Athene Holding (ATH-PB) 10-Q 7 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 05, 2019
Document Information [Line Items]
Entity Registrant Name	Athene Holding Ltd
Entity Central Index Key	0001527469
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
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		161,698,498
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		25,433,465
Common Class M-1
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,339,890
Common Class M-2
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		841,011
Common Class M-3
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,001,110
Common Class M-4
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,074,026

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Fixed maturity securities, at fair value
Mortgage loans, net of allowances (portion at fair value: 2019 – $32 and 2018 – $32)	$ 11,333	$ 10,631
Investment funds	3,592	3,559
Restricted cash	497	492
Deferred acquisition costs, deferred sales inducements and value of business acquired	5,619	5,907
Total assets	132,857	125,505
Liabilities
Total liabilities	122,740	117,229
Equity
Additional paid-in capital	3,448	3,462
Retained earnings	5,963	5,286
Accumulated other comprehensive income (loss) (related party: 2019 – $(12) and 2018 – $(25))	706	(472)
Total equity	10,117	8,276
Total liabilities and equity	132,857	125,505
Related Party
Equity
Accumulated other comprehensive income (loss) (related party: 2019 – $(12) and 2018 – $(25))	(12)	(25)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Fixed maturity securities, at fair value
Available-for-sale securities	64,655	59,265
Trading securities, at fair value	2,256	1,949
Equity securities	252	216
Mortgage loans, net of allowances (portion at fair value: 2019 – $32 and 2018 – $32)	11,042	10,340
Investment funds	683	703
Policy loans	487	488
Funds withheld at interest (portion at fair value: 2019 – $446 and 2018 – $57)	15,241	15,023
Derivative assets	1,920	1,043
Short-term investments, at fair value	155	191
Other investments	121	122
Total investments	96,812	89,340
Consolidated Entity Excluding Variable Interest Entities (VIE)
Fixed maturity securities, at fair value
Available-for-sale securities	66,339
Cash and cash equivalents	3,021	2,911
Accrued investment income (related party: 2019 – $22 and 2018 – $25)	751	682
Reinsurance recoverable (related party: 2019 – $334 and 2018 – $344; portion at fair value: 2019 – $1,737 and 2018 – $1,676)	5,647	5,534
Deferred acquisition costs, deferred sales inducements and value of business acquired	5,619	5,907
Other assets	962	1,635
Liabilities
Interest sensitive contract liabilities (related party: 2019 – $16,533 and 2018 – $16,850; portion at fair value: 2019 – $10,085 and 2018 – $8,901)	98,452	96,610
Future policy benefits (related party: 2019 – $1,347 and 2018 – $1,259; portion at fair value: 2019 – $2,226 and 2018 – $2,173)	19,016	16,704
Other policy claims and benefits	162	142
Dividends payable to policyholders	118	118
Long-term debt	991	991
Derivative liabilities	85	85
Payables for collateral on derivatives	1,781	969
Funds withheld liability (related party: 2019 – $327 and 2018 – $337; portion at fair value: 2019 – $12 and 2018 – $(1))	724	721
Other liabilities	1,410	888
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Fixed maturity securities, at fair value
Available-for-sale securities	1,684	1,437
Trading securities, at fair value	239	249
Equity securities	301	120
Mortgage loans, net of allowances (portion at fair value: 2019 – $32 and 2018 – $32)	291	291
Investment funds	2,290	2,232
Funds withheld at interest (portion at fair value: 2019 – $446 and 2018 – $57)	13,683	13,577
Other investments	387	386
Accrued investment income (related party: 2019 – $22 and 2018 – $25)	22	25
Reinsurance recoverable (related party: 2019 – $334 and 2018 – $344; portion at fair value: 2019 – $1,737 and 2018 – $1,676)	334	344
Other assets	4	357
Liabilities
Interest sensitive contract liabilities (related party: 2019 – $16,533 and 2018 – $16,850; portion at fair value: 2019 – $10,085 and 2018 – $8,901)	16,533	16,850
Future policy benefits (related party: 2019 – $1,347 and 2018 – $1,259; portion at fair value: 2019 – $2,226 and 2018 – $2,173)	1,347	1,259
Other policy claims and benefits	15	10
Funds withheld liability (related party: 2019 – $327 and 2018 – $337; portion at fair value: 2019 – $12 and 2018 – $(1))	327	337
Other liabilities	51	59
Variable Interest Entities
Fixed maturity securities, at fair value
Investment funds	619	624
Cash and cash equivalents	2	2
Other assets	12	1
Liabilities
Other liabilities	1	1
Variable Interest Entities | Related Party
Fixed maturity securities, at fair value
Trading securities, at fair value	34	35
Equity securities	6	50
Investment funds	580	583
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 Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Available-for-sale securities
Mortgage loans	$ 11,333	$ 10,631
Investment funds	3,592	3,559
Deferred acquisition costs, deferred sales inducements and value of business acquired	5,619	5,907
Accumulated other comprehensive income	706	(472)
Related Party
Available-for-sale securities
Accumulated other comprehensive income	(12)	(25)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Available-for-sale securities
Available-for-sale securities	63,440	60,025
Mortgage loans	11,042	10,340
Investment funds	683	703
Funds withheld at interest	15,241	15,023
Short-term investments	155	191
Other investments	121	122
Consolidated Entity Excluding Variable Interest Entities (VIE)
Available-for-sale securities
Available-for-sale securities	65,136
Accrued investment income	751	682
Reinsurance recoverable	5,647	5,534
Other assets	962	1,635
Deferred acquisition costs, deferred sales inducements and value of business acquired	5,619	5,907
Interest sensitive contract liabilities	98,452	96,610
Future policy benefits	19,016	16,704
Other policy claims and benefits	162	142
Funds withheld liability	724	721
Other liabilities	1,410	888
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Available-for-sale securities
Available-for-sale securities	1,696	1,462
Mortgage loans	291	291
Investment funds	2,290	2,232
Funds withheld at interest	13,683	13,577
Other investments	387	386
Accrued investment income	22	25
Reinsurance recoverable	334	344
Other assets	4	357
Interest sensitive contract liabilities	16,533	16,850
Future policy benefits	1,347	1,259
Other policy claims and benefits	15	10
Funds withheld liability	327	337
Other liabilities	51	59
Variable Interest Entities
Available-for-sale securities
Investment funds	619	624
Other assets	12	1
Other liabilities	1	1
Variable Interest Entities | Related Party
Available-for-sale securities
Investment funds	580	583
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE)
Available-for-sale securities
Mortgage loans	11,190	10,424
Funds withheld at interest	14,795	14,966
Other investments	69	70
Interest sensitive contract liabilities	53,504	51,655
Funds withheld liability	712	722
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Available-for-sale securities
Mortgage loans	286	290
Funds withheld at interest	13,469	13,687
Other investments	$ 389	$ 361
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)	161,500,000	162,400,000
Common stock outstanding (in shares)	161,500,000	162,400,000
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)	25,400,000	25,400,000
Common stock outstanding (in shares)	25,400,000	25,400,000
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)	7,100,000	7,100,000
Common stock issued (in shares)	3,400,000	3,400,000
Common stock outstanding (in shares)	3,400,000	3,400,000
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)	800,000	800,000
Common stock outstanding (in shares)	800,000	800,000
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)	1,000,000	1,000,000
Common stock outstanding (in shares)	1,000,000	1,000,000
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)	4,100,000	4,100,000
Common stock outstanding (in shares)	4,100,000	4,100,000
Recurring | Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Available-for-sale securities
Mortgage loans	$ 32	$ 32
Investment funds	159	182
Funds withheld at interest	446	57
Other investments	52	52
Recurring | Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE)
Available-for-sale securities
Mortgage loans	32	32
Short-term investments	155	191
Other investments	52	52
Reinsurance recoverable	1,737	1,676
Interest sensitive contract liabilities	10,085	8,901
Future policy benefits	2,226	2,173
Funds withheld liability	12	(1)
Recurring | Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Available-for-sale securities
Investment funds	232	201
Funds withheld at interest	214	(110)
Recurring | Fair Value | Variable Interest Entities
Available-for-sale securities
Investment funds	$ 564	$ 567

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Other-than-temporary impairment investment losses
Other-than-temporary impairment losses recognized in other comprehensive income	$ 1	$ 0
Total revenues	4,961	1,011
Benefits and Expenses
Amortization of deferred sales inducements	5	20
Total benefits and expenses	4,221	689
Income before income taxes	740	322
Income tax expense (benefit)	32	45
Net income	708	277
Consolidated Entity Excluding Variable Interest Entities (VIE)
Revenues
Premiums	1,966	278
Product charges	125	96
Net investment income	1,066	855
Investment related gains (losses)	1,772	(236)
Other-than-temporary impairment investment losses
Other-than-temporary impairment losses	(2)	(3)
Other-than-temporary impairment losses recognized in other comprehensive income	1	0
Net other-than-temporary impairment losses	(1)	(3)
Other revenues	12	6
Benefits and Expenses
Interest sensitive contract benefits	1,516	31
Amortization of deferred sales inducements	5	20
Future policy and other policy benefits	2,295	401
Amortization of deferred acquisition costs and value of business acquired	231	82
Dividends to policyholders	9	13
Policy and other operating expenses (related party: 2019 – $8 and 2018 – $2)	165	142
Variable Interest Entities
Revenues
Net investment income	16	10
Investment related gains (losses)	$ 5	$ 5
Common Class A
Earnings per share
Basic (in USD per share)	$ 3.65	$ 1.40
Diluted (in USD per share)	3.64	1.40
Common Class B
Earnings per share
Basic (in USD per share)	3.65	1.40
Diluted (in USD per share)	3.65	1.40
Common Class M-1
Earnings per share
Basic (in USD per share)	3.65	1.40
Diluted (in USD per share)	3.65	1.40
Common Class M-2
Earnings per share
Basic (in USD per share)	3.65	1.40
Diluted (in USD per share)	3.65	1.39
Common Class M-3
Earnings per share
Basic (in USD per share)	3.65	1.40
Diluted (in USD per share)	3.65	1.38
Common Class M-4
Earnings per share
Basic (in USD per share)	3.65	1.40
Diluted (in USD per share)	$ 3.15	$ 0.97

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Consolidated Entity Excluding Variable Interest Entities (VIE)
Premiums	$ 1,966	$ 278
Product charges	125	96
Investment income	1,161	939
Investment expense	95	84
Investment related gains (losses)	1,772	(236)
Interest sensitive contract benefits	1,516	31
Future policy and other policy benefits	2,295	401
Amortization of deferred acquisition costs and value of business acquired	231	82
Net investment income	1,066	855
Policy and other operating expenses	165	142
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Premiums	66	0
Product charges	14	0
Investment income	183	76
Investment expense	92	83
Investment related gains (losses)	317	17
Interest sensitive contract benefits	183	0
Future policy and other policy benefits	106	0
Policy and other operating expenses	8	2
Variable Interest Entities
Investment related gains (losses)	5	5
Net investment income	16	10
Variable Interest Entities | Related Party
Investment related gains (losses)	4	5
Net investment income	$ 16	$ 10

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 708	$ 277
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities	1,478	(891)
Noncredit component of other-than-temporary impairment losses on available-for-sale securities	(1)	0
Unrealized gains (losses) on hedging instruments	(8)	(56)
Pension adjustments	(1)	3
Foreign currency translation adjustments	1	(8)
Other comprehensive income (loss), before tax	1,469	(952)
Income tax expense (benefit) related to other comprehensive income (loss)	291	(179)
Other comprehensive income (loss)	1,178	(773)
Comprehensive income (loss)	$ 1,886	$ (496)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)
Beginning Balance at Dec. 31, 2017	$ 9,176	$ 0	$ 3,472	$ 4,255	$ 1,449
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	277			277
Other comprehensive income	(773)				(773)
Issuance of shares, net of expenses	1		1
Stock-based compensation	12		12
Retirement or repurchase of shares	(3)		0	(3)
Ending Balance at Mar. 31, 2018	8,687	0	3,485	4,568	634
Beginning Balance at Dec. 31, 2018	8,276	0	3,462	5,286	(472)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	708			708
Other comprehensive income	1,178				1,178
Issuance of shares, net of expenses	1		1
Stock-based compensation	5		5
Retirement or repurchase of shares	(51)		(20)	(31)
Ending Balance at Mar. 31, 2019	$ 10,117	$ 0	$ 3,448	$ 5,963	$ 706

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net income		$ 708	$ 277
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred sales inducements		5	20
Policy acquisition costs deferred		(173)	(122)
Changes in operating assets and liabilities:
Net cash provided by operating activities		1,009	573
Purchases of:
Deconsolidation of Athora Holding Ltd.		0	(296)
Net cash used in investing activities		(2,776)	(2,884)
Cash flows from financing activities
Proceeds from long-term debt		0	998
Net cash provided by financing activities		1,882	139
Net increase (decrease) in cash and cash equivalents		115	(2,172)
Cash and cash equivalents at beginning of year	[1]	3,405	4,997
Cash and cash equivalents at end of period	[1]	3,520	2,825
Non-cash transactions
Deposits on investment-type policies and contracts through reinsurance agreements		208	108
Withdrawals on investment-type policies and contracts through reinsurance agreements		888	91
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		231	82
Amortization of deferred sales inducements		5	20
Accretion of net investment premiums, discounts and other		(33)	(45)
Net investment (income) loss (related party: 2019 – $18 and 2018 – $(43))		25	(29)
Gain (Loss) on Investments and Derivatives		944	(209)
Policy acquisition costs deferred		(173)	(122)
Changes in operating assets and liabilities:
Accrued investment income		(69)	(27)
Interest sensitive contract liabilities		1,403	(189)
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable		653	333
Funds withheld assets and liabilities		(1,011)	(7)
Other assets and liabilities		220	77
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2019 – $50 and 2018 – $57)		2,231	3,017
Trading securities (related party: 2019 – $0 and 2018 – $1)		31	24
Mortgage loans		354	396
Investment funds (related party: 2019 – $87 and 2018 – $52)		131	83
Derivative instruments and other invested assets		256	551
Short-term investments		104	103
Purchases of:
Available-for-sale securities (related party: 2019 – $(280) and 2018 – $(158))		(4,470)	(5,907)
Trading securities (related party: 2019 – $(3) and 2018 – $0)		(284)	(25)
Mortgage loans		(1,049)	(463)
Investment funds (related party: 2019 – $(152) and 2018 – $(182))		(185)	(213)
Derivative instruments and other invested assets		(287)	(224)
Short-term investments (related party: 2019 – $0 and 2018 – $(72))		(67)	(209)
Other investing activities, net		601	227
Cash flows from financing activities
Deposits on investment-type policies and contracts		2,793	1,774
Withdrawals on investment-type policies and contracts		(1,638)	(1,474)
Payments for coinsurance agreements on investment-type contracts, net		(25)	(10)
Net change in cash collateral posted for derivative transactions		812	(1,178)
Repurchase of common stock		(51)	(3)
Other financing activities, net		(9)	32
Consolidated Entity Excluding Variable Interest Entities (VIE) | Equity securities
Sales, maturities and repayments of:
Equity securities		10	2
Purchases of:
Equity securities		(205)	(9)
Variable Interest Entities
Adjustments to reconcile net income to net cash provided by operating activities:
Gain (Loss) on Investments and Derivatives		6	6
Purchases of:
Sales, maturities and repayments of investments (related party: 2019 – $51 and 2018 – $59)		53	59
Reinsurance Settlements [Member]
Non-cash transactions
Transfer to Investments		12	0
Pension Risk Transfer Premiums [Member]
Non-cash transactions
Transfer to Investments		1,363	0
Investment funds | Exchange of Stock for Stock [Member]
Purchases of:
Investment funds (related party: 2019 – $(152) and 2018 – $(182))		0	(108)
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Adjustments to reconcile net income to net cash provided by operating activities:
Net investment (income) loss (related party: 2019 – $18 and 2018 – $(43))		18	(43)
Gain (Loss) on Investments and Derivatives		0	24
Changes in operating assets and liabilities:
Accrued investment income		3	0
Interest sensitive contract liabilities		167	0
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable		95	0
Funds withheld assets and liabilities		(500)	0
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2019 – $50 and 2018 – $57)		50	57
Trading securities (related party: 2019 – $0 and 2018 – $1)		0	1
Investment funds (related party: 2019 – $87 and 2018 – $52)		87	52
Purchases of:
Available-for-sale securities (related party: 2019 – $(280) and 2018 – $(158))		(280)	(158)
Trading securities (related party: 2019 – $(3) and 2018 – $0)		(3)
Investment funds (related party: 2019 – $(152) and 2018 – $(182))		(152)	(182)
Short-term investments (related party: 2019 – $0 and 2018 – $(72))		0	(72)
Cash flows from financing activities
Deposits on investment-type policies and contracts		101	0
Withdrawals on investment-type policies and contracts		(106)	0
Non-cash transactions
Deposits on investment-type policies and contracts through reinsurance agreements		45	0
Withdrawals on investment-type policies and contracts through reinsurance agreements		429	0
Related Party | Variable Interest Entities
Adjustments to reconcile net income to net cash provided by operating activities:
Gain (Loss) on Investments and Derivatives		5	6
Purchases of:
Sales, maturities and repayments of investments (related party: 2019 – $51 and 2018 – $59)		$ 51	$ 59
[1]	Includes cash and cash equivalents, restricted cash, and cash and cash equivalents of consolidated variable interest entities.

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Policy acquisition costs deferred	$ (173)	$ (122)
Purchases of:
Deposits on investment-type policies and contracts through reinsurance agreements	208	108
Withdrawals on investment-type policies and contracts through reinsurance agreements	888	91
Consolidated Entity Excluding Variable Interest Entities (VIE)
Amortization of deferred acquisition costs and value of business acquired	231	82
Net investments (income) loss	25	(29)
Net recognized (gains) losses on investments and derivatives (related party: 2018 – $0 and 2017 – $10)	(944)	209
Accrued investment income	(69)	(27)
Policy acquisition costs deferred	(173)	(122)
Interest sensitive contract liabilities	1,403	(189)
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable	653	333
Funds withheld assets and liabilities	(1,011)	(7)
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2019 – $50 and 2018 – $57)	2,231	3,017
Trading securities	31	24
Investment funds	131	83
Derivative instruments and other invested assets	256	551
Short-term investments	104	103
Purchases of:
Available-for-sale securities (related party: 2019 – $(280) and 2018 – $(158))	(4,470)	(5,907)
Mortgage loans	(1,049)	(463)
Trading securities	(284)	(25)
Investment funds	(185)	(213)
Derivative instruments and other invested assets	(287)	(224)
Short-term investments	(67)	(209)
Deposits on investment-type policies and contracts	2,793	1,774
Repayments of Annuities and Investment Certificates	(1,638)	(1,474)
Payments for coinsurance agreements on investment-type contracts, net	(25)	(10)
Variable Interest Entities
Net recognized (gains) losses on investments and derivatives (related party: 2018 – $0 and 2017 – $10)	(6)	(6)
Purchases of:
Sales, maturities, and repayments of investments	53	59
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Net investments (income) loss	18	(43)
Net recognized (gains) losses on investments and derivatives (related party: 2018 – $0 and 2017 – $10)	0	(24)
Accrued investment income	3	0
Interest sensitive contract liabilities	167	0
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable	95	0
Funds withheld assets and liabilities	(500)	0
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2019 – $50 and 2018 – $57)	50	57
Trading securities	0	1
Investment funds	87	52
Purchases of:
Available-for-sale securities (related party: 2019 – $(280) and 2018 – $(158))	(280)	(158)
Trading securities	(3)
Investment funds	(152)	(182)
Short-term investments	0	(72)
Deposits on investment-type policies and contracts	101	0
Repayments of Annuities and Investment Certificates	(106)	0
Deposits on investment-type policies and contracts through reinsurance agreements	45	0
Withdrawals on investment-type policies and contracts through reinsurance agreements	429	0
Related Party | Variable Interest Entities
Net recognized (gains) losses on investments and derivatives (related party: 2018 – $0 and 2017 – $10)	(5)	(6)
Purchases of:
Sales, maturities, and repayments of investments	51	59
Equity securities | Consolidated Entity Excluding Variable Interest Entities (VIE)
Sales, maturities and repayments of:
Equity securities	10	2
Purchases of:
Equity securities	(205)	(9)
Reinsurance Settlements [Member]
Purchases of:
Transfer to Investments	$ 12	$ 0

Business, Basis of Presentation

Business, Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
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 United States (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 (together with its subsidiaries, Athene USA). In addition, we consolidate certain variable interest entities (VIEs), for which we determined we are the primary beneficiary. 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 results for the interim 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, 2018 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 in our Annual Report on Form 10-K for the year ended December 31, 2018. 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 Leases (ASU 2019-01, ASU 2018-20, ASU 2018-11, ASU 2018-10, ASU 2018-01, ASU 2017-13 and ASU 2016-02) These updates increase transparency and comparability for lease transactions. ASU 2016-02 requires a lessee to recognize a right-of-use asset and lease liability on the balance sheet for all leases with an original term longer than twelve months and disclose key information about leasing arrangements. Lessor accounting is largely unchanged. ASU 2016-02 requires the adoption on a modified retrospective basis. However, ASU 2018-11 provides the option to recognize the cumulative effect as an adjustment to the opening balance of retained earnings in the year of adoption, while continuing to present all prior periods under the previous lease guidance. These updates also provide optional practical expedients in transition. We adopted these updates effective January 1, 2019 by recording a lease liability and right-of-use asset related to office space, copiers, reserved areas and equipment at data centers, and other agreements. We will continue to present all prior periods under the previous lease guidance. We elected the “package of practical expedients,” which permits us to maintain our prior conclusions about lease identification, classification and initial direct costs. We also elected the short-term lease exception, which allows us to exclude contracts with a lease term of 12 months or less, including any reasonably certain renewal options, from consideration under the new guidance. This update did not have a material effect on our consolidated financial statements. Derivatives and Hedging (ASU 2018-16) The amendments in this update allow entities to use the Overnight Index Swap rate based on the Secured Overnight Financing Rate as a U.S. benchmark interest rate for hedge accounting purposes, in addition to the previously acceptable rates. We adopted this update prospectively for qualifying new or redesignated hedging relationships entered into on or after January 1, 2019. This update did not have an effect on our consolidated financial statements. Stock Compensation – Nonemployee Share-Based Payments (ASU 2018-07) The amendments in this update simplify the accounting for share-based payments to nonemployees by aligning with the accounting for share-based payments to employees, with certain exceptions. We adopted this update on a modified retrospective basis effective January 1, 2019. This update did not have a material effect on our consolidated financial statements. Recently Issued Accounting Pronouncements Financial Instruments – Credit Losses (ASU 2019-04, ASU 2018-19 and 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. Available-for-sale (AFS) 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. We are currently evaluating the impact of this guidance on our consolidated financial statements. Collaborative Arrangements (ASU 2018-18) The amendments in this update provide guidance on whether certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606, providing comparability in the presentation of revenue for certain transactions. The update is effective January 1, 2020. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. Consolidation (ASU 2018-17) The amendments in this update expand certain discussions in the VIE guidance, including considerations necessary for determining when a decision-making fee is a variable interest. We will be required to adopt this update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The update is effective January 1, 2020. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. Cloud Computing Arrangements (ASU 2018-15) The amendments in this update align the requirements for capitalizing implementation costs incurred in a cloud computing service arrangement with the requirements for capitalizing implementation costs incurred for internal-use software. We will be required to adopt this update on January 1, 2020, and we can elect to adopt this update either prospectively or retrospectively. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. Fair Value Measurement – Disclosure Requirements (ASU 2018-13) The amendments in this update modify the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. We will be required to adopt this update on January 1, 2020, and depending on the specific amendment will be required to adopt prospectively or retrospectively. We early adopted the removal and modification of certain disclosures as permitted. We are currently evaluating the impact of the remaining guidance on our consolidated financial statements. Insurance – Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) This update amends four key areas pertaining to the accounting and disclosures for long-duration insurance and investment contracts. • The update requires cash flow assumptions used to measure the liability for future policy benefits to be updated at least annually and no longer allows a provision for adverse deviation. The remeasurement of the liability associated with the update of assumptions is required to be recognized in net income. Loss recognition testing is eliminated for traditional and limited-payment contracts. The update also requires the discount rate utilized in measuring the liability to be an upper-medium grade fixed-income instrument yield, which is to be updated at each reporting date. The change in liability due to changes in the discount rate is to be recognized in other comprehensive income. • The update simplifies the amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins, requiring such balances to be amortized on a constant level basis over the expected term of the contracts. Deferred costs are required to be written off for unexpected contract terminations but are not subject to impairment testing. • The update requires certain contract features meeting the definition of market risk benefits to be measured at fair value. Among the features included in this definition are the guaranteed lifetime withdrawal benefits (GLWB) and guaranteed minimum death benefit (GMDB) riders attached to the Company’s annuity products. The change in fair value of the market risk benefits is to be recognized in net income, excluding the portion attributable to changes in instrument-specific credit risk which is recognized in other comprehensive income. • The update also introduces disclosure requirements around the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs. This includes disaggregated rollforwards of these balances and information about significant inputs, judgments, assumptions and methods used in their measurement. We will be required to adopt this update effective January 1, 2021. Certain provisions of the update are required to be adopted on a fully retrospective basis, while others may be adopted on a modified retrospective basis. Early adoption is permitted. We are currently evaluating the impact of this guidance 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.

Investments

Investments	3 Months Ended
	Mar. 31, 2019
Investments Schedule [Abstract]
Investments	2. Investments AFS Securities — Our AFS investment portfolio includes bonds, collateralized loan obligations (CLO), asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS) and redeemable preferred stock. Our AFS investment portfolio includes related party investments that are primarily a result of investments over which Apollo Global Management, LLC (AGM and, together with its subsidiaries, Apollo) can exercise significant influence. These investments are presented as investments in related parties on the condensed consolidated balance sheets, and are separately disclosed below. The following table represents the amortized cost, gross unrealized gains and losses, fair value and other than temporary impairments (OTTI) in accumulated other comprehensive income (AOCI) of our AFS investments by asset type: March 31, 2019 (In millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCI AFS securities U.S. government and agencies $ 48 $ 2 $ — $ 50 $ — U.S. state, municipal and political subdivisions 1,209 161 (5 ) 1,365 — Foreign governments 262 9 — 271 — Corporate 40,727 1,218 (534 ) 41,411 — CLO 6,320 6 (184 ) 6,142 — ABS 5,023 85 (33 ) 5,075 1 CMBS 2,394 50 (20 ) 2,424 7 RMBS 7,457 480 (20 ) 7,917 12 Total AFS securities 63,440 2,011 (796 ) 64,655 20 AFS securities – related party Corporate 3 — — 3 — CLO 654 — (16 ) 638 — ABS 1,039 11 (7 ) 1,043 — Total AFS securities – related party 1,696 11 (23 ) 1,684 — Total AFS securities including related party $ 65,136 $ 2,022 $ (819 ) $ 66,339 $ 20 December 31, 2018 (In millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCI AFS securities U.S. government and agencies $ 57 $ — $ — $ 57 $ — U.S. state, municipal and political subdivisions 1,183 117 (7 ) 1,293 — Foreign governments 162 2 (3 ) 161 — Corporate 38,018 394 (1,315 ) 37,097 1 CLO 5,658 2 (299 ) 5,361 — ABS 4,915 53 (48 ) 4,920 — CMBS 2,390 27 (60 ) 2,357 7 RMBS 7,642 413 (36 ) 8,019 11 Total AFS securities 60,025 1,008 (1,768 ) 59,265 19 AFS securities – related party CLO 587 — (25 ) 562 — ABS 875 4 (4 ) 875 — Total AFS securities – related party 1,462 4 (29 ) 1,437 — Total AFS securities including related party $ 61,487 $ 1,012 $ (1,797 ) $ 60,702 $ 19 The amortized cost and fair value of AFS securities, including related party, are shown by contractual maturity below: March 31, 2019 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 1,081 $ 1,082 Due after one year through five years 8,855 8,988 Due after five years through ten years 11,209 11,339 Due after ten years 21,101 21,688 CLO, ABS, CMBS and RMBS 21,194 21,558 Total AFS securities 63,440 64,655 AFS securities – related party Due after five years through ten years 3 3 CLO and ABS 1,693 1,681 Total AFS securities – related party 1,696 1,684 Total AFS securities including related party $ 65,136 $ 66,339 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, 2019 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Fair Value Gross AFS securities U.S. government and agencies $ 2 $ — $ 7 $ — $ 9 $ — U.S. state, municipal and political subdivisions 19 — 75 (5 ) 94 (5 ) Foreign governments 8 — 19 — 27 — Corporate 4,840 (141 ) 8,191 (393 ) 13,031 (534 ) CLO 4,782 (179 ) 161 (5 ) 4,943 (184 ) ABS 719 (10 ) 562 (23 ) 1,281 (33 ) CMBS 439 (8 ) 463 (12 ) 902 (20 ) RMBS 942 (16 ) 138 (4 ) 1,080 (20 ) Total AFS securities 11,751 (354 ) 9,616 (442 ) 21,367 (796 ) AFS securities – related party Corporate — — 3 — 3 — CLO 553 (16 ) — — 553 (16 ) ABS 324 (6 ) 72 (1 ) 396 (7 ) Total AFS securities – related party 877 (22 ) 75 (1 ) 952 (23 ) Total AFS securities including related party $ 12,628 $ (376 ) $ 9,691 $ (443 ) $ 22,319 $ (819 ) December 31, 2018 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 AFS securities U.S. government and agencies $ 32 $ — $ 2 $ — $ 34 $ — U.S. state, municipal and political subdivisions 139 (2 ) 82 (5 ) 221 (7 ) Foreign governments 97 (2 ) 15 (1 ) 112 (3 ) Corporate 20,213 (942 ) 4,118 (373 ) 24,331 (1,315 ) CLO 5,054 (297 ) 90 (2 ) 5,144 (299 ) ABS 1,336 (23 ) 506 (25 ) 1,842 (48 ) CMBS 932 (27 ) 497 (33 ) 1,429 (60 ) RMBS 1,417 (31 ) 140 (5 ) 1,557 (36 ) Total AFS securities 29,220 (1,324 ) 5,450 (444 ) 34,670 (1,768 ) AFS securities – related party CLO 534 (25 ) — — 534 (25 ) ABS 306 (2 ) 116 (2 ) 422 (4 ) Total AFS securities – related party 840 (27 ) 116 (2 ) 956 (29 ) Total AFS securities including related party $ 30,060 $ (1,351 ) $ 5,566 $ (446 ) $ 35,626 $ (1,797 ) As of March 31, 2019 , we held 2,638 AFS securities that were in an unrealized loss position. Of this total, 1,377 were in an unrealized loss position 12 months or more. As of March 31, 2019 , we held 38 related party AFS securities that were in an unrealized loss position. Of this total, six 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, 2019 , we incurred $1 million of net OTTI, none of which related to intent-to-sell impairments. The 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 securities, for which a portion of the securities’ total OTTI was recognized in AOCI: Three months ended March 31, (In millions) 2019 2018 Beginning balance $ 10 $ 14 Initial impairments – credit loss OTTI recognized on securities not previously impaired — 1 Additional impairments – credit loss OTTI recognized on securities previously impaired 1 — Reduction in impairments from securities sold, matured or repaid — (8 ) Ending balance $ 11 $ 7 Net Investment Income —Net investment income by asset class consists of the following: Three months ended March 31, (In millions) 2019 2018 AFS securities $ 753 $ 668 Trading securities 42 44 Equity securities 3 2 Mortgage loans 151 91 Investment funds 10 65 Funds withheld at interest 163 46 Other 39 23 Investment revenue 1,161 939 Investment expenses (95 ) (84 ) Net investment income $ 1,066 $ 855 Investment Related Gains (Losses) —Investment related gains (losses) by asset class consists of the following: Three months ended March 31, (In millions) 2019 2018 AFS securities Gross realized gains on investment activity $ 17 $ 21 Gross realized losses on investment activity (13 ) (6 ) Net realized investment gains on AFS securities 4 15 Net recognized investment gains (losses) on trading securities 49 (89 ) Net recognized investment gains on equity securities 18 1 Derivative gains (losses) 1,692 (184 ) Other gains 9 21 Investment related gains (losses) $ 1,772 $ (236 ) Proceeds from sales of AFS securities were $1,253 million and $1,547 million for the three months ended March 31, 2019 and 2018 , respectively. Proceeds from sales of AFS securities for the three months ended March 31, 2018 have been revised for immaterial misstatements to be comparable to current year balances. The following table summarizes the change in unrealized gains (losses) on trading and equity securities, including related party and consolidated VIEs, we still held as of the respective period end: Three months ended March 31, (In millions) 2019 2018 Trading securities $ 71 $ (69 ) Trading securities – related party (3 ) (2 ) VIE trading securities – related party 1 — Equity securities 18 — Equity securities – related party 3 — VIE equity securities – related party — 25 Purchased Credit Impaired (PCI) Investments —The following table summarizes our PCI investments: Fixed maturity securities Mortgage loans (In millions) March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Contractually required payments receivable $ 7,931 $ 8,179 $ 2,870 $ 2,675 Less: Cash flows expected to be collected 1 (6,968 ) (7,195 ) (2,829 ) (2,628 ) Non-accretable difference $ 963 $ 984 $ 41 $ 47 Cash flows expected to be collected 1 $ 6,968 $ 7,195 $ 2,829 $ 2,628 Less: Amortized cost (5,392 ) (5,518 ) (2,117 ) (1,931 ) Accretable difference $ 1,576 $ 1,677 $ 712 $ 697 Fair value $ 5,774 $ 5,828 $ 2,138 $ 1,933 Outstanding balance 6,619 6,773 2,395 2,210 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, 2019 (In millions) Fixed maturity securities Mortgage loans Contractually required payments receivable $ 66 $ 382 Cash flows expected to be collected 51 382 Fair value 44 292 The following table summarizes the activity for the accretable yield on PCI investments: Three months ended March 31, 2019 (In millions) Fixed maturity securities Mortgage loans Beginning balance at January 1 $ 1,677 $ 697 Purchases of PCI investments, net of sales 8 40 Accretion (91 ) (32 ) Net reclassification from (to) non-accretable difference (18 ) 7 Ending balance at March 31 $ 1,576 $ 712 Mortgage Loans, including related party —Mortgage loans, net of allowances, consists of the following: (In millions) March 31, 2019 December 31, 2018 Commercial mortgage loans $ 7,693 $ 7,217 Commercial mortgage loans under development 86 80 Total commercial mortgage loans 7,779 7,297 Residential mortgage loans 3,554 3,334 Mortgage loans, net of allowances $ 11,333 $ 10,631 We primarily invest in commercial mortgage loans on income producing properties including office and retail buildings, hotels, industrial properties and apartments. 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, 2019 December 31, 2018 (In millions, except for percentages) Net Carrying Value Percentage of Total Net Carrying Value Percentage of Total Property type Office building $ 2,527 32.4 % $ 2,221 30.5 % Retail 1,797 23.1 % 1,660 22.7 % Hotels 1,040 13.4 % 1,040 14.3 % Industrial 1,232 15.8 % 1,196 16.4 % Apartment 899 11.6 % 791 10.8 % Other commercial 284 3.7 % 389 5.3 % Total commercial mortgage loans $ 7,779 100.0 % $ 7,297 100.0 % U.S. Region East North Central $ 846 10.9 % $ 855 11.7 % East South Central 200 2.6 % 295 4.0 % Middle Atlantic 1,434 18.4 % 1,131 15.5 % Mountain 603 7.8 % 616 8.4 % New England 373 4.8 % 374 5.1 % Pacific 1,791 23.0 % 1,540 21.1 % South Atlantic 1,518 19.5 % 1,468 20.2 % West North Central 158 2.0 % 173 2.4 % West South Central 856 11.0 % 845 11.6 % Total U.S. Region 7,779 100.0 % 7,297 100.0 % Total commercial mortgage loans $ 7,779 100.0 % $ 7,297 100.0 % Our residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties located in the U.S. and is summarized in the following table: March 31, 2019 December 31, 2018 California 33.7 % 30.3 % Florida 15.7 % 16.3 % New York 7.2 % 7.7 % Texas 6.4 % 3.3 % Other 1 37.0 % 42.4 % Total residential mortgage loan percentage 100.0 % 100.0 % 1 Represents 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 $2 million as of March 31, 2019 and December 31, 2018 . We did not record any material activity in the valuation allowance during the three months ended March 31, 2019 or 2018 . 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, 2019 and December 31, 2018 , $56 million and $48 million , respectively, of our residential mortgage loans were nonperforming. Commercial mortgage loans – As of March 31, 2019 and December 31, 2018 , none of our commercial loans were 30 days or more 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, 2019 December 31, 2018 Less than 50% $ 2,060 $ 1,883 50% to 60% 1,986 1,988 61% to 70% 2,856 2,394 71% to 80% 702 898 81% to 100% 89 54 Commercial mortgage loans $ 7,693 $ 7,217 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, 2019 December 31, 2018 Greater than 1.20x $ 7,057 $ 6,576 1.00x – 1.20x 360 474 Less than 1.00x 276 167 Commercial mortgage loans $ 7,693 $ 7,217 Investment Funds —Our investment fund portfolio consists of funds that employ various strategies and include investments in real estate and other real assets, credit , equity, natural resources and hedge funds. Investment funds can meet the definition of VIEs. Our investment funds do not specify timing of distributions on the funds’ underlying assets. The following summarizes our investment funds, including related party and those owned by consolidated VIEs: March 31, 2019 December 31, 2018 1 (In millions, except for percentages and years) Carrying value Percent of total Carrying value Percent of total Investment funds Real estate $ 224 32.8 % $ 215 30.6 % Credit funds 155 22.7 % 172 24.5 % Private equity 239 35.0 % 253 36.0 % Real assets 64 9.4 % 56 7.9 % Natural resources 1 0.1 % 4 0.6 % Other — — % 3 0.4 % Total investment funds 683 100.0 % 703 100.0 % Investment funds – related parties Differentiated investments AmeriHome Mortgage Company, LLC (AmeriHome) 2 436 19.0 % 463 20.7 % Catalina Holdings Ltd. (Catalina) 232 10.1 % 233 10.4 % Athora Holding Ltd. (Athora) 2 124 5.4 % 105 4.7 % Venerable Holdings, Inc. (Venerable) 2 87 3.8 % 92 4.1 % Other 171 7.5 % 162 7.3 % Total differentiated investments 1,050 45.8 % 1,055 47.2 % Real estate 498 21.8 % 506 22.7 % Credit funds 340 14.8 % 341 15.3 % Private equity 52 2.3 % 18 0.8 % Real assets 144 6.3 % 145 6.5 % Natural resources 123 5.4 % 104 4.7 % Public equities 83 3.6 % 63 2.8 % Total investment funds – related parties 2,290 100.0 % 2,232 100.0 % Investment funds owned by consolidated VIEs MidCap FinCo Limited (MidCap) 2 550 88.8 % 552 88.4 % Credit funds 1 0.2 % 1 0.2 % Real estate 29 4.7 % 30 4.8 % Real assets 39 6.3 % 41 6.6 % Total investment funds owned by consolidated VIEs 619 100.0 % 624 100.0 % Total investment funds including related parties and funds owned by consolidated VIEs $ 3,592 $ 3,559 1 Certain reclassifications have been made to conform with current year presentation. 2 See further discussions on AmeriHome, Athora, Venerable and MidCap in Note 8 – Related Parties. 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, 2019 December 31, 2018 Ownership Percentage 100% $ 15 $ 17 50% – 99% 1,017 1,044 3% – 49% 1,684 1,617 Equity method investment funds $ 2,716 $ 2,678 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, 2019 December 31, 2018 Ownership Percentage 3% – 49% $ 699 $ 687 Less than 3% 177 194 Fair value option investment funds $ 876 $ 881 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. 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 of 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. Equity securities – We invest in preferred equity securities issued by entities deemed to be VIEs due to insufficient equity within the structure. Our risk of loss associated with our non-consolidated investments depends on the investment. Investment funds, equity securities and trading securities are limited to the carrying value plus unfunded commitments. AFS securities are limited to amortized cost plus unfunded commitments. The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: March 31, 2019 December 31, 2018 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 683 $ 1,271 $ 703 $ 1,329 Investment in related parties – investment funds 2,290 4,301 2,232 4,331 Assets of consolidated VIEs – investment funds 619 722 624 727 Investment in fixed maturity securities 22,107 21,748 21,188 21,139 Investment in related parties – fixed maturity securities 1,920 2,010 1,686 1,788 Investment in related parties – equity securities 301 301 120 120 Total non-consolidated investments $ 27,920 $ 30,353 $ 26,553 $ 29,434

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2019
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 4 – 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, 2019 December 31, 2018 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency swaps 2,275 $ 68 $ 49 2,041 $ 83 $ 55 Foreign currency forwards 154 2 — 85 — 1 Total derivatives designated as hedges 70 49 83 56 Derivatives not designated as hedges Equity options 49,566 1,824 22 49,821 942 11 Futures 6 8 1 4 9 3 Total return swaps 60 4 — 62 — 3 Foreign currency swaps 38 3 1 38 3 2 Interest rate swaps 310 — 1 326 — 1 Credit default swaps 10 — 4 10 — 4 Foreign currency forwards 795 11 7 646 6 5 Embedded derivatives Funds withheld including related party — 660 12 — (53 ) (1 ) Interest sensitive contract liabilities — — 9,106 — — 7,969 Total derivatives not designated as hedges 2,510 9,154 907 7,997 Total derivatives $ 2,580 $ 9,203 $ 990 $ 8,053 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 July 2049 . During the three months ended March 31, 2019 and 2018 , we had foreign currency swap losses of $8 million and $56 million , respectively, recorded in AOCI. There were no amounts reclassified to income and no amounts deemed ineffective for the three months ended March 31, 2019 and 2018 . As of March 31, 2019 , no amounts are expected to be reclassified to income within the next 12 months. 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. Certain of these forwards entered into during the fourth quarter of 2018 are designated and accounted for as fair value hedges. As of March 31, 2019 and December 31, 2018 , the carrying amount of the hedged AFS securities – CLOs was $154 million and $88 million , respectively, and the cumulative amount of fair value hedging adjustments included in the hedged AFS securities – CLOs included gains of $2 million and $1 million , respectively. The gains and losses on derivatives and the related hedged items in fair value hedge relationships are recorded in investment related gains (losses) on the condensed consolidated statements of income. The derivatives had gains of $3 million during the three months ended March 31, 2019 , and the related hedged items had losses of $3 million during the three months ended March 31, 2019 . 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. 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. 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. Certain of these swaps entered into during the fourth quarter of 2016 were designated as fair value hedges. These fair value hedges were dedesignated during the second quarter of 2018 and there was no material impact as a result. 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. 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 modified coinsurance (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) 2019 2018 Equity options $ 849 $ (142 ) Futures (11 ) (5 ) Swaps 18 2 Foreign currency forwards 6 (7 ) Embedded derivatives on funds withheld 830 (32 ) Amounts recognized in investment related gains (losses) 1,692 (184 ) Embedded derivatives in indexed annuity products 1 (1,017 ) 247 Total gains (losses) on derivatives not designated as hedges $ 675 $ 63 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, 2019 Derivative assets $ 1,920 $ (65 ) $ (1,781 ) $ 74 $ (3 ) $ 71 Derivative liabilities (85 ) 65 14 (6 ) — (6 ) December 31, 2018 Derivative assets $ 1,043 $ (52 ) $ (969 ) $ 22 $ (4 ) $ 18 Derivative liabilities (85 ) 52 24 (9 ) — (9 ) 1 T he gross amounts of recognized derivative assets and derivative liabilities are reported on the c ondensed c onsolidated balance sheets. As of March 31, 2019 and December 31, 2018, 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.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value	4. 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. NAV – Investment funds are typically measured using NAV as a practical expedient in determining fair value and are not classified in the fair value hierarchy. The underlying investments of the investment funds may have significant unobservable inputs, which may include but are not limited to, comparable multiples and weighted average cost of capital rates applied in valuation models or a discounted cash flow model. 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, 2019 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities U.S. government and agencies $ 50 $ — $ 49 $ 1 $ — U.S. state, municipal and political subdivisions 1,365 — — 1,365 — Foreign governments 271 — — 271 — Corporate 41,411 — — 40,376 1,035 CLO 6,142 — — 6,032 110 ABS 5,075 — — 3,461 1,614 CMBS 2,424 — — 2,250 174 RMBS 7,917 — — 7,860 57 Total AFS securities 64,655 — 49 61,616 2,990 Trading securities U.S. government and agencies 5 — 3 2 — U.S. state, municipal and political subdivisions 130 — — 130 — Foreign governments 17 — — 17 — Corporate 1,555 — — 1,545 10 CLO 20 — — 12 8 ABS 100 — — 94 6 CMBS 50 — — 50 — RMBS 379 — — 293 86 Total trading securities 2,256 — 3 2,143 110 Equity securities 252 — 47 202 3 Mortgage loans 32 — — — 32 Investment funds 159 134 — — 25 Funds withheld at interest – embedded derivative 446 — — — 446 Derivative assets 1,920 — 8 1,912 — Short-term investments 155 — 50 105 — Other investments 52 — — 52 — Cash and cash equivalents 3,021 — 3,021 — — Restricted cash 497 — 497 — — Investments in related parties AFS securities Corporate 3 — — 3 — CLO 638 — — 638 — ABS 1,043 — — 546 497 Total AFS securities – related party 1,684 — — 1,187 497 Trading securities CLO 101 — — 46 55 ABS 138 — — — 138 Total trading securities – related party 239 — — 46 193 Equity securities 301 — — — 301 Investment funds 232 108 — — 124 Funds withheld at interest – embedded derivative 214 — — — 214 Reinsurance recoverable 1,737 — — — 1,737 Assets of consolidated VIEs Trading securities 34 — — — 34 Equity securities 6 — — — 6 Investment funds 564 550 — — 14 Cash and cash equivalents 2 — 2 — — Total assets measured at fair value $ 78,458 $ 792 $ 3,677 $ 67,263 $ 6,726 (Continued) March 31, 2019 (In millions) Total NAV Level 1 Level 2 Level 3 Liabilities Interest sensitive contract liabilities Embedded derivative $ 9,106 $ — $ — $ — $ 9,106 Universal life benefits 979 — — — 979 Future policy benefits AmerUs Life Insurance Company (AmerUs) Closed Block 1,483 — — — 1,483 Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits 743 — — — 743 Derivative liabilities 85 — 1 80 4 Funds withheld liability – embedded derivative 12 — — 12 — Total liabilities measured at fair value $ 12,408 $ — $ 1 $ 92 $ 12,315 (Concluded) December 31, 2018 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities U.S. government and agencies $ 57 $ — $ 54 $ 3 $ — U.S. state, municipal and political subdivisions 1,293 — — 1,293 — Foreign governments 161 — — 161 — Corporate 37,097 — — 36,199 898 CLO 5,361 — — 5,254 107 ABS 4,920 — — 3,305 1,615 CMBS 2,357 — — 2,170 187 RMBS 8,019 — — 7,963 56 Total AFS securities 59,265 — 54 56,348 2,863 Trading securities U.S. government and agencies 5 — 3 2 — U.S. state, municipal and political subdivisions 126 — — 126 — Corporate 1,287 — — 1,287 — CLO 9 — — 8 1 ABS 87 — — 87 — CMBS 49 — — 49 — RMBS 386 — — 252 134 Total trading securities 1,949 — 3 1,811 135 Equity securities 216 — 40 173 3 Mortgage loans 32 — — — 32 Investment funds 182 153 — — 29 Funds withheld at interest – embedded derivative 57 — — — 57 Derivative assets 1,043 — 9 1,034 — Short-term investments 191 — 66 125 — Other investments 52 — — 52 — Cash and cash equivalents 2,911 — 2,911 — — Restricted cash 492 — 492 — — (Continued) December 31, 2018 (In millions) Total NAV Level 1 Level 2 Level 3 Investments in related parties AFS securities CLO 562 — — 562 — ABS 875 — — 547 328 Total AFS securities – related party 1,437 — — 1,109 328 Trading securities CLO 100 — — 22 78 ABS 149 — — — 149 Total trading securities – related party 249 — — 22 227 Equity securities 120 — — — 120 Investment funds 201 96 — — 105 Funds withheld at interest - embedded derivative (110 ) — — — (110 ) Reinsurance recoverable 1,676 — — — 1,676 Assets of consolidated VIEs Trading securities 35 — — — 35 Equity securities 50 — 37 — 13 Investment funds 567 552 — — 15 Cash and cash equivalents 2 — 2 — — Total assets measured at fair value $ 70,617 $ 801 $ 3,614 $ 60,674 $ 5,528 Liabilities Interest sensitive contract liabilities Embedded derivative $ 7,969 $ — $ — $ — $ 7,969 Universal life benefits 932 — — — 932 Future policy benefits AmerUs Closed Block 1,443 — — — 1,443 ILICO Closed Block and life benefits 730 — — — 730 Derivative liabilities 85 — 3 78 4 Funds withheld liability – embedded derivative (1 ) — — (1 ) — Total liabilities measured at fair value $ 11,158 $ — $ 3 $ 77 $ 11,078 (Concluded) Fair Value Valuation Methods —We used the following valuation methods and assumptions to estimate fair value: 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 also have fixed maturity securities priced based on indicative broker quotes or by employing market accepted valuation models. For certain fixed maturity securities, the valuation model uses significant unobservable inputs and are included in Level 3 in our fair value hierarchy. Significant unobservable inputs used include: issue specific credit adjustments, material non-public financial information, estimation of future earnings and cash flows, default rate assumptions, liquidity assumptions and indicative quotes from market makers. These inputs are usually considered unobservable, as not all market participants have access to this data. 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. Investment funds – Certain investment funds for which we elected the fair value option are included in Level 3 and are priced based on market accepted valuation models. The valuation models use significant unobservable inputs, which include material non-public financial information, estimation of future distributable earnings and demographic assumptions. These inputs are usually considered unobservable, as not all market participants have access to this data. 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 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. 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 nonperformance 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. 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, including related parties and consolidated VIEs: Three months ended March 31, (In millions) 2019 2018 Trading securities $ 50 $ (89 ) Investment funds (4 ) 2 Future policy benefits (40 ) 84 Total gains (losses) $ 6 $ (3 ) Gains and losses on trading securities are recorded in investment related gains (losses) on the condensed consolidated statements of income. 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, 2019 December 31, 2018 Unpaid principal balance $ 30 $ 30 Mark to fair value 2 2 Fair value $ 32 $ 32 There were no fair value option mortgage loans 90 days or more past due as of March 31, 2019 and December 31, 2018 . 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, 2019 Total realized and unrealized gains (losses) Transfers (In millions) Beginning Balance Included in income Included in OCI Net purchases, issuances, sales and settlements In (Out) Ending Balance Total gains (losses) included in earnings 1 Assets AFS securities Corporate $ 898 $ (2 ) $ 5 $ 165 $ — $ (31 ) $ 1,035 $ — CLO 107 — 2 30 — (29 ) 110 — ABS 1,615 3 16 57 19 (96 ) 1,614 — CMBS 187 — 2 (6 ) 8 (17 ) 174 — RMBS 56 — 1 — — — 57 — Trading securities Corporate — — — — 10 — 10 — CLO 1 — — — 7 — 8 1 ABS — — — 6 — — 6 — RMBS 134 (3 ) — — 38 (83 ) 86 2 Equity securities 3 — — — — — 3 — Mortgage loans 32 — — — — — 32 — Investment funds 29 (3 ) — (1 ) — — 25 (3 ) Funds withheld at interest – embedded derivative 57 389 — — — — 446 — Investments in related parties AFS securities, ABS 328 — — 169 — — 497 — Trading securities CLO 78 (1 ) — — — (22 ) 55 4 ABS 149 (11 ) — — — — 138 (11 ) Equity securities 120 4 — 177 — — 301 4 Investment funds 105 — — 19 — — 124 — Funds withheld at interest – embedded derivative (110 ) 324 — — — — 214 — Reinsurance recoverable 1,676 61 — — — — 1,737 — Investments of consolidated VIEs Trading securities 35 — — (1 ) — — 34 — Equity securities 13 (3 ) — (4 ) — — 6 — Investment funds 15 (1) — — — — 14 — Total Level 3 assets $ 5,528 $ 757 $ 26 $ 611 $ 82 $ (278 ) $ 6,726 $ (3 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,969 ) $ (1,017 ) $ — $ (120 ) $ — $ — $ (9,106 ) $ — Universal life benefits (932 ) (47 ) — — — — (979 ) — Future policy benefits AmerUs Closed Block (1,443 ) (40 ) — — — — (1,483 ) — ILICO Closed Block and life benefits (730 ) (13 ) — — — — (743 ) — Derivative liabilities (4 ) — — — — — (4 ) — Total Level 3 liabilities $ (11,078 ) $ (1,117 ) $ — $ (120 ) $ — $ — $ (12,315 ) $ — 1 Related to instruments held at end of period. Three months ended March 31, 2018 Total realized and unrealized gains (losses) Transfers (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements In Out Ending balance Total gains (losses) included in earnings 1 Assets AFS Securities Corporate 578 4 (4 ) 58 53 (8 ) 681 — CLO 64 — 2 131 — (30 ) 167 — ABS 1,457 2 (7 ) (104 ) — (58 ) 1,290 — 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 AFS Securities CLO — — — 62 — — 62 — ABS 4 — — — — — 4 — 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 — Investments of consolidated VIEs Trading securities 48 — — (1 ) — — 47 — Equity securities 28 — — — — — 28 — Investment funds 21 1 — (2 ) — — 20 1 Total Level 3 assets $ 5,422 $ (234 ) $ (15 ) $ 260 $ 249 $ (584 ) $ 5,098 $ — Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,411 ) $ 247 $ — $ (56 ) $ — $ — $ (7,220 ) $ — 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 $ (10,849 ) $ 441 $ — $ (56 ) $ — $ — $ (10,464 ) $ — 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, 2019 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Assets AFS securities Corporate $ 238 $ — $ (1 ) $ (72 ) $ 165 CLO 30 — — — 30 ABS 189 — (33 ) (99 ) 57 CMBS — — — (6 ) (6 ) Trading securities, ABS 6 — — — 6 Investment funds — — — (1 ) (1 ) Investments in related parties AFS securities, ABS 170 — — (1 ) 169 Equity securities 177 — — — 177 Investment funds 19 — — — 19 Investments of consolidated VIEs Trading securities — — (1 ) — (1 ) Equity securities — — (4 ) — (4 ) Total Level 3 assets $ 829 $ — $ (39 ) $ (179 ) $ 611 Liabilities Interest sensitive contract liabilities Embedded derivative $ — $ (233 ) $ — $ 113 $ (120 ) Total Level 3 liabilities $ — $ (233 ) $ — $ 113 $ (120 ) Three months ended March 31, 2018 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Assets 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 AFS securities, CLO 62 — — — 62 Trading securities, CLO — — (1 ) — (1 ) Investment funds 108 — — — 108 Investments of consolidated VIEs Trading securities — — (1 ) — (1 ) Investment funds — — (2 ) — (2 ) Total Level 3 assets $ 453 $ — $ (37 ) $ (156 ) $ 260 Liabilities Interest sensitive contract liabilities Embedded derivative $ — $ (126 ) $ — $ 70 $ (56 ) Total Level 3 liabilities $ — $ (126 ) $ — $ 70 $ (56 ) 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. AFS and trading 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, 2019 , discounts ranged from 4% to 7% , and as of December 31, 2018 , discounts ranged from 5% to 9% . 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. Nonperformance risk – For contracts we issue, we use the credit spread, relative to the U.S. Department of the Treasury (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. 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, 2019 (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 $ 9,106 Option budget method Nonperformance risk 0.1 % – 1.3% Decrease Option budget 0.7 % – 3.7% Increase Surrender rate 3.6 % – 7.5% Decrease December 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 $ 7,969 Option budget method Nonperformance risk 0.3 % – 1.5% Decrease Option budget 0.7 % – 3.7% Increase Surrender rate 3.6 % – 7.3% 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, 2019 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Mortgage loans $ 11,010 $ 11,190 $ — $ — $ — $ 11,190 Investment funds 524 524 524 — — — Policy loans 487 487 — — 487 — Funds withheld at interest 14,795 14,795 — — — 14,795 Other investments 69 69 — — — 69 Investments in related parties Mortgage loans 291 286 — — — 286 Investment funds 2,058 2,058 2,058 — — — Funds withheld at interest 13,469 13,469 — — — 13,469 Other investments 387 389 — — — 389 Assets of consolidated VIEs Investment funds 55 55 55 — — — Total financial assets not carried at fair value $ 43,145 $ 43,322 $ 2,637 $ — $ 487 $ 40,198 Financial liabilities Interest sensitive contract liabilities $ 55,220 $ 53,504 $ — $ — $ — $ 53,504 Long-term debt 991 962 — — 962 — Funds withheld liability 712 712 — — 712 — Total financial liabilities not carried at fair value $ 56,923 $ 55,178 $ — $ — $ 1,674 $ 53,504 December 31, 2018 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Mortgage loans $ 10,308 $ 10,424 $ — $ — $ — $ 10,424 Investment funds 521 521 521 — — — Policy loans 488 488 — — 488 — Funds withheld at interest 14,966 14,966 — — — 14,966 Other investments 70 70 — — — 70 Investments in related parties Mortgage loans 291 290 — — — 290 Investment funds 2,031 2,031 2,031 — — — Funds withheld at interest 13,687 13,687 — — — 13,687 Other investments 386 361 — — — 361 Assets of consolidated VIEs Investment funds 57 57 57 — — — Total financial assets not carried at fair value $ 42,805 $ 42,895 $ 2,609 $ — $ 488 $ 39,798 Financial liabilities Interest sensitive contract liabilities $ 54,655 $ 51,655 $ — $ — $ — $ 51,655 Long-term debt 991 910 — — 910 — Funds withheld liability 722 722 — — 722 — Total financial liabilities not carried at fair value $ 56,368 $ 53,287 $ — $ — $ 1,632 $ 51,655 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 and funds withheld at interest and liability, 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, 2019
Insurance [Abstract]
Deferred Acquisition Costs, Deferred Sales Inducements, and Value of Business Acquired	5. 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, 2018 $ 3,921 $ 799 $ 1,187 $ 5,907 Additions 173 60 — 233 Amortization (226 ) (5 ) (5 ) (236 ) Impact of unrealized investment (gains) losses (149 ) (49 ) (87 ) (285 ) Balance at March 31, 2019 $ 3,719 $ 805 $ 1,095 $ 5,619 (In millions) DAC DSI VOBA Total Balance at December 31, 2017 $ 1,375 $ 520 $ 1,077 $ 2,972 Additions 122 46 — 168 Amortization (33 ) (20 ) (49 ) (102 ) Impact of unrealized investment (gains) losses 67 22 79 168 Balance at March 31, 2018 $ 1,531 $ 568 $ 1,107 $ 3,206

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	6. Earnings Per Share The following represents our basic and diluted earnings per share (EPS) calculations: Three months ended March 31, 2019 (In millions, except per share data) Class A Class B Class M-1 Class M-2 Class M-3 Class M-4 Net income – basic and diluted $ 589 $ 93 $ 12 $ 3 $ 3 $ 8 Basic weighted average shares outstanding 161.3 25.4 3.4 0.8 1.0 2.1 Dilutive effect of stock compensation plans 0.4 — — — — 0.3 Diluted weighted average shares outstanding 161.7 25.4 3.4 0.8 1.0 2.4 Earnings per share 1 Basic $ 3.65 $ 3.65 $ 3.65 $ 3.65 $ 3.65 $ 3.65 Diluted $ 3.64 $ 3.65 $ 3.65 $ 3.65 $ 3.65 $ 3.15 1 Calculated using whole figures. Three months ended March 31, 2018 (In millions, except per share data) Class A Class B Class M-1 Class M-2 Class M-3 Class M-4 Net income – basic and diluted $ 209 $ 58 $ 5 $ 1 $ 1 $ 3 Basic weighted average shares outstanding 148.7 41.1 3.4 0.8 1.0 2.1 Dilutive effect of stock compensation plans 0.3 — — — — 0.9 Diluted weighted average shares outstanding 149.0 41.1 3.4 0.8 1.0 3.0 Earnings per share 1 Basic $ 1.40 $ 1.40 $ 1.40 $ 1.40 $ 1.40 $ 1.40 Diluted $ 1.40 $ 1.40 $ 1.40 $ 1.39 $ 1.38 $ 0.97 1 Calculated using whole figures. We use the two-class method for allocating net income to each class of our common stock. 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, (In millions) 2019 2018 Antidilutive shares, RSUs and options excluded from diluted EPS calculation 34.7 35.2 Shares, RSUs and options excluded from diluted EPS calculation as a performance condition had not been met 0.1 0.3 Total shares, RSUs and options excluded from diluted EPS calculation 34.8 35.5 Note: Shares, RSUs and options are as of period end.

Equity

Equity	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Accumulated Other Comprehensive Income	7. Equity Share Repurchase Authorization — In December 2018, our board of directors approved an authorization for the repurchase of our Class A shares under our repurchase program. In the first quarter of 2019, our board of directors approved an additional authorization, which was conditioned upon the further approval by a committee of our board of directors. Such further approval was granted during the second quarter of 2019. We may repurchase shares in open market transactions, in privately negotiated transactions or otherwise. The size and timing of repurchases will depend on legal requirements, market and economic conditions and other factors, and are solely at our discretion. The program has no expiration date, but may be modified, suspended or terminated by the board at any time. The following summarizes the activity on our share repurchase authorization: (In millions) Initial authorization $ 250 Repurchases (100 ) Remaining authorization at December 31, 2018 150 Repurchases (47 ) Remaining authorization at March 31, 2019 103 Additional authorization 247 Remaining authorization at May 7, 2019 $ 350 Acc umulated Other Comprehensive Income (Loss)— The following provides the details of AOCI and changes in AOCI: (In millions) March 31, 2019 December 31, 2018 AFS securities $ 1,223 $ (766 ) DAC, DSI, VOBA and future policy benefits adjustments on AFS securities (357 ) 154 Noncredit component of OTTI losses on AFS securities (20 ) (19 ) Hedging instruments 43 51 Pension adjustments (3 ) (2 ) Foreign currency translation adjustments (2 ) (3 ) Accumulated other comprehensive income (loss), before taxes 884 (585 ) Deferred income taxes (178 ) 113 Accumulated other comprehensive income (loss) $ 706 $ (472 ) Changes in AOCI are presented below: Three months ended March 31, (In millions) 2019 2018 Unrealized investment gains (losses) on AFS securities Unrealized investment gains (losses) on AFS securities $ 1,982 $ (1,282 ) Change in DAC, DSI, VOBA and future policy benefits adjustment (511 ) 410 Less: Reclassification adjustment for gains (losses) realized in net income 1 (7 ) 19 Less: Income tax expense (benefit) 293 (159 ) Net unrealized investment gains (losses) on AFS securities 1,185 (732 ) 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 (8 ) (56 ) Less: Income tax benefit (2 ) (20 ) Net unrealized gains (losses) on hedging instruments (6 ) (36 ) Pension adjustments (1 ) 3 Foreign currency translation adjustments 1 (8 ) Change in AOCI from other comprehensive income (loss) 1,178 (773 ) Adoption of accounting standards — (42 ) Change in AOCI $ 1,178 $ (815 ) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income.

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Parties	8. 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, 2019 , AAM directly managed $90,287 million of our investment portfolio assets, of which 86% 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, subject to certain limited exceptions. Additionally, AAM recharges the sub-advisory fees it incurs with respect to our sub-advised assets to us. We currently pay AAM an annual fee of 0.40% , subject to certain discounts and exceptions, on all assets that AAM 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) up to $65,846 million and 0.30% per year on assets managed in excess of such amount. 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, 2019 December 31, 2018 AFS securities Foreign governments $ 240 $ 153 Corporate 3,680 3,398 CLO 6,487 5,703 ABS 654 663 CMBS 1,011 880 Trading securities 88 87 Equity securities 2 2 Mortgage loans 3,856 3,507 Investment funds 309 157 Funds withheld at interest 4,935 4,126 Other investments 69 70 Total assets sub-advised by Apollo affiliates $ 21,331 $ 18,746 Percent of assets sub-advised by Apollo affiliates to total AAM-managed assets 19 % 18 % AAM pays Apollo 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 , 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 , subject to certain exceptions. Asset management and sub-advisory fees —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) 2019 2018 Asset management fees $ 75 $ 70 Sub-advisory fees 17 13 The management and sub-advisory fees are included within net investment income on the condensed consolidated statements of income. As of March 31, 2019 and December 31, 2018 , the management fees payable was $35 million and $34 million , respectively, and the sub-advisory fees payable was $16 million and $20 million , respectively. Both the management and sub-advisory fees payables are included in other liabilities on the condensed consolidated balance sheets. Our bye-laws currently provide that we may not, and will cause our subsidiaries not to, terminate any investment management agreement (IMA) among us or any of our subsidiaries, on the one hand, and AAM, on the other hand, before any annual anniversary of October 31 (each such date, an IMA Termination Election Date) and any termination on an IMA Termination Election Date requires (i) the approval of two-thirds of our Independent Directors (as defined in the bye-laws) and (ii) prior written notice to AAM of such termination at least 30 days’ prior to an IMA Termination Election Date. If our Independent Directors make such election to terminate and notice of such termination is delivered, the termination will be effective on the second anniversary of the applicable IMA Termination Election Date (IMA Termination Effective Date). Notwithstanding the foregoing, (A) except as set forth in (B) below, our Independent Directors may only elect to terminate an IMA on an IMA Termination Election Date if two-thirds of our Independent Directors determine, in their sole discretion and acting in good faith, that either (i) there has been unsatisfactory long-term performance materially detrimental to us by AAM or (ii) the fees being charged by AAM 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 AAM and AAM will 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 (B) upon the determination by two-thirds of our Independent Directors, we or our subsidiaries may also terminate an IMA with AAM as a result of either (i) a material violation of law relating to AAM’s advisory business, or (ii) AAM’s gross negligence, willful misconduct or reckless disregard of its obligations under the relevant agreement, and in either case, the delivery of written notice at least 30 days’ prior to such termination and such termination will be effective at the end of such 30-day period (the events described in the foregoing clauses (A) and (B) are referred to in more detail in our bye-laws as “AHL Cause”). 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 remuneration from acting as Chief Executive Officer of AAM, and owns a profits interest in AAM. Additionally, six of the fifteen 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 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 A-A Mortgage Opportunities, L.P. ( A-A Mortgage) – We have an equity method investment of $436 million and $463 million as of March 31, 2019 and December 31, 2018 , respectively, in A-A Mortgage, which has an investment in AmeriHome. We have a loan purchase agreement with AmeriHome. The agreement allows us to purchase residential mortgage loans which AmeriHome has purchased from correspondent sellers and pooled for sale in the secondary market. AmeriHome retains the servicing rights to the sold loans. We purchased $0 million and $44 million of residential mortgage loans under this agreement during the three months ended March 31, 2019 and 2018 , respectively. We also have commitments to make additional equity investments in A-A Mortgage of $169 million as of March 31, 2019 . MidCap – AAA Investment (Co Invest VII), L.P. (CoInvest VII) holds a significant investment in MidCap, which is included in investment funds of consolidated VIEs on the condensed consolidated balance sheets. We have also advanced amounts under a subordinated debt facility to Midcap and, as of March 31, 2019 and December 31, 2018 , the principal balance was $245 million , which is included in other related party investments on the condensed consolidated balance sheets. Our total investment in MidCap, including amounts advanced under credit facilities, was $789 million and $791 million as of March 31, 2019 and December 31, 2018 , respectively. Additionally, we purchased ABS and CLO securities issued by MidCap affiliates during the three months ended March 31, 2019 and 2018 of $2 million and $62 million , respectively, which are included in related party AFS securities on the condensed consolidated balance sheets. Athora – We have a cooperation agreement with Athora, pursuant to which, among other things, (1) we 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 are required to purchase certain funding agreements and/or other spread instruments issued by our insurance subsidiaries, (3) we provide Athora with a right of first refusal to pursue acquisition and reinsurance transactions in Europe (other than the United Kingdom) and (4) Athora provides us and our subsidiaries with a right of first refusal to pursue acquisition and reinsurance transactions in North America and the United Kingdom. Our investment in Athora, which is included in related party investment funds on the condensed consolidated balance sheets, was $124 million and $105 million as of March 31, 2019 and December 31, 2018 , respectively. Additionally, as of March 31, 2019 and December 31, 2018 , we had $163 million and $166 million of funding agreements outstanding to Athora . We also have commitments to make additional equity investments in Athora of $300 million as of March 31, 2019 . Venerable – In connection with our coinsurance and modco agreements with Voya Insurance and Annuity Company (VIAC) , we have an $87 million minority equity investment in VA Capital Company LLC (VA Capital), which is included in related party investment funds on the condensed consolidated balance sheets and accounted for as an equity method investment. VA Capital is owned by a consortium of investors, led by affiliates of AGM, Crestview Partners and Reverence Capital Partners, and is the holding company of Venerable. Additionally, we have a $148 million , 15-year term loan receivable from Venerable, which is held at amortized cost and included in related party other investments on the condensed consolidated balance sheets. While management views the overall transactions with VIAC and Venerable as favorable to us, the stated interest rate of 6.257% on the term loan to Venerable represents a below-market interest rate, and management considered such rate as part of its evaluation and pricing of the Voya reinsurance transactions. Venerable is the holding company of VIAC. Strategic Partnership – On October 24, 2018, we entered into an agreement pursuant to which we may invest up to $2.5 billion over three years in funds managed by Apollo entities (Strategic Partnership). This arrangement is intended to permit us to invest across the Apollo alternatives platform into credit-oriented, strategic and other alternative investments in a manner and size that is consistent with our existing investment strategy. Fees for such investments payable by us to Apollo would be more favorable to us than market rates, and consistent with our existing alternative investments, investments made under the Strategic Partnership require approval of AAM and remain subject to our existing governance processes, including approval by our conflicts committee where applicable. As of March 31, 2019 and December 31, 2018 , we had $16 million of investments under the Strategic Partnership and these investments are classified as investment funds of consolidated VIEs.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Contingent Commitments —We had commitments to make investments, primarily capital contributions to investment funds, inclusive of related party commitments discussed previously, of $2,938 million a nd $3,036 million as of March 31, 2019 and December 31, 2018 , 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. Funding Agreements —We are a member of the Federal Home Loan Bank (FHLB) and, through membership, we have issued funding agreements to the FHLB in exchange for cash advances. As of March 31, 2019 and December 31, 2018 , we had $926 million of FHLB funding agreements outstanding. 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 $10 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. As of March 31, 2019 and December 31, 2018 , we had $2,700 million of FABN f unding agreements outstanding . 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, 2019 December 31, 2018 AFS securities $ 6,543 $ 5,439 Trading securities 277 68 Equity securities 2 2 Mortgage loans 1,967 1,830 Investment funds 56 53 Derivative assets 68 24 Short-term investments 56 77 Other investments 47 47 Restricted cash 497 492 Total restricted assets $ 9,513 $ 8,032 The restricted assets are primarily related to reinsurance trusts established in accordance with coinsurance agreements, and the FHLB funding agreements described above. Letter of Credit— We have an unused letter of credit for $219 million as of March 31, 2019 . This letter of credit was issued for our reinsurance program and expires by December 31, 2020 . Litigation, Claims and Assessments Corporate-owned Life Insurance (COLI) Matter – In 2000 and 2001, two insurance companies, which were subsequently merged into Athene Annuity and Life Company (AAIA), purchased from American General Life Insurance Company (American General) broad based variable COLI policies that, as of March 31, 2019 , had an asset value of $373 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, which the defendants have moved to dismiss. The Court heard oral arguments on February 13, 2019 and has taken the matter under advisement. 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 $185 million as of March 31, 2019 . Regulatory Matters – 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. The life insurance policies included in this block have been and are currently being administered by AllianceOne Inc. (AllianceOne), a subsidiary of DXC Technology Company, which was retained by such Global Atlantic affiliates to provide services on such policies. AllianceOne also administers certain annuity policies that were on Aviva USA’s legacy policy administration systems that were also converted in connection with the acquisition of Aviva USA and have experienced similar service and administration issues. As a result of the difficulties experienced with respect to the administration of such policies, we have received notifications from several state regulators, including but not limited to the New York State Department of Financial Services (NYSDFS), the California Department of Insurance and the Texas Department of Insurance, indicating, in each case, that the respective regulator planned to undertake a market conduct examination or enforcement proceeding of the applicable U.S. insurance subsidiary 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 AllianceOne. On June 28, 2018 we entered into a consent order with the NYSDFS resolving that matter in a manner that, when considering the indemnification received from affiliates of Global Atlantic, did not have a material impact 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. In addition to the examinations and proceedings initiated to date, it is possible that other regulators 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. While we do not expect the amount of any such fines, penalties or payments arising from these matters to be material to our financial condition, results of operations or cash flows, it is possible that such amounts could be material. Pursuant to the terms of the reinsurance agreements between us and the relevant affiliates of Global Atlantic, the applicable affiliates of Global Atlantic have financial responsibility for the ceded life block and are subject to significant administrative service requirements, including compliance with applicable law. The agreements also provide for indemnification to us, including for administration issues. On January 23, 2019, we received a letter from the NYSDFS, with respect to a recent pension risk transfer (PRT) transaction, which expressed concerns with our interpretation and reliance upon certain exemptions from licensing in New York in connection with certain activities performed by employees in our PRT channel, including specific activities performed within New York. We are currently in discussions with the NYSDFS to identify approaches to resolve its concerns. Reasonably possible losses, if any, cannot be estimated at this time. Caldera Matters – On May 3, 2018, AHL filed a writ commencing litigation in the Supreme Court of Bermuda against a former officer of AHL, a former director of AHL (who is also considered a former officer pursuant to Bermuda law), and Caldera Holdings, Ltd. (Caldera). AHL alleges in the writ, among other things, that the defendants breached various duties owed to AHL under Bermuda law by using AHL’s confidential information in their attempted acquisition of a company referred to in the litigation as Company A. AHL is seeking injunctive relief and damages. On May 3, 2018, following AHL’s filing of the writ in Bermuda described above, Caldera, Caldera Life Reinsurance Company, and Caldera Shareholder, L.P., commenced an action in the Supreme Court of the State of New York, County of New York, by filing a Summons with Notice against AHL, Apollo, certain affiliates of Apollo and Leon Black, a founder of Apollo. On July 12, 2018, plaintiffs filed a complaint alleging claims for tortious interference with prospective business relations, defamation, and unfair competition related to plaintiffs’ attempt to purchase Company A and seeking alleged damages of “no less than $1.5 billion .” AHL has moved to dismiss the complaint. On January 21, 2019, plaintiffs filed an amended complaint, which revised certain allegations about jurisdiction, venue and the merits of the plaintiffs’ claims. We have renewed our motion to dismiss and the matter is fully briefed. We believe we have meritorious defenses to the claims and intend to vigorously defend the litigation. In light of the inherent uncertainties involved in this matter, reasonably possible losses, if any, cannot be estimated at this time.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Information	10. 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 U.S. 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 group annuities, are included in our Retirement Services segment. Corporate and Other — Corporate and Other includes certain other operations related to our corporate activities. Included in Corporate and Other are corporate allocated expenses, merger and acquisition costs, debt costs, certain integration and restructuring costs, certain stock-based compensation and intersegment eliminations. In addition, we also hold capital in excess of the level of capital we hold in Retirement Services to support our operating strategy . 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. Adjusted operating revenue is a component of adjusted operating income and excludes market volatility and adjustments for other non-operating activity. Our adjusted 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) 2019 2018 Retirement Services $ 3,306 $ 1,257 Corporate and Other 32 27 Non-operating adjustments Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets 940 (158 ) Investment gains (losses), net of offsets 713 (106 ) Other adjustments to revenues (30 ) (9 ) Total revenues $ 4,961 $ 1,011 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 presented on the condensed consolidated statements of income: Three months ended March 31, (In millions) 2019 2018 Retirement Services $ 286 $ 239 Corporate and Other 1 2 Non-operating adjustments Investment gains (losses), net of offsets 458 (33 ) Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets (27 ) 86 Integration, restructuring and other non-operating expenses (1 ) (8 ) Stock-based compensation, excluding LTIP (3 ) (3 ) Income tax (expense) benefit – non-operating (6 ) (6 ) Net income $ 708 $ 277 The following represents total assets by segment: (In millions) March 31, 2019 December 31, 2018 Retirement Services $ 130,965 $ 123,498 Corporate and Other 1,892 2,007 Total assets $ 132,857 $ 125,505

Business, Basis of Presentati_2

Business, Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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 results for the interim 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, 2018 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 in our Annual Report on Form 10-K for the year ended December 31, 2018.
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 Leases (ASU 2019-01, ASU 2018-20, ASU 2018-11, ASU 2018-10, ASU 2018-01, ASU 2017-13 and ASU 2016-02) These updates increase transparency and comparability for lease transactions. ASU 2016-02 requires a lessee to recognize a right-of-use asset and lease liability on the balance sheet for all leases with an original term longer than twelve months and disclose key information about leasing arrangements. Lessor accounting is largely unchanged. ASU 2016-02 requires the adoption on a modified retrospective basis. However, ASU 2018-11 provides the option to recognize the cumulative effect as an adjustment to the opening balance of retained earnings in the year of adoption, while continuing to present all prior periods under the previous lease guidance. These updates also provide optional practical expedients in transition. We adopted these updates effective January 1, 2019 by recording a lease liability and right-of-use asset related to office space, copiers, reserved areas and equipment at data centers, and other agreements. We will continue to present all prior periods under the previous lease guidance. We elected the “package of practical expedients,” which permits us to maintain our prior conclusions about lease identification, classification and initial direct costs. We also elected the short-term lease exception, which allows us to exclude contracts with a lease term of 12 months or less, including any reasonably certain renewal options, from consideration under the new guidance. This update did not have a material effect on our consolidated financial statements. Derivatives and Hedging (ASU 2018-16) The amendments in this update allow entities to use the Overnight Index Swap rate based on the Secured Overnight Financing Rate as a U.S. benchmark interest rate for hedge accounting purposes, in addition to the previously acceptable rates. We adopted this update prospectively for qualifying new or redesignated hedging relationships entered into on or after January 1, 2019. This update did not have an effect on our consolidated financial statements. Stock Compensation – Nonemployee Share-Based Payments (ASU 2018-07) The amendments in this update simplify the accounting for share-based payments to nonemployees by aligning with the accounting for share-based payments to employees, with certain exceptions. We adopted this update on a modified retrospective basis effective January 1, 2019. This update did not have a material effect on our consolidated financial statements. Recently Issued Accounting Pronouncements Financial Instruments – Credit Losses (ASU 2019-04, ASU 2018-19 and 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. Available-for-sale (AFS) 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. We are currently evaluating the impact of this guidance on our consolidated financial statements. Collaborative Arrangements (ASU 2018-18) The amendments in this update provide guidance on whether certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606, providing comparability in the presentation of revenue for certain transactions. The update is effective January 1, 2020. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. Consolidation (ASU 2018-17) The amendments in this update expand certain discussions in the VIE guidance, including considerations necessary for determining when a decision-making fee is a variable interest. We will be required to adopt this update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The update is effective January 1, 2020. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. Cloud Computing Arrangements (ASU 2018-15) The amendments in this update align the requirements for capitalizing implementation costs incurred in a cloud computing service arrangement with the requirements for capitalizing implementation costs incurred for internal-use software. We will be required to adopt this update on January 1, 2020, and we can elect to adopt this update either prospectively or retrospectively. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. Fair Value Measurement – Disclosure Requirements (ASU 2018-13) The amendments in this update modify the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. We will be required to adopt this update on January 1, 2020, and depending on the specific amendment will be required to adopt prospectively or retrospectively. We early adopted the removal and modification of certain disclosures as permitted. We are currently evaluating the impact of the remaining guidance on our consolidated financial statements. Insurance – Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) This update amends four key areas pertaining to the accounting and disclosures for long-duration insurance and investment contracts. • The update requires cash flow assumptions used to measure the liability for future policy benefits to be updated at least annually and no longer allows a provision for adverse deviation. The remeasurement of the liability associated with the update of assumptions is required to be recognized in net income. Loss recognition testing is eliminated for traditional and limited-payment contracts. The update also requires the discount rate utilized in measuring the liability to be an upper-medium grade fixed-income instrument yield, which is to be updated at each reporting date. The change in liability due to changes in the discount rate is to be recognized in other comprehensive income. • The update simplifies the amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins, requiring such balances to be amortized on a constant level basis over the expected term of the contracts. Deferred costs are required to be written off for unexpected contract terminations but are not subject to impairment testing. • The update requires certain contract features meeting the definition of market risk benefits to be measured at fair value. Among the features included in this definition are the guaranteed lifetime withdrawal benefits (GLWB) and guaranteed minimum death benefit (GMDB) riders attached to the Company’s annuity products. The change in fair value of the market risk benefits is to be recognized in net income, excluding the portion attributable to changes in instrument-specific credit risk which is recognized in other comprehensive income. • The update also introduces disclosure requirements around the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs. This includes disaggregated rollforwards of these balances and information about significant inputs, judgments, assumptions and methods used in their measurement. We will be required to adopt this update effective January 1, 2021. Certain provisions of the update are required to be adopted on a fully retrospective basis, while others may be adopted on a modified retrospective basis. Early adoption is permitted. We are currently evaluating the impact of this guidance 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.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2019
Investments Schedule [Abstract]
Available-for-sale Securities	March 31, 2019 (In millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCI AFS securities U.S. government and agencies $ 48 $ 2 $ — $ 50 $ — U.S. state, municipal and political subdivisions 1,209 161 (5 ) 1,365 — Foreign governments 262 9 — 271 — Corporate 40,727 1,218 (534 ) 41,411 — CLO 6,320 6 (184 ) 6,142 — ABS 5,023 85 (33 ) 5,075 1 CMBS 2,394 50 (20 ) 2,424 7 RMBS 7,457 480 (20 ) 7,917 12 Total AFS securities 63,440 2,011 (796 ) 64,655 20 AFS securities – related party Corporate 3 — — 3 — CLO 654 — (16 ) 638 — ABS 1,039 11 (7 ) 1,043 — Total AFS securities – related party 1,696 11 (23 ) 1,684 — Total AFS securities including related party $ 65,136 $ 2,022 $ (819 ) $ 66,339 $ 20 December 31, 2018 (In millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCI AFS securities U.S. government and agencies $ 57 $ — $ — $ 57 $ — U.S. state, municipal and political subdivisions 1,183 117 (7 ) 1,293 — Foreign governments 162 2 (3 ) 161 — Corporate 38,018 394 (1,315 ) 37,097 1 CLO 5,658 2 (299 ) 5,361 — ABS 4,915 53 (48 ) 4,920 — CMBS 2,390 27 (60 ) 2,357 7 RMBS 7,642 413 (36 ) 8,019 11 Total AFS securities 60,025 1,008 (1,768 ) 59,265 19 AFS securities – related party CLO 587 — (25 ) 562 — ABS 875 4 (4 ) 875 — Total AFS securities – related party 1,462 4 (29 ) 1,437 — Total AFS securities including related party $ 61,487 $ 1,012 $ (1,797 ) $ 60,702 $ 19
Available-for-sale Securities by Contractual Maturity	The amortized cost and fair value of AFS securities, including related party, are shown by contractual maturity below: March 31, 2019 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 1,081 $ 1,082 Due after one year through five years 8,855 8,988 Due after five years through ten years 11,209 11,339 Due after ten years 21,101 21,688 CLO, ABS, CMBS and RMBS 21,194 21,558 Total AFS securities 63,440 64,655 AFS securities – related party Due after five years through ten years 3 3 CLO and ABS 1,693 1,681 Total AFS securities – related party 1,696 1,684 Total AFS securities including related party $ 65,136 $ 66,339
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, 2019 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Fair Value Gross AFS securities U.S. government and agencies $ 2 $ — $ 7 $ — $ 9 $ — U.S. state, municipal and political subdivisions 19 — 75 (5 ) 94 (5 ) Foreign governments 8 — 19 — 27 — Corporate 4,840 (141 ) 8,191 (393 ) 13,031 (534 ) CLO 4,782 (179 ) 161 (5 ) 4,943 (184 ) ABS 719 (10 ) 562 (23 ) 1,281 (33 ) CMBS 439 (8 ) 463 (12 ) 902 (20 ) RMBS 942 (16 ) 138 (4 ) 1,080 (20 ) Total AFS securities 11,751 (354 ) 9,616 (442 ) 21,367 (796 ) AFS securities – related party Corporate — — 3 — 3 — CLO 553 (16 ) — — 553 (16 ) ABS 324 (6 ) 72 (1 ) 396 (7 ) Total AFS securities – related party 877 (22 ) 75 (1 ) 952 (23 ) Total AFS securities including related party $ 12,628 $ (376 ) $ 9,691 $ (443 ) $ 22,319 $ (819 ) December 31, 2018 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 AFS securities U.S. government and agencies $ 32 $ — $ 2 $ — $ 34 $ — U.S. state, municipal and political subdivisions 139 (2 ) 82 (5 ) 221 (7 ) Foreign governments 97 (2 ) 15 (1 ) 112 (3 ) Corporate 20,213 (942 ) 4,118 (373 ) 24,331 (1,315 ) CLO 5,054 (297 ) 90 (2 ) 5,144 (299 ) ABS 1,336 (23 ) 506 (25 ) 1,842 (48 ) CMBS 932 (27 ) 497 (33 ) 1,429 (60 ) RMBS 1,417 (31 ) 140 (5 ) 1,557 (36 ) Total AFS securities 29,220 (1,324 ) 5,450 (444 ) 34,670 (1,768 ) AFS securities – related party CLO 534 (25 ) — — 534 (25 ) ABS 306 (2 ) 116 (2 ) 422 (4 ) Total AFS securities – related party 840 (27 ) 116 (2 ) 956 (29 ) Total AFS securities including related party $ 30,060 $ (1,351 ) $ 5,566 $ (446 ) $ 35,626 $ (1,797 )
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 securities, for which a portion of the securities’ total OTTI was recognized in AOCI: Three months ended March 31, (In millions) 2019 2018 Beginning balance $ 10 $ 14 Initial impairments – credit loss OTTI recognized on securities not previously impaired — 1 Additional impairments – credit loss OTTI recognized on securities previously impaired 1 — Reduction in impairments from securities sold, matured or repaid — (8 ) Ending balance $ 11 $ 7
Net Investment Income	Net Investment Income —Net investment income by asset class consists of the following: Three months ended March 31, (In millions) 2019 2018 AFS securities $ 753 $ 668 Trading securities 42 44 Equity securities 3 2 Mortgage loans 151 91 Investment funds 10 65 Funds withheld at interest 163 46 Other 39 23 Investment revenue 1,161 939 Investment expenses (95 ) (84 ) Net investment income $ 1,066 $ 855
Investment Related Gains (Losses)	The following table summarizes the change in unrealized gains (losses) on trading and equity securities, including related party and consolidated VIEs, we still held as of the respective period end: Three months ended March 31, (In millions) 2019 2018 Trading securities $ 71 $ (69 ) Trading securities – related party (3 ) (2 ) VIE trading securities – related party 1 — Equity securities 18 — Equity securities – related party 3 — VIE equity securities – related party — 25 Investment Related Gains (Losses) —Investment related gains (losses) by asset class consists of the following: Three months ended March 31, (In millions) 2019 2018 AFS securities Gross realized gains on investment activity $ 17 $ 21 Gross realized losses on investment activity (13 ) (6 ) Net realized investment gains on AFS securities 4 15 Net recognized investment gains (losses) on trading securities 49 (89 ) Net recognized investment gains on equity securities 18 1 Derivative gains (losses) 1,692 (184 ) Other gains 9 21 Investment related gains (losses) $ 1,772 $ (236 )
Purchased Credit Impaired (PCI) Investments	Purchased Credit Impaired (PCI) Investments —The following table summarizes our PCI investments: Fixed maturity securities Mortgage loans (In millions) March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Contractually required payments receivable $ 7,931 $ 8,179 $ 2,870 $ 2,675 Less: Cash flows expected to be collected 1 (6,968 ) (7,195 ) (2,829 ) (2,628 ) Non-accretable difference $ 963 $ 984 $ 41 $ 47 Cash flows expected to be collected 1 $ 6,968 $ 7,195 $ 2,829 $ 2,628 Less: Amortized cost (5,392 ) (5,518 ) (2,117 ) (1,931 ) Accretable difference $ 1,576 $ 1,677 $ 712 $ 697 Fair value $ 5,774 $ 5,828 $ 2,138 $ 1,933 Outstanding balance 6,619 6,773 2,395 2,210 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, 2019 (In millions) Fixed maturity securities Mortgage loans Contractually required payments receivable $ 66 $ 382 Cash flows expected to be collected 51 382 Fair value 44 292 The following table summarizes the activity for the accretable yield on PCI investments: Three months ended March 31, 2019 (In millions) Fixed maturity securities Mortgage loans Beginning balance at January 1 $ 1,677 $ 697 Purchases of PCI investments, net of sales 8 40 Accretion (91 ) (32 ) Net reclassification from (to) non-accretable difference (18 ) 7 Ending balance at March 31 $ 1,576 $ 712
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, 2019 December 31, 2018 (In millions, except for percentages) Net Carrying Value Percentage of Total Net Carrying Value Percentage of Total Property type Office building $ 2,527 32.4 % $ 2,221 30.5 % Retail 1,797 23.1 % 1,660 22.7 % Hotels 1,040 13.4 % 1,040 14.3 % Industrial 1,232 15.8 % 1,196 16.4 % Apartment 899 11.6 % 791 10.8 % Other commercial 284 3.7 % 389 5.3 % Total commercial mortgage loans $ 7,779 100.0 % $ 7,297 100.0 % U.S. Region East North Central $ 846 10.9 % $ 855 11.7 % East South Central 200 2.6 % 295 4.0 % Middle Atlantic 1,434 18.4 % 1,131 15.5 % Mountain 603 7.8 % 616 8.4 % New England 373 4.8 % 374 5.1 % Pacific 1,791 23.0 % 1,540 21.1 % South Atlantic 1,518 19.5 % 1,468 20.2 % West North Central 158 2.0 % 173 2.4 % West South Central 856 11.0 % 845 11.6 % Total U.S. Region 7,779 100.0 % 7,297 100.0 % Total commercial mortgage loans $ 7,779 100.0 % $ 7,297 100.0 % Our residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties located in the U.S. and is summarized in the following table: March 31, 2019 December 31, 2018 California 33.7 % 30.3 % Florida 15.7 % 16.3 % New York 7.2 % 7.7 % Texas 6.4 % 3.3 % Other 1 37.0 % 42.4 % Total residential mortgage loan percentage 100.0 % 100.0 % 1 Represents all other states, with each individual state comprising less than 5% of the portfolio. Mortgage Loans, including related party —Mortgage loans, net of allowances, consists of the following: (In millions) March 31, 2019 December 31, 2018 Commercial mortgage loans $ 7,693 $ 7,217 Commercial mortgage loans under development 86 80 Total commercial mortgage loans 7,779 7,297 Residential mortgage loans 3,554 3,334 Mortgage loans, net of allowances $ 11,333 $ 10,631
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, 2019 December 31, 2018 Less than 50% $ 2,060 $ 1,883 50% to 60% 1,986 1,988 61% to 70% 2,856 2,394 71% to 80% 702 898 81% to 100% 89 54 Commercial mortgage loans $ 7,693 $ 7,217 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, 2019 December 31, 2018 Greater than 1.20x $ 7,057 $ 6,576 1.00x – 1.20x 360 474 Less than 1.00x 276 167 Commercial mortgage loans $ 7,693 $ 7,217
Investment Funds	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, 2019 December 31, 2018 Ownership Percentage 3% – 49% $ 699 $ 687 Less than 3% 177 194 Fair value option investment funds $ 876 $ 881 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, 2019 December 31, 2018 Ownership Percentage 3% – 49% $ 699 $ 687 Less than 3% 177 194 Fair value option investment funds $ 876 $ 881 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, 2019 December 31, 2018 Ownership Percentage 100% $ 15 $ 17 50% – 99% 1,017 1,044 3% – 49% 1,684 1,617 Equity method investment funds $ 2,716 $ 2,678 The following summarizes our investment funds, including related party and those owned by consolidated VIEs: March 31, 2019 December 31, 2018 1 (In millions, except for percentages and years) Carrying value Percent of total Carrying value Percent of total Investment funds Real estate $ 224 32.8 % $ 215 30.6 % Credit funds 155 22.7 % 172 24.5 % Private equity 239 35.0 % 253 36.0 % Real assets 64 9.4 % 56 7.9 % Natural resources 1 0.1 % 4 0.6 % Other — — % 3 0.4 % Total investment funds 683 100.0 % 703 100.0 % Investment funds – related parties Differentiated investments AmeriHome Mortgage Company, LLC (AmeriHome) 2 436 19.0 % 463 20.7 % Catalina Holdings Ltd. (Catalina) 232 10.1 % 233 10.4 % Athora Holding Ltd. (Athora) 2 124 5.4 % 105 4.7 % Venerable Holdings, Inc. (Venerable) 2 87 3.8 % 92 4.1 % Other 171 7.5 % 162 7.3 % Total differentiated investments 1,050 45.8 % 1,055 47.2 % Real estate 498 21.8 % 506 22.7 % Credit funds 340 14.8 % 341 15.3 % Private equity 52 2.3 % 18 0.8 % Real assets 144 6.3 % 145 6.5 % Natural resources 123 5.4 % 104 4.7 % Public equities 83 3.6 % 63 2.8 % Total investment funds – related parties 2,290 100.0 % 2,232 100.0 % Investment funds owned by consolidated VIEs MidCap FinCo Limited (MidCap) 2 550 88.8 % 552 88.4 % Credit funds 1 0.2 % 1 0.2 % Real estate 29 4.7 % 30 4.8 % Real assets 39 6.3 % 41 6.6 % Total investment funds owned by consolidated VIEs 619 100.0 % 624 100.0 % Total investment funds including related parties and funds owned by consolidated VIEs $ 3,592 $ 3,559 1 Certain reclassifications have been made to conform with current year presentation. 2 See further discussions on AmeriHome, Athora, Venerable and MidCap in Note 8 – Related Parties.
Schedule of Variable Interest Entities	The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: March 31, 2019 December 31, 2018 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 683 $ 1,271 $ 703 $ 1,329 Investment in related parties – investment funds 2,290 4,301 2,232 4,331 Assets of consolidated VIEs – investment funds 619 722 624 727 Investment in fixed maturity securities 22,107 21,748 21,188 21,139 Investment in related parties – fixed maturity securities 1,920 2,010 1,686 1,788 Investment in related parties – equity securities 301 301 120 120 Total non-consolidated investments $ 27,920 $ 30,353 $ 26,553 $ 29,434

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 December 31, 2018 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency swaps 2,275 $ 68 $ 49 2,041 $ 83 $ 55 Foreign currency forwards 154 2 — 85 — 1 Total derivatives designated as hedges 70 49 83 56 Derivatives not designated as hedges Equity options 49,566 1,824 22 49,821 942 11 Futures 6 8 1 4 9 3 Total return swaps 60 4 — 62 — 3 Foreign currency swaps 38 3 1 38 3 2 Interest rate swaps 310 — 1 326 — 1 Credit default swaps 10 — 4 10 — 4 Foreign currency forwards 795 11 7 646 6 5 Embedded derivatives Funds withheld including related party — 660 12 — (53 ) (1 ) Interest sensitive contract liabilities — — 9,106 — — 7,969 Total derivatives not designated as hedges 2,510 9,154 907 7,997 Total derivatives $ 2,580 $ 9,203 $ 990 $ 8,053
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) 2019 2018 Equity options $ 849 $ (142 ) Futures (11 ) (5 ) Swaps 18 2 Foreign currency forwards 6 (7 ) Embedded derivatives on funds withheld 830 (32 ) Amounts recognized in investment related gains (losses) 1,692 (184 ) Embedded derivatives in indexed annuity products 1 (1,017 ) 247 Total gains (losses) on derivatives not designated as hedges $ 675 $ 63 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, 2019 Derivative assets $ 1,920 $ (65 ) $ (1,781 ) $ 74 $ (3 ) $ 71 Derivative liabilities (85 ) 65 14 (6 ) — (6 ) December 31, 2018 Derivative assets $ 1,043 $ (52 ) $ (969 ) $ 22 $ (4 ) $ 18 Derivative liabilities (85 ) 52 24 (9 ) — (9 ) 1 T he gross amounts of recognized derivative assets and derivative liabilities are reported on the c ondensed c onsolidated balance sheets. As of March 31, 2019 and December 31, 2018, 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, 2019 Derivative assets $ 1,920 $ (65 ) $ (1,781 ) $ 74 $ (3 ) $ 71 Derivative liabilities (85 ) 65 14 (6 ) — (6 ) December 31, 2018 Derivative assets $ 1,043 $ (52 ) $ (969 ) $ 22 $ (4 ) $ 18 Derivative liabilities (85 ) 52 24 (9 ) — (9 ) 1 T he gross amounts of recognized derivative assets and derivative liabilities are reported on the c ondensed c onsolidated balance sheets. As of March 31, 2019 and December 31, 2018, 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.

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities U.S. government and agencies $ 50 $ — $ 49 $ 1 $ — U.S. state, municipal and political subdivisions 1,365 — — 1,365 — Foreign governments 271 — — 271 — Corporate 41,411 — — 40,376 1,035 CLO 6,142 — — 6,032 110 ABS 5,075 — — 3,461 1,614 CMBS 2,424 — — 2,250 174 RMBS 7,917 — — 7,860 57 Total AFS securities 64,655 — 49 61,616 2,990 Trading securities U.S. government and agencies 5 — 3 2 — U.S. state, municipal and political subdivisions 130 — — 130 — Foreign governments 17 — — 17 — Corporate 1,555 — — 1,545 10 CLO 20 — — 12 8 ABS 100 — — 94 6 CMBS 50 — — 50 — RMBS 379 — — 293 86 Total trading securities 2,256 — 3 2,143 110 Equity securities 252 — 47 202 3 Mortgage loans 32 — — — 32 Investment funds 159 134 — — 25 Funds withheld at interest – embedded derivative 446 — — — 446 Derivative assets 1,920 — 8 1,912 — Short-term investments 155 — 50 105 — Other investments 52 — — 52 — Cash and cash equivalents 3,021 — 3,021 — — Restricted cash 497 — 497 — — Investments in related parties AFS securities Corporate 3 — — 3 — CLO 638 — — 638 — ABS 1,043 — — 546 497 Total AFS securities – related party 1,684 — — 1,187 497 Trading securities CLO 101 — — 46 55 ABS 138 — — — 138 Total trading securities – related party 239 — — 46 193 Equity securities 301 — — — 301 Investment funds 232 108 — — 124 Funds withheld at interest – embedded derivative 214 — — — 214 Reinsurance recoverable 1,737 — — — 1,737 Assets of consolidated VIEs Trading securities 34 — — — 34 Equity securities 6 — — — 6 Investment funds 564 550 — — 14 Cash and cash equivalents 2 — 2 — — Total assets measured at fair value $ 78,458 $ 792 $ 3,677 $ 67,263 $ 6,726 (Continued) March 31, 2019 (In millions) Total NAV Level 1 Level 2 Level 3 Liabilities Interest sensitive contract liabilities Embedded derivative $ 9,106 $ — $ — $ — $ 9,106 Universal life benefits 979 — — — 979 Future policy benefits AmerUs Life Insurance Company (AmerUs) Closed Block 1,483 — — — 1,483 Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits 743 — — — 743 Derivative liabilities 85 — 1 80 4 Funds withheld liability – embedded derivative 12 — — 12 — Total liabilities measured at fair value $ 12,408 $ — $ 1 $ 92 $ 12,315 (Concluded) December 31, 2018 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities U.S. government and agencies $ 57 $ — $ 54 $ 3 $ — U.S. state, municipal and political subdivisions 1,293 — — 1,293 — Foreign governments 161 — — 161 — Corporate 37,097 — — 36,199 898 CLO 5,361 — — 5,254 107 ABS 4,920 — — 3,305 1,615 CMBS 2,357 — — 2,170 187 RMBS 8,019 — — 7,963 56 Total AFS securities 59,265 — 54 56,348 2,863 Trading securities U.S. government and agencies 5 — 3 2 — U.S. state, municipal and political subdivisions 126 — — 126 — Corporate 1,287 — — 1,287 — CLO 9 — — 8 1 ABS 87 — — 87 — CMBS 49 — — 49 — RMBS 386 — — 252 134 Total trading securities 1,949 — 3 1,811 135 Equity securities 216 — 40 173 3 Mortgage loans 32 — — — 32 Investment funds 182 153 — — 29 Funds withheld at interest – embedded derivative 57 — — — 57 Derivative assets 1,043 — 9 1,034 — Short-term investments 191 — 66 125 — Other investments 52 — — 52 — Cash and cash equivalents 2,911 — 2,911 — — Restricted cash 492 — 492 — — (Continued) December 31, 2018 (In millions) Total NAV Level 1 Level 2 Level 3 Investments in related parties AFS securities CLO 562 — — 562 — ABS 875 — — 547 328 Total AFS securities – related party 1,437 — — 1,109 328 Trading securities CLO 100 — — 22 78 ABS 149 — — — 149 Total trading securities – related party 249 — — 22 227 Equity securities 120 — — — 120 Investment funds 201 96 — — 105 Funds withheld at interest - embedded derivative (110 ) — — — (110 ) Reinsurance recoverable 1,676 — — — 1,676 Assets of consolidated VIEs Trading securities 35 — — — 35 Equity securities 50 — 37 — 13 Investment funds 567 552 — — 15 Cash and cash equivalents 2 — 2 — — Total assets measured at fair value $ 70,617 $ 801 $ 3,614 $ 60,674 $ 5,528 Liabilities Interest sensitive contract liabilities Embedded derivative $ 7,969 $ — $ — $ — $ 7,969 Universal life benefits 932 — — — 932 Future policy benefits AmerUs Closed Block 1,443 — — — 1,443 ILICO Closed Block and life benefits 730 — — — 730 Derivative liabilities 85 — 3 78 4 Funds withheld liability – embedded derivative (1 ) — — (1 ) — Total liabilities measured at fair value $ 11,158 $ — $ 3 $ 77 $ 11,078 (Concluded)
Summary of Fair Value Option	The following summarizes information for fair value option mortgage loans: (In millions) March 31, 2019 December 31, 2018 Unpaid principal balance $ 30 $ 30 Mark to fair value 2 2 Fair value $ 32 $ 32 The following represents the gains (losses) recorded for instruments for which we have elected the fair value option, including related parties and consolidated VIEs: Three months ended March 31, (In millions) 2019 2018 Trading securities $ 50 $ (89 ) Investment funds (4 ) 2 Future policy benefits (40 ) 84 Total gains (losses) $ 6 $ (3 )
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, 2019 Total realized and unrealized gains (losses) Transfers (In millions) Beginning Balance Included in income Included in OCI Net purchases, issuances, sales and settlements In (Out) Ending Balance Total gains (losses) included in earnings 1 Assets AFS securities Corporate $ 898 $ (2 ) $ 5 $ 165 $ — $ (31 ) $ 1,035 $ — CLO 107 — 2 30 — (29 ) 110 — ABS 1,615 3 16 57 19 (96 ) 1,614 — CMBS 187 — 2 (6 ) 8 (17 ) 174 — RMBS 56 — 1 — — — 57 — Trading securities Corporate — — — — 10 — 10 — CLO 1 — — — 7 — 8 1 ABS — — — 6 — — 6 — RMBS 134 (3 ) — — 38 (83 ) 86 2 Equity securities 3 — — — — — 3 — Mortgage loans 32 — — — — — 32 — Investment funds 29 (3 ) — (1 ) — — 25 (3 ) Funds withheld at interest – embedded derivative 57 389 — — — — 446 — Investments in related parties AFS securities, ABS 328 — — 169 — — 497 — Trading securities CLO 78 (1 ) — — — (22 ) 55 4 ABS 149 (11 ) — — — — 138 (11 ) Equity securities 120 4 — 177 — — 301 4 Investment funds 105 — — 19 — — 124 — Funds withheld at interest – embedded derivative (110 ) 324 — — — — 214 — Reinsurance recoverable 1,676 61 — — — — 1,737 — Investments of consolidated VIEs Trading securities 35 — — (1 ) — — 34 — Equity securities 13 (3 ) — (4 ) — — 6 — Investment funds 15 (1) — — — — 14 — Total Level 3 assets $ 5,528 $ 757 $ 26 $ 611 $ 82 $ (278 ) $ 6,726 $ (3 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,969 ) $ (1,017 ) $ — $ (120 ) $ — $ — $ (9,106 ) $ — Universal life benefits (932 ) (47 ) — — — — (979 ) — Future policy benefits AmerUs Closed Block (1,443 ) (40 ) — — — — (1,483 ) — ILICO Closed Block and life benefits (730 ) (13 ) — — — — (743 ) — Derivative liabilities (4 ) — — — — — (4 ) — Total Level 3 liabilities $ (11,078 ) $ (1,117 ) $ — $ (120 ) $ — $ — $ (12,315 ) $ — 1 Related to instruments held at end of period. Three months ended March 31, 2018 Total realized and unrealized gains (losses) Transfers (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements In Out Ending balance Total gains (losses) included in earnings 1 Assets AFS Securities Corporate 578 4 (4 ) 58 53 (8 ) 681 — CLO 64 — 2 131 — (30 ) 167 — ABS 1,457 2 (7 ) (104 ) — (58 ) 1,290 — 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 AFS Securities CLO — — — 62 — — 62 — ABS 4 — — — — — 4 — 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 — Investments of consolidated VIEs Trading securities 48 — — (1 ) — — 47 — Equity securities 28 — — — — — 28 — Investment funds 21 1 — (2 ) — — 20 1 Total Level 3 assets $ 5,422 $ (234 ) $ (15 ) $ 260 $ 249 $ (584 ) $ 5,098 $ — Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,411 ) $ 247 $ — $ (56 ) $ — $ — $ (7,220 ) $ — 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 $ (10,849 ) $ 441 $ — $ (56 ) $ — $ — $ (10,464 ) $ — 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, 2019 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Assets AFS securities Corporate $ 238 $ — $ (1 ) $ (72 ) $ 165 CLO 30 — — — 30 ABS 189 — (33 ) (99 ) 57 CMBS — — — (6 ) (6 ) Trading securities, ABS 6 — — — 6 Investment funds — — — (1 ) (1 ) Investments in related parties AFS securities, ABS 170 — — (1 ) 169 Equity securities 177 — — — 177 Investment funds 19 — — — 19 Investments of consolidated VIEs Trading securities — — (1 ) — (1 ) Equity securities — — (4 ) — (4 ) Total Level 3 assets $ 829 $ — $ (39 ) $ (179 ) $ 611 Liabilities Interest sensitive contract liabilities Embedded derivative $ — $ (233 ) $ — $ 113 $ (120 ) Total Level 3 liabilities $ — $ (233 ) $ — $ 113 $ (120 ) Three months ended March 31, 2018 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Assets 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 AFS securities, CLO 62 — — — 62 Trading securities, CLO — — (1 ) — (1 ) Investment funds 108 — — — 108 Investments of consolidated VIEs Trading securities — — (1 ) — (1 ) Investment funds — — (2 ) — (2 ) Total Level 3 assets $ 453 $ — $ (37 ) $ (156 ) $ 260 Liabilities Interest sensitive contract liabilities Embedded derivative $ — $ (126 ) $ — $ 70 $ (56 ) Total Level 3 liabilities $ — $ (126 ) $ — $ 70 $ (56 )
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, 2019 (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 $ 9,106 Option budget method Nonperformance risk 0.1 % – 1.3% Decrease Option budget 0.7 % – 3.7% Increase Surrender rate 3.6 % – 7.5% Decrease December 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 $ 7,969 Option budget method Nonperformance risk 0.3 % – 1.5% Decrease Option budget 0.7 % – 3.7% Increase Surrender rate 3.6 % – 7.3% 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, 2019 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Mortgage loans $ 11,010 $ 11,190 $ — $ — $ — $ 11,190 Investment funds 524 524 524 — — — Policy loans 487 487 — — 487 — Funds withheld at interest 14,795 14,795 — — — 14,795 Other investments 69 69 — — — 69 Investments in related parties Mortgage loans 291 286 — — — 286 Investment funds 2,058 2,058 2,058 — — — Funds withheld at interest 13,469 13,469 — — — 13,469 Other investments 387 389 — — — 389 Assets of consolidated VIEs Investment funds 55 55 55 — — — Total financial assets not carried at fair value $ 43,145 $ 43,322 $ 2,637 $ — $ 487 $ 40,198 Financial liabilities Interest sensitive contract liabilities $ 55,220 $ 53,504 $ — $ — $ — $ 53,504 Long-term debt 991 962 — — 962 — Funds withheld liability 712 712 — — 712 — Total financial liabilities not carried at fair value $ 56,923 $ 55,178 $ — $ — $ 1,674 $ 53,504 December 31, 2018 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Mortgage loans $ 10,308 $ 10,424 $ — $ — $ — $ 10,424 Investment funds 521 521 521 — — — Policy loans 488 488 — — 488 — Funds withheld at interest 14,966 14,966 — — — 14,966 Other investments 70 70 — — — 70 Investments in related parties Mortgage loans 291 290 — — — 290 Investment funds 2,031 2,031 2,031 — — — Funds withheld at interest 13,687 13,687 — — — 13,687 Other investments 386 361 — — — 361 Assets of consolidated VIEs Investment funds 57 57 57 — — — Total financial assets not carried at fair value $ 42,805 $ 42,895 $ 2,609 $ — $ 488 $ 39,798 Financial liabilities Interest sensitive contract liabilities $ 54,655 $ 51,655 $ — $ — $ — $ 51,655 Long-term debt 991 910 — — 910 — Funds withheld liability 722 722 — — 722 — Total financial liabilities not carried at fair value $ 56,368 $ 53,287 $ — $ — $ 1,632 $ 51,655

Deferred Acquisition Costs, D_2

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2018 $ 3,921 $ 799 $ 1,187 $ 5,907 Additions 173 60 — 233 Amortization (226 ) (5 ) (5 ) (236 ) Impact of unrealized investment (gains) losses (149 ) (49 ) (87 ) (285 ) Balance at March 31, 2019 $ 3,719 $ 805 $ 1,095 $ 5,619 (In millions) DAC DSI VOBA Total Balance at December 31, 2017 $ 1,375 $ 520 $ 1,077 $ 2,972 Additions 122 46 — 168 Amortization (33 ) (20 ) (49 ) (102 ) Impact of unrealized investment (gains) losses 67 22 79 168 Balance at March 31, 2018 $ 1,531 $ 568 $ 1,107 $ 3,206
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, 2018 $ 3,921 $ 799 $ 1,187 $ 5,907 Additions 173 60 — 233 Amortization (226 ) (5 ) (5 ) (236 ) Impact of unrealized investment (gains) losses (149 ) (49 ) (87 ) (285 ) Balance at March 31, 2019 $ 3,719 $ 805 $ 1,095 $ 5,619 (In millions) DAC DSI VOBA Total Balance at December 31, 2017 $ 1,375 $ 520 $ 1,077 $ 2,972 Additions 122 46 — 168 Amortization (33 ) (20 ) (49 ) (102 ) Impact of unrealized investment (gains) losses 67 22 79 168 Balance at March 31, 2018 $ 1,531 $ 568 $ 1,107 $ 3,206

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 (In millions, except per share data) Class A Class B Class M-1 Class M-2 Class M-3 Class M-4 Net income – basic and diluted $ 589 $ 93 $ 12 $ 3 $ 3 $ 8 Basic weighted average shares outstanding 161.3 25.4 3.4 0.8 1.0 2.1 Dilutive effect of stock compensation plans 0.4 — — — — 0.3 Diluted weighted average shares outstanding 161.7 25.4 3.4 0.8 1.0 2.4 Earnings per share 1 Basic $ 3.65 $ 3.65 $ 3.65 $ 3.65 $ 3.65 $ 3.65 Diluted $ 3.64 $ 3.65 $ 3.65 $ 3.65 $ 3.65 $ 3.15 1 Calculated using whole figures. Three months ended March 31, 2018 (In millions, except per share data) Class A Class B Class M-1 Class M-2 Class M-3 Class M-4 Net income – basic and diluted $ 209 $ 58 $ 5 $ 1 $ 1 $ 3 Basic weighted average shares outstanding 148.7 41.1 3.4 0.8 1.0 2.1 Dilutive effect of stock compensation plans 0.3 — — — — 0.9 Diluted weighted average shares outstanding 149.0 41.1 3.4 0.8 1.0 3.0 Earnings per share 1 Basic $ 1.40 $ 1.40 $ 1.40 $ 1.40 $ 1.40 $ 1.40 Diluted $ 1.40 $ 1.40 $ 1.40 $ 1.39 $ 1.38 $ 0.97 1 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, (In millions) 2019 2018 Antidilutive shares, RSUs and options excluded from diluted EPS calculation 34.7 35.2 Shares, RSUs and options excluded from diluted EPS calculation as a performance condition had not been met 0.1 0.3 Total shares, RSUs and options excluded from diluted EPS calculation 34.8 35.5 Note: Shares, RSUs and options are as of period end.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Share Repurchase Authorization	The following summarizes the activity on our share repurchase authorization: (In millions) Initial authorization $ 250 Repurchases (100 ) Remaining authorization at December 31, 2018 150 Repurchases (47 ) Remaining authorization at March 31, 2019 103 Additional authorization 247 Remaining authorization at May 7, 2019 $ 350
Accumulated Other Comprehensive Income	The following provides the details of AOCI and changes in AOCI: (In millions) March 31, 2019 December 31, 2018 AFS securities $ 1,223 $ (766 ) DAC, DSI, VOBA and future policy benefits adjustments on AFS securities (357 ) 154 Noncredit component of OTTI losses on AFS securities (20 ) (19 ) Hedging instruments 43 51 Pension adjustments (3 ) (2 ) Foreign currency translation adjustments (2 ) (3 ) Accumulated other comprehensive income (loss), before taxes 884 (585 ) Deferred income taxes (178 ) 113 Accumulated other comprehensive income (loss) $ 706 $ (472 ) Changes in AOCI are presented below: Three months ended March 31, (In millions) 2019 2018 Unrealized investment gains (losses) on AFS securities Unrealized investment gains (losses) on AFS securities $ 1,982 $ (1,282 ) Change in DAC, DSI, VOBA and future policy benefits adjustment (511 ) 410 Less: Reclassification adjustment for gains (losses) realized in net income 1 (7 ) 19 Less: Income tax expense (benefit) 293 (159 ) Net unrealized investment gains (losses) on AFS securities 1,185 (732 ) 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 (8 ) (56 ) Less: Income tax benefit (2 ) (20 ) Net unrealized gains (losses) on hedging instruments (6 ) (36 ) Pension adjustments (1 ) 3 Foreign currency translation adjustments 1 (8 ) Change in AOCI from other comprehensive income (loss) 1,178 (773 ) Adoption of accounting standards — (42 ) Change in AOCI $ 1,178 $ (815 ) 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, 2019
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) 2019 2018 Asset management fees $ 75 $ 70 Sub-advisory fees 17 13 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, 2019 December 31, 2018 AFS securities Foreign governments $ 240 $ 153 Corporate 3,680 3,398 CLO 6,487 5,703 ABS 654 663 CMBS 1,011 880 Trading securities 88 87 Equity securities 2 2 Mortgage loans 3,856 3,507 Investment funds 309 157 Funds withheld at interest 4,935 4,126 Other investments 69 70 Total assets sub-advised by Apollo affiliates $ 21,331 $ 18,746 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, 2019
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, 2019 December 31, 2018 AFS securities $ 6,543 $ 5,439 Trading securities 277 68 Equity securities 2 2 Mortgage loans 1,967 1,830 Investment funds 56 53 Derivative assets 68 24 Short-term investments 56 77 Other investments 47 47 Restricted cash 497 492 Total restricted assets $ 9,513 $ 8,032

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
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) 2019 2018 Retirement Services $ 3,306 $ 1,257 Corporate and Other 32 27 Non-operating adjustments Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets 940 (158 ) Investment gains (losses), net of offsets 713 (106 ) Other adjustments to revenues (30 ) (9 ) Total revenues $ 4,961 $ 1,011
Reconciliation of Segment Operating Income to Consolidation	The table below reconciles segment adjusted operating income to net income presented on the condensed consolidated statements of income: Three months ended March 31, (In millions) 2019 2018 Retirement Services $ 286 $ 239 Corporate and Other 1 2 Non-operating adjustments Investment gains (losses), net of offsets 458 (33 ) Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets (27 ) 86 Integration, restructuring and other non-operating expenses (1 ) (8 ) Stock-based compensation, excluding LTIP (3 ) (3 ) Income tax (expense) benefit – non-operating (6 ) (6 ) Net income $ 708 $ 277
Total Assets by Segment	The following represents total assets by segment: (In millions) March 31, 2019 December 31, 2018 Retirement Services $ 130,965 $ 123,498 Corporate and Other 1,892 2,007 Total assets $ 132,857 $ 125,505

Investments - Schedule of AFS S

Investments - Schedule of AFS Securities (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	$ 884	$ (585)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Debt Securities, Available-for-sale [Line Items]
Amortized Costs		60,025
Gross Unrealized Gains		1,008
Gross Unrealized Losses		(1,768)
Available-for-sale Securities		59,265
Amortized Cost	63,440	60,025
Gross Unrealized Gains	2,011
Gross Unrealized Losses	(796)
Fair Value	64,655	59,265
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | U.S. government and agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	48	57
Gross Unrealized Gains	2	0
Gross Unrealized Losses	0	0
Fair Value	50	57
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | U.S. state, municipal and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,209	1,183
Gross Unrealized Gains	161	117
Gross Unrealized Losses	(5)	(7)
Fair Value	1,365	1,293
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Foreign governments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	262	162
Gross Unrealized Gains	9	2
Gross Unrealized Losses	0	(3)
Fair Value	271	161
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	40,727	38,018
Gross Unrealized Gains	1,218	394
Gross Unrealized Losses	(534)	(1,315)
Fair Value	41,411	37,097
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | CLO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,320	5,658
Gross Unrealized Gains	6	2
Gross Unrealized Losses	(184)	(299)
Fair Value	6,142	5,361
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,023	4,915
Gross Unrealized Gains	85	53
Gross Unrealized Losses	(33)	(48)
Fair Value	5,075	4,920
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,394	2,390
Gross Unrealized Gains	50	27
Gross Unrealized Losses	(20)	(60)
Fair Value	2,424	2,357
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | RMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,457	7,642
Gross Unrealized Gains	480	413
Gross Unrealized Losses	(20)	(36)
Fair Value	7,917	8,019
Consolidated Entity Excluding Variable Interest Entities (VIE)
Debt Securities, Available-for-sale [Line Items]
Amortized Costs		61,487
Gross Unrealized Gains		1,012
Gross Unrealized Losses		(1,797)
Available-for-sale Securities		60,702
Amortized Cost	65,136
Gross Unrealized Gains	2,022
Gross Unrealized Losses	(819)
Fair Value	66,339
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Debt Securities, Available-for-sale [Line Items]
Amortized Costs		1,462
Gross Unrealized Gains		4
Gross Unrealized Losses		(29)
Available-for-sale Securities		1,437
Amortized Cost	1,696	1,462
Gross Unrealized Gains	11
Gross Unrealized Losses	(23)
Fair Value	1,684	1,437
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | CLO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	654	587
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(16)	(25)
Fair Value	638	562
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,039	875
Gross Unrealized Gains	11	4
Gross Unrealized Losses	(7)	(4)
Fair Value	1,043	875
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	3
OTTI
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	(20)	(19)
OTTI | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	20	19
OTTI | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | U.S. government and agencies
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	0	0
OTTI | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | U.S. state, municipal and political subdivisions
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	0	0
OTTI | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Foreign governments
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	0	0
OTTI | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Corporate
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	0	1
OTTI | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | CLO
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	0	0
OTTI | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ABS
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	1	0
OTTI | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | CMBS
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	7	7
OTTI | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | RMBS
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	12	11
OTTI | Consolidated Entity Excluding Variable Interest Entities (VIE)
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	20	19
OTTI | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	0	0
OTTI | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | CLO
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	0	0
OTTI | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | ABS
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	0	$ 0
OTTI | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	$ 0

Investments - Maturities of AFS

Investments - Maturities of AFS Securities (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Amortized Cost
Due in one year or less	$ 1,081
Due after one year through five years	8,855
Due after five years through ten years	11,209
Due after ten years	21,101
CLO, ABS, CMBS and RMBS	21,194
Amortized Cost	63,440	$ 60,025
Fair Value
Due in one year or less	1,082
Due after one year through five years	8,988
Due after five years through ten years	11,339
Due after ten years	21,688
CLO, ABS, CMBS and RMBS	21,558
Total AFS fixed maturity securities	64,655	59,265
Consolidated Entity Excluding Variable Interest Entities (VIE)
Amortized Cost
Amortized Cost	65,136
Fair Value
Total AFS fixed maturity securities	66,339
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Amortized Cost
Due after five years through ten years	3
CLO, ABS, CMBS and RMBS	1,693
Amortized Cost	1,696	1,462
Fair Value
Due after five years through ten years	3
CLO, ABS, CMBS and RMBS	1,681
Total AFS fixed maturity securities	$ 1,684	$ 1,437

Investments - Unrealized Losses

Investments - Unrealized Losses on AFS Securities (Details) $ in Millions	Mar. 31, 2019USD ($)security	Dec. 31, 2018USD ($)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security	2,638
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security	1,377
Fair Value
Less than 12 months	$ 11,751	$ 29,220
12 months or greater	(442)	(444)
Total	21,367	34,670
Gross Unrealized Losses
Less than 12 months	(354)	(1,324)
Total	(796)	(1,768)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	9,616	5,450
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | U.S. government and agencies
Fair Value
Less than 12 months	2	32
12 months or greater	0	0
Total	9	34
Gross Unrealized Losses
Less than 12 months	0	0
Total	0	0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	7	2
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | U.S. state, municipal and political subdivisions
Fair Value
Less than 12 months	19	139
12 months or greater	(5)	(5)
Total	94	221
Gross Unrealized Losses
Less than 12 months	0	(2)
Total	(5)	(7)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	75	82
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Foreign governments
Fair Value
Less than 12 months	8	97
12 months or greater	0	(1)
Total	27	112
Gross Unrealized Losses
Less than 12 months	0	(2)
Total	0	(3)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	19	15
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Corporate
Fair Value
Less than 12 months	4,840	20,213
12 months or greater	(393)	(373)
Total	13,031	24,331
Gross Unrealized Losses
Less than 12 months	(141)	(942)
Total	(534)	(1,315)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	8,191	4,118
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | CLO
Fair Value
Less than 12 months	4,782	5,054
12 months or greater	(5)	(2)
Total	4,943	5,144
Gross Unrealized Losses
Less than 12 months	(179)	(297)
Total	(184)	(299)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	161	90
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ABS
Fair Value
Less than 12 months	719	1,336
12 months or greater	(23)	(25)
Total	1,281	1,842
Gross Unrealized Losses
Less than 12 months	(10)	(23)
Total	(33)	(48)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	562	506
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | CMBS
Fair Value
Less than 12 months	439	932
12 months or greater	(12)	(33)
Total	902	1,429
Gross Unrealized Losses
Less than 12 months	(8)	(27)
Total	(20)	(60)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	463	497
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | RMBS
Fair Value
Less than 12 months	942	1,417
12 months or greater	(4)	(5)
Total	1,080	1,557
Gross Unrealized Losses
Less than 12 months	(16)	(31)
Total	(20)	(36)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	138	140
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Related Party | Corporate
Fair Value
Less than 12 months	0
12 months or greater	0
Total	3
Gross Unrealized Losses
Less than 12 months	0
Total	0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	3
Consolidated Entity Excluding Variable Interest Entities (VIE)
Fair Value
Less than 12 months	12,628	30,060
12 months or greater	(443)	(446)
Total	22,319	35,626
Gross Unrealized Losses
Less than 12 months	(376)	(1,351)
Total	(819)	(1,797)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	$ 9,691	5,566
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security	38
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security	6
Fair Value
Less than 12 months	$ 877	840
12 months or greater	(1)	(2)
Total	952	956
Gross Unrealized Losses
Less than 12 months	(22)	(27)
Total	(23)	(29)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	75	116
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | CLO
Fair Value
Less than 12 months	553	534
12 months or greater	0	0
Total	553	534
Gross Unrealized Losses
Less than 12 months	(16)	(25)
Total	(16)	(25)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | ABS
Fair Value
Less than 12 months	324	306
12 months or greater	(1)	(2)
Total	396	422
Gross Unrealized Losses
Less than 12 months	(6)	(2)
Total	(7)	(4)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	$ 72	$ 116

Investments - OTTI AFS Securiti

Investments - OTTI AFS Securities (Details) - Consolidated Entity Excluding Variable Interest Entities (VIE) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Net other-than-temporary impairment losses	$ 1
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	10	$ 14
Initial impairments – credit loss OTTI recognized on securities not previously impaired	0	1
Additional impairments – credit loss OTTI recognized on securities previously impaired	1	0
Reduction in impairments from securities sold, matured or repaid	0	(8)
Ending balance	$ 11	$ 7

Investments - Net Investment In

Investments - Net Investment Income (Details) - Consolidated Entity Excluding Variable Interest Entities (VIE) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net Investment Income [Line Items]
Investment revenue	$ 1,161	$ 939
Investment expenses	(95)	(84)
Net investment income	1,066	855
AFS securities
Net Investment Income [Line Items]
Investment revenue	753	668
Trading securities
Net Investment Income [Line Items]
Investment revenue	42	44
Equity securities
Net Investment Income [Line Items]
Investment revenue	3	2
Mortgage loans
Net Investment Income [Line Items]
Investment revenue	151	91
Investment funds
Net Investment Income [Line Items]
Investment revenue	10	65
Funds withheld at interest
Net Investment Income [Line Items]
Investment revenue	163	46
Other
Net Investment Income [Line Items]
Investment revenue	$ 39	$ 23

Investments - Investment Relate

Investments - Investment Related Gains (Losses) (Details) - Consolidated Entity Excluding Variable Interest Entities (VIE) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Gain (Loss) on Securities [Line Items]
Proceeds from Sale of Debt Securities, Available-for-sale	$ 1,253	$ 1,547
Debt Securities, Available-for-sale, Realized Gain	17	21
AFS fixed maturity securities
Gross realized losses on investment activity	(13)	(6)
Net realized investment gains on AFS securities	4	15
Debt Securities, Trading, Realized Gain (Loss)	49	(89)
Net recognized investment gains on equity securities	18	1
Derivative gains (losses)	1,692	(184)
Other gains	9	21
Investment related gains (losses)	$ 1,772	$ (236)

Investments - Unrealized gains

Investments - Unrealized gains (losses) recognized in income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Consolidated Entity Excluding Variable Interest Entities (VIE)
Gain (Loss) on Securities [Line Items]
Debt Securities, Trading, Unrealized Gain (Loss)	$ 71	$ (69)
Equity Securities, FV-NI, Unrealized Gain (Loss)	18	0
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Gain (Loss) on Securities [Line Items]
Debt Securities, Trading, Unrealized Gain (Loss)	(3)	(2)
Equity Securities, FV-NI, Unrealized Gain (Loss)	3	0
Variable Interest Entities | Related Party
Gain (Loss) on Securities [Line Items]
Debt Securities, Trading, Unrealized Gain (Loss)	1	0
Equity Securities, FV-NI, Unrealized Gain (Loss)	$ 0	$ 25

Investments - Purchase Credit I

Investments - Purchase Credit Impaired (PCI) Investments (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Fixed maturity securities
Certain Loans Acquired in Transfer Accounted for as Available-for-sale Debt Securities, Contractually Required Payments Receivable	$ 7,931	$ 8,179
Contractually required payments	6,619	6,773
Less: Cash flows expected to be collected	(6,968)	(7,195)
Cash flows expected to be collected2	6,968	7,195
Less: Amortized cost	(5,392)	(5,518)
Accretable difference	1,576	1,677
Fair value	5,774	5,828
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Fair Value	2,138	1,933
Mortgage loans
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Contractually Required Payments Receivable	2,870	2,675
Contractually required payments	2,395	2,210
Less: Cash flows expected to be collected	2,829	2,628
Cash flows expected to be collected	2,829	2,628
Accretable difference	712	697
Fair value	(2,117)	(1,931)
Mortgage loans
Fixed maturity securities
Certain Loans Acquired in Transfer, Nonaccretable Difference	41	47
Fixed maturity securities
Fixed maturity securities
Certain Loans Acquired in Transfer, Nonaccretable Difference	$ 963	$ 984

Investments - PCI Securities Ac

Investments - PCI Securities Acquired During the Period (Details) $ in Millions	Mar. 31, 2019USD ($)
Fixed maturity securities
Contractually required principal and interest	$ 66
Expected cash flows	51
Estimated fair value	44
Mortgage loans
Contractually required principal and interest	382
Expected cash flows	382
Estimated fair value	$ 292

Investments - PCI Securities _2

Investments - PCI Securities Accretable Yield (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Fixed Maturity Securities Accretable Yield Activity
Beginning balance	$ 1,677
Purchases of PCI investments, net of sales	8
Accretion	(91)
Net reclassification to non-accretable difference	(18)
Ending balance	1,576
Mortgage Loans Accretable Yield Activity
Beginning balance	697
Purchases of PCI investments, net of sales	40
Accretion	(32)
Net reclassification from (to) non-accretable difference	7
Ending balance	$ 712

Investments - Mortgage Loans, N

Investments - Mortgage Loans, Net (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 11,333	$ 10,631
Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	7,779	7,297
Commercial mortgage loans | Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	7,693	7,217
Commercial mortgage loans | Commercial mortgage loans under development
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	86	80
Residential mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 3,554	$ 3,334

Investments - Mortgage Loans,_2

Investments - Mortgage Loans, Net by Property Type and Geographic Region (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 11,333	$ 10,631
Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 7,779	$ 7,297
Commercial mortgage loans | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	100.00%	100.00%
Commercial mortgage loans | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	100.00%	100.00%
Commercial mortgage loans | Total U.S. Region
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 7,779	$ 7,297
Commercial mortgage loans | Total U.S. Region | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	100.00%	100.00%
Commercial mortgage loans | East North Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 846	$ 855
Commercial mortgage loans | East North Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	10.90%	11.70%
Commercial mortgage loans | East South Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 200	$ 295
Commercial mortgage loans | East South Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	2.60%	4.00%
Commercial mortgage loans | Middle Atlantic
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,434	$ 1,131
Commercial mortgage loans | Middle Atlantic | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	18.40%	15.50%
Commercial mortgage loans | Mountain
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 603	$ 616
Commercial mortgage loans | Mountain | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	7.80%	8.40%
Commercial mortgage loans | New England
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 373	$ 374
Commercial mortgage loans | New England | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	4.80%	5.10%
Commercial mortgage loans | Pacific
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,791	$ 1,540
Commercial mortgage loans | Pacific | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	23.00%	21.10%
Commercial mortgage loans | South Atlantic
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,518	$ 1,468
Commercial mortgage loans | South Atlantic | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	19.50%	20.20%
Commercial mortgage loans | West North Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 158	$ 173
Commercial mortgage loans | West North Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	2.00%	2.40%
Commercial mortgage loans | West South Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 856	$ 845
Commercial mortgage loans | West South Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	11.00%	11.60%
Commercial mortgage loans | Hotels
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,040	$ 1,040
Commercial mortgage loans | Hotels | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	13.40%	14.30%
Commercial mortgage loans | Retail
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,797	$ 1,660
Commercial mortgage loans | Retail | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	23.10%	22.70%
Commercial mortgage loans | Office building
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 2,527	$ 2,221
Commercial mortgage loans | Office building | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	32.40%	30.50%
Commercial mortgage loans | Industrial
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,232	$ 1,196
Commercial mortgage loans | Industrial | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	15.80%	16.40%
Commercial mortgage loans | Apartment
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 899	$ 791
Commercial mortgage loans | Apartment | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	11.60%	10.80%
Commercial mortgage loans | Other commercial
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 284	$ 389
Commercial mortgage loans | Other commercial | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	3.70%	5.30%
Residential mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 3,554	$ 3,334
Residential mortgage loans | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	100.00%	100.00%
Residential mortgage loans | California | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	33.70%	30.30%
Residential mortgage loans | Florida | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	15.70%	16.30%
Residential mortgage loans | New York | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	7.20%	7.70%
Residential mortgage loans | Other U.S. States | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	37.00%	42.40%

Investments - Mortgage Loans, R

Investments - Mortgage Loans, Residential by State (Details) - Geographic Concentration Risk - Residential mortgage loans - Mortgage Loans, Net	Mar. 31, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	100.00%	100.00%
California
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	33.70%	30.30%
Florida
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	15.70%	16.30%
TEXAS
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	6.40%	3.30%
New York
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	7.20%	7.70%
Other U.S. States
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	37.00%	42.40%

Investments - Mortgage Loans,_3

Investments - Mortgage Loans, Net Past Due (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Investments Schedule [Abstract]
Mortgage loan valuation allowance	$ 2
Non-performing mortgage loans	56	$ 48
Financing Receivable, Recorded Investment, Past Due [Line Items]
Mortgage loans, net of allowances	11,333	10,631
Commercial mortgage loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Mortgage loans, net of allowances	$ 7,779	$ 7,297

Investments - Mortgage Loans, L

Investments - Mortgage Loans, Loan to Value Ratio (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Financing Receivable, Recorded Investment [Line Items]
Mortgage loans, net of allowances	$ 11,333	$ 10,631
Commercial mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Mortgage loans, net of allowances	7,779	7,297
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development
Financing Receivable, Recorded Investment [Line Items]
Mortgage loans, net of allowances	7,693	7,217
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | Less than 50%
Financing Receivable, Recorded Investment [Line Items]
Mortgage loans, net of allowances	2,060	1,883
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | 50% to 60%
Financing Receivable, Recorded Investment [Line Items]
Mortgage loans, net of allowances	1,986	1,988
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | 61% to 70%
Financing Receivable, Recorded Investment [Line Items]
Mortgage loans, net of allowances	2,856	2,394
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | 71% to 80%
Financing Receivable, Recorded Investment [Line Items]
Mortgage loans, net of allowances	702	898
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | 81% to 100%
Financing Receivable, Recorded Investment [Line Items]
Mortgage loans, net of allowances	$ 89	$ 54

Investments - Mortgage Loans, D

Investments - Mortgage Loans, Debt Service Coverage Ratio (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 11,333	$ 10,631
Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	7,779	7,297
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	7,693	7,217
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	7,057	6,576
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	360	474
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	$ 276	$ 167

Investments - Investment Funds

Investments - Investment Funds (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 3,592	$ 3,559
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 683	$ 703
Carrying Amount, Assets, Percent of Total	100.00%	100.00%
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 2,290	$ 2,232
Carrying Amount, Assets, Percent of Total	100.00%	100.00%
Variable Interest Entities
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 619	$ 624
Carrying Amount, Assets, Percent of Total	100.00%	100.00%
Variable Interest Entities | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 580	$ 583
Private equity | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 239	$ 253
Carrying Amount, Assets, Percent of Total	35.00%	36.00%
Private equity | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 52	$ 18
Carrying Amount, Assets, Percent of Total	2.30%	0.80%
Real assets | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 64	$ 56
Carrying Amount, Assets, Percent of Total	9.40%	7.90%
Real assets | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 144	$ 145
Carrying Amount, Assets, Percent of Total	6.30%	6.50%
Real assets | Variable Interest Entities
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 39	$ 41
Carrying Amount, Assets, Percent of Total	6.30%	6.60%
Real estate | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 224	$ 215
Carrying Amount, Assets, Percent of Total	32.80%	30.60%
Real estate | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 498	$ 506
Carrying Amount, Assets, Percent of Total	21.80%	22.70%
Real estate | Variable Interest Entities
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 29	$ 30
Carrying Amount, Assets, Percent of Total	4.70%	4.80%
Natural resources | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 1	$ 4
Carrying Amount, Assets, Percent of Total	0.10%	0.60%
Natural resources | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 123	$ 104
Carrying Amount, Assets, Percent of Total	5.40%	4.70%
Other fund | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 0	$ 3
Carrying Amount, Assets, Percent of Total	0.00%	0.40%
Other fund | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 171	$ 162
Carrying Amount, Assets, Percent of Total	7.50%	7.30%
Differentiated investments | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 1,050	$ 1,055
Carrying Amount, Assets, Percent of Total	45.80%	47.20%
Credit funds | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 155	$ 172
Carrying Amount, Assets, Percent of Total	22.70%	24.50%
Credit funds | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 340	$ 341
Carrying Amount, Assets, Percent of Total	14.80%	15.30%
Credit funds | Variable Interest Entities
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 550	$ 552
Carrying Amount, Assets, Percent of Total	88.80%	88.40%
Public equities | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 83	$ 63
Carrying Amount, Assets, Percent of Total	3.60%	2.80%
AmeriHome | Private equity | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 436	$ 463
Carrying Amount, Assets, Percent of Total	19.00%	20.70%
Catalina Holdings (Bermuda) Ltd [Member] | Private equity | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 232	$ 233
Carrying Amount, Assets, Percent of Total	10.10%	10.40%
Athora Holding Ltd. | Private equity | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 124	$ 105
Carrying Amount, Assets, Percent of Total	5.40%	4.70%
Venerable | Private equity | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 87	$ 92
Carrying Amount, Assets, Percent of Total	3.80%	4.10%
MidCap | Private equity | Variable Interest Entities
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 1	$ 1
Carrying Amount, Assets, Percent of Total	0.20%	0.20%

Investments - Investment Fund_2

Investments - Investment Funds Ownership (Details) - Investment funds - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Fair Value, Option, Fair Value Carrying Amount, Assets	$ 876	$ 881
Equity Method Investments	2,716	2,678
Ownership Percentage, One Hundred Percent [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	15	17
Ownership Percentage, Greater than or Equal to Fifty Percentage and Less than or Equal to Ninety Nine Percent [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	1,017	1,044
Ownership Percentage, Greater than Three Percent and Less than or Equal to Forty Nine Percent [Member]
Schedule of Equity Method Investments [Line Items]
Fair Value, Option, Fair Value Carrying Amount, Assets	699	687
Equity Method Investments	1,684	1,617
Ownership Percentage, Less than Three Percent [Member]
Schedule of Equity Method Investments [Line Items]
Fair Value, Option, Fair Value Carrying Amount, Assets	$ 177	$ 194

Investments - Summary of Maximu

Investments - Summary of Maximum Loss Exposure (Details) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	$ 27,920	$ 26,553
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	30,353	29,434
Investment funds
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	619	624
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	722	727
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Investment funds
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	683	703
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	1,271	1,329
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Investment funds
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	2,290	2,232
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	4,301	4,331
Debt Securities [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	22,107	21,188
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	21,748	21,139
Debt Securities [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	1,920	1,686
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	2,010	1,788
Equity securities | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	301	120
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 301	$ 120

Derivative Instruments - Summar

Derivative Instruments - Summary of Notional and Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Total derivative assets	$ 2,580	$ 990
Total derivative liabilities	9,203	8,053
Derivatives designated as hedges
Derivative [Line Items]
Derivative assets, fair value	70	83
Derivative liabilities, fair value	49	56
Derivatives designated as hedges | Foreign currency swaps
Derivative [Line Items]
Notional Amount	2,275	2,041
Derivative assets, fair value	68	83
Derivative liabilities, fair value	49	55
Derivatives designated as hedges | Foreign currency forwards
Derivative [Line Items]
Notional Amount	154	85
Derivative assets, fair value	2	0
Derivative liabilities, fair value	0	1
Derivatives not designated as hedges
Derivative [Line Items]
Total derivative assets	2,510	907
Total derivative liabilities	9,154	7,997
Derivatives not designated as hedges | Foreign currency swaps
Derivative [Line Items]
Notional Amount	38	38
Derivative assets, fair value	3	3
Derivative liabilities, fair value	1	2
Derivatives not designated as hedges | Interest rate swaps
Derivative [Line Items]
Notional Amount	310	326
Derivative assets, fair value	0	0
Derivative liabilities, fair value	1	1
Derivatives not designated as hedges | Equity options
Derivative [Line Items]
Notional Amount	49,566	49,821
Derivative assets, fair value	1,824	942
Derivative liabilities, fair value	22	11
Derivatives not designated as hedges | Futures
Derivative [Line Items]
Notional Amount	6	4
Derivative assets, fair value	8	9
Derivative liabilities, fair value	1	3
Derivatives not designated as hedges | Total return swaps
Derivative [Line Items]
Notional Amount	60	62
Derivative assets, fair value	4	0
Derivative liabilities, fair value	0	3
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	4	4
Derivatives not designated as hedges | Foreign currency forwards
Derivative [Line Items]
Notional Amount	795	646
Derivative assets, fair value	11	6
Derivative liabilities, fair value	7	5
Derivatives not designated as hedges | Embedded derivatives | Funds withheld
Derivative [Line Items]
Notional Amount	0	0
Embedded derivative assets, fair value		(53)
Embedded derivative liabilities, fair value		(1)
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	9,106	7,969
Consolidated Entity Excluding Variable Interest Entities (VIE)
Derivative [Line Items]
Funds withheld liability	724	721
Derivative liabilities, fair value	85	85
Consolidated Entity Excluding Variable Interest Entities (VIE) | Derivatives not designated as hedges | Embedded derivatives | Funds withheld
Derivative [Line Items]
Funds withheld at interest	660
Funds withheld liability	12
Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 3 | Recurring
Derivative [Line Items]
Derivative assets, fair value	0	0
Derivative liabilities, fair value	0	4
Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 3 | Recurring | Embedded derivatives
Derivative [Line Items]
Funds withheld at interest	446	57
Funds withheld liability	4	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 2 | Recurring
Derivative [Line Items]
Derivative assets, fair value	1,912	1,034
Derivative liabilities, fair value	12	78
Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 2 | Recurring | Embedded derivatives
Derivative [Line Items]
Funds withheld at interest	0	0
Funds withheld liability	$ 80	$ (1)

Derivative Instruments - Gains

Derivative Instruments - Gains (Losses) on Derivatives Not Designated as Hedging (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	$ 675,000,000	$ 63,000,000
Investment related gains (losses)
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	1,692,000,000	(184,000,000)
Investment related gains (losses) | Equity options
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	849,000,000	(142,000,000)
Investment related gains (losses) | Futures
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	(11,000,000)	(5,000,000)
Investment related gains (losses) | Swap [Member]
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	18,000,000	2,000,000
Investment related gains (losses) | Foreign currency forwards
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	6,000,000	(7,000,000)
Investment related gains (losses) | Embedded derivatives
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	830,000,000	(32,000,000)
Interest sensitive contract benefits | Embedded derivatives
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	(1,017,000,000)	247,000,000
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, 2019	Dec. 31, 2018
Offsetting Derivative Assets
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$ 1,920	$ 1,043
Gross amounts not offset on the consolidated balance sheets, financial instruments	(65)	(52)
Gross amounts not offset on the consolidated balance sheets, collateral received/pledged	(1,781)	(969)
Derivative Asset, Fair Value, Amount Offset Against Collateral	74	22
Off-balance sheet securities collateral	(3)	(4)
Net amount after securities collateral	71	18
Offsetting Derivative Liabilities
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	(85)	(85)
Gross amounts not offset on the consolidated balance sheets, financial instruments	65	52
Gross amounts not offset on the consolidated balance sheets, collateral received/pledged	14	24
Derivative Liability, Fair Value, Amount Offset Against Collateral	(6)	(9)
Off-balance sheet securities collateral	0	0
Net amount after securities collateral	$ (6)	$ (9)

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - Derivatives designated as hedges - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Cash flow hedges | Foreign currency swaps
Derivative [Line Items]
Foreign currency swap gains (losses)	$ (8,000,000)	$ (56,000,000)
Foreign currency swap gain (loss) reclassified to income	0	$ 0
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	0
Fair Value Hedging [Member] | Foreign currency forwards
Derivative [Line Items]
Derivative, Amount of Hedged Item	154,000,000		$ 88,000,000
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	2,000,000		$ 1,000,000
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	3,000,000
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	$ (3,000,000)

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Assets
Mortgage loans	$ 11,333	$ 10,631
Restricted cash	497	492
Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets
Available-for-sale securities	66,339
Reinsurance recoverable	5,647	5,534
Liabilities
Interest sensitive contract liabilities	98,452	96,610
Future policy benefits	19,016	16,704
Derivative liabilities	85	85
Funds withheld liability	724	721
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Assets
Available-for-sale securities	1,684	1,437
Trading securities, at fair value	239	249
Equity securities	301	120
Mortgage loans	291	291
Funds withheld at interest	13,683	13,577
Other investments	387	386
Reinsurance recoverable	334	344
Liabilities
Interest sensitive contract liabilities	16,533	16,850
Future policy benefits	1,347	1,259
Funds withheld liability	327	337
Consolidated Entity Excluding Variable Interest Entities (VIE) | CLO | Related Party
Assets
Available-for-sale securities	638	562
Consolidated Entity Excluding Variable Interest Entities (VIE) | ABS | Related Party
Assets
Available-for-sale securities	1,043	875
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring
Assets
Investment funds		801
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1
Assets
Available-for-sale securities	49	54
Trading securities, at fair value	3	3
Equity securities	47	40
Mortgage loans	0	0
Investment funds	0	0
Derivative assets	8	9
Short-term investments	50	66
Other investments	0	0
Cash and cash equivalents	3,021	2,911
Restricted cash	497	492
Reinsurance recoverable	0	0
Total assets measured at fair value	3,677	3,614
Liabilities
Derivative liabilities	0	3
Total liabilities measured at fair value	1	3
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | Related Party
Assets
Available-for-sale securities	0	0
Trading securities, at fair value	0	0
Equity securities	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 | 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	1	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | Embedded derivatives | Related Party
Assets
Funds withheld at interest	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | U.S. government and agencies
Assets
Available-for-sale securities	49	54
Trading securities, at fair value	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
Trading securities, at fair value	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | Foreign governments
Assets
Available-for-sale securities	0	0
Trading securities, at fair value	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | Corporate
Assets
Available-for-sale securities	0	0
Trading securities, at fair value	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | Corporate | Related Party
Assets
Available-for-sale securities	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | CLO
Assets
Available-for-sale securities	0	0
Trading securities, at fair value	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | CLO | Related Party
Assets
Available-for-sale securities	0	0
Trading securities, at fair value	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | ABS
Assets
Available-for-sale securities	0	0
Trading securities, at fair value	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | ABS | Related Party
Assets
Available-for-sale securities	0	0
Trading securities, at fair value	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | CMBS
Assets
Available-for-sale securities	0	0
Trading securities, at fair value	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | RMBS
Assets
Available-for-sale securities	0	0
Trading securities, at fair value	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2
Assets
Available-for-sale securities	61,616	56,348
Trading securities, at fair value	2,143	1,811
Equity securities	202	173
Mortgage loans	0	0
Investment funds	0	0
Derivative assets	1,912	1,034
Short-term investments	105	125
Other investments	52	52
Cash and cash equivalents	0	0
Restricted cash	0	0
Reinsurance recoverable	0	0
Total assets measured at fair value	67,263	60,674
Liabilities
Derivative liabilities	12	78
Total liabilities measured at fair value	92	77
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Related Party
Assets
Available-for-sale securities	1,187	1,109
Trading securities, at fair value	46	22
Equity securities	0	0
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 | 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	80	(1)
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Embedded derivatives | Related Party
Assets
Funds withheld at interest	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | U.S. government and agencies
Assets
Available-for-sale securities	1	3
Trading securities, at fair value	2	2
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | U.S. state, municipal and political subdivisions
Assets
Available-for-sale securities	1,365	1,293
Trading securities, at fair value	130	126
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Foreign governments
Assets
Available-for-sale securities	271	161
Trading securities, at fair value	17
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Corporate
Assets
Available-for-sale securities	40,376	36,199
Trading securities, at fair value	1,545	1,287
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Corporate | Related Party
Assets
Available-for-sale securities	3
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | CLO
Assets
Available-for-sale securities	6,032	5,254
Trading securities, at fair value	12	8
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | CLO | Related Party
Assets
Available-for-sale securities	638	562
Trading securities, at fair value	46	22
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | ABS
Assets
Available-for-sale securities	3,461	3,305
Trading securities, at fair value	94	87
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | ABS | Related Party
Assets
Available-for-sale securities	546	547
Trading securities, at fair value	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | CMBS
Assets
Available-for-sale securities	2,250	2,170
Trading securities, at fair value	50	49
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | RMBS
Assets
Available-for-sale securities	7,860	7,963
Trading securities, at fair value	293	252
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3
Assets
Available-for-sale securities	2,990	2,863
Trading securities, at fair value	110	135
Equity securities	3	3
Mortgage loans	32	32
Investment funds	25	29
Derivative assets	0	0
Short-term investments	0	0
Other investments	0	0
Cash and cash equivalents	0	0
Restricted cash	0	0
Reinsurance recoverable	1,737	1,676
Total assets measured at fair value	6,726	5,528
Liabilities
Derivative liabilities	0	4
Total liabilities measured at fair value	12,315	11,078
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Related Party
Assets
Available-for-sale securities	497	328
Trading securities, at fair value	193	227
Equity securities	301	120
Investment funds	124	105
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Universal life
Liabilities
Interest sensitive contract liabilities	979	932
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | AmerUs Closed Block
Liabilities
Future policy benefits	1,483	1,443
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | ILICO Closed Block and life benefits
Liabilities
Future policy benefits	743	730
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Embedded derivatives
Assets
Funds withheld at interest	446	57
Liabilities
Interest sensitive contract liabilities	9,106	7,969
Funds withheld liability	4	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Embedded derivatives | Related Party
Assets
Funds withheld at interest	214	(110)
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | U.S. government and agencies
Assets
Available-for-sale securities	0	0
Trading securities, at fair value	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
Trading securities, at fair value	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Foreign governments
Assets
Available-for-sale securities	0	0
Trading securities, at fair value	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Corporate
Assets
Available-for-sale securities	1,035	898
Trading securities, at fair value	10	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Corporate | Related Party
Assets
Available-for-sale securities	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | CLO
Assets
Available-for-sale securities	110	107
Trading securities, at fair value	8	1
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | CLO | Related Party
Assets
Available-for-sale securities	0	0
Trading securities, at fair value	55	78
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | ABS
Assets
Available-for-sale securities	1,614	1,615
Trading securities, at fair value	6	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | ABS | Related Party
Assets
Available-for-sale securities	497	328
Trading securities, at fair value	138	149
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | CMBS
Assets
Available-for-sale securities	174	187
Trading securities, at fair value	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | RMBS
Assets
Available-for-sale securities	57	56
Trading securities, at fair value	86	134
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | NAV
Assets
Investment funds	134	153
Total assets measured at fair value	792
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | NAV | Related Party
Assets
Investment funds	108	96
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets
Mortgage loans	11,190	10,424
Investment funds	524	521
Funds withheld at interest	14,795	14,966
Other investments	69	70
Total assets measured at fair value	43,322	42,895
Liabilities
Interest sensitive contract liabilities	53,504	51,655
Funds withheld liability	712	722
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Assets
Mortgage loans	286	290
Investment funds	2,058	2,031
Funds withheld at interest	13,469	13,687
Other investments	389	361
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 measured at fair value	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
Mortgage loans	0	0
Investment funds	0	0
Funds withheld at interest	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	0
Total assets measured at fair value	487	488
Liabilities
Interest sensitive contract liabilities	0	0
Funds withheld liability	712	722
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 2 | Related Party
Assets
Mortgage loans	0	0
Investment funds	0	0
Funds withheld at interest	0	0
Other investments	0	0
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 3
Assets
Mortgage loans	11,190	10,424
Investment funds	0	0
Funds withheld at interest	14,795	14,966
Other investments	69	70
Total assets measured at fair value	40,198	39,798
Liabilities
Interest sensitive contract liabilities	53,504	51,655
Funds withheld liability	0	0
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 3 | Related Party
Assets
Mortgage loans	286	290
Investment funds	0	0
Funds withheld at interest	13,469	13,687
Other investments	389	361
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | NAV
Assets
Investment funds	524	521
Total assets measured at fair value	2,637	2,609
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | NAV | Related Party
Assets
Investment funds	2,058	2,031
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring
Assets
Available-for-sale securities	64,655	59,265
Trading securities, at fair value	2,256	1,949
Equity securities	252	216
Mortgage loans	32	32
Investment funds	159	182
Derivative assets	1,920	1,043
Short-term investments	155	191
Other investments	52	52
Cash and cash equivalents	3,021	2,911
Restricted cash	497	492
Reinsurance recoverable	1,737	1,676
Total assets measured at fair value	78,458	70,617
Liabilities
Interest sensitive contract liabilities	10,085	8,901
Future policy benefits	2,226	2,173
Derivative liabilities	85	85
Funds withheld liability	12	(1)
Total liabilities measured at fair value	12,408	11,158
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Related Party
Assets
Available-for-sale securities	1,684	1,437
Trading securities, at fair value	239	249
Equity securities	301	120
Investment funds	232	201
Funds withheld at interest	214	(110)
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Universal life
Liabilities
Interest sensitive contract liabilities	979	932
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | AmerUs Closed Block
Liabilities
Future policy benefits	1,483	1,443
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | ILICO Closed Block and life benefits
Liabilities
Future policy benefits	743	730
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Embedded derivatives
Assets
Funds withheld at interest	446	57
Liabilities
Interest sensitive contract liabilities	9,106	7,969
Funds withheld liability	12	(1)
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Embedded derivatives | Related Party
Assets
Funds withheld at interest	214	(110)
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | U.S. government and agencies
Assets
Available-for-sale securities	50	57
Trading securities, at fair value	5	5
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | U.S. state, municipal and political subdivisions
Assets
Available-for-sale securities	1,365	1,293
Trading securities, at fair value	130	126
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Foreign governments
Assets
Available-for-sale securities	271	161
Trading securities, at fair value	17
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Corporate
Assets
Available-for-sale securities	41,411	37,097
Trading securities, at fair value	1,555	1,287
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Corporate | Related Party
Assets
Available-for-sale securities	3
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | CLO
Assets
Available-for-sale securities	6,142	5,361
Trading securities, at fair value	20	9
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | CLO | Related Party
Assets
Available-for-sale securities	638	562
Trading securities, at fair value	101	100
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | ABS
Assets
Available-for-sale securities	5,075	4,920
Trading securities, at fair value	100	87
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | ABS | Related Party
Assets
Available-for-sale securities	1,043	875
Trading securities, at fair value	138	149
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | CMBS
Assets
Available-for-sale securities	2,424	2,357
Trading securities, at fair value	50	49
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | RMBS
Assets
Available-for-sale securities	7,917	8,019
Trading securities, at fair value	379	386
Derivatives not designated as hedges | Funds withheld at interest | Consolidated Entity Excluding Variable Interest Entities (VIE) | Embedded derivatives
Assets
Funds withheld at interest	660
Liabilities
Funds withheld liability	12
Variable Interest Entities | Related Party
Assets
Trading securities, at fair value	34	35
Equity securities	6	50
Variable Interest Entities | Recurring | Level 1
Assets
Trading securities, at fair value		0
Equity securities		37
Investment funds	0	0
Cash and cash equivalents	2	2
Variable Interest Entities | Recurring | Level 1 | Related Party
Assets
Trading securities, at fair value	0
Equity securities	0
Variable Interest Entities | Recurring | Level 2
Assets
Trading securities, at fair value		0
Equity securities		0
Investment funds	0	0
Cash and cash equivalents	0	0
Variable Interest Entities | Recurring | Level 2 | Related Party
Assets
Trading securities, at fair value	0
Equity securities	0
Variable Interest Entities | Recurring | Level 3
Assets
Trading securities, at fair value	34	35
Equity securities		13
Investment funds	14	15
Cash and cash equivalents	0	0
Variable Interest Entities | Recurring | Level 3 | Related Party
Assets
Equity securities	6
Variable Interest Entities | Recurring | NAV
Assets
Investment funds		552
Variable Interest Entities | Recurring | NAV | Related Party
Assets
Investment funds	550
Variable Interest Entities | Fair Value | Related Party
Assets
Investment funds	55	57
Variable Interest Entities | Fair Value | Level 1 | Related Party
Assets
Investment funds	0	0
Variable Interest Entities | Fair Value | Level 2 | Related Party
Assets
Investment funds	0	0
Variable Interest Entities | Fair Value | Level 3 | Related Party
Assets
Investment funds	0	0
Variable Interest Entities | Fair Value | NAV | Related Party
Assets
Investment funds	55	57
Variable Interest Entities | Fair Value | Recurring
Assets
Cash and cash equivalents	2	2
Variable Interest Entities | Fair Value | Recurring | Related Party
Assets
Trading securities, at fair value	34	35
Equity securities	6	50
Investment funds	$ 564	$ 567

Fair Value - Fair Value Option

Fair Value - Fair Value Option (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	$ 6,000,000	$ (3,000,000)
Mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option, loans, 90 days or more past due	0		$ 0
Unpaid principal balance	30,000,000		30,000,000
Mark to fair value	2,000,000		2,000,000
Fair value	32,000,000		$ 32,000,000
Investment related gains (losses) | Trading securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	50,000,000	(89,000,000)
Net investment income | Investment funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	(4,000,000)	2,000,000
Future policy and other policy benefits | Future policy benefits
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	$ (40,000,000)	$ 84,000,000

Fair Value Fair Value - Reconci

Fair Value Fair Value - Reconciliation of Level 3 Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Consolidated Entity Excluding Variable Interest Entities (VIE)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	$ 5,528	$ 5,422
Total realized and unrealized gains (losses) included in income	757	(234)
Total realized and unrealized gains (losses) included in OCI	26	(15)
Purchases, issuances, sales and settlements, net	611	260
Transfers in	82	249
Transfers (out)	(278)	(584)
Ending balance	6,726	5,098
Total gains (losses) included in earnings	(3)	0
Beginning balance	(11,078)	(10,849)
Total realized and unrealized gains (losses) included in income	(1,117)	441
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	(120)	(56)
Transfers in	0	0
Transfers (out)	0	0
Ending balance	(12,315)	(10,464)
Total gains (losses) included in earnings	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Reinsurance Recoverable Including Reinsurance Premium Paid [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	1,676	1,824
Total realized and unrealized gains (losses) included in income	61	(111)
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	1,737	1,713
Total gains (losses) included in earnings	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	32	41
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	32	41
Total gains (losses) included in earnings	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	29	41
Total realized and unrealized gains (losses) included in income	(3)	(9)
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	(1)	(7)
Transfers in	0	0
Transfers (out)	0	0
Ending balance	25	25
Total gains (losses) included in earnings	(3)	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	3	8
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	(8)
Transfers in	0	0
Transfers (out)	0	0
Ending balance	3	0
Total gains (losses) included in earnings	0	0
Embedded derivatives | Consolidated Entity Excluding Variable Interest Entities (VIE) | Funds withheld at interest
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	57	312
Total realized and unrealized gains (losses) included in income	389	(105)
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	446	207
Total gains (losses) included in earnings	0	0
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE) | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	105	0
Total realized and unrealized gains (losses) included in income	0	3
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	19	108
Transfers in	0	0
Transfers (out)	0	0
Ending balance	124	111
Total gains (losses) included in earnings	0	3
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE) | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	120
Total realized and unrealized gains (losses) included in income	4
Total realized and unrealized gains (losses) included in OCI	0
Purchases, issuances, sales and settlements, net	177
Transfers in	0
Transfers (out)	0
Ending balance	301
Total gains (losses) included in earnings	4
Related Party | Embedded derivatives | Consolidated Entity Excluding Variable Interest Entities (VIE) | Funds withheld at interest
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(110)
Total realized and unrealized gains (losses) included in income	324
Total realized and unrealized gains (losses) included in OCI	0
Purchases, issuances, sales and settlements, net	0
Transfers in	0
Transfers (out)	0
Ending balance	214
Total gains (losses) included in earnings	0
RMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	56	301
Total realized and unrealized gains (losses) included in income	0	1
Total realized and unrealized gains (losses) included in OCI	1	(5)
Purchases, issuances, sales and settlements, net	0	23
Transfers in	0	7
Transfers (out)	0	(289)
Ending balance	57	38
Total gains (losses) included in earnings	0	0
RMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	134	342
Total realized and unrealized gains (losses) included in income	(3)	(21)
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	0
Transfers in	38	0
Transfers (out)	(83)	0
Ending balance	86	321
Total gains (losses) included in earnings	2	0
ABS | Consolidated Entity Excluding Variable Interest Entities (VIE) | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	1,615	1,457
Total realized and unrealized gains (losses) included in income	3	2
Total realized and unrealized gains (losses) included in OCI	16	(7)
Purchases, issuances, sales and settlements, net	57	(104)
Transfers in	19	0
Transfers (out)	(96)	(58)
Ending balance	1,614	1,290
Total gains (losses) included in earnings	0	0
ABS | Consolidated Entity Excluding Variable Interest Entities (VIE) | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	0	77
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	6	0
Transfers in	0	0
Transfers (out)	0	(77)
Ending balance	6	0
Total gains (losses) included in earnings	0	(3)
ABS | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE) | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	328	4
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	169	0
Transfers in	0	0
Transfers (out)	0	0
Ending balance	497	4
Total gains (losses) included in earnings	0	0
ABS | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE) | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	149	0
Total realized and unrealized gains (losses) included in income	(11)	0
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	0
Transfers in	0	171
Transfers (out)	0	0
Ending balance	138	171
Total gains (losses) included in earnings	(11)	0
CLO | Consolidated Entity Excluding Variable Interest Entities (VIE) | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	107	64
Total realized and unrealized gains (losses) included in income	0	0
Total realized and unrealized gains (losses) included in OCI	2	2
Purchases, issuances, sales and settlements, net	30	131
Transfers in	0	0
Transfers (out)	(29)	(30)
Ending balance	110	167
Total gains (losses) included in earnings	0	0
CLO | Consolidated Entity Excluding Variable Interest Entities (VIE) | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	1	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	1
Transfers in	7	0
Transfers (out)	0	(17)
Ending balance	8	1
Total gains (losses) included in earnings	1	0
CLO | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE) | 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 | Consolidated Entity Excluding Variable Interest Entities (VIE) | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	78	105
Total realized and unrealized gains (losses) included in income	(1)	1
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	(1)
Transfers in	0	18
Transfers (out)	(22)	(32)
Ending balance	55	91
Total gains (losses) included in earnings	4	(1)
Corporate | Consolidated Entity Excluding Variable Interest Entities (VIE) | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	898	578
Total realized and unrealized gains (losses) included in income	(2)	4
Total realized and unrealized gains (losses) included in OCI	5	(4)
Purchases, issuances, sales and settlements, net	165	58
Transfers in	0	53
Transfers (out)	(31)	(8)
Ending balance	1,035	681
Total gains (losses) included in earnings	0	0
Corporate | Consolidated Entity Excluding Variable Interest Entities (VIE) | 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	10
Transfers (out)	0
Ending balance	10
Total gains (losses) included in earnings	0
CMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	187	137
Total realized and unrealized gains (losses) included in income	0	0
Total realized and unrealized gains (losses) included in OCI	2	(1)
Purchases, issuances, sales and settlements, net	(6)	0
Transfers in	8	0
Transfers (out)	(17)	(73)
Ending balance	174	63
Total gains (losses) included in earnings	0	0
U.S. state, municipal and political subdivisions | Consolidated Entity Excluding Variable Interest Entities (VIE) | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance		17
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)		0
Ending balance		17
Total gains (losses) included in earnings		0
Derivative Financial Instruments, Liabilities [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(4)	(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	0	0
Transfers in	0	0
Transfers (out)	0	0
Ending balance	(4)	(5)
Total gains (losses) included in earnings	0	0
Interest sensitive contract liabilities | Embedded derivatives | Consolidated Entity Excluding Variable Interest Entities (VIE)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(7,969)	(7,411)
Total realized and unrealized gains (losses) included in income	(1,017)	247
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	(120)	(56)
Transfers in	0	0
Transfers (out)	0	0
Ending balance	(9,106)	(7,220)
Total gains (losses) included in earnings	0	0
Universal life | Interest sensitive contract liabilities | Consolidated Entity Excluding Variable Interest Entities (VIE)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(932)	(1,005)
Total realized and unrealized gains (losses) included in income	(47)	71
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	(979)	(934)
Total gains (losses) included in earnings	0	0
AmerUs Closed Block | Future policy benefits | Consolidated Entity Excluding Variable Interest Entities (VIE)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(1,443)	(1,625)
Total realized and unrealized gains (losses) included in income	(40)	84
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	(1,483)	(1,541)
Total gains (losses) included in earnings	0	0
ILICO Closed Block and life benefits | Future policy benefits | Consolidated Entity Excluding Variable Interest Entities (VIE)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(730)	(803)
Total realized and unrealized gains (losses) included in income	(13)	39
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	(743)	(764)
Total gains (losses) included in earnings	0	0
Variable Interest Entities | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	15	21
Total realized and unrealized gains (losses) included in income	(1)	1
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	0
Ending balance	14	20
Total gains (losses) included in earnings	0	1
Variable Interest Entities | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	13	28
Total realized and unrealized gains (losses) included in income	(3)	0
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	(4)	0
Transfers in	0	0
Transfers (out)	0	0
Ending balance	6	28
Total gains (losses) included in earnings	0	0
Variable Interest Entities | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	35	48
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	(1)	(1)
Transfers in	0	0
Transfers (out)	0	0
Ending balance	34	47
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) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Consolidated Entity Excluding Variable Interest Entities (VIE)
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	$ 829	$ 453
Issuances	0
Sales	(39)	(37)
Settlements	(179)	(156)
Purchases, (Sales), Issuances, (Settlements)	611	260
Purchases	0	0
Issuances	(233)	(126)
Sales	0	0
Settlements	113	70
Purchases, (Sales), Issuances, (Settlements), Liabilities	(120)	(56)
Consolidated Entity Excluding Variable Interest Entities (VIE) | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		0
Sales		(8)
Purchases, (Sales), Issuances, (Settlements)	0	(8)
Consolidated Entity Excluding Variable Interest Entities (VIE) | Equity securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	177
Purchases, (Sales), Issuances, (Settlements)	177
Consolidated Entity Excluding Variable Interest Entities (VIE) | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Settlements	(1)	(7)
Purchases, (Sales), Issuances, (Settlements)	(1)	(7)
Consolidated Entity Excluding Variable Interest Entities (VIE) | Investment funds | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	19	108
Purchases, (Sales), Issuances, (Settlements)	19	108
Consolidated Entity Excluding Variable Interest Entities (VIE) | U.S. state, municipal and political subdivisions | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)		0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Corporate | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	238	68
Sales	(1)	(5)
Settlements	(72)	(5)
Purchases, (Sales), Issuances, (Settlements)	165	58
Consolidated Entity Excluding Variable Interest Entities (VIE) | Corporate | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | CLO | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	30	131
Sales	0	0
Settlements	0	0
Purchases, (Sales), Issuances, (Settlements)	30	131
Consolidated Entity Excluding Variable Interest Entities (VIE) | CLO | AFS securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		62
Sales		0
Settlements		0
Purchases, (Sales), Issuances, (Settlements)		62
Consolidated Entity Excluding Variable Interest Entities (VIE) | CLO | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		13
Sales		0
Settlements		(12)
Purchases, (Sales), Issuances, (Settlements)	0	1
Consolidated Entity Excluding Variable Interest Entities (VIE) | CLO | Trading securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		0
Sales		(1)
Settlements		0
Purchases, (Sales), Issuances, (Settlements)	0	(1)
Consolidated Entity Excluding Variable Interest Entities (VIE) | RMBS | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		31
Settlements		(8)
Purchases, (Sales), Issuances, (Settlements)	0	23
Consolidated Entity Excluding Variable Interest Entities (VIE) | RMBS | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | ABS | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	189	40
Sales	(33)	(20)
Settlements	(99)	(124)
Purchases, (Sales), Issuances, (Settlements)	57	(104)
Consolidated Entity Excluding Variable Interest Entities (VIE) | ABS | AFS securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	170
Sales	0
Settlements	(1)
Purchases, (Sales), Issuances, (Settlements)	169	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | ABS | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	6
Sales	0
Settlements	0
Purchases, (Sales), Issuances, (Settlements)	6	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | ABS | Trading securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | CMBS | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0
Sales	0
Settlements	(6)
Purchases, (Sales), Issuances, (Settlements)	(6)	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | 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 | Consolidated Entity Excluding Variable Interest Entities (VIE) | Embedded derivatives
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	0
Issuances	(233)	(126)
Sales	0	0
Settlements	113	70
Purchases, (Sales), Issuances, (Settlements), Liabilities	(120)	(56)
Variable Interest Entities | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	0
Sales	(1)	(1)
Settlements	0	0
Purchases, (Sales), Issuances, (Settlements)	(1)	(1)
Variable Interest Entities | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0
Sales	(4)
Settlements	0
Purchases, (Sales), Issuances, (Settlements)	$ (4)	0
Variable Interest Entities | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		0
Sales		(2)
Settlements		0
Purchases, (Sales), Issuances, (Settlements)		$ (2)

Fair Value - Summary of Unobser

Fair Value - Summary of Unobservable Inputs for the Embedded Derivatives of Interest Sensitive Contract Liabilities (Details) $ in Millions	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Nonperformance risk | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.001	0.003
Nonperformance risk | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.013	0.015
Option budget | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.007	0.007
Option budget | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.037	0.037
Surrender rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.036	0.036
Surrender rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.075	0.073
Embedded derivatives | Interest sensitive contract liabilities | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total liabilities measured at fair value	$ 9,106	$ 7,969

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Assets
Mortgage loans	$ 11,333	$ 10,631
Investment funds	3,592	3,559
Consolidated Entity Excluding Variable Interest Entities (VIE)
Liabilities
Interest sensitive contract liabilities	98,452	96,610
Long-term debt	991	991
Funds withheld liability	724	721
Consolidated Entity Excluding Variable Interest Entities (VIE) | Carrying Value
Assets
Mortgage loans	11,010	10,308
Investment funds	524	521
Policy loans	487	488
Funds withheld at interest	14,795	14,966
Other investments	69	70
Total assets measured at fair value	43,145	42,805
Liabilities
Interest sensitive contract liabilities	55,220	54,655
Long-term debt	991	991
Funds withheld liability	712	722
Total liabilities not carried at fair value	56,923	56,368
Consolidated Entity Excluding Variable Interest Entities (VIE) | Fair Value
Assets
Mortgage loans	11,190	10,424
Investment funds	524	521
Policy loans	487	488
Funds withheld at interest	14,795	14,966
Other investments	69	70
Total assets measured at fair value	43,322	42,895
Liabilities
Interest sensitive contract liabilities	53,504	51,655
Long-term debt	962	910
Funds withheld liability	712	722
Total liabilities not carried at fair value	55,178	53,287
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 measured at fair value	0	0
Liabilities
Interest sensitive contract liabilities	0	0
Long-term debt	0	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	11,190	10,424
Investment funds	0	0
Policy loans	0	0
Funds withheld at interest	14,795	14,966
Other investments	69	70
Total assets measured at fair value	40,198	39,798
Liabilities
Interest sensitive contract liabilities	53,504	51,655
Long-term debt	0	0
Funds withheld liability	0	0
Total liabilities not carried at fair value	53,504	51,655
Consolidated Entity Excluding Variable Interest Entities (VIE) | NAV | Fair Value
Assets
Investment funds	524	521
Total assets measured at fair value	2,637	2,609
Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 2 | Fair Value
Assets
Mortgage loans	0	0
Investment funds	0	0
Policy loans	487	488
Funds withheld at interest	0	0
Other investments	0	0
Total assets measured at fair value	487	488
Liabilities
Interest sensitive contract liabilities	0	0
Long-term debt	962	910
Funds withheld liability	712	722
Total liabilities not carried at fair value	1,674	1,632
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Assets
Mortgage loans	291	291
Investment funds	2,290	2,232
Funds withheld at interest	13,683	13,577
Other investments	387	386
Liabilities
Interest sensitive contract liabilities	16,533	16,850
Funds withheld liability	327	337
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Carrying Value
Assets
Mortgage loans	291	291
Investment funds	2,058	2,031
Funds withheld at interest	13,469	13,687
Other investments	387	386
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Fair Value
Assets
Mortgage loans	286	290
Investment funds	2,058	2,031
Funds withheld at interest	13,469	13,687
Other investments	389	361
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Level 1 | Fair Value
Assets
Mortgage loans	0	0
Investment funds	0	0
Funds withheld at interest	0	0
Other investments	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Level 3 | Fair Value
Assets
Mortgage loans	286	290
Investment funds	0	0
Funds withheld at interest	13,469	13,687
Other investments	389	361
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | NAV | Fair Value
Assets
Investment funds	2,058	2,031
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Level 2 | Fair Value
Assets
Mortgage loans	0	0
Investment funds	0	0
Funds withheld at interest	0	0
Other investments	0	0
Variable Interest Entities
Assets
Investment funds	619	624
Variable Interest Entities | Related Party
Assets
Investment funds	580	583
Variable Interest Entities | Related Party | Carrying Value
Assets
Investment funds	55	57
Variable Interest Entities | Related Party | Fair Value
Assets
Investment funds	55	57
Variable Interest Entities | Related Party | Level 1 | Fair Value
Assets
Investment funds	0	0
Variable Interest Entities | Related Party | Level 3 | Fair Value
Assets
Investment funds	0	0
Variable Interest Entities | Related Party | NAV | Fair Value
Assets
Investment funds	55	57
Variable Interest Entities | Related Party | Level 2 | Fair Value
Assets
Investment funds	$ 0	$ 0

Fair Value - Narrative (Details

Fair Value - Narrative (Details)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Mortgage loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value option, loans, 90 days or more past due	$ 0	$ 0
Discount rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	0.04	0.05
Discount rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	0.07	0.09

Deferred Acquisition Costs, D_3

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, 2019	Mar. 31, 2018
DAC
Beginning balance	$ 3,921	$ 1,375
Additions	173	122
Amortization	(226)	(33)
Impact of unrealized investment (gains) losses	(149)	67
Ending balance	3,719	1,531
DSI
Beginning balance	799	520
Additions	60	46
Amortization	(5)	(20)
Impact of unrealized investment (gains) losses	(49)	22
Ending balance	805	568
VOBA
Beginning balance	1,187	1,077
Additions	0	0
Amortization	(5)	(49)
Impact of unrealized investment (gains) losses	(87)	79
Ending balance	1,095	1,107
Total
Beginning balance	5,907	2,972
Additions	233	168
Amortization	(236)	(102)
Impact of unrealized investment (gains) losses	(285)	168
Ending balance	$ 5,619	$ 3,206

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Common Class A
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net Income (Loss) Available to Common Stockholders, Basic	$ 589	$ 209
Net income available to AHL shareholders – diluted	$ 589	$ 209
Basic weighted average shares outstanding (in shares)	161.3	148.7
Dilutive effect of stock compensation plans (in shares)	0.4	0.3
Diluted weighted average shares outstanding (in shares)	161.7	149
Earnings per share
Basic (in USD per share)	$ 3.65	$ 1.40
Diluted (in USD per share)	$ 3.64	$ 1.40
Common Class B
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net Income (Loss) Available to Common Stockholders, Basic	$ 93	$ 58
Net income available to AHL shareholders – diluted	$ 93	$ 58
Basic weighted average shares outstanding (in shares)	25.4	41.1
Dilutive effect of stock compensation plans (in shares)	0	0
Diluted weighted average shares outstanding (in shares)	25.4	41.1
Earnings per share
Basic (in USD per share)	$ 3.65	$ 1.40
Diluted (in USD per share)	$ 3.65	$ 1.40
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	$ 12	$ 5
Net income available to AHL shareholders – diluted	$ 12	$ 5
Basic weighted average shares outstanding (in shares)	3.4	3.4
Dilutive effect of stock compensation plans (in shares)	0	0
Diluted weighted average shares outstanding (in shares)	3.4	3.4
Earnings per share
Basic (in USD per share)	$ 3.65	$ 1.40
Diluted (in USD per share)	$ 3.65	$ 1.40
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	$ 3	$ 1
Net income available to AHL shareholders – diluted	$ 3	$ 1
Basic weighted average shares outstanding (in shares)	0.8	0.8
Dilutive effect of stock compensation plans (in shares)	0	0
Diluted weighted average shares outstanding (in shares)	0.8	0.8
Earnings per share
Basic (in USD per share)	$ 3.65	$ 1.40
Diluted (in USD per share)	$ 3.65	$ 1.39
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	$ 3	$ 1
Net income available to AHL shareholders – diluted	$ 3	$ 1
Basic weighted average shares outstanding (in shares)	1	1
Dilutive effect of stock compensation plans (in shares)	0	0
Diluted weighted average shares outstanding (in shares)	1	1
Earnings per share
Basic (in USD per share)	$ 3.65	$ 1.40
Diluted (in USD per share)	$ 3.65	$ 1.38
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	$ 8	$ 3
Net income available to AHL shareholders – diluted	$ 8	$ 3
Basic weighted average shares outstanding (in shares)	2.1	2.1
Dilutive effect of stock compensation plans (in shares)	0.3	0.9
Diluted weighted average shares outstanding (in shares)	2.4	3
Earnings per share
Basic (in USD per share)	$ 3.65	$ 1.40
Diluted (in USD per share)	$ 3.15	$ 0.97

Earnings Per Share - Shares Exc

Earnings Per Share - Shares Excluded from Dilutive Calculation (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from dilutive shares outstanding (in shares)	34.8	35.5
Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	34.7	35.2
Shares excluded from dilutive shares outstanding due to performance conditions (in shares)	0.1	0.3

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income - Detail of AOCI (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), before taxes	$ 884	$ (585)
Deferred income taxes	(178)	113
Accumulated other comprehensive income (loss)	706	(472)
AFS securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), before taxes	1,223	(766)
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 (loss), before taxes	(357)	154
Noncredit component of OTTI losses on AFS securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), before taxes	(20)	(19)
Hedging instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), before taxes	43	51
Pension adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), before taxes	(3)	(2)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), before taxes	$ (2)	$ (3)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense (benefit)	$ (291)	$ 179
Other comprehensive income (loss), after tax	1,178	(773)
Adoption of ASU 2016-01			$ (3)
Change in Accumulated Other Comprehensive Income	1,178	(815)
Unrealized investment gains (losses) on AFS securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	1,982	(1,282)
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	(511)	410
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	(7)	19
Income tax expense (benefit)	293	(159)
Other comprehensive income (loss), after tax	1,185	(732)
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	0	(1)
Other comprehensive income (loss), after tax	(1)	0
Unrealized gains (losses) on hedging instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	(8)	(56)
Income tax expense (benefit)	(2)	(20)
Other comprehensive income (loss), after tax	(6)	(36)
Pension adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	(1)	3
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), after tax	1	$ (8)
Accounting Standards Update 2016-01 [Member] | AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Adoption of ASU 2016-01	$ 0		$ (42)

Equity - Narrative (Details)

Equity - Narrative (Details) - Repurchase Authorization 2018 [Member] - Common Class A - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	May 07, 2019	Dec. 05, 2018
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount				$ 250
Stock Repurchased During Period, Value	$ (47)	$ (100)
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 103	$ 150
Subsequent Event
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount			$ 247
Stock Repurchase Program, Remaining Authorized Repurchase Amount			$ 350

Related Parties - Summary of As

Related Parties - Summary of Assets Sub-Advised by Affiliates (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Mortgage loans	$ 11,333	$ 10,631
Investment funds	3,592	3,559
Total assets	132,857	125,505
Apollo affiliates | Related party | Assets sub-advised
Related Party Transaction [Line Items]
Mortgage loans	3,856	3,507
Investment funds	309	157
Trading securities, at fair value	88	87
Equity securities	2	2
Funds withheld at interest	4,935	4,126
Other investments	69	70
Total assets	$ 21,331	$ 18,746
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	$ 240	$ 153
Apollo affiliates | Corporate | Related party | Assets sub-advised
Related Party Transaction [Line Items]
Available-for-sale securities	3,680	3,398
Apollo affiliates | CLO | Related party | Assets sub-advised
Related Party Transaction [Line Items]
Available-for-sale securities	6,487	5,703
Apollo affiliates | ABS | Related party | Assets sub-advised
Related Party Transaction [Line Items]
Available-for-sale securities	654	663
Apollo affiliates | CMBS | Related party | Assets sub-advised
Related Party Transaction [Line Items]
Available-for-sale securities	$ 1,011	$ 880

Related Parties - Management Fe

Related Parties - Management Fees Incurred (Details) - Related party - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Asset management fees
Related Party Transaction [Line Items]
Expenses from transactions with related parties	$ 75	$ 70
Sub-advisory fees
Related Party Transaction [Line Items]
Expenses from transactions with related parties	$ 17	$ 13

Related Parties - Narrative (De

Related Parties - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Oct. 24, 2018	Jun. 01, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Investment funds	$ 3,592		$ 3,559
Related Party | Management fees associated with investment funds
Related Party Transaction [Line Items]
Due to related parties	35		34
Related Party | Sub-advisory fees associated with investment funds management
Related Party Transaction [Line Items]
Due to related parties	16		20
Related Party | MidCap
Related Party Transaction [Line Items]
Related party purchases	2	$ 62
MidCap | Related Party
Related Party Transaction [Line Items]
Investment Owned, Balance, Principal Amount	245
Equity Method Investments, Including Credit Facility Advances	789		791
Athene Asset Management | Related Party | Portfolio Management Agreement
Related Party Transaction [Line Items]
Investment portfolio assets managed by affiliates	$ 90,287
Investment portfolio assets, percentage rated at one or two by the NAIC	86.00%
Management fee payable, percentage						0.40%
Amended Management Fee, Percentage, Assets in Excess of $65,846 million	0.30%
Amended Management Fee, Threshold	$ 65,846
Apollo affiliates | Related Party | 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
AmeriHome | Related Party | Purchase of residential mortgage loans under agreement
Related Party Transaction [Line Items]
Related party purchases	$ 0	$ 44
Venerable | Related Party
Related Party Transaction [Line Items]
Investment Owned, Balance, Principal Amount					$ 148
Stated interest rate	6.257%
Apollo Athene Strategic Partnership Advisors, LLC [Member] | Related Party
Related Party Transaction [Line Items]
Strategic Partnership Capacity				$ 2,500
Funding Agreements | Athora Holding Ltd. | Related Party
Related Party Transaction [Line Items]
Interest sensitive contract liabilities	$ 163		166
Investments
Related Party Transaction [Line Items]
Investment commitment	2,938		3,036
Investments | A-A Mortgage
Related Party Transaction [Line Items]
Investment commitment	169
Investments | Athora Holding Ltd.
Related Party Transaction [Line Items]
Investment commitment	300
Consolidated Entity Excluding Variable Interest Entities (VIE)
Related Party Transaction [Line Items]
Interest sensitive contract liabilities	98,452		96,610
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Related Party Transaction [Line Items]
Investment funds	2,290		2,232
Interest sensitive contract liabilities	16,533		16,850
Consolidated Entity Excluding Variable Interest Entities (VIE) | Private equity | Related Party
Related Party Transaction [Line Items]
Investment funds	52		18
Consolidated Entity Excluding Variable Interest Entities (VIE) | Private equity | AmeriHome | Related Party
Related Party Transaction [Line Items]
Investment funds	436		463
Consolidated Entity Excluding Variable Interest Entities (VIE) | Private equity | Athora Holding Ltd. | Related Party
Related Party Transaction [Line Items]
Investment funds	124		105
Consolidated Entity Excluding Variable Interest Entities (VIE) | Private equity | Venerable | Related Party
Related Party Transaction [Line Items]
Investment funds	87		$ 92
Variable Interest Entities | Apollo Athene Strategic Partnership Advisors, LLC [Member] | Related Party
Related Party Transaction [Line Items]
Investment funds	$ 16

Commitments and Contingencies -

Commitments and Contingencies - Pledged Assets and Funds in Trust (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Financial Instruments Owned and Pledged as Collateral [Line Items]
AFS securities	$ 6,543	$ 5,439
Debt Securities, Trading, Restricted	277	68
Equity securities	2	2
Investment funds	56	53
Derivative assets pledged as collateral	68	24
Mortgage loans	1,967	1,830
Short-term investments	56	77
Other investments	47	47
Restricted cash	497	492
Total restricted assets	$ 9,513	$ 8,032

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Other Commitments [Line Items]
Letters of Credit Outstanding, Amount	$ 219,000,000
Advances from FHLB	926,000,000	$ 926,000,000
COLI asset value	373,000,000
Value of guarantees on COLI	185,000,000
Investments
Other Commitments [Line Items]
Investment commitment	2,938,000,000	3,036,000,000
Athene Global Funding | Senior notes
Other Commitments [Line Items]
Maximum borrowing capacity	10,000,000,000
Athene Global Funding | Funding Agreements
Other Commitments [Line Items]
Interest sensitive contract liabilities	2,700,000,000	$ 2,700,000,000
Caldera [Member] | Pending Litigation [Member]
Other Commitments [Line Items]
Loss Contingency, Damages Sought, Value	$ 1,500,000,000

Segment Information - Reconcili

Segment Information - Reconciliation of Segment Operating Revenues to Consolidation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Total revenues	$ 4,961	$ 1,011
Operating Segments | Retirement Services
Segment Reporting Information [Line Items]
Total revenues	3,306	1,257
Operating Segments | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	32	27
Non-operating adjustments
Segment Reporting Information [Line Items]
Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets	940	(158)
Investment gains (losses), net of offsets	713	(106)
Other Nonoperating Income	$ (30)	$ (9)

Segment Information - Reconci_2

Segment Information - Reconciliation of Segment Operating Income to Consolidation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income tax (expense) benefit – non-operating	$ (32)	$ (45)
Net income available to Athene Holding Ltd. shareholders	708	277
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	286	239
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	1	2
Non-operating adjustments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Investment gains (losses), net of offsets	458	(33)
Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets	(27)	86
Integration, restructuring and other non-operating expenses	(1)	(8)
Stock-based compensation, excluding LTIP	(3)	(3)
Income tax (expense) benefit – non-operating	$ (6)	$ (6)

Segment Information - Assets by

Segment Information - Assets by Segment (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 132,857	$ 125,505
Retirement Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	130,965	123,498
Corporate and Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 1,892	$ 2,007

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2019segment
Segment Reporting [Abstract]
Number of reportable segments	1

Uncategorized Items - ahl-20190

Label	Element	Value
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (42,000,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 39,000,000