156)	(66)
Purchases, (Sales), Issuances, (Settlements)	263	140
Purchases	0	0
Issuances	(126)	(110)
Sales	0	0
Settlements	70	31
Purchases, (Sales), Issuances, (Settlements), Liabilities	(56)	(79)
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0
Sales	(8)
Purchases, (Sales), Issuances, (Settlements)	(8)	0
Investment funds
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Settlements	(7)
Purchases, (Sales), Issuances, (Settlements)	(7)
Investment funds | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	108
Purchases, (Sales), Issuances, (Settlements)	108
AFS securities | U.S. state, municipal and political subdivisions | Fixed maturity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		0
Sales		0
Settlements		(20)
Purchases, (Sales), Issuances, (Settlements)		(20)
AFS securities | Foreign governments | Fixed maturity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		0
Sales		0
Settlements		(1)
Purchases, (Sales), Issuances, (Settlements)		(1)
AFS securities | Corporate | Fixed maturity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	68	94
Sales	(5)	0
Settlements	(5)	(2)
Purchases, (Sales), Issuances, (Settlements)	58	92
AFS securities | CLO | Fixed maturity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	131	13
Sales	0	(2)
Settlements	0	(8)
Purchases, (Sales), Issuances, (Settlements)	131	3
AFS securities | CLO | Fixed maturity securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	62
Purchases, (Sales), Issuances, (Settlements)	62
AFS securities | ABS | Fixed maturity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	40	103
Sales	(20)	0
Settlements	(124)	(28)
Purchases, (Sales), Issuances, (Settlements)	(104)	75
AFS securities | ABS | Fixed maturity securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		5
Sales		0
Settlements		(7)
Purchases, (Sales), Issuances, (Settlements)		(2)
AFS securities | RMBS | Fixed maturity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	31
Settlements	(8)
Purchases, (Sales), Issuances, (Settlements)	23	0
AFS securities | CMBS | Fixed maturity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	0	0
Trading securities | U.S. state, municipal and political subdivisions | Fixed maturity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	0	0
Trading securities | CLO | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	0
Sales	(1)	(14)
Settlements	0	0
Purchases, (Sales), Issuances, (Settlements)	(1)	(14)
Trading securities | CLO | Fixed maturity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	13	0
Sales	0	(15)
Settlements	(12)	0
Purchases, (Sales), Issuances, (Settlements)	1	(15)
Trading securities | CLO | Fixed maturity securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	(1)	(14)
Trading securities | ABS | Fixed maturity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	0
Trading securities | ABS | Fixed maturity securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	0
Trading securities | RMBS | Fixed maturity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		2
Sales		0
Settlements		0
Purchases, (Sales), Issuances, (Settlements)	0	2
Short-term Investments | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		20
Sales		0
Settlements		0
Purchases, (Sales), Issuances, (Settlements)		20
Mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	0	0
Interest sensitive contract liabilities | Embedded derivatives
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	0
Issuances	(126)	(110)
Sales	0	0
Settlements	70	31
Purchases, (Sales), Issuances, (Settlements), Liabilities	$ (56)	$ (79)

Fair Value - Summary of Unobser

Fair Value - Summary of Unobservable Inputs for the Embedded Derivatives of Interest Sensitive Contract Liabilities (Details) - Interest sensitive contract liabilities - Embedded derivatives - Level 3 - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Total liabilities measured at fair value	$ 7,254	$ 7,436
Income Approach Valuation Technique | Minimum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Non-performance risk	0.50%	0.20%
Option budget	0.80%	0.70%
Surrender rate	1.60%	1.50%
Income Approach Valuation Technique | Maximum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Non-performance risk	1.30%	1.20%
Option budget	3.70%	3.70%
Surrender rate	20.70%	19.40%

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Assets
Mortgage loans	$ 6,139	$ 6,233
Investment funds	2,728	2,580
Consolidated Entity Excluding Variable Interest Entities (VIE)
Liabilities
Interest sensitive contract liabilities	67,551	67,708
Long-term debt	992	0
Funds withheld liability	395	407
Consolidated Entity Excluding Variable Interest Entities (VIE) | Carrying Value
Assets
Mortgage loans	6,098	6,192
Investment funds	516	554
Policy loans	510	530
Funds withheld at interest	6,886	6,773
Other investments	74	133
Total assets, fair value disclosure	15,668	15,700
Liabilities
Interest sensitive contract liabilities	31,878	31,586
Long-term debt	992
Funds withheld liability	384	385
Total liabilities not carried at fair value	33,254	31,971
Consolidated Entity Excluding Variable Interest Entities (VIE) | Fair Value
Assets
Mortgage loans	6,275	6,342
Investment funds	516	554
Investment funds	1,862	1,834
Policy loans	510	530
Funds withheld at interest	6,886	6,773
Other investments	74	133
Total assets, fair value disclosure	15,865	15,871
Liabilities
Interest sensitive contract liabilities	30,892	31,656
Long-term debt	962
Funds withheld liability	384	385
Total liabilities not carried at fair value	32,238	32,041
Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 1 | Fair Value
Assets
Mortgage loans	0	0
Investment funds	0	0
Policy loans	0	0
Funds withheld at interest	0	0
Other investments	0	0
Total assets, fair value disclosure	0	0
Liabilities
Interest sensitive contract liabilities	0	0
Long-term debt	0
Funds withheld liability	0	0
Total liabilities not carried at fair value	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 3 | Fair Value
Assets
Mortgage loans	6,275	6,342
Investment funds	0	0
Policy loans	0	0
Funds withheld at interest	6,886	6,773
Other investments	74	75
Total assets, fair value disclosure	13,493	13,449
Liabilities
Interest sensitive contract liabilities	30,892	31,656
Long-term debt	0
Funds withheld liability	0	0
Total liabilities not carried at fair value	30,892	31,656
Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 2 | Fair Value
Assets
Mortgage loans	0	0
Investment funds	0	0
Policy loans	510	530
Funds withheld at interest	0	0
Other investments	0	58
Total assets, fair value disclosure	510	588
Liabilities
Interest sensitive contract liabilities	0	0
Long-term debt	962
Funds withheld liability	384	385
Total liabilities not carried at fair value	1,346	385
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Assets
Investment funds	1,499	1,310
Other investments	238	238
Short-term investments	123	52
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Carrying Value
Assets
Investment funds	1,346	1,280
Other investments	238	238
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Fair Value
Assets
Investment funds	1,346	1,280
Other investments	258	259
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Level 1 | Fair Value
Assets
Investment funds	0	0
Other investments	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Level 3 | Fair Value
Assets
Investment funds	0	0
Other investments	258	259
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Level 2 | Fair Value
Assets
Investment funds	0	0
Other investments	0	0
Investment funds | Consolidated Entity Excluding Variable Interest Entities (VIE) | Fair Value
Assets
Investment funds	516	554
Investment funds | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Fair Value
Assets
Investment funds	$ 1,346	$ 1,280

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Assets, Level 1 to Level 2 transfers	$ 0		$ 0
Assets, Level 2 to Level 1 transfers	0		0
Liabilities, Level 1 to Level 2 transfers	0		0
Liabilities, Level 2 to Level 1 transfers	$ 0		$ 0
Fixed maturity securities | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	3.00%	2.00%
Fixed maturity securities | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	9.00%	6.00%
Mortgage loans
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value option, loans, 90 days or more past due	$ 0	$ 0

Deferred Acquisition Costs, D70

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired - Roll Forward of DAC, DSI, and VOBA (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
DAC
Beginning balance	$ 1,354	$ 1,142
Additions	122	105
Amortization	(37)	(58)
Impact of unrealized investment (gains) losses	52	(27)
Ending balance	1,491	1,162
DSI
Beginning balance	520	462
Additions	46	37
Amortization	(20)	(18)
Impact of unrealized investment (gains) losses	22	(13)
Ending balance	568	468
VOBA
Beginning balance	1,056	1,336
Additions	0	0
Amortization	(52)	(46)
Impact of unrealized investment (gains) losses	79	(45)
Ending balance	1,083	1,245
Total
Beginning balance	2,930	2,940
Additions	168	142
Amortization	(109)	(122)
Impact of unrealized investment (gains) losses	153	(85)
Ending balance	$ 3,142	$ 2,875

Debt (Details)

Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 25, 2018	Jan. 09, 2018
Debt Instrument [Line Items]
Interest Expense, Long-term Debt	$ 9
Subsequent Event | Federal Home Loan Bank of Des Moines
Debt Instrument [Line Items]
Other investments		$ 7
Senior notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 1,000
Debt Instrument, Interest Rate, Stated Percentage			4.125%
Senior notes | Senior notes, price option 1 | Treasury Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.25%
Senior notes | Senior notes, price option 2
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	101.00%
Short-term debt | Subsequent Event | Federal Home Loan Bank Advances
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 183
Debt Instrument, Interest Rate, Stated Percentage		2.16%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of EPS (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Common Class A
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net Income (Loss) Available to Common Stockholders, Basic		$ 202	$ 156
Net income available to AHL shareholders – diluted		$ 202	$ 156
Basic weighted average shares outstanding (in shares)		148,693,902	78,246,213
Dilutive effect of stock compensation plans (in shares)		258,203	3,051,380
Diluted weighted average shares outstanding (in shares)		148,952,105	81,297,593
Earnings per share
Basic (in USD per share)		$ 1.36	$ 2
Diluted (in USD per share)		$ 1.36	$ 1.92
Common Class B
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net Income (Loss) Available to Common Stockholders, Basic		$ 56	$ 221
Net income available to AHL shareholders – diluted		$ 56	$ 221
Basic weighted average shares outstanding (in shares)		41,096,937	110,772,123
Dilutive effect of stock compensation plans (in shares)		0	0
Diluted weighted average shares outstanding (in shares)		41,096,937	110,772,123
Earnings per share
Basic (in USD per share)		$ 1.36	$ 2
Diluted (in USD per share)		$ 1.36	$ 2
Common Class M-1
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net Income (Loss) Available to Common Stockholders, Basic		$ 5	$ 7
Net income available to AHL shareholders – diluted		$ 5	$ 7
Basic weighted average shares outstanding (in shares)		3,388,890	3,452,402
Dilutive effect of stock compensation plans (in shares)		0	0
Diluted weighted average shares outstanding (in shares)		3,388,890	3,452,402
Earnings per share
Basic (in USD per share)		$ 1.36	$ 2
Diluted (in USD per share)		$ 1.36	$ 2
Common Class M-2
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net Income (Loss) Available to Common Stockholders, Basic		$ 1	$ 0
Net income available to AHL shareholders – diluted		$ 1	$ 0
Basic weighted average shares outstanding (in shares)		841,011	42,267
Dilutive effect of stock compensation plans (in shares)		8,976	971,427
Diluted weighted average shares outstanding (in shares)		849,987	1,013,694
Earnings per share
Basic (in USD per share)		$ 1.36	$ 2
Diluted (in USD per share)		$ 1.34	$ 0.08
Common Class M-3
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net Income (Loss) Available to Common Stockholders, Basic		$ 1	$ 0
Net income available to AHL shareholders – diluted		$ 1
Basic weighted average shares outstanding (in shares)		1,049,157	0
Dilutive effect of stock compensation plans (in shares)		20,572	0
Diluted weighted average shares outstanding (in shares)		1,069,729	0
Earnings per share
Basic (in USD per share)	[1]	$ 1.36
Diluted (in USD per share)	[1]	$ 1.33
Common Class M-4
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net Income (Loss) Available to Common Stockholders, Basic		$ 3	$ 0
Net income available to AHL shareholders – diluted		$ 3
Basic weighted average shares outstanding (in shares)		2,065,204	0
Dilutive effect of stock compensation plans (in shares)		929,228	0
Diluted weighted average shares outstanding (in shares)		2,994,432	0
Earnings per share
Basic (in USD per share)	[1]	$ 1.36
Diluted (in USD per share)	[1]	$ 0.94
[1]	Basic and diluted earnings per share for class M-3 and M-4 were not applicable for the period ended March 31, 2017. See Note 8 – Earnings Per Share for further discussion.

Earnings Per Share - Shares Exc

Earnings Per Share - Shares Excluded from Dilutive Calculation (Details) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from dilutive shares outstanding (in shares)	35,492,146	94,429,888
Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	35,212,154	91,666,275
Shares excluded from dilutive shares outstanding due to performance conditions (in shares)	279,992	2,763,613

Accumulated Other Comprehensi74

Accumulated Other Comprehensive Income - Detail of AOCI (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income, before taxes	$ 713	$ 1,728
Deferred income taxes	(128)	(313)
Accumulated other comprehensive income	585	1,415
AFS securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income, before taxes	1,228	2,577
DAC, DSI, VOBA, future policy benefits and dividends payable to policyholders adjustments on AFS securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income, before taxes	(349)	(744)
Noncredit component of OTTI losses on AFS securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income, before taxes	(13)	(13)
Hedging instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income, before taxes	(151)	(95)
Pension adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income, before taxes	(2)	(5)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income, before taxes	$ 0	$ 8

Accumulated Other Comprehensi75

Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense (benefit)	$ 183	$ (111)
Other comprehensive income (loss), after tax	(788)	306
Cumulative Effect of New Accounting Principle in Period of Adoption	(3)
Change in Accumulated Other Comprehensive Income	(830)	306
Unrealized investment gains (losses) on AFS securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	(1,282)	516
DAC, DSI, VOBA, and future policy benefit adjustment on AFS securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	391	(82)
Unrealized gains (losses) on AFS securities, including DAC, DSI, VOBA, and future policy benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustment for gains (losses) realized in net income	19	15
Income tax expense (benefit)	(163)	113
Other comprehensive income (loss), after tax	(747)	306
Noncredit component of OTTI losses on AFS securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	(1)	1
Reclassification adjustment for gains (losses) realized in net income	(1)	0
Other comprehensive income (loss), after tax	0	1
Unrealized gains (losses) on hedging instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	(56)	(5)
Income tax expense (benefit)	(20)	(2)
Other comprehensive income (loss), after tax	(36)	(3)
Pension adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	3	0
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), after tax	(8)	$ 2
Accounting Standards Update 2016-01 [Member] | AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ (42)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Effective income tax rate	18.00%	5.00%

Related Parties - Summary of As

Related Parties - Summary of Assets Sub-Advised by Affiliates (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Mortgage loans	$ 6,139	$ 6,233
Investment funds	2,728	2,580
Total assets	93,557	99,747
Apollo affiliates | Related party | Assets sub-advised
Related Party Transaction [Line Items]
Mortgage loans	2,419	2,232
Investment funds	26	26
Trading securities	121	121
Funds withheld at interest	1,726	1,737
Other investments	74	75
Total assets	$ 15,012	$ 13,996
Percent of assets sub-advised by Apollo affiliates to total AAM-managed assets	19.00%	18.00%
Apollo affiliates | Foreign governments | Related party | Assets sub-advised
Related Party Transaction [Line Items]
Available-for-sale securities	$ 121	$ 152
Apollo affiliates | Corporate | Related party | Assets sub-advised
Related Party Transaction [Line Items]
Available-for-sale securities	3,178	2,934
Apollo affiliates | CLO | Related party | Assets sub-advised
Related Party Transaction [Line Items]
Available-for-sale securities	5,859	5,166
Apollo affiliates | ABS | Related party | Assets sub-advised
Related Party Transaction [Line Items]
Available-for-sale securities	643	681
Apollo affiliates | CMBS | Related party | Assets sub-advised
Related Party Transaction [Line Items]
Available-for-sale securities	$ 845	$ 872

Related Parties - Management Fe

Related Parties - Management Fees Incurred (Details) - Related party - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Asset management fees
Related Party Transaction [Line Items]
Expenses from transactions with related parties	$ 70	$ 62
Sub-advisory fees
Related Party Transaction [Line Items]
Expenses from transactions with related parties	$ 13	$ 16

Related Parties - Other Related

Related Parties - Other Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
AmeriHome | Related Party | Purchase of Residential Mortgage Loans Under Agreement
Related Party Transaction [Line Items]
Related party purchases	$ 44	$ 1

Related Parties - Narrative (De

Related Parties - Narrative (Details) - Related Party - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Management fees associated with investment funds
Related Party Transaction [Line Items]
Due to related parties	$ 50	$ 28
Sub-advisory fees associated with investment funds management
Related Party Transaction [Line Items]
Due to related parties	17	13
A-A Mortgage Opportunities, LP [Member]
Related Party Transaction [Line Items]
Investment Owned, Balance, Principal Amount	123	$ 52
Athene Asset Management | Portfolio Management Agreement
Related Party Transaction [Line Items]
Investment portfolio assets managed by affiliates	$ 62,051
Investment portfolio assets, percentage rated at one or two by the NAIC	90.00%
Management fee payable, percentage			0.40%
Amended Management Fee, Percentage, Assets up to $65,846 million	0.40%
Amended Management Fee, Percentage, Assets in Excess of $65,846 million	0.30%
Amended Management Fee, Threshold	$ 65,846
Apollo affiliates | Sub-advisory fees associated with investment funds management
Related Party Transaction [Line Items]
Amended Sub-Advisory Fee, Percentage, Assets up to $10,000 million	0.40%
Amended Sub-Advisory Fee, Percentage, Assets in excess of $10,000 million up to $12,441 million	0.35%
Amended Sub-Advisory Fee, Percentage, Assets in excess of $12,441 million up to $16,000 million	0.40%
Amended Sub-Advisory Fee, Percentage, Assets in excess of $16,000 million	0.35%
Amended Sub-Advisory Fee, Threshold One	$ 10,000
Amended Sub-Advisory Fee, Threshold Two	12,441
Amended Sub-Advisory Fee, Threshold Three	16,000
Funding Agreements | Athora Holding Ltd. [Member]
Related Party Transaction [Line Items]
Interest sensitive contract liabilities	$ 178

Commitments and Contingencies -

Commitments and Contingencies - Pledged Assets and Funds in Trust (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investment funds	$ 15	$ 20
Mortgage loans	858	914
Short-term investments	7	10
Other Investments Pledged as Collateral	35	0
Total restricted assets	2,539	2,657
Fixed maturity securities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Available-for-sale securities	1,537	1,572
Equity Securities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Security Owned and Pledged as Collateral, Fair Value	0	36
Consolidated Entity Excluding Variable Interest Entities (VIE)
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	$ 87	$ 105

Commitments and Contingencies82

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Other Commitments [Line Items]
Advances from FHLB	$ 616	$ 573
COLI asset value	354
Value of guarantees on COLI	171
Capital Contributions
Other Commitments [Line Items]
Investment commitment	2,366	2,358
Voya Financial Inc. [Member]
Other Commitments [Line Items]
Investment commitment	19,000
VA Capital Company LLC [Member] | Equity Method Investments [Member]
Other Commitments [Line Items]
Investment commitment	75
Venerable Holdings, Inc. [Member] | Loans [Member]
Other Commitments [Line Items]
Investment commitment	150
Athene Global Funding | Senior notes
Other Commitments [Line Items]
Maximum borrowing capacity	5,000
Athene Global Funding | Funding Agreements
Other Commitments [Line Items]
Interest sensitive contract liabilities	2,996	$ 2,996
Internal Revenue Service (IRS)
Other Commitments [Line Items]
Income tax examination, estimate of possible loss	120
Tax Year 2008 | Internal Revenue Service (IRS)
Other Commitments [Line Items]
Proposed disallowance of income tax deduction	191
Tax Year 2009 | Internal Revenue Service (IRS)
Other Commitments [Line Items]
Proposed disallowance of income tax deduction	154
Proposed decrease in net operating loss	16
Tax Year 2010 | Internal Revenue Service (IRS)
Other Commitments [Line Items]
Proposed disallowance of income tax deduction	76
Proposed decrease in net operating loss	16
Tax Year 2011 | Internal Revenue Service (IRS)
Other Commitments [Line Items]
Proposed disallowance of income tax deduction	16
Proposed decrease in net operating loss	15
Tax Year 2012 | Internal Revenue Service (IRS)
Other Commitments [Line Items]
Proposed increase in income tax deductions	12
Proposed decrease in net operating loss	12
Tax Year 2011 and 2012 | Internal Revenue Service (IRS)
Other Commitments [Line Items]
Proposed Increase to Taxable Income	$ 16

Segment Information - Reconcili

Segment Information - Reconciliation of Segment Operating Revenues to Consolidation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Total revenues	$ 1,011	$ 1,619
Operating Segments
Segment Reporting Information [Line Items]
Total revenues	1,284	956
Operating Segments | Retirement Services
Segment Reporting Information [Line Items]
Total revenues	1,257	888
Operating Segments | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	27	68
Non-operating adjustments
Segment Reporting Information [Line Items]
Total revenues	(273)	663
Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets	(158)	536
Investment gains (losses), net of offsets	(106)	125
Other Nonoperating Income	$ (9)	$ 2

Segment Information - Reconci84

Segment Information - Reconciliation of Segment Operating Income to Consolidation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income tax (expense) benefit – non-operating	$ (59)	$ (22)
Net income available to Athene Holding Ltd. shareholders	268	384
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income available to Athene Holding Ltd. shareholders	237	266
Operating Segments | Retirement Services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income available to Athene Holding Ltd. shareholders	235	275
Operating Segments | Corporate and Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income available to Athene Holding Ltd. shareholders	2	(9)
Non-operating adjustments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Investment gains (losses), net of offsets	(33)	57
Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets	95	94
Integration, restructuring and other non-operating expenses	(8)	(9)
Stock-based compensation, excluding LTIP	(3)	(10)
Income tax (expense) benefit – non-operating	(20)	(14)
Net income available to Athene Holding Ltd. shareholders	$ 31	$ 118

Segment Information - Assets by

Segment Information - Assets by Segment (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 93,557	$ 99,747
Retirement Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	90,115	91,335
Corporate and Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 3,442	$ 8,412

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2018segment
Segment Reporting [Abstract]
Number of reportable segments	1