Athene Holding (ATH-PB) 10-Q 5 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2019shares
Document Information [Line Items]
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0630022
Entity Registrant Name	ATHENE HOLDING LTD
Entity Address, Address Line One	96 Pitts Bay Road
Entity Address, City or Town	Pembroke
Entity Address, Postal Zip Code	HM 08
Entity Address, Country	BM
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 Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2019
Entity File Number	001-37963
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false
City Area Code	441
Local Phone Number	279-8400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Share, Series A,
Trading Symbol	ATHPrA
Security Exchange Name	NYSE
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Class A common shares, par value $0.001 per share
Trading Symbol	ATH
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	153,008,455
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	3,311,390
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	3,998,686

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Fixed maturity securities, at fair value
Mortgage loans, net of allowances (portion at fair value: 2019 – $32 and 2018 – $32)	$ 12,199	$ 10,631
Investment funds	3,912	3,559
Restricted cash	391	492
Deferred acquisition costs, deferred sales inducements and value of business acquired	5,324	5,907
Total assets	138,980	125,505
Liabilities
Total liabilities	126,615	117,229
Preferred Stock, Value, Outstanding	0	0
Equity
Additional paid-in capital	4,144	3,462
Retained earnings	6,461	5,286
Accumulated other comprehensive income (loss) (related party: 2019 – $14 and 2018 – $(25))	1,760	(472)
Total equity	12,365	8,276
Total liabilities and equity	138,980	125,505
Related Party
Equity
Accumulated other comprehensive income (loss) (related party: 2019 – $14 and 2018 – $(25))	14	(25)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Fixed maturity securities, at fair value
Available-for-sale securities	66,878	59,265
Trading securities, at fair value	2,381	1,949
Equity securities	336	216
Mortgage loans, net of allowances (portion at fair value: 2019 – $32 and 2018 – $32)	11,912	10,340
Investment funds	722	703
Policy loans	480	488
Funds withheld at interest (portion at fair value: 2019 – $704 and 2018 – $57)	15,307	15,023
Derivative assets	2,299	1,043
Short-term investments, at fair value	288	191
Other investments	119	122
Total investments	100,722	89,340
Consolidated Entity Excluding Variable Interest Entities (VIE)
Fixed maturity securities, at fair value
Available-for-sale securities	68,618
Cash and cash equivalents	4,847	2,911
Accrued investment income (related party: 2019 – $22 and 2018 – $25)	758	682
Reinsurance recoverable (related party: 2019 – $335 and 2018 – $344; portion at fair value: 2019 – $1,834 and 2018 – $1,676)	5,678	5,534
Deferred acquisition costs, deferred sales inducements and value of business acquired	5,324	5,907
Other assets	1,224	1,635
Liabilities
Interest sensitive contract liabilities (related party: 2019 – $16,112 and 2018 – $16,850; portion at fair value: 2019 – $10,956 and 2018 – $8,901)	100,291	96,610
Future policy benefits (related party: 2019 – $1,429 and 2018 – $1,259; portion at fair value: 2019 – $2,304 and 2018 – $2,173)	20,089	16,704
Other policy claims and benefits	147	142
Dividends payable to policyholders	116	118
Long-term debt	991	991
Derivative liabilities	80	85
Payables for collateral on derivatives	2,183	969
Funds withheld liability (related party: 2019 – $346 and 2018 – $337; portion at fair value: 2019 – $24 and 2018 – $(1))	759	721
Other liabilities	1,958	888
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Fixed maturity securities, at fair value
Available-for-sale securities	1,740	1,437
Trading securities, at fair value	311	249
Equity securities	344	120
Mortgage loans, net of allowances (portion at fair value: 2019 – $32 and 2018 – $32)	287	291
Investment funds	2,578	2,232
Funds withheld at interest (portion at fair value: 2019 – $704 and 2018 – $57)	13,737	13,577
Other investments	387	386
Accrued investment income (related party: 2019 – $22 and 2018 – $25)	22	25
Reinsurance recoverable (related party: 2019 – $335 and 2018 – $344; portion at fair value: 2019 – $1,834 and 2018 – $1,676)	335	344
Other assets	3	357
Liabilities
Interest sensitive contract liabilities (related party: 2019 – $16,112 and 2018 – $16,850; portion at fair value: 2019 – $10,956 and 2018 – $8,901)	16,112	16,850
Future policy benefits (related party: 2019 – $1,429 and 2018 – $1,259; portion at fair value: 2019 – $2,304 and 2018 – $2,173)	1,429	1,259
Other policy claims and benefits	6	10
Funds withheld liability (related party: 2019 – $346 and 2018 – $337; portion at fair value: 2019 – $24 and 2018 – $(1))	346	337
Other liabilities	76	59
Variable Interest Entities
Fixed maturity securities, at fair value
Trading securities, at fair value	21	35
Investment funds	612	624
Cash and cash equivalents	1	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	1	35
Equity securities	6	50
Investment funds	593	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	Jun. 30, 2019	Dec. 31, 2018
Available-for-sale securities
Mortgage loans	$ 12,199	$ 10,631
Investment funds	3,912	3,559
Deferred acquisition costs, deferred sales inducements and value of business acquired	$ 5,324	$ 5,907
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 0
Preferred Stock, Liquidation Preference, Value	$ 863	$ 0
Preferred Stock, Shares Authorized	0	0
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Accumulated other comprehensive income	$ 1,760	$ (472)
Related Party
Available-for-sale securities
Accumulated other comprehensive income	14	(25)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Available-for-sale securities
Available-for-sale securities	63,949	60,025
Mortgage loans	11,912	10,340
Investment funds	722	703
Funds withheld at interest	15,307	15,023
Short-term investments	288	191
Other investments	119	122
Trading securities, at fair value	2,381	1,949
Consolidated Entity Excluding Variable Interest Entities (VIE)
Available-for-sale securities
Available-for-sale securities	65,674
Accrued investment income	758	682
Reinsurance recoverable	5,678	5,534
Other assets	1,224	1,635
Deferred acquisition costs, deferred sales inducements and value of business acquired	5,324	5,907
Interest sensitive contract liabilities	100,291	96,610
Future policy benefits	20,089	16,704
Other policy claims and benefits	147	142
Funds withheld liability	759	721
Other liabilities	1,958	888
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Available-for-sale securities
Available-for-sale securities	1,725	1,462
Mortgage loans	287	291
Investment funds	2,578	2,232
Funds withheld at interest	13,737	13,577
Other investments	387	386
Accrued investment income	22	25
Reinsurance recoverable	335	344
Other assets	3	357
Trading securities, at fair value	311	249
Interest sensitive contract liabilities	16,112	16,850
Future policy benefits	1,429	1,259
Other policy claims and benefits	6	10
Funds withheld liability	346	337
Other liabilities	76	59
Variable Interest Entities
Available-for-sale securities
Investment funds	612	624
Other assets	12	1
Trading securities, at fair value	21	35
Other liabilities	1	1
Variable Interest Entities | Related Party
Available-for-sale securities
Investment funds	593	583
Trading securities, at fair value	1	35
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE)
Available-for-sale securities
Mortgage loans	12,233	10,424
Funds withheld at interest	14,603	14,966
Other investments	68	70
Interest sensitive contract liabilities	56,124	51,655
Funds withheld liability	735	722
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Available-for-sale securities
Mortgage loans	288	290
Funds withheld at interest	13,236	13,687
Other investments	$ 393	$ 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)	153,000,000	162,400,000
Common stock outstanding (in shares)	153,000,000	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)	3,300,000	3,400,000
Common stock outstanding (in shares)	3,300,000	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)	4,000,000	4,100,000
Common stock outstanding (in shares)	4,000,000	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	163	182
Funds withheld at interest	704	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	288	191
Other investments	52	52
Reinsurance recoverable	1,834	1,676
Trading securities, at fair value	2,381	1,949
Interest sensitive contract liabilities	10,956	8,901
Future policy benefits	2,304	2,173
Funds withheld liability	24	(1)
Recurring | Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Available-for-sale securities
Investment funds	241	201
Funds withheld at interest	501	(110)
Trading securities, at fair value	311	249
Recurring | Fair Value | Variable Interest Entities
Available-for-sale securities
Investment funds	568	567
Recurring | Fair Value | Variable Interest Entities | Related Party
Available-for-sale securities
Trading securities, at fair value	$ 21	$ 35

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Other-than-temporary impairment investment losses
Other-than-temporary impairment losses recognized in other comprehensive income	$ 1	$ 0	$ 2	$ 0
Total revenues	3,369	1,802	8,330	2,813
Benefits and Expenses
Amortization of deferred sales inducements			18	43
Policy and other operating expenses (related party of $12 and $3 for the three months ended and $20 and $5 for the six months ended June 30, 2019 and 2018, respectively)	185	154	350	296
Total benefits and expenses	2,619	1,481	6,840	2,170
Income before income taxes	750	321	1,490	643
Income tax expense (benefit)	30	64	62	109
Net income	720	257	1,428	534
Consolidated Entity Excluding Variable Interest Entities (VIE)
Revenues
Premiums	733	731	2,699	1,009
Product charges	132	106	257	202
Net investment income	1,161	958	2,227	1,813
Investment related gains (losses)	1,316	(2)	3,088	(238)
Other-than-temporary impairment investment losses
Other-than-temporary impairment losses	(7)	0	(9)	(3)
Other-than-temporary impairment losses recognized in other comprehensive income	1	0	2	0
Net other-than-temporary impairment losses	(6)	0	(7)	(3)
Other revenues	9	6	21	12
Benefits and Expenses
Interest sensitive contract benefits	1,094	342	2,610	373
Amortization of deferred sales inducements	13	23	18	43
Future policy and other policy benefits	1,057	864	3,352	1,265
Amortization of deferred acquisition costs and value of business acquired	261	89	492	171
Dividends to policyholders	9	9	18	22
Variable Interest Entities
Revenues
Net investment income	21	14	37	24
Investment related gains (losses)	$ 3	$ (11)	$ 8	$ (6)
Common Class A
Earnings per share
Basic (in USD per share)	$ 3.76	$ 1.30	$ 7.43	$ 2.71
Diluted (in USD per share)	3.75	1.30	7.41	2.70
Common Class B
Earnings per share
Basic (in USD per share)	3.76	1.30	7.43	2.71
Diluted (in USD per share)	3.76	1.30	7.43	2.71
Common Class M-1
Earnings per share
Basic (in USD per share)	3.76	1.30	7.43	2.71
Diluted (in USD per share)	3.76	1.30	7.43	2.71
Common Class M-2
Earnings per share
Basic (in USD per share)	3.76	1.30	7.43	2.71
Diluted (in USD per share)	3.76	1.29	7.43	2.68
Common Class M-3
Earnings per share
Basic (in USD per share)	3.76	1.30	7.43	2.71
Diluted (in USD per share)	3.76	1.30	7.43	2.68
Common Class M-4
Earnings per share
Basic (in USD per share)	3.76	1.30	7.43	2.71
Diluted (in USD per share)	$ 3.28	$ 1.02	$ 6.45	$ 1.98

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Policy and other operating expenses	$ 350	$ 296
Consolidated Entity Excluding Variable Interest Entities (VIE)
Premiums	2,699	1,009
Product charges	257	202
Investment income	2,417	1,985
Investment expense	190	172
Investment related gains (losses)	3,088	(238)
Interest sensitive contract benefits	2,610	373
Future policy and other policy benefits	3,352	1,265
Amortization of deferred acquisition costs and value of business acquired	492	171
Net investment income	2,227	1,813
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Premiums	122	582
Product charges	28	5
Investment income	317	176
Investment expense	186	169
Investment related gains (losses)	746	(42)
Interest sensitive contract benefits	297	16
Future policy and other policy benefits	197	580
Policy and other operating expenses	20	5
Variable Interest Entities
Investment related gains (losses)	8	(6)
Net investment income	37	24
Variable Interest Entities | Related Party
Investment related gains (losses)	6	(6)
Net investment income	$ 36	$ 24
Common Class B
Basic (in USD per share)	$ 7.43	$ 2.71
Common Class M-1
Basic (in USD per share)	7.43	2.71
Common Class M-2
Basic (in USD per share)	7.43	2.71
Common Class M-3
Basic (in USD per share)	7.43	2.71
Common Class M-4
Basic (in USD per share)	$ 7.43	$ 2.71

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 720	$ 257	$ 1,428	$ 534
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities	1,262	(702)	2,740	(1,593)
Noncredit component of other-than-temporary impairment losses on available-for-sale securities	(1)	0	(2)	0
Unrealized gains on hedging instruments	55	101	47	45
Pension adjustments	0	0	(1)	3
Foreign currency translation adjustments	(1)	(2)	0	(10)
Other comprehensive income (loss), before tax	1,315	(603)	2,784	(1,555)
Income tax expense (benefit) related to other comprehensive income (loss)	261	(116)	552	(295)
Other comprehensive income (loss)	1,054	(487)	2,232	(1,260)
Comprehensive income (loss)	$ 1,774	$ (230)	$ 3,660	$ (726)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Preferred Stock	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Preferred Stock	Preferred StockAdditional paid-in capital	Common stock	Common stockAdditional paid-in capital
Beginning Balance at Dec. 31, 2017	$ 9,176	$ 0	$ 0	$ 3,472	$ 4,255	$ 1,449
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	534				534
Other comprehensive income (loss)	(1,260)					(1,260)
Issuance of shares, net of expenses	1									$ 1
Stock-based compensation	19			19
Retirement or repurchase of shares	(5)			0	(5)
Ending Balance at Jun. 30, 2018	8,462	0	0	3,492	4,823	147
Beginning Balance at Mar. 31, 2018	8,687	0	0	3,485	4,568	634
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	257				257
Other comprehensive income (loss)	(487)					(487)
Stock-based compensation	7			7
Retirement or repurchase of shares	(2)			0	(2)
Ending Balance at Jun. 30, 2018	8,462	0	0	3,492	4,823	147
Beginning Balance at Dec. 31, 2018	8,276	0	0	3,462	5,286	(472)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,428				1,428
Other comprehensive income (loss)	2,232					2,232
Issuance of shares, net of expenses							$ 839	$ 839	$ 2	2
Stock-based compensation	15			15
Retirement or repurchase of shares	(427)			(174)	(253)
Ending Balance at Jun. 30, 2019	12,365	0	0	4,144	6,461	1,760
Beginning Balance at Mar. 31, 2019	10,117	0	0	3,448	5,963	706
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	720				720
Other comprehensive income (loss)	1,054					1,054
Issuance of shares, net of expenses							$ 839	$ 839	$ 1	$ 1
Stock-based compensation	10			10
Retirement or repurchase of shares	(376)			(154)	(222)
Ending Balance at Jun. 30, 2019	$ 12,365	$ 0	$ 0	$ 4,144	$ 6,461	$ 1,760

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities
Net income		$ 1,428	$ 534
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred sales inducements		18	43
Policy acquisition costs deferred		(354)	(1,600)
Changes in operating assets and liabilities:
Net cash provided by operating activities		1,583	427
Purchases of:
Deconsolidation of Athora Holding Ltd.		0	(296)
Net cash used in investing activities		(4,018)	(3,812)
Cash flows from financing activities
Proceeds from Short-term Debt		0	183
Proceeds from long-term debt		0	998
Net cash provided by financing activities		4,269	2,176
Net increase (decrease) in cash and cash equivalents		1,834	(1,209)
Cash and cash equivalents at beginning of year	[1]	3,405	4,997
Cash and cash equivalents at end of period	[1]	5,239	3,788
Non-cash transactions
Deposits on investment-type policies and contracts through reinsurance agreements		423	18,247
Withdrawals on investment-type policies and contracts through reinsurance agreements		1,873	341
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		492	171
Amortization of deferred sales inducements		18	43
Accretion of net investment premiums, discounts and other		(54)	(99)
Payments for Reinsurance		0	394
Net investment (income) loss (related party: 2019 – $(52) and 2018 – $(50))		(47)	(32)
Gain (Loss) on Investments and Derivatives		1,518	(161)
Policy acquisition costs deferred		(354)	(304)
Changes in operating assets and liabilities:
Accrued investment income		(76)	(47)
Interest sensitive contract liabilities		2,397	34
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable		921	262
Funds withheld assets and liabilities		(1,886)	(32)
Other assets and liabilities		271	124
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2019 – $73 and 2018 – $101)		5,567	6,309
Trading securities (related party: 2019 – $27 and 2018 – $22)		110	281
Mortgage loans		994	686
Investment funds (related party: 2019 – $116 and 2018 – $143)		181	252
Derivative instruments and other invested assets		653	1,062
Short-term investments		163	161
Purchases of:
Available-for-sale securities (related party: 2019 – $(436) and 2018 – $(266))		(7,813)	(8,854)
Trading securities (related party: 2019 – $(6) and 2018 – $0)		(382)	(17)
Mortgage loans		(2,558)	(1,924)
Investment funds (related party: 2019 – $(390) and 2018 – $(620))		(479)	(718)
Derivative instruments and other invested assets		(581)	(659)
Short-term investments (related party: 2019 – $0 and 2018 – $(121))		(259)	(370)
Other investing activities, net		631	284
Cash flows from financing activities
Deposits on investment-type policies and contracts		5,972	4,375
Withdrawals on investment-type policies and contracts		(3,275)	(2,839)
Payments for coinsurance agreements on investment-type contracts, net		(31)	(12)
Net change in cash collateral posted for derivative transactions		1,214	577
Proceeds from Issuance of Preferred Stock and Preference Stock		839	0
Repurchase of common stock		(427)	(5)
Other financing activities, net		(23)	53
Consolidated Entity Excluding Variable Interest Entities (VIE) | Equity securities
Sales, maturities and repayments of:
Equity securities		19	2
Purchases of:
Equity securities		(332)	(62)
Variable Interest Entities
Adjustments to reconcile net income to net cash provided by operating activities:
Gain (Loss) on Investments and Derivatives		8	(5)
Other Noncash Income (Expense)		1	(1)
Purchases of:
Sales, maturities and repayments of investments (related party: 2019 – $84 and 2018 – $103)		89	103
Payments to Acquire Investments		21	52
Reinsurance Settlements [Member]
Non-cash transactions
Transfer to Investments		31	8
Pension Risk Transfer Premiums [Member]
Non-cash transactions
Transfer to Investments		1,918	92
Investment funds | Exchange of Stock for Stock [Member]
Purchases of:
Investment funds (related party: 2019 – $(390) and 2018 – $(620))		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 – $(52) and 2018 – $(50))		(52)	(50)
Gain (Loss) on Investments and Derivatives		9	18
Changes in operating assets and liabilities:
Accrued investment income		3	(14)
Interest sensitive contract liabilities		264	11
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable		162	15
Funds withheld assets and liabilities		(953)	23
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2019 – $73 and 2018 – $101)		73	101
Trading securities (related party: 2019 – $27 and 2018 – $22)		27	22
Mortgage loans		4	0
Investment funds (related party: 2019 – $116 and 2018 – $143)		116	143
Purchases of:
Available-for-sale securities (related party: 2019 – $(436) and 2018 – $(266))		(436)	(266)
Trading securities (related party: 2019 – $(6) and 2018 – $0)		(6)	0
Mortgage loans		0	(389)
Investment funds (related party: 2019 – $(390) and 2018 – $(620))		(390)	(620)
Short-term investments (related party: 2019 – $0 and 2018 – $(121))		0	(121)
Cash flows from financing activities
Deposits on investment-type policies and contracts		117	128
Withdrawals on investment-type policies and contracts		(225)	(37)
Non-cash transactions
Deposits on investment-type policies and contracts through reinsurance agreements		108	17,525
Withdrawals on investment-type policies and contracts through reinsurance agreements		910	155
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE) | Equity securities
Purchases of:
Equity securities		213	0
Related Party | Variable Interest Entities
Adjustments to reconcile net income to net cash provided by operating activities:
Gain (Loss) on Investments and Derivatives		6	(5)
Purchases of:
Sales, maturities and repayments of investments (related party: 2019 – $84 and 2018 – $103)		84	103
Payments to Acquire Investments		$ 12	$ 0
[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	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Policy acquisition costs deferred	$ (354)	$ (1,600)
Purchases of:
Deposits on investment-type policies and contracts through reinsurance agreements	423	18,247
Withdrawals on investment-type policies and contracts through reinsurance agreements	1,873	341
Consolidated Entity Excluding Variable Interest Entities (VIE)
Amortization of deferred acquisition costs and value of business acquired	492	171
Net investments (income) loss	(47)	(32)
Net recognized (gains) losses on investments and derivatives (related party: 2018 – $0 and 2017 – $10)	(1,518)	161
Accrued investment income	(76)	(47)
Policy acquisition costs deferred	(354)	(304)
Interest sensitive contract liabilities	2,397	34
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable	921	262
Funds withheld assets and liabilities	(1,886)	(32)
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2019 – $73 and 2018 – $101)	5,567	6,309
Trading securities	110	281
Mortgage loans	994	686
Investment funds	181	252
Derivative instruments and other invested assets	653	1,062
Short-term investments	163	161
Purchases of:
Available-for-sale securities (related party: 2019 – $(436) and 2018 – $(266))	(7,813)	(8,854)
Mortgage loans	(2,558)	(1,924)
Trading securities	(382)	(17)
Investment funds	(479)	(718)
Derivative instruments and other invested assets	(581)	(659)
Short-term investments	(259)	(370)
Deposits on investment-type policies and contracts	5,972	4,375
Repayments of Annuities and Investment Certificates	(3,275)	(2,839)
Payments for coinsurance agreements on investment-type contracts, net	(31)	(12)
Variable Interest Entities
Net recognized (gains) losses on investments and derivatives (related party: 2018 – $0 and 2017 – $10)	(8)	5
Purchases of:
Sales, maturities, and repayments of investments	89	103
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Reinsurance Agreement Payments	0	407
Net investments (income) loss	(52)	(50)
Net recognized (gains) losses on investments and derivatives (related party: 2018 – $0 and 2017 – $10)	(9)	(18)
Accrued investment income	3	(14)
Interest sensitive contract liabilities	264	11
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable	162	15
Funds withheld assets and liabilities	(953)	23
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2019 – $73 and 2018 – $101)	73	101
Trading securities	27	22
Mortgage loans	4	0
Investment funds	116	143
Purchases of:
Available-for-sale securities (related party: 2019 – $(436) and 2018 – $(266))	(436)	(266)
Mortgage loans	0	(389)
Trading securities	(6)	0
Investment funds	(390)	(620)
Short-term investments	0	(121)
Deposits on investment-type policies and contracts	117	128
Repayments of Annuities and Investment Certificates	(225)	(37)
Deposits on investment-type policies and contracts through reinsurance agreements	108	17,525
Withdrawals on investment-type policies and contracts through reinsurance agreements	910	155
Related Party | Variable Interest Entities
Net recognized (gains) losses on investments and derivatives (related party: 2018 – $0 and 2017 – $10)	(6)	5
Purchases of:
Sales, maturities, and repayments of investments	84	103
Equity securities | Consolidated Entity Excluding Variable Interest Entities (VIE)
Sales, maturities and repayments of:
Equity securities	19	2
Purchases of:
Equity securities	(332)	(62)
Equity securities | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Purchases of:
Equity securities	213	0
Reinsurance Settlements [Member]
Purchases of:
Transfer to Investments	$ 31	$ 8

Business, Basis of Presentation

Business, Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 2019-05, 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 purchased credit-deteriorated financial assets will include all assets that have experienced a more-than-insignificant deterioration in credit since origination. Additionally, changes in the expected cash flows of purchased credit-deteriorated financial assets 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, and we expect to make a cumulative-effect adjustment to the opening balance of retained earnings as of that date. We are currently evaluating the impact of this guidance on our consolidated financial statements and expect the adoption to significantly impact our policies and procedures, but we are currently unable to produce a reasonable estimate of the standard’s impact 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 do not expect the adoption of this update will have a material effect 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	6 Months Ended
	Jun. 30, 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: June 30, 2019 (In millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCI AFS securities U.S. government and agencies $ 57 $ 3 $ — $ 60 $ — U.S. state, municipal and political subdivisions 1,202 208 (3 ) 1,407 — Foreign governments 306 18 — 324 — Corporate 40,712 2,386 (298 ) 42,800 — CLO 6,760 14 (133 ) 6,641 — ABS 5,117 142 (27 ) 5,232 2 CMBS 2,703 94 (7 ) 2,790 7 RMBS 7,092 544 (12 ) 7,624 12 Total AFS securities 63,949 3,409 (480 ) 66,878 21 AFS securities – related party Corporate 3 — — 3 — CLO 793 1 (12 ) 782 — ABS 929 26 — 955 — Total AFS securities – related party 1,725 27 (12 ) 1,740 — Total AFS securities including related party $ 65,674 $ 3,436 $ (492 ) $ 68,618 $ 21 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: June 30, 2019 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 1,127 $ 1,129 Due after one year through five years 8,977 9,235 Due after five years through ten years 10,780 11,226 Due after ten years 21,393 23,001 CLO, ABS, CMBS and RMBS 21,672 22,287 Total AFS securities 63,949 66,878 AFS securities – related party Due after five years through ten years 3 3 CLO and ABS 1,722 1,737 Total AFS securities – related party 1,725 1,740 Total AFS securities including related party $ 65,674 $ 68,618 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: June 30, 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 $ — $ 2 $ — U.S. state, municipal and political subdivisions 42 — 43 (3 ) 85 (3 ) Foreign governments 33 — — — 33 — Corporate 2,466 (104 ) 3,587 (194 ) 6,053 (298 ) CLO 3,122 (65 ) 1,527 (68 ) 4,649 (133 ) ABS 408 (9 ) 287 (18 ) 695 (27 ) CMBS 178 (3 ) 142 (4 ) 320 (7 ) RMBS 523 (10 ) 141 (2 ) 664 (12 ) Total AFS securities 6,772 (191 ) 5,729 (289 ) 12,501 (480 ) AFS securities – related party CLO 438 (7 ) 99 (5 ) 537 (12 ) Total AFS securities – related party 438 (7 ) 99 (5 ) 537 (12 ) Total AFS securities including related party $ 7,210 $ (198 ) $ 5,828 $ (294 ) $ 13,038 $ (492 ) 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 June 30, 2019 , we held 1,360 AFS securities that were in an unrealized loss position. Of this total, 702 were in an unrealized loss position 12 months or more. As of June 30, 2019 , we held 30 related party AFS securities that were in an unrealized loss position. Of this total, three 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 six months ended June 30, 2019 , we incurred $7 million of net OTTI, of which $4 million related to intent-to-sell impairments. The net remaining OTTI of $3 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 June 30, Six months ended June 30, (In millions) 2019 2018 2019 2018 Beginning balance $ 11 $ 7 $ 10 $ 14 Initial impairments – credit loss OTTI recognized on securities not previously impaired 2 — 2 1 Additional impairments – credit loss OTTI recognized on securities previously impaired — — 1 — Reduction in impairments from securities sold, matured or repaid — — — (8 ) Ending balance $ 13 $ 7 $ 13 $ 7 Net Investment Income —Net investment income by asset class consists of the following: Three months ended June 30, Six months ended June 30, (In millions) 2019 2018 2019 2018 AFS securities $ 763 $ 719 $ 1,516 $ 1,387 Trading securities 49 54 91 98 Equity securities 4 2 7 4 Mortgage loans 159 104 310 195 Investment funds 102 58 112 123 Funds withheld at interest 134 86 297 132 Other 45 23 84 46 Investment revenue 1,256 1,046 2,417 1,985 Investment expenses (95 ) (88 ) (190 ) (172 ) Net investment income $ 1,161 $ 958 $ 2,227 $ 1,813 Investment Related Gains (Losses) —Investment related gains (losses) by asset class consists of the following: Three months ended June 30, Six months ended June 30, (In millions) 2019 2018 2019 2018 AFS securities Gross realized gains on investment activity $ 56 $ 51 $ 73 $ 72 Gross realized losses on investment activity (4 ) (37 ) (17 ) (43 ) Net realized investment gains on AFS securities 52 14 56 29 Net recognized investment gains (losses) on trading securities 79 (76 ) 128 (165 ) Net recognized investment gains on equity securities 1 3 19 4 Derivative gains (losses) 1,181 46 2,873 (138 ) Other gains 3 11 12 32 Investment related gains (losses) $ 1,316 $ (2 ) $ 3,088 $ (238 ) Proceeds from sales of AFS securities were $1,958 million and $1,391 million for the three months ended June 30, 2019 and 2018 , respectively, and $3,211 million and $2,938 million for the six months ended June 30, 2019 and 2018 , respectively. Proceeds from sales of AFS securities for the three and six months ended June 30, 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 held as of the respective period end: Three months ended June 30, Six months ended June 30, (In millions) 2019 2018 2019 2018 Trading securities $ 98 $ (41 ) $ 169 $ (110 ) Trading securities – related party (13 ) (4 ) (16 ) (6 ) VIE trading securities – related party — 1 1 1 Equity securities 2 4 20 4 Equity securities – related party (3 ) — — — VIE equity securities – related party (2 ) (14 ) (2 ) (39 ) Purchased Credit Impaired (PCI) Investments —The following table summarizes our PCI investments: Fixed maturity securities Mortgage loans (In millions) June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Contractually required payments receivable $ 7,445 $ 8,179 $ 3,506 $ 2,675 Less: Cash flows expected to be collected 1 (6,547 ) (7,195 ) (3,448 ) (2,628 ) Non-accretable difference $ 898 $ 984 $ 58 $ 47 Cash flows expected to be collected 1 $ 6,547 $ 7,195 $ 3,448 $ 2,628 Less: Amortized cost (5,165 ) (5,518 ) (2,588 ) (1,931 ) Accretable difference $ 1,382 $ 1,677 $ 860 $ 697 Fair value $ 5,604 $ 5,828 $ 2,695 $ 1,933 Outstanding balance 6,360 6,773 2,916 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: June 30, 2019 (In millions) Fixed maturity securities Mortgage loans Contractually required payments receivable $ 92 $ 1,035 Cash flows expected to be collected 74 1,010 Fair value 64 800 The following table summarizes the activity for the accretable yield on PCI investments: Three months ended June 30, 2019 Six months ended June 30, 2019 (In millions) Fixed maturity securities Mortgage loans Fixed maturity securities Mortgage loans Beginning balance $ 1,576 $ 712 $ 1,677 $ 697 Purchases of PCI investments, net of sales (2 ) 113 6 153 Accretion (81 ) (29 ) (172 ) (61 ) Net reclassification from (to) non-accretable difference (111 ) 64 (129 ) 71 Ending balance at June 30 $ 1,382 $ 860 $ 1,382 $ 860 Mortgage Loans, including related party —Mortgage loans, net of allowances, consists of the following: (In millions) June 30, 2019 December 31, 2018 Commercial mortgage loans $ 8,022 $ 7,217 Commercial mortgage loans under development 95 80 Total commercial mortgage loans 8,117 7,297 Residential mortgage loans 4,082 3,334 Mortgage loans, net of allowances $ 12,199 $ 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: June 30, 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 $ 2,650 32.6 % $ 2,221 30.5 % Retail 1,553 19.1 % 1,660 22.7 % Hotels 959 11.8 % 1,040 14.3 % Industrial 1,246 15.4 % 1,196 16.4 % Apartment 1,352 16.7 % 791 10.8 % Other commercial 357 4.4 % 389 5.3 % Total commercial mortgage loans $ 8,117 100.0 % $ 7,297 100.0 % U.S. Region East North Central $ 895 11.0 % $ 855 11.7 % East South Central 169 2.1 % 295 4.0 % Middle Atlantic 1,488 18.3 % 1,131 15.5 % Mountain 675 8.3 % 616 8.4 % New England 349 4.3 % 374 5.1 % Pacific 1,813 22.4 % 1,540 21.1 % South Atlantic 1,729 21.3 % 1,468 20.2 % West North Central 177 2.2 % 173 2.4 % West South Central 822 10.1 % 845 11.6 % Total U.S. Region 8,117 100.0 % 7,297 100.0 % Total commercial mortgage loans $ 8,117 100.0 % $ 7,297 100.0 % Our residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties and is summarized in the following table: June 30, 2019 December 31, 2018 U.S. States California 29.6 % 30.3 % Florida 13.6 % 16.3 % Texas 5.5 % 3.3 % New York 3.8 % 7.7 % Other 1 36.9 % 42.4 % Total U.S. residential mortgage loan percentage 89.4 % 100.0 % International residential mortgage loan percentage 10.6 % — % 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 June 30, 2019 and December 31, 2018 . We did not record any material activity in the valuation allowance during the six months ended June 30, 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 June 30, 2019 and December 31, 2018 , $58 million and $48 million , respectively, of our residential mortgage loans were nonperforming. Commercial mortgage loans – As of June 30, 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) June 30, 2019 December 31, 2018 Less than 50% $ 2,110 $ 1,883 50% to 60% 2,138 1,988 61% to 70% 3,024 2,394 71% to 80% 747 898 81% to 100% 3 54 Commercial mortgage loans $ 8,022 $ 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) June 30, 2019 December 31, 2018 Greater than 1.20x $ 7,220 $ 6,576 1.00x – 1.20x 394 474 Less than 1.00x 408 167 Commercial mortgage loans $ 8,022 $ 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: June 30, 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 $ 249 34.5 % $ 215 30.6 % Credit funds 169 23.4 % 172 24.5 % Private equity 246 34.1 % 253 36.0 % Real assets 57 7.9 % 56 7.9 % Natural resources 1 0.1 % 4 0.6 % Other — — % 3 0.4 % Total investment funds 722 100.0 % 703 100.0 % Investment funds – related parties Differentiated investments AmeriHome Mortgage Company, LLC (AmeriHome) 2 452 17.5 % 463 20.7 % Catalina Holdings Ltd. (Catalina) 262 10.2 % 233 10.4 % Athora Holding Ltd. (Athora) 2 127 4.9 % 105 4.7 % Venerable Holdings, Inc. (Venerable) 2 98 3.8 % 92 4.1 % Other 221 8.6 % 196 8.8 % Total differentiated investments 1,160 45.0 % 1,089 48.7 % Real estate 614 23.8 % 497 22.3 % Credit funds 352 13.7 % 316 14.2 % Private equity 67 2.6 % 18 0.8 % Real assets 150 5.8 % 145 6.5 % Natural resources 144 5.6 % 104 4.7 % Public equities 91 3.5 % 63 2.8 % Total investment funds – related parties 2,578 100.0 % 2,232 100.0 % Investment funds owned by consolidated VIEs MidCap FinCo Designated Activity Company (MidCap) 2 554 90.5 % 553 88.6 % Real estate 41 6.7 % 30 4.8 % Real assets 17 2.8 % 41 6.6 % Total investment funds owned by consolidated VIEs 612 100.0 % 624 100.0 % Total investment funds including related parties and funds owned by consolidated VIEs $ 3,912 $ 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. 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: June 30, 2019 December 31, 2018 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 722 $ 1,274 $ 703 $ 1,329 Investment in related parties – investment funds 2,578 4,527 2,232 4,331 Assets of consolidated VIEs – investment funds 612 703 624 727 Investment in fixed maturity securities 22,833 22,218 21,188 21,139 Investment in related parties – fixed maturity securities 2,048 2,110 1,686 1,788 Investment in related parties – equity securities 344 344 120 120 Total non-consolidated investments $ 29,137 $ 31,176 $ 26,553 $ 29,434

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 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: June 30, 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 2,487 $ 124 $ 48 2,041 $ 83 $ 55 Foreign currency forwards 246 — 1 85 — 1 Total derivatives designated as hedges 124 49 83 56 Derivatives not designated as hedges Equity options 49,351 2,153 19 49,821 942 11 Futures 7 6 1 4 9 3 Total return swaps 60 — — 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 2,645 13 5 646 6 5 Embedded derivatives Funds withheld including related party — 1,205 24 — (53 ) (1 ) Interest sensitive contract liabilities — — 9,905 — — 7,969 Total derivatives not designated as hedges 3,380 9,960 907 7,997 Total derivatives $ 3,504 $ 10,009 $ 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 June 30, 2019 and 2018 , we had foreign currency swap gains of $55 million and $101 million , respectively, recorded in AOCI. During the six months ended June 30, 2019 and 2018 , we had foreign currency swap gains of $47 million and $45 million , respectively, recorded in AOCI. There were no amounts reclassified to income and no amounts deemed ineffective for the six months ended June 30, 2019 and 2018 . As of June 30, 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 June 30, 2019 and December 31, 2018 , the carrying amount of the hedged AFS securities – CLOs was $246 million and $88 million , respectively, and the cumulative amount of fair value hedging adjustments included in the hedged AFS securities – CLOs included gains of $0 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 losses of $3 million during the three months ended June 30, 2019 and $0 million for the six months ended June 30, 2019 , and t he related hedged items had losses of $4 million during the three months ended June 30, 2019 and $1 million for the six months ended June 30, 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 June 30, Six months ended June 30, (In millions) 2019 2018 2019 2018 Equity options $ 439 $ 89 $ 1,288 $ (53 ) Futures (3 ) 1 (14 ) (4 ) Swaps 11 (9 ) 29 (7 ) Foreign currency forwards (1 ) 14 5 7 Embedded derivatives on funds withheld 735 (49 ) 1,565 (81 ) Amounts recognized in investment related gains (losses) 1,181 46 2,873 (138 ) Embedded derivatives in indexed annuity products 1 (638 ) 44 (1,655 ) 291 Total gains (losses) on derivatives not designated as hedges $ 543 $ 90 $ 1,218 $ 153 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 June 30, 2019 Derivative assets $ 2,299 $ (64 ) $ (2,183 ) $ 52 $ — $ 52 Derivative liabilities (80 ) 64 10 (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 June 30, 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	6 Months Ended
	Jun. 30, 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: June 30, 2019 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities U.S. government and agencies $ 60 $ — $ 60 $ — $ — U.S. state, municipal and political subdivisions 1,407 — — 1,367 40 Foreign governments 324 — — 324 — Corporate 42,800 — — 41,979 821 CLO 6,641 — — 6,441 200 ABS 5,232 — — 3,836 1,396 CMBS 2,790 — — 2,584 206 RMBS 7,624 — — 7,624 — Total AFS securities 66,878 — 60 64,155 2,663 Trading securities U.S. government and agencies 5 — 3 2 — U.S. state, municipal and political subdivisions 134 — — 134 — Foreign governments 30 — — 30 — Corporate 1,666 — — 1,660 6 CLO 35 — — 28 7 ABS 91 — — 85 6 CMBS 51 — — 51 — RMBS 369 — — 323 46 Total trading securities 2,381 — 3 2,313 65 Equity securities 336 — 47 286 3 Mortgage loans 32 — — — 32 Investment funds 163 138 — — 25 Funds withheld at interest – embedded derivative 704 — — — 704 Derivative assets 2,299 — 6 2,293 — Short-term investments 288 — 56 187 45 Other investments 52 — — 52 — Cash and cash equivalents 4,847 — 4,847 — — Restricted cash 391 — 391 — — Investments in related parties AFS securities Corporate 3 — — 3 — CLO 782 — — 745 37 ABS 955 — — 556 399 Total AFS securities – related party 1,740 — — 1,304 436 Trading securities CLO 93 — — 19 74 ABS 218 — — — 218 Total trading securities – related party 311 — — 19 292 Equity securities 344 — — — 344 Investment funds 241 114 — — 127 Funds withheld at interest – embedded derivative 501 — — — 501 Reinsurance recoverable 1,834 — — — 1,834 Assets of consolidated VIEs Trading securities 21 — — — 21 Equity securities 6 — — — 6 Investment funds 568 554 — — 14 Cash and cash equivalents 1 — 1 — — Total assets measured at fair value $ 83,938 $ 806 $ 5,411 $ 70,609 $ 7,112 (Continued) June 30, 2019 (In millions) Total NAV Level 1 Level 2 Level 3 Liabilities Interest sensitive contract liabilities Embedded derivative $ 9,905 $ — $ — $ — $ 9,905 Universal life benefits 1,051 — — — 1,051 Future policy benefits AmerUs Life Insurance Company (AmerUs) Closed Block 1,535 — — — 1,535 Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits 769 — — — 769 Derivative liabilities 80 — 1 75 4 Funds withheld liability – embedded derivative 24 — — 24 — Total liabilities measured at fair value $ 13,364 $ — $ 1 $ 99 $ 13,264 (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 June 30, Six months ended June 30, (In millions) 2019 2018 2019 2018 Trading securities $ 78 $ (75 ) $ 128 $ (164 ) Mortgage loans 1 — 1 — Investment funds 4 13 — 15 Future policy benefits (52 ) 51 (92 ) 135 Total gains (losses) $ 31 $ (11 ) $ 37 $ (14 ) 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) June 30, 2019 December 31, 2018 Unpaid principal balance $ 29 $ 30 Mark to fair value 3 2 Fair value $ 32 $ 32 There were no fair value option mortgage loans 90 days or more past due as of June 30, 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 June 30, 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 U.S. state, municipal and political subdivisions $ — $ — $ — $ 40 $ — $ — $ 40 $ — Corporate 1,035 3 12 32 1 (262 ) 821 — CLO 110 — — 122 — (32 ) 200 — ABS 1,614 2 19 120 — (359 ) 1,396 — CMBS 174 — 1 39 — (8 ) 206 — RMBS 57 — 3 — — (60 ) — — Trading securities Corporate 10 1 — — — (5 ) 6 1 CLO 8 (1 ) — — — — 7 6 ABS 6 — — — — — 6 — RMBS 86 (2 ) — — 1 (39 ) 46 2 Equity securities 3 — — — — — 3 1 Mortgage loans 32 1 — (1) — — 32 — Investment funds 25 2 — (2 ) — — 25 2 Funds withheld at interest – embedded derivative 446 258 — — — — 704 — Short-term investments — — — 45 — — 45 — Investments in related parties AFS securities CLO — — — 37 — — 37 — ABS 497 — 13 (8 ) — (103 ) 399 — Trading securities CLO 55 (1 ) — (10 ) 30 — 74 (1 ) ABS 138 (7 ) — (17 ) 104 — 218 (14 ) Equity securities 301 7 — 36 — — 344 (3 ) Investment funds 124 3 — — — — 127 3 Funds withheld at interest – embedded derivative 214 287 — — — — 501 — Reinsurance recoverable 1,737 97 — — — — 1,834 — Investments of consolidated VIEs Trading securities 34 (1 ) — (37 ) 25 — 21 — Equity securities 6 — — — — — 6 (2 ) Investment funds 14 — — — — — 14 (1 ) Total Level 3 assets $ 6,726 $ 649 $ 48 $ 396 $ 161 $ (868 ) $ 7,112 $ (6 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (9,106 ) $ (638 ) $ — $ (161 ) $ — $ — $ (9,905 ) $ — Universal life benefits (979 ) (72 ) — — — — (1,051 ) — Future policy benefits AmerUs Closed Block (1,483 ) (52 ) — — — — (1,535 ) — ILICO Closed Block and life benefits (743 ) (26 ) — — — — (769 ) — Derivative liabilities (4 ) — — — — — (4 ) — Total Level 3 liabilities $ (12,315 ) $ (788 ) $ — $ (161 ) $ — $ — $ (13,264 ) $ — 1 Related to instruments held at end of period. Three months ended June 30, 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 $ 681 $ (8 ) $ (5 ) $ 290 $ 28 $ (24 ) $ 962 $ — CLO 167 — — 211 32 (129 ) 281 — ABS 1,290 3 (9 ) 273 — (110 ) 1,447 — CMBS 63 — 1 152 — (19 ) 197 — RMBS 38 — — — — (31 ) 7 — Trading securities U.S. state, municipal and political subdivisions 17 — — — — — 17 — Corporate — — — 4 — — 4 — CLO 1 — — — 26 (1 ) 26 — ABS — — — — 89 — 89 — RMBS 321 (17 ) — — — — 304 3 Equity securities — 1 — 1 — — 2 1 Mortgage loans 41 — — (3 ) — — 38 — Investment funds 25 6 — — — — 31 6 Funds withheld at interest – embedded derivative 207 (57 ) — — — — 150 — Investments in related parties AFS securities CLO 62 — — 38 — (61 ) 39 — ABS 4 — — 46 — — 50 — Trading securities CLO 91 (1 ) — — 24 — 114 1 ABS 171 (7 ) — — — — 164 (7 ) Investment funds 111 (6 ) — — — — 105 (6 ) Funds withheld at interest – embedded derivative — 162 — — — — 162 — Short-term investments — — — 10 — — 10 — Reinsurance recoverable 1,713 4 — — — — 1,717 — Investments of consolidated VIEs Trading securities 47 1 — — — — 48 1 Equity securities 28 (2 ) — — — — 26 (2 ) Investment funds 20 (3 ) — (16 ) — — 1 (3 ) Total Level 3 assets $ 5,098 $ 76 $ (13 ) $ 1,006 $ 199 $ (375 ) $ 5,991 $ (6 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,220 ) $ 44 $ — $ (912 ) $ — $ — $ (8,088 ) $ — Universal life benefits (934 ) (9 ) — — — — (943 ) — Future policy benefits AmerUs Closed Block (1,541 ) 51 — — — — (1,490 ) — ILICO Closed Block and life benefits (764 ) 5 — — — — (759 ) — Derivative liabilities (5 ) — — — — — (5 ) — Total Level 3 liabilities $ (10,464 ) $ 91 $ — $ (912 ) $ — $ — $ (11,285 ) $ — 1 Related to instruments held at end of period. Six months ended June 30, 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 U.S. state, municipal and political subdivisions $ — $ — $ — $ 40 $ — $ — $ 40 $ — Corporate 898 1 10 47 — (135 ) 821 — CLO 107 — 3 121 — (31 ) 200 — ABS 1,615 4 36 129 — (388 ) 1,396 — CMBS 187 1 4 32 — (18 ) 206 — RMBS 56 — 3 1 — (60 ) — — Trading securities Corporate — — — — 6 — 6 — CLO 1 (1) — — 7 — 7 6 ABS — — — 6 — — 6 — RMBS 134 (5 ) — — 2 (85 ) 46 5 Equity securities 3 — — — — — 3 — Mortgage loans 32 1 — (1 ) — — 32 1 Investment funds 29 (1 ) — (3 ) — — 25 (2 ) Funds withheld at interest – embedded derivative 57 647 — — — — 704 — Short-term investments — — — 45 — — 45 — Investments in related parties AFS securities CLO — — — 37 — — 37 — ABS 328 — 13 161 — (103 ) 399 — Trading securities CLO 78 (2 ) — (10 ) 21 (13 ) 74 2 ABS 149 (18 ) — (17 ) 104 — 218 (17 ) Equity securities 120 11 — 213 — — 344 — Investment funds 105 3 — 19 — — 127 3 Funds withheld at interest – embedded derivative (110 ) 611 — — — — 501 — Reinsurance recoverable 1,676 158 — — — — 1,834 — Investments of consolidated VIEs Trading securities 35 (1) — (38 ) 25 — 21 — Equity securities 13 (2 ) — (5 ) — — 6 (2 ) Investment funds 15 (1 ) — — — — 14 (1 ) Total Level 3 assets $ 5,528 $ 1,406 $ 69 $ 777 $ 165 $ (833 ) $ 7,112 $ (5 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,969 ) $ (1,655 ) $ — $ (281 ) $ — $ — $ (9,905 ) $ — Universal life benefits (932 ) (119 ) — — — — (1,051 ) — Future policy benefits AmerUs Closed Block (1,443 ) (92 ) — — — — (1,535 ) — ILICO Closed Block and life benefits (730 ) (39 ) — — — — (769 ) — Derivative liabilities (4 ) — — — — — (4 ) — Total Level 3 liabilities $ (11,078 ) $ (1,905 ) $ — $ (281 ) $ — $ — $ (13,264 ) $ — 1 Related to instruments held at end of period. Six months ended June 30, 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 $ (3 ) $ (9 ) $ 340 $ 64 $ (8 ) $ 962 $ — CLO 64 — 2 226 17 (28 ) 281 — ABS 1,457 5 (17 ) 157 — (155 ) 1,447 — CMBS 137 1 (3 ) 152 — (90 ) 197 — RMBS 301 3 (8 ) (19 ) 7 (277 ) 7 — Trading securities U.S. state, municipal and political subdivisions 17 — — — — — 17 — Corporate — — — 4 — — 4 — CLO 17 (1 ) — — 10 — 26 — ABS 77 (4 ) — — 16 — 89 (3 ) RMBS 342 (38 ) — — — — 304 2 Equity Securities 8 1 — (7 ) — — 2 — Mortgage loans 41 — — (3 ) — — 38 — Investment funds 41 (3 ) — (7 ) — — 31 (3 ) Funds withheld at interest – embedded derivative 312 (162 ) — — — — 150 — Investments in related parties AFS Securities CLO — — — 39 — — 39 — ABS 4 — — 46 — — 50 — Trading securities CLO 105 (2 ) — (18 ) 29 — 114 1 ABS — — — — 164 — 164 — Investment funds — (3 ) — 108 — — 105 (3 ) Funds withheld at interest – embedded derivative — 162 — — — — 162 — Short-term investments — — — 10 — — 10 — Reinsurance recoverable 1,824 (107 ) — — — — 1,717 — Investments of consolidated VIEs Trading securities 48 1 — (1 ) — — 48 1 Equity securities 28 (2 ) — — — — 26 (2 ) Investment funds 21 (3 ) — (17 ) — — 1 (3 ) Total Level 3 assets $ 5,422 $ (155 ) $ (35 ) $ 1,010 $ 307 $ (558 ) $ 5,991 $ (10 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,411 ) $ 291 $ — $ (968 ) $ — $ — $ (8,088 ) $ — Universal life benefits (1,005 ) 62 — — — — (943 ) — Future policy benefits AmerUs Closed Block (1,625 ) 135 — — — — (1,490 ) — ILICO Closed Block and life benefits (803 ) 44 — — — — (759 ) — Derivative liabilities (5 ) — — — — — (5 ) — Total Level 3 liabilities $ (10,849 ) $ 532 $ — $ (968 ) $ — $ — $ (11,285 ) $ — 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 June 30, 2019 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Assets AFS securities U.S. state, municipal and political subdivisions $ 40 $ — $ — $ — $ 40 Corporate 59 — — (27 ) 32 CLO 122 — — — 122 ABS 155 — — (35 ) 120 CMBS 73 — (2 ) (32 ) 39 Mortgage loans — — — (1 ) (1 ) Investment funds — 1 — (3 ) (2 ) Short-term investments 48 — — (3 ) 45 Investments in related parties AFS securities CLO 37 — — — 37 ABS — — — (8 ) (8 ) Trading securities CLO — — (10 ) — (10 ) ABS — — — (17 ) (17 ) Equity securities 36 — — — 36 Investments of consolidated VIEs Trading securities — — (37 ) — (37 ) Total Level 3 assets $ 570 $ 1 $ (49 ) $ (126 ) $ 396 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (301 ) $ — $ 140 $ (161 ) Total Level 3 liabilities $ — $ (301 ) $ — $ 140 $ (161 ) Three months ended June 30, 2018 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Assets AFS securities Corporate $ 300 $ — $ (2 ) $ (8 ) $ 290 CLO 211 — — — 211 ABS 347 — — (74 ) 273 CMBS 152 — — — 152 Trading securities, Corporate 4 — — — 4 Equity securities 1 — — — 1 Mortgage loans — — — (3 ) (3 ) Investments in related parties AFS securities CLO 38 — — — 38 ABS 46 — — — 46 Trading securities, CLO 30 — (30 ) — — Short-term investments 10 — — — 10 Investments of consolidated VIEs Investment funds — — (16 ) — (16 ) Total Level 3 assets $ 1,139 $ — $ (48 ) $ (85 ) $ 1,006 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (1,004 ) $ — $ 92 $ (912 ) Total Level 3 liabilities $ — $ (1,004 ) $ — $ 92 $ (912 ) Six months ended June 30, 2019 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Assets AFS securities U.S. state, municipal and political subdivisions $ 40 $ — $ — $ — $ 40 Corporate 147 — (2 ) (98 ) 47 CLO 121 — — — 121 ABS 296 — (33 ) (134 ) 129 CMBS 73 — (3 ) (38 ) 32 RMBS 1 — — — 1 Trading securities, ABS 6 — — — 6 Mortgage loans — — — (1 ) (1 ) Investment funds — — — (3 ) (3 ) Short-term investments 48 — — (3 ) 45 Investments in related parties AFS securities CLO 37 — — — 37 ABS 170 — — (9 ) 161 Trading securities CLO — — (10 ) — (10 ) ABS — — — (17 ) (17 ) Equity securities 213 — — — 213 Investment funds — 20 — (1 ) 19 Investments of consolidated VIEs Trading securities — — (38 ) — (38 ) Equity securities — — (5 ) — (5 ) Total Level 3 assets $ 1,152 $ 20 $ (91 ) $ (304 ) $ 777 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (534 ) $ — $ 253 $ (281 ) Total Level 3 liabilities $ — $ (534 ) $ — $ 253 $ (281 ) Six months ended June 30, 2018 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Assets AFS securities Corporate $ 358 $ — $ (5 ) $ (13 ) $ 340 CLO 231 — (5 ) — 226 ABS 356 — (21 ) (178 ) 157 CMBS 153 — — (1 ) 152 RMBS — — — (19 ) (19 ) Trading securities Corporate 4 — — — 4 CLO 7 — (7 ) — — Equity securities 1 — (8 ) — (7 ) Mortgage loans — — — (3 ) (3 ) Investment funds — — — (7 ) (7 ) Investments in related parties AFS securities CLO 39 — — — 39 ABS 46 — — — 46 Trading securities, CLO 30 — (48 ) — (18 ) Investment funds 108 — — — 108 Short-term investments 10 — — — 10 Investments of consolidated VIEs Trading securities — — (1 ) — (1 ) Investment funds — — (17 ) — (17 ) Total Level 3 assets $ 1,343 $ — $ (112 ) $ (221 ) $ 1,010 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (1,130 ) $ — $ 162 $ (968 ) Total Level 3 liabilities $ — $ (1,130 ) $ — $ 162 $ (968 ) 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. An increase in the discount rate can lower the fair value; a decrease in the discount rate can increase the fair value. As of June 30, 2019 , discounts ranged from 3% 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: June 30, 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 $ 9,905 Option budget method Nonperformance risk 0.0 % – 1.2% Decrease Option budget 0.7 % – 3.7% Increase Surrender rate 3.5 % – 7.7% 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: June 30, 2019 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Mortgage loans $ 11,880 $ 12,233 $ — $ — $ — $ 12,233 Investment funds 559 559 559 — — — Policy loans 480 480 — — 480 — Funds withheld at interest 14,603 14,603 — — — 14,603 Other investments 67 68 — — — 68 Investments in related parties Mortgage loans 287 288 — — — 288 Investment funds 2,337 2,337 2,337 — — — Funds withheld at interest 13,236 13,236 — — — 13,236 Other investments 387 393 — — — 393 Assets of consolidated VIEs Investment funds 44 44 44 — — — Total financial assets not carried at fair value $ 43,880 $ 44,241 $ 2,940 $ — $ 480 $ 40,821 Financial liabilities Interest sensitive contract liabilities $ 55,732 $ 56,124 $ — $ — $ — $ 56,124 Long-term debt 991 1,009 — — 1,009 — Funds withheld liability 735 735 — — 735 — Total financial liabilities not carried at fair value $ 57,458 $ 57,868 $ — $ — $ 1,744 $ 56,124 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 $ 39,79

Deferred Acquisition Costs, Def

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired	6 Months Ended
	Jun. 30, 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 354 130 — 484 Amortization (472 ) (18 ) (20 ) (510 ) Impact of unrealized investment (gains) losses (300 ) (98 ) (159 ) (557 ) Balance at June 30, 2019 $ 3,503 $ 813 $ 1,008 $ 5,324 (In millions) DAC DSI VOBA Total Balance at December 31, 2017 $ 1,375 $ 520 $ 1,077 $ 2,972 Additions 1,600 120 — 1,720 Amortization (76 ) (43 ) (95 ) (214 ) Impact of unrealized investment (gains) losses 94 42 140 276 Balance at June 30, 2018 $ 2,993 $ 639 $ 1,122 $ 4,754

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	6. Earnings Per Share The following represents our basic and diluted earnings per share (EPS) calculations, which are calculated using unrounded amounts: Three months ended June 30, 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 $ 596 $ 96 $ 13 $ 3 $ 4 $ 8 Basic weighted average shares outstanding 158.5 25.4 3.3 0.8 1.0 2.2 Dilutive effect of stock compensation plans 0.3 — — — — 0.3 Diluted weighted average shares outstanding 158.8 25.4 3.3 0.8 1.0 2.5 Earnings per share Basic $ 3.76 $ 3.76 $ 3.76 $ 3.76 $ 3.76 $ 3.76 Diluted $ 3.75 $ 3.76 $ 3.76 $ 3.76 $ 3.76 $ 3.28 Three months ended June 30, 2018 (In millions, except share and per share data) Class A Class B Class M-1 Class M-2 Class M-3 Class M-4 Net income – basic and diluted $ 214 $ 33 $ 5 $ 1 $ 1 $ 3 Basic weighted average shares outstanding 164.5 25.5 3.4 0.8 1.0 2.1 Dilutive effect of stock compensation plans 0.3 — — — — 0.6 Diluted weighted average shares outstanding 164.8 25.5 3.4 0.8 1.0 2.7 Earnings per share Basic $ 1.30 $ 1.30 $ 1.30 $ 1.30 $ 1.30 $ 1.30 Diluted $ 1.30 $ 1.30 $ 1.30 $ 1.29 $ 1.30 $ 1.02 Six months ended June 30, 2019 (In millions, except share and per share data) Class A Class B Class M-1 Class M-2 Class M-3 Class M-4 Net income – basic and diluted $ 1,184 $ 189 $ 25 $ 6 $ 8 $ 16 Basic weighted average shares outstanding 159.4 25.4 3.3 0.8 1.0 2.2 Dilutive effect of stock compensation plans 0.3 — — — — 0.3 Diluted weighted average shares outstanding 159.7 25.4 3.3 0.8 1.0 2.5 Earnings per share Basic $ 7.43 $ 7.43 $ 7.43 $ 7.43 $ 7.43 $ 7.43 Diluted $ 7.41 $ 7.43 $ 7.43 $ 7.43 $ 7.43 $ 6.45 Six months ended June 30, 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 $ 424 $ 90 $ 9 $ 2 $ 3 $ 6 Basic weighted average shares outstanding 156.6 33.3 3.4 0.8 1.0 2.1 Dilutive effect of stock compensation plans 0.4 — — — — 0.8 Diluted weighted average shares outstanding 157.0 33.3 3.4 0.8 1.0 2.9 Earnings per share Basic $ 2.71 $ 2.71 $ 2.71 $ 2.71 $ 2.71 $ 2.71 Diluted $ 2.70 $ 2.71 $ 2.71 $ 2.68 $ 2.68 $ 1.98 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 31.6 million and 35.4 million shares, restricted stock units and options as of June 30, 2019 and 2018 , respectively.

Equity

Equity	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Accumulated Other Comprehensive Income	7. Equity Preferred Stock— On June 10, 2019, we issued 34,500 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares, Series A, par value of $1.00 per share with a liquidation preference of $25,000 per share (Preferred Stock). Dividends on the Preferred Stock will be payable on a non-cumulative basis only when, as and if declared, quarterly in arrears on the 30 th day of March, June, September and December of each year, commencing on September 30, 2019, at a rate equal to 6.35% of the liquidation preference per year. The Preferred Stock ranks senior to our common shares with respect to dividends, to the extent declared, and in liquidation, to the extent of the liquidation preference. 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. In connection with the offering of the Preferred Stock described above, during the second quarter of 2019, our board of directors authorized a $120 million increase in our authority to repurchase our Class A common shares to offset any near-term earnings dilution from the issuance of the Preferred Stock. 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 First additional authorization 247 Second additional authorization 120 Repurchases (423 ) Remaining authorization at June 30, 2019 94 Third additional authorization 350 Repurchases (19 ) Remaining authorization at August 5, 2019 $ 425 Acc umulated Other Comprehensive Income (Loss)— The following provides the details of AOCI and changes in AOCI: (In millions) June 30, 2019 December 31, 2018 AFS securities $ 2,965 $ (766 ) DAC, DSI, VOBA and future policy benefits adjustments on AFS securities (837 ) 154 Noncredit component of OTTI losses on AFS securities (21 ) (19 ) Hedging instruments 98 51 Pension adjustments (3 ) (2 ) Foreign currency translation adjustments (3 ) (3 ) Accumulated other comprehensive income (loss), before taxes 2,199 (585 ) Deferred income taxes (439 ) 113 Accumulated other comprehensive income (loss) $ 1,760 $ (472 ) Changes in AOCI are presented below: Three months ended June 30, Six months ended June 30, (In millions) 2019 2018 2019 2018 Unrealized investment gains (losses) on AFS securities Unrealized investment gains (losses) on AFS securities $ 1,776 $ (889 ) $ 3,758 $ (2,171 ) Change in DAC, DSI, VOBA and future policy benefits adjustment (480 ) 198 (991 ) 608 Less: Reclassification adjustment for gains (losses) realized in net income 1 34 11 27 30 Less: Income tax expense (benefit) 249 (145 ) 542 (304 ) Net unrealized investment gains (losses) on AFS securities 1,013 (557 ) 2,198 (1,289 ) 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 1 1 — Net noncredit component of OTTI losses on AFS securities (1 ) — (2 ) — Unrealized gains (losses) on hedging instruments Unrealized gains (losses) on hedging instruments 55 101 47 45 Less: Income tax expense 12 29 10 9 Net unrealized gains (losses) on hedging instruments 43 72 37 36 Pension adjustments — — (1 ) 3 Foreign currency translation adjustments (1 ) (2 ) — (10 ) Change in AOCI from other comprehensive income (loss) 1,054 (487 ) 2,232 (1,260 ) Adoption of accounting standards — — — (42 ) Change in AOCI $ 1,054 $ (487 ) $ 2,232 $ (1,302 ) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income.

Related Parties

Related Parties	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Related Parties	8. Related Parties Athene Asset Management Current fee structure – 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. During the second quarter of 2019, we entered into the Seventh Amended and Restated Fee Agreement, dated as of June 10, 2019, between us and AAM (Fee Agreement). Under the Fee Agreement, effective retroactive to January 1, 2019, we pay AAM: (1) a base management fee equal to the sum of (i) 0.225% per year of the lesser of (A) the aggregate market value of substantially all of the assets in substantially all of the investment accounts of or relating to us (collectively, the Accounts) on December 31, 2018 (Backbook Value) and (B) the aggregate market value of substantially all of the assets in the Accounts at the end of the respective month, plus (ii) 0.15% per year of the amount, if any (Incremental Value), by which the aggregate market value of substantially all of the assets in the Accounts at the end of the respective month exceeds the Backbook Value; plus (2) with respect to each asset in an Account, subject to certain exceptions, that is managed by Apollo and that belongs to a specified asset class tier (Core, Core Plus, Yield, and High Alpha), a sub-allocation fee as follows, which will, in the case of assets acquired after January 1, 2019, be subject to a cap of 10% of the applicable asset’s gross book yield: (i) 0.065% of the market value of Core assets, which include public investment grade corporate bonds, municipal securities, agency RMBS or CMBS, and obligations of governmental agencies or government sponsored entities that are not expressly backed by the U.S. government; (ii) 0.13% of the market value of Core Plus assets, which include private investment grade corporate bonds, fixed rate first lien commercial mortgage loans (CML), and certain obligations issued or assumed by financial institutions and determined by Apollo to be “Tier 2 Capital” under Basel III, a set of recommendations for international banking regulations developed by the Bank for International Settlements; (iii) 0.375% of the market value of Yield assets, which include non-agency RMBS, investment grade CLO, CMBS and other ABS (other than RMBS and CLO), emerging market investments, below investment grade corporate bonds, subordinated debt obligations, hybrid securities or surplus notes issued or assumed by a financial institution, rated preferred equity, residential mortgage loans (RML), bank loans, investment grade infrastructure debt, and floating rate CMLs on slightly transitional or stabilized traditional real estate; (iv) 0.70% of the market value of High Alpha assets, which include subordinated CML, below investment grade CLO, unrated preferred equity, debt obligations originated by MidCap, CMLs for redevelopment or construction loans or secured by non-traditional real estate, below investment grade infrastructure debt, certain loans originated directly by Apollo (other than MidCap loans), and agency mortgage derivatives; and (v) 0.00% of the market value of cash and cash equivalents, U.S. treasuries, non-preferred equities and alternatives. The following represents assets based on the above sub-allocation structure: (In millions) June 30, 2019 Percent of Total Core $ 30,612 26.5 % Core Plus 30,008 25.9 % Yield 42,161 36.4 % High Alpha 4,588 4.0 % Other 8,327 7.2 % Total sub-allocation assets $ 115,696 100.0 % Additionally, the Fee Agreement provides for a possible payment by AAM to us, or a possible payment by us to AAM, equal to 0.025% of the Incremental Value as of the end of each year, beginning on December 31, 2019, depending upon the percentage of our investments that consist of Core and Core Plus assets. If more than 60% of our invested assets that are subject to the sub-allocation fees are invested in Core and Core Plus assets, we will receive a 0.025% fee reduction on the Incremental Value. If less than 50% of our invested assets that are subject to the sub-allocation fee are invested in Core and Core Plus assets, we will pay an additional fee of 0.025% on Incremental Value. Under the Fee Agreement, sub-advisory fees (as defined below) are no longer recharged to us under the Master Sub-Advisory Agreements (MSAAs). See – Historical fee structure below for further discussion of the MSAAs. During the three months ended June 30, 2019 and 2018 , we incurred management fees of $94 million and $86 million , respectively. During the six months ended June 30, 2019 and 2018 , we incurred management fees of $186 million and $169 million , respectively. Management fees are included within net investment income on the condensed consolidated statements of income. As of June 30, 2019 and December 31, 2018 , management fees payable were $72 million and $54 million , respectively, and are included in other liabilities on the condensed consolidated balance sheets. Historical fee structure – Prior to January 1, 2019, we paid AAM an annual fee of 0.40% , subject to certain discounts and exceptions, on all assets that AAM managed 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. Additionally, for certain assets which required specialized sourcing and underwriting capabilities, AAM had chosen to mandate sub-advisors rather than build out in-house capabilities. AAM entered into 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 covered services rendered by Apollo-affiliated sub-advisors relating to the following investments: (In millions, except for percentages) December 31, 2018 AFS securities Foreign governments $ 153 Corporate 3,398 CLO 5,703 ABS 663 CMBS 880 Trading securities 87 Equity securities 2 Mortgage loans 3,507 Investment funds 157 Funds withheld at interest 4,126 Other investments 70 Total assets sub-advised by Apollo affiliates $ 18,746 Percent of assets sub-advised by Apollo affiliates to total AAM-managed assets 18 % AAM paid 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 (sub-advisory fees). Investment management agreement (IMA) termination – Our bye-laws currently provide that we may not, and will cause our subsidiaries not to, terminate any IMA among us or any of our subsidiaries, on the one hand, and AAM, on the other hand, other than on June 4, 2023 or any two year anniversary of such date (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, but not more than 90 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 no earlier than the second anniversary of the applicable IMA Termination Election Date (IMA Termination Effective Date). Notwithstanding the foregoing, (A) except as set forth in clause (B) below, our board of 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 AAM are unfair and excessive, AAM 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, on a date other than an IMA Termination Effective Date, 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, in each case of this clause (B), that is materially detrimental to us, and in either case of this clause (B), subject to the delivery of written notice at least 30 days prior to such termination; provided, that in connection with an event described in clause (B)(i) or (B)(ii), AAM shall have the right to dispute such determination of the Independent Directors within 30 days after receiving notice from us of such determination, in which case the matter will be submitted to binding arbitration and such IMA shall continue to remain in effect during the period of the arbitration (the events described in the foregoing clauses (A) and (B) are referred to in more detail in our bye-laws as “AHL Cause”). Governance – 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 $452 million and $463 million as of June 30, 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 $167 million of residential mortgage loans under this agreement during the three months ended June 30, 2019 and 2018 , respectively. We purchased $0 million and $211 million of residential mortgage loans under this agreement during the six months ended June 30, 2019 and 2018 , respectively. Additionally, we purchased ABS securities issued by AmeriHome affiliates in the amount of $0 million and $65 million during the six months ended June 30, 2019 and 2018 , respectively, which are included in related party AFS securities on the consolidated balances sheets. We also have commitments to make additional equity investments in A-A Mortgage of $169 million as of June 30, 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 June 30, 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 $793 million and $792 million as of June 30, 2019 and December 31, 2018 , respectively. Additionally, we purchased ABS and CLO securities issued by MidCap affiliates of $74 million and $143 million for the three months ended June 30, 2019 and 2018 , respectively, and $76 million and $205 million for the six months ended June 30, 2019 and 2018 , 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) for a period of 30 days from the receipt of notice of a cession, we have the right of first refusal to reinsure (i) up to 50% of the liabilities ceded from Athora’s reinsurance subsidiaries to Athora Life Re Ltd. and (ii) up to 20% of the liabilities ceded from a third part to any of Athora’s insurance subsidiaries, subject to a limitation in the aggregate of 20% of Athora’s liabilities, (2) Athora agreed to cause its insurance subsidiaries to consider the purchase of certain funding agreements and/or other spread instruments issued by our insurance subsidiaries, subject to a limitation that the fair market value of such funding agreements purchased by any of Athora’s insurance subsidiaries may generally not exceed 3% of the fair market value of such subsidiary’s total assets, (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. Notwithstanding the foregoing, pursuant to the cooperation agreement, Athora is only required to use its reasonable best efforts to cause its subsidiaries to adhere to the provisions set forth in the cooperation agreement and therefore Athora’s ability to cause its subsidiaries to act pursuant to the cooperation agreement may be limited by, among other things, legal prohibitions or the inability to obtain the approval of the board of directors or other applicable governing body of the applicable subsidiary, which approval is solely at the discretion of such governing body. As of June 30, 2019, we have not exercised our right of first refusal to reinsure liabilities ceded to Athora’s insurance or reinsurance subsidiaries. Our investment in Athora, which is included in related party investment funds on the condensed consolidated balance sheets, was $127 million and $105 million as of June 30, 2019 and December 31, 2018 , respectively. Additionally, as of June 30, 2019 and December 31, 2018 , we had $165 million and $166 million , respectively, of funding agreements outstanding to Athora . We also have commitments to make additional equity investments in Athora of $447 million as of June 30, 2019 . Venerable – In connection with our coinsurance and modco agreements with Voya Insurance and Annuity Company (VIAC) , we have a minority equity investment in VA Capital Company LLC (VA Capital) , which was $98 million and $92 million as of June 30, 2019 and December 31, 2018 , respectively. The minority equity investment in VA Capital 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, as of June 30, 2019 , 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 June 30, 2019 and December 31, 2018 , we had $28 million and $16 million , respectively, of investments under the Strategic Partnership and these investments are classified as investment funds of consolidated VIEs.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 $3,192 million a nd $3,036 million as of June 30, 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 June 30, 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 June 30, 2019 and December 31, 2018 , we had $3,000 million and $2,700 million , respectively, 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) June 30, 2019 December 31, 2018 AFS securities $ 7,293 $ 5,439 Trading securities 342 68 Equity securities 2 2 Mortgage loans 2,196 1,830 Investment funds 61 53 Derivative assets 83 24 Short-term investments 61 77 Other investments 47 47 Restricted cash 391 492 Total restricted assets $ 10,476 $ 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 $203 million as of June 30, 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 broad based variable COLI policies from American General Life Insurance Company (American General) that, as of June 30, 2019 , had an asset value of $378 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. The court issued an opinion on July 31, 2019 that did not address the merits, but found that Chancery Court did not have jurisdiction over our claims and directed us to either amend our complaint or transfer the matter to Delaware Superior Court. We are evaluating next steps. 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 $186 million as of June 30, 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 (CDI) 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. Global Atlantic is currently in negotiation with the CDI to resolve the pending action related to the converted life insurance policies. We do not expect any settlement to be material to 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 resolve its concerns. It is reasonably possible that losses experienced as a result of settling this matter may exceed the amount accrued with respect to this matter as of June 30, 2019. Currently, we are unable to reasonably estimate the amount of such excess, if any. 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. Athene amended its writ on October 16, 2018. The trial court denied motions to dismiss made by defendant Caldera on June 28, 2018 and by the former officer and former director defendants on January 14, 2019. A fully briefed and argued appeal of those rulings is pending before the Appeals Court. 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 and argued. 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. Central Laborers’ Pension Fund (CLPF) and Cambria County Employees’ Retirement System (Cambria) – On June 18, 2019 and July 25, 2019, CLPF and Cambria, respectively, filed derivative actions against AAM and AGM, as defendants, and us, as a nominal defendant, in New York State Court (the New York Actions). CLPF and Cambria, both purporting to be our shareholders, each allege that AAM and AGM injured us by causing us to pay excessive management fees to AAM and AGM. The complaints do not name any of our directors as defendants, but allege certain breaches of fiduciary duty. Both complaints seek forms of injunctive relief and disgorgement, but neither complaint seeks monetary relief from us. On July 5, 2019 and July 29, 2019, the Supreme Court of Bermuda enjoined CLPF and Cambria, respectively, from taking any further steps to advance or otherwise positively participate in its respective New York Action in light of the exclusive jurisdiction provision in our bye-laws. On July 31, 2019, CLPF and Cambria each filed a notice that it was dismissing its claims in its respective New York Action.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, (In millions) 2019 2018 2019 2018 Retirement Services $ 2,248 $ 1,873 $ 5,554 $ 3,130 Corporate and Other 24 26 56 53 Non-operating adjustments Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets 466 97 1,406 (61 ) Investment gains (losses), net of offsets 682 (149 ) 1,395 (255 ) VIE expenses and noncontrolling interest — 2 — 2 Other adjustments to revenues (51 ) (47 ) (81 ) (56 ) Total revenues $ 3,369 $ 1,802 $ 8,330 $ 2,813 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 June 30, Six months ended June 30, (In millions) 2019 2018 2019 2018 Retirement Services $ 376 $ 287 $ 662 $ 526 Corporate and Other (6 ) 1 (5 ) 3 Non-operating adjustments Investment gains (losses), net of offsets 417 (74 ) 875 (107 ) Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets (57 ) 68 (84 ) 154 Integration, restructuring and other non-operating expenses (11 ) (8 ) (12 ) (16 ) Stock-based compensation, excluding LTIP (3 ) (2 ) (6 ) (5 ) Income tax (expense) benefit – non-operating 4 (15 ) (2 ) (21 ) Net income $ 720 $ 257 $ 1,428 $ 534 The following represents total assets by segment: (In millions) June 30, 2019 December 31, 2018 Retirement Services $ 136,565 $ 123,498 Corporate and Other 2,415 2,007 Total assets $ 138,980 $ 125,505

Business, Basis of Presentati_2

Business, Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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.
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 2019-05, 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 purchased credit-deteriorated financial assets will include all assets that have experienced a more-than-insignificant deterioration in credit since origination. Additionally, changes in the expected cash flows of purchased credit-deteriorated financial assets 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, and we expect to make a cumulative-effect adjustment to the opening balance of retained earnings as of that date. We are currently evaluating the impact of this guidance on our consolidated financial statements and expect the adoption to significantly impact our policies and procedures, but we are currently unable to produce a reasonable estimate of the standard’s impact 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 do not expect the adoption of this update will have a material effect 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)	6 Months Ended
	Jun. 30, 2019
Investments Schedule [Abstract]
Available-for-sale Securities	June 30, 2019 (In millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCI AFS securities U.S. government and agencies $ 57 $ 3 $ — $ 60 $ — U.S. state, municipal and political subdivisions 1,202 208 (3 ) 1,407 — Foreign governments 306 18 — 324 — Corporate 40,712 2,386 (298 ) 42,800 — CLO 6,760 14 (133 ) 6,641 — ABS 5,117 142 (27 ) 5,232 2 CMBS 2,703 94 (7 ) 2,790 7 RMBS 7,092 544 (12 ) 7,624 12 Total AFS securities 63,949 3,409 (480 ) 66,878 21 AFS securities – related party Corporate 3 — — 3 — CLO 793 1 (12 ) 782 — ABS 929 26 — 955 — Total AFS securities – related party 1,725 27 (12 ) 1,740 — Total AFS securities including related party $ 65,674 $ 3,436 $ (492 ) $ 68,618 $ 21 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: June 30, 2019 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 1,127 $ 1,129 Due after one year through five years 8,977 9,235 Due after five years through ten years 10,780 11,226 Due after ten years 21,393 23,001 CLO, ABS, CMBS and RMBS 21,672 22,287 Total AFS securities 63,949 66,878 AFS securities – related party Due after five years through ten years 3 3 CLO and ABS 1,722 1,737 Total AFS securities – related party 1,725 1,740 Total AFS securities including related party $ 65,674 $ 68,618
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: June 30, 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 $ — $ 2 $ — U.S. state, municipal and political subdivisions 42 — 43 (3 ) 85 (3 ) Foreign governments 33 — — — 33 — Corporate 2,466 (104 ) 3,587 (194 ) 6,053 (298 ) CLO 3,122 (65 ) 1,527 (68 ) 4,649 (133 ) ABS 408 (9 ) 287 (18 ) 695 (27 ) CMBS 178 (3 ) 142 (4 ) 320 (7 ) RMBS 523 (10 ) 141 (2 ) 664 (12 ) Total AFS securities 6,772 (191 ) 5,729 (289 ) 12,501 (480 ) AFS securities – related party CLO 438 (7 ) 99 (5 ) 537 (12 ) Total AFS securities – related party 438 (7 ) 99 (5 ) 537 (12 ) Total AFS securities including related party $ 7,210 $ (198 ) $ 5,828 $ (294 ) $ 13,038 $ (492 ) 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 June 30, Six months ended June 30, (In millions) 2019 2018 2019 2018 Beginning balance $ 11 $ 7 $ 10 $ 14 Initial impairments – credit loss OTTI recognized on securities not previously impaired 2 — 2 1 Additional impairments – credit loss OTTI recognized on securities previously impaired — — 1 — Reduction in impairments from securities sold, matured or repaid — — — (8 ) Ending balance $ 13 $ 7 $ 13 $ 7
Net Investment Income	Net Investment Income —Net investment income by asset class consists of the following: Three months ended June 30, Six months ended June 30, (In millions) 2019 2018 2019 2018 AFS securities $ 763 $ 719 $ 1,516 $ 1,387 Trading securities 49 54 91 98 Equity securities 4 2 7 4 Mortgage loans 159 104 310 195 Investment funds 102 58 112 123 Funds withheld at interest 134 86 297 132 Other 45 23 84 46 Investment revenue 1,256 1,046 2,417 1,985 Investment expenses (95 ) (88 ) (190 ) (172 ) Net investment income $ 1,161 $ 958 $ 2,227 $ 1,813
Investment Related Gains (Losses)	Investment Related Gains (Losses) —Investment related gains (losses) by asset class consists of the following: Three months ended June 30, Six months ended June 30, (In millions) 2019 2018 2019 2018 AFS securities Gross realized gains on investment activity $ 56 $ 51 $ 73 $ 72 Gross realized losses on investment activity (4 ) (37 ) (17 ) (43 ) Net realized investment gains on AFS securities 52 14 56 29 Net recognized investment gains (losses) on trading securities 79 (76 ) 128 (165 ) Net recognized investment gains on equity securities 1 3 19 4 Derivative gains (losses) 1,181 46 2,873 (138 ) Other gains 3 11 12 32 Investment related gains (losses) $ 1,316 $ (2 ) $ 3,088 $ (238 ) The following table summarizes the change in unrealized gains (losses) on trading and equity securities, including related party and consolidated VIEs, we held as of the respective period end: Three months ended June 30, Six months ended June 30, (In millions) 2019 2018 2019 2018 Trading securities $ 98 $ (41 ) $ 169 $ (110 ) Trading securities – related party (13 ) (4 ) (16 ) (6 ) VIE trading securities – related party — 1 1 1 Equity securities 2 4 20 4 Equity securities – related party (3 ) — — — VIE equity securities – related party (2 ) (14 ) (2 ) (39 )
Purchased Credit Impaired (PCI) Investments	Purchased Credit Impaired (PCI) Investments —The following table summarizes our PCI investments: Fixed maturity securities Mortgage loans (In millions) June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Contractually required payments receivable $ 7,445 $ 8,179 $ 3,506 $ 2,675 Less: Cash flows expected to be collected 1 (6,547 ) (7,195 ) (3,448 ) (2,628 ) Non-accretable difference $ 898 $ 984 $ 58 $ 47 Cash flows expected to be collected 1 $ 6,547 $ 7,195 $ 3,448 $ 2,628 Less: Amortized cost (5,165 ) (5,518 ) (2,588 ) (1,931 ) Accretable difference $ 1,382 $ 1,677 $ 860 $ 697 Fair value $ 5,604 $ 5,828 $ 2,695 $ 1,933 Outstanding balance 6,360 6,773 2,916 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: June 30, 2019 (In millions) Fixed maturity securities Mortgage loans Contractually required payments receivable $ 92 $ 1,035 Cash flows expected to be collected 74 1,010 Fair value 64 800 The following table summarizes the activity for the accretable yield on PCI investments: Three months ended June 30, 2019 Six months ended June 30, 2019 (In millions) Fixed maturity securities Mortgage loans Fixed maturity securities Mortgage loans Beginning balance $ 1,576 $ 712 $ 1,677 $ 697 Purchases of PCI investments, net of sales (2 ) 113 6 153 Accretion (81 ) (29 ) (172 ) (61 ) Net reclassification from (to) non-accretable difference (111 ) 64 (129 ) 71 Ending balance at June 30 $ 1,382 $ 860 $ 1,382 $ 860
Mortgage Loans, Net	Mortgage Loans, including related party —Mortgage loans, net of allowances, consists of the following: (In millions) June 30, 2019 December 31, 2018 Commercial mortgage loans $ 8,022 $ 7,217 Commercial mortgage loans under development 95 80 Total commercial mortgage loans 8,117 7,297 Residential mortgage loans 4,082 3,334 Mortgage loans, net of allowances $ 12,199 $ 10,631 The distribution of commercial mortgage loans, including those under development, net of valuation allowances, by property type and geographic region, is as follows: June 30, 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 $ 2,650 32.6 % $ 2,221 30.5 % Retail 1,553 19.1 % 1,660 22.7 % Hotels 959 11.8 % 1,040 14.3 % Industrial 1,246 15.4 % 1,196 16.4 % Apartment 1,352 16.7 % 791 10.8 % Other commercial 357 4.4 % 389 5.3 % Total commercial mortgage loans $ 8,117 100.0 % $ 7,297 100.0 % U.S. Region East North Central $ 895 11.0 % $ 855 11.7 % East South Central 169 2.1 % 295 4.0 % Middle Atlantic 1,488 18.3 % 1,131 15.5 % Mountain 675 8.3 % 616 8.4 % New England 349 4.3 % 374 5.1 % Pacific 1,813 22.4 % 1,540 21.1 % South Atlantic 1,729 21.3 % 1,468 20.2 % West North Central 177 2.2 % 173 2.4 % West South Central 822 10.1 % 845 11.6 % Total U.S. Region 8,117 100.0 % 7,297 100.0 % Total commercial mortgage loans $ 8,117 100.0 % $ 7,297 100.0 % Our residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties and is summarized in the following table: June 30, 2019 December 31, 2018 U.S. States California 29.6 % 30.3 % Florida 13.6 % 16.3 % Texas 5.5 % 3.3 % New York 3.8 % 7.7 % Other 1 36.9 % 42.4 % Total U.S. residential mortgage loan percentage 89.4 % 100.0 % International residential mortgage loan percentage 10.6 % — % 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.
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) June 30, 2019 December 31, 2018 Less than 50% $ 2,110 $ 1,883 50% to 60% 2,138 1,988 61% to 70% 3,024 2,394 71% to 80% 747 898 81% to 100% 3 54 Commercial mortgage loans $ 8,022 $ 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) June 30, 2019 December 31, 2018 Greater than 1.20x $ 7,220 $ 6,576 1.00x – 1.20x 394 474 Less than 1.00x 408 167 Commercial mortgage loans $ 8,022 $ 7,217
Investment Funds	The following summarizes our investment funds, including related party and those owned by consolidated VIEs: June 30, 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 $ 249 34.5 % $ 215 30.6 % Credit funds 169 23.4 % 172 24.5 % Private equity 246 34.1 % 253 36.0 % Real assets 57 7.9 % 56 7.9 % Natural resources 1 0.1 % 4 0.6 % Other — — % 3 0.4 % Total investment funds 722 100.0 % 703 100.0 % Investment funds – related parties Differentiated investments AmeriHome Mortgage Company, LLC (AmeriHome) 2 452 17.5 % 463 20.7 % Catalina Holdings Ltd. (Catalina) 262 10.2 % 233 10.4 % Athora Holding Ltd. (Athora) 2 127 4.9 % 105 4.7 % Venerable Holdings, Inc. (Venerable) 2 98 3.8 % 92 4.1 % Other 221 8.6 % 196 8.8 % Total differentiated investments 1,160 45.0 % 1,089 48.7 % Real estate 614 23.8 % 497 22.3 % Credit funds 352 13.7 % 316 14.2 % Private equity 67 2.6 % 18 0.8 % Real assets 150 5.8 % 145 6.5 % Natural resources 144 5.6 % 104 4.7 % Public equities 91 3.5 % 63 2.8 % Total investment funds – related parties 2,578 100.0 % 2,232 100.0 % Investment funds owned by consolidated VIEs MidCap FinCo Designated Activity Company (MidCap) 2 554 90.5 % 553 88.6 % Real estate 41 6.7 % 30 4.8 % Real assets 17 2.8 % 41 6.6 % Total investment funds owned by consolidated VIEs 612 100.0 % 624 100.0 % Total investment funds including related parties and funds owned by consolidated VIEs $ 3,912 $ 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: June 30, 2019 December 31, 2018 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 722 $ 1,274 $ 703 $ 1,329 Investment in related parties – investment funds 2,578 4,527 2,232 4,331 Assets of consolidated VIEs – investment funds 612 703 624 727 Investment in fixed maturity securities 22,833 22,218 21,188 21,139 Investment in related parties – fixed maturity securities 2,048 2,110 1,686 1,788 Investment in related parties – equity securities 344 344 120 120 Total non-consolidated investments $ 29,137 $ 31,176 $ 26,553 $ 29,434

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 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 2,487 $ 124 $ 48 2,041 $ 83 $ 55 Foreign currency forwards 246 — 1 85 — 1 Total derivatives designated as hedges 124 49 83 56 Derivatives not designated as hedges Equity options 49,351 2,153 19 49,821 942 11 Futures 7 6 1 4 9 3 Total return swaps 60 — — 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 2,645 13 5 646 6 5 Embedded derivatives Funds withheld including related party — 1,205 24 — (53 ) (1 ) Interest sensitive contract liabilities — — 9,905 — — 7,969 Total derivatives not designated as hedges 3,380 9,960 907 7,997 Total derivatives $ 3,504 $ 10,009 $ 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 June 30, Six months ended June 30, (In millions) 2019 2018 2019 2018 Equity options $ 439 $ 89 $ 1,288 $ (53 ) Futures (3 ) 1 (14 ) (4 ) Swaps 11 (9 ) 29 (7 ) Foreign currency forwards (1 ) 14 5 7 Embedded derivatives on funds withheld 735 (49 ) 1,565 (81 ) Amounts recognized in investment related gains (losses) 1,181 46 2,873 (138 ) Embedded derivatives in indexed annuity products 1 (638 ) 44 (1,655 ) 291 Total gains (losses) on derivatives not designated as hedges $ 543 $ 90 $ 1,218 $ 153 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 June 30, 2019 Derivative assets $ 2,299 $ (64 ) $ (2,183 ) $ 52 $ — $ 52 Derivative liabilities (80 ) 64 10 (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 June 30, 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 June 30, 2019 Derivative assets $ 2,299 $ (64 ) $ (2,183 ) $ 52 $ — $ 52 Derivative liabilities (80 ) 64 10 (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 June 30, 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)	6 Months Ended
	Jun. 30, 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: June 30, 2019 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities U.S. government and agencies $ 60 $ — $ 60 $ — $ — U.S. state, municipal and political subdivisions 1,407 — — 1,367 40 Foreign governments 324 — — 324 — Corporate 42,800 — — 41,979 821 CLO 6,641 — — 6,441 200 ABS 5,232 — — 3,836 1,396 CMBS 2,790 — — 2,584 206 RMBS 7,624 — — 7,624 — Total AFS securities 66,878 — 60 64,155 2,663 Trading securities U.S. government and agencies 5 — 3 2 — U.S. state, municipal and political subdivisions 134 — — 134 — Foreign governments 30 — — 30 — Corporate 1,666 — — 1,660 6 CLO 35 — — 28 7 ABS 91 — — 85 6 CMBS 51 — — 51 — RMBS 369 — — 323 46 Total trading securities 2,381 — 3 2,313 65 Equity securities 336 — 47 286 3 Mortgage loans 32 — — — 32 Investment funds 163 138 — — 25 Funds withheld at interest – embedded derivative 704 — — — 704 Derivative assets 2,299 — 6 2,293 — Short-term investments 288 — 56 187 45 Other investments 52 — — 52 — Cash and cash equivalents 4,847 — 4,847 — — Restricted cash 391 — 391 — — Investments in related parties AFS securities Corporate 3 — — 3 — CLO 782 — — 745 37 ABS 955 — — 556 399 Total AFS securities – related party 1,740 — — 1,304 436 Trading securities CLO 93 — — 19 74 ABS 218 — — — 218 Total trading securities – related party 311 — — 19 292 Equity securities 344 — — — 344 Investment funds 241 114 — — 127 Funds withheld at interest – embedded derivative 501 — — — 501 Reinsurance recoverable 1,834 — — — 1,834 Assets of consolidated VIEs Trading securities 21 — — — 21 Equity securities 6 — — — 6 Investment funds 568 554 — — 14 Cash and cash equivalents 1 — 1 — — Total assets measured at fair value $ 83,938 $ 806 $ 5,411 $ 70,609 $ 7,112 (Continued) June 30, 2019 (In millions) Total NAV Level 1 Level 2 Level 3 Liabilities Interest sensitive contract liabilities Embedded derivative $ 9,905 $ — $ — $ — $ 9,905 Universal life benefits 1,051 — — — 1,051 Future policy benefits AmerUs Life Insurance Company (AmerUs) Closed Block 1,535 — — — 1,535 Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits 769 — — — 769 Derivative liabilities 80 — 1 75 4 Funds withheld liability – embedded derivative 24 — — 24 — Total liabilities measured at fair value $ 13,364 $ — $ 1 $ 99 $ 13,264 (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 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 June 30, Six months ended June 30, (In millions) 2019 2018 2019 2018 Trading securities $ 78 $ (75 ) $ 128 $ (164 ) Mortgage loans 1 — 1 — Investment funds 4 13 — 15 Future policy benefits (52 ) 51 (92 ) 135 Total gains (losses) $ 31 $ (11 ) $ 37 $ (14 ) The following summarizes information for fair value option mortgage loans: (In millions) June 30, 2019 December 31, 2018 Unpaid principal balance $ 29 $ 30 Mark to fair value 3 2 Fair value $ 32 $ 32
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 June 30, 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 U.S. state, municipal and political subdivisions $ — $ — $ — $ 40 $ — $ — $ 40 $ — Corporate 1,035 3 12 32 1 (262 ) 821 — CLO 110 — — 122 — (32 ) 200 — ABS 1,614 2 19 120 — (359 ) 1,396 — CMBS 174 — 1 39 — (8 ) 206 — RMBS 57 — 3 — — (60 ) — — Trading securities Corporate 10 1 — — — (5 ) 6 1 CLO 8 (1 ) — — — — 7 6 ABS 6 — — — — — 6 — RMBS 86 (2 ) — — 1 (39 ) 46 2 Equity securities 3 — — — — — 3 1 Mortgage loans 32 1 — (1) — — 32 — Investment funds 25 2 — (2 ) — — 25 2 Funds withheld at interest – embedded derivative 446 258 — — — — 704 — Short-term investments — — — 45 — — 45 — Investments in related parties AFS securities CLO — — — 37 — — 37 — ABS 497 — 13 (8 ) — (103 ) 399 — Trading securities CLO 55 (1 ) — (10 ) 30 — 74 (1 ) ABS 138 (7 ) — (17 ) 104 — 218 (14 ) Equity securities 301 7 — 36 — — 344 (3 ) Investment funds 124 3 — — — — 127 3 Funds withheld at interest – embedded derivative 214 287 — — — — 501 — Reinsurance recoverable 1,737 97 — — — — 1,834 — Investments of consolidated VIEs Trading securities 34 (1 ) — (37 ) 25 — 21 — Equity securities 6 — — — — — 6 (2 ) Investment funds 14 — — — — — 14 (1 ) Total Level 3 assets $ 6,726 $ 649 $ 48 $ 396 $ 161 $ (868 ) $ 7,112 $ (6 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (9,106 ) $ (638 ) $ — $ (161 ) $ — $ — $ (9,905 ) $ — Universal life benefits (979 ) (72 ) — — — — (1,051 ) — Future policy benefits AmerUs Closed Block (1,483 ) (52 ) — — — — (1,535 ) — ILICO Closed Block and life benefits (743 ) (26 ) — — — — (769 ) — Derivative liabilities (4 ) — — — — — (4 ) — Total Level 3 liabilities $ (12,315 ) $ (788 ) $ — $ (161 ) $ — $ — $ (13,264 ) $ — 1 Related to instruments held at end of period. Three months ended June 30, 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 $ 681 $ (8 ) $ (5 ) $ 290 $ 28 $ (24 ) $ 962 $ — CLO 167 — — 211 32 (129 ) 281 — ABS 1,290 3 (9 ) 273 — (110 ) 1,447 — CMBS 63 — 1 152 — (19 ) 197 — RMBS 38 — — — — (31 ) 7 — Trading securities U.S. state, municipal and political subdivisions 17 — — — — — 17 — Corporate — — — 4 — — 4 — CLO 1 — — — 26 (1 ) 26 — ABS — — — — 89 — 89 — RMBS 321 (17 ) — — — — 304 3 Equity securities — 1 — 1 — — 2 1 Mortgage loans 41 — — (3 ) — — 38 — Investment funds 25 6 — — — — 31 6 Funds withheld at interest – embedded derivative 207 (57 ) — — — — 150 — Investments in related parties AFS securities CLO 62 — — 38 — (61 ) 39 — ABS 4 — — 46 — — 50 — Trading securities CLO 91 (1 ) — — 24 — 114 1 ABS 171 (7 ) — — — — 164 (7 ) Investment funds 111 (6 ) — — — — 105 (6 ) Funds withheld at interest – embedded derivative — 162 — — — — 162 — Short-term investments — — — 10 — — 10 — Reinsurance recoverable 1,713 4 — — — — 1,717 — Investments of consolidated VIEs Trading securities 47 1 — — — — 48 1 Equity securities 28 (2 ) — — — — 26 (2 ) Investment funds 20 (3 ) — (16 ) — — 1 (3 ) Total Level 3 assets $ 5,098 $ 76 $ (13 ) $ 1,006 $ 199 $ (375 ) $ 5,991 $ (6 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,220 ) $ 44 $ — $ (912 ) $ — $ — $ (8,088 ) $ — Universal life benefits (934 ) (9 ) — — — — (943 ) — Future policy benefits AmerUs Closed Block (1,541 ) 51 — — — — (1,490 ) — ILICO Closed Block and life benefits (764 ) 5 — — — — (759 ) — Derivative liabilities (5 ) — — — — — (5 ) — Total Level 3 liabilities $ (10,464 ) $ 91 $ — $ (912 ) $ — $ — $ (11,285 ) $ — 1 Related to instruments held at end of period. Six months ended June 30, 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 U.S. state, municipal and political subdivisions $ — $ — $ — $ 40 $ — $ — $ 40 $ — Corporate 898 1 10 47 — (135 ) 821 — CLO 107 — 3 121 — (31 ) 200 — ABS 1,615 4 36 129 — (388 ) 1,396 — CMBS 187 1 4 32 — (18 ) 206 — RMBS 56 — 3 1 — (60 ) — — Trading securities Corporate — — — — 6 — 6 — CLO 1 (1) — — 7 — 7 6 ABS — — — 6 — — 6 — RMBS 134 (5 ) — — 2 (85 ) 46 5 Equity securities 3 — — — — — 3 — Mortgage loans 32 1 — (1 ) — — 32 1 Investment funds 29 (1 ) — (3 ) — — 25 (2 ) Funds withheld at interest – embedded derivative 57 647 — — — — 704 — Short-term investments — — — 45 — — 45 — Investments in related parties AFS securities CLO — — — 37 — — 37 — ABS 328 — 13 161 — (103 ) 399 — Trading securities CLO 78 (2 ) — (10 ) 21 (13 ) 74 2 ABS 149 (18 ) — (17 ) 104 — 218 (17 ) Equity securities 120 11 — 213 — — 344 — Investment funds 105 3 — 19 — — 127 3 Funds withheld at interest – embedded derivative (110 ) 611 — — — — 501 — Reinsurance recoverable 1,676 158 — — — — 1,834 — Investments of consolidated VIEs Trading securities 35 (1) — (38 ) 25 — 21 — Equity securities 13 (2 ) — (5 ) — — 6 (2 ) Investment funds 15 (1 ) — — — — 14 (1 ) Total Level 3 assets $ 5,528 $ 1,406 $ 69 $ 777 $ 165 $ (833 ) $ 7,112 $ (5 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,969 ) $ (1,655 ) $ — $ (281 ) $ — $ — $ (9,905 ) $ — Universal life benefits (932 ) (119 ) — — — — (1,051 ) — Future policy benefits AmerUs Closed Block (1,443 ) (92 ) — — — — (1,535 ) — ILICO Closed Block and life benefits (730 ) (39 ) — — — — (769 ) — Derivative liabilities (4 ) — — — — — (4 ) — Total Level 3 liabilities $ (11,078 ) $ (1,905 ) $ — $ (281 ) $ — $ — $ (13,264 ) $ — 1 Related to instruments held at end of period. Six months ended June 30, 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 $ (3 ) $ (9 ) $ 340 $ 64 $ (8 ) $ 962 $ — CLO 64 — 2 226 17 (28 ) 281 — ABS 1,457 5 (17 ) 157 — (155 ) 1,447 — CMBS 137 1 (3 ) 152 — (90 ) 197 — RMBS 301 3 (8 ) (19 ) 7 (277 ) 7 — Trading securities U.S. state, municipal and political subdivisions 17 — — — — — 17 — Corporate — — — 4 — — 4 — CLO 17 (1 ) — — 10 — 26 — ABS 77 (4 ) — — 16 — 89 (3 ) RMBS 342 (38 ) — — — — 304 2 Equity Securities 8 1 — (7 ) — — 2 — Mortgage loans 41 — — (3 ) — — 38 — Investment funds 41 (3 ) — (7 ) — — 31 (3 ) Funds withheld at interest – embedded derivative 312 (162 ) — — — — 150 — Investments in related parties AFS Securities CLO — — — 39 — — 39 — ABS 4 — — 46 — — 50 — Trading securities CLO 105 (2 ) — (18 ) 29 — 114 1 ABS — — — — 164 — 164 — Investment funds — (3 ) — 108 — — 105 (3 ) Funds withheld at interest – embedded derivative — 162 — — — — 162 — Short-term investments — — — 10 — — 10 — Reinsurance recoverable 1,824 (107 ) — — — — 1,717 — Investments of consolidated VIEs Trading securities 48 1 — (1 ) — — 48 1 Equity securities 28 (2 ) — — — — 26 (2 ) Investment funds 21 (3 ) — (17 ) — — 1 (3 ) Total Level 3 assets $ 5,422 $ (155 ) $ (35 ) $ 1,010 $ 307 $ (558 ) $ 5,991 $ (10 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,411 ) $ 291 $ — $ (968 ) $ — $ — $ (8,088 ) $ — Universal life benefits (1,005 ) 62 — — — — (943 ) — Future policy benefits AmerUs Closed Block (1,625 ) 135 — — — — (1,490 ) — ILICO Closed Block and life benefits (803 ) 44 — — — — (759 ) — Derivative liabilities (5 ) — — — — — (5 ) — Total Level 3 liabilities $ (10,849 ) $ 532 $ — $ (968 ) $ — $ — $ (11,285 ) $ — 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 June 30, 2019 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Assets AFS securities U.S. state, municipal and political subdivisions $ 40 $ — $ — $ — $ 40 Corporate 59 — — (27 ) 32 CLO 122 — — — 122 ABS 155 — — (35 ) 120 CMBS 73 — (2 ) (32 ) 39 Mortgage loans — — — (1 ) (1 ) Investment funds — 1 — (3 ) (2 ) Short-term investments 48 — — (3 ) 45 Investments in related parties AFS securities CLO 37 — — — 37 ABS — — — (8 ) (8 ) Trading securities CLO — — (10 ) — (10 ) ABS — — — (17 ) (17 ) Equity securities 36 — — — 36 Investments of consolidated VIEs Trading securities — — (37 ) — (37 ) Total Level 3 assets $ 570 $ 1 $ (49 ) $ (126 ) $ 396 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (301 ) $ — $ 140 $ (161 ) Total Level 3 liabilities $ — $ (301 ) $ — $ 140 $ (161 ) Three months ended June 30, 2018 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Assets AFS securities Corporate $ 300 $ — $ (2 ) $ (8 ) $ 290 CLO 211 — — — 211 ABS 347 — — (74 ) 273 CMBS 152 — — — 152 Trading securities, Corporate 4 — — — 4 Equity securities 1 — — — 1 Mortgage loans — — — (3 ) (3 ) Investments in related parties AFS securities CLO 38 — — — 38 ABS 46 — — — 46 Trading securities, CLO 30 — (30 ) — — Short-term investments 10 — — — 10 Investments of consolidated VIEs Investment funds — — (16 ) — (16 ) Total Level 3 assets $ 1,139 $ — $ (48 ) $ (85 ) $ 1,006 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (1,004 ) $ — $ 92 $ (912 ) Total Level 3 liabilities $ — $ (1,004 ) $ — $ 92 $ (912 ) Six months ended June 30, 2019 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Assets AFS securities U.S. state, municipal and political subdivisions $ 40 $ — $ — $ — $ 40 Corporate 147 — (2 ) (98 ) 47 CLO 121 — — — 121 ABS 296 — (33 ) (134 ) 129 CMBS 73 — (3 ) (38 ) 32 RMBS 1 — — — 1 Trading securities, ABS 6 — — — 6 Mortgage loans — — — (1 ) (1 ) Investment funds — — — (3 ) (3 ) Short-term investments 48 — — (3 ) 45 Investments in related parties AFS securities CLO 37 — — — 37 ABS 170 — — (9 ) 161 Trading securities CLO — — (10 ) — (10 ) ABS — — — (17 ) (17 ) Equity securities 213 — — — 213 Investment funds — 20 — (1 ) 19 Investments of consolidated VIEs Trading securities — — (38 ) — (38 ) Equity securities — — (5 ) — (5 ) Total Level 3 assets $ 1,152 $ 20 $ (91 ) $ (304 ) $ 777 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (534 ) $ — $ 253 $ (281 ) Total Level 3 liabilities $ — $ (534 ) $ — $ 253 $ (281 ) Six months ended June 30, 2018 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Assets AFS securities Corporate $ 358 $ — $ (5 ) $ (13 ) $ 340 CLO 231 — (5 ) — 226 ABS 356 — (21 ) (178 ) 157 CMBS 153 — — (1 ) 152 RMBS — — — (19 ) (19 ) Trading securities Corporate 4 — — — 4 CLO 7 — (7 ) — — Equity securities 1 — (8 ) — (7 ) Mortgage loans — — — (3 ) (3 ) Investment funds — — — (7 ) (7 ) Investments in related parties AFS securities CLO 39 — — — 39 ABS 46 — — — 46 Trading securities, CLO 30 — (48 ) — (18 ) Investment funds 108 — — — 108 Short-term investments 10 — — — 10 Investments of consolidated VIEs Trading securities — — (1 ) — (1 ) Investment funds — — (17 ) — (17 ) Total Level 3 assets $ 1,343 $ — $ (112 ) $ (221 ) $ 1,010 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (1,130 ) $ — $ 162 $ (968 ) Total Level 3 liabilities $ — $ (1,130 ) $ — $ 162 $ (968 )
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: June 30, 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 $ 9,905 Option budget method Nonperformance risk 0.0 % – 1.2% Decrease Option budget 0.7 % – 3.7% Increase Surrender rate 3.5 % – 7.7% 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: June 30, 2019 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Mortgage loans $ 11,880 $ 12,233 $ — $ — $ — $ 12,233 Investment funds 559 559 559 — — — Policy loans 480 480 — — 480 — Funds withheld at interest 14,603 14,603 — — — 14,603 Other investments 67 68 — — — 68 Investments in related parties Mortgage loans 287 288 — — — 288 Investment funds 2,337 2,337 2,337 — — — Funds withheld at interest 13,236 13,236 — — — 13,236 Other investments 387 393 — — — 393 Assets of consolidated VIEs Investment funds 44 44 44 — — — Total financial assets not carried at fair value $ 43,880 $ 44,241 $ 2,940 $ — $ 480 $ 40,821 Financial liabilities Interest sensitive contract liabilities $ 55,732 $ 56,124 $ — $ — $ — $ 56,124 Long-term debt 991 1,009 — — 1,009 — Funds withheld liability 735 735 — — 735 — Total financial liabilities not carried at fair value $ 57,458 $ 57,868 $ — $ — $ 1,744 $ 56,124 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)	6 Months Ended
	Jun. 30, 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 354 130 — 484 Amortization (472 ) (18 ) (20 ) (510 ) Impact of unrealized investment (gains) losses (300 ) (98 ) (159 ) (557 ) Balance at June 30, 2019 $ 3,503 $ 813 $ 1,008 $ 5,324 (In millions) DAC DSI VOBA Total Balance at December 31, 2017 $ 1,375 $ 520 $ 1,077 $ 2,972 Additions 1,600 120 — 1,720 Amortization (76 ) (43 ) (95 ) (214 ) Impact of unrealized investment (gains) losses 94 42 140 276 Balance at June 30, 2018 $ 2,993 $ 639 $ 1,122 $ 4,754
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 354 130 — 484 Amortization (472 ) (18 ) (20 ) (510 ) Impact of unrealized investment (gains) losses (300 ) (98 ) (159 ) (557 ) Balance at June 30, 2019 $ 3,503 $ 813 $ 1,008 $ 5,324 (In millions) DAC DSI VOBA Total Balance at December 31, 2017 $ 1,375 $ 520 $ 1,077 $ 2,972 Additions 1,600 120 — 1,720 Amortization (76 ) (43 ) (95 ) (214 ) Impact of unrealized investment (gains) losses 94 42 140 276 Balance at June 30, 2018 $ 2,993 $ 639 $ 1,122 $ 4,754

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	The following represents our basic and diluted earnings per share (EPS) calculations, which are calculated using unrounded amounts: Three months ended June 30, 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 $ 596 $ 96 $ 13 $ 3 $ 4 $ 8 Basic weighted average shares outstanding 158.5 25.4 3.3 0.8 1.0 2.2 Dilutive effect of stock compensation plans 0.3 — — — — 0.3 Diluted weighted average shares outstanding 158.8 25.4 3.3 0.8 1.0 2.5 Earnings per share Basic $ 3.76 $ 3.76 $ 3.76 $ 3.76 $ 3.76 $ 3.76 Diluted $ 3.75 $ 3.76 $ 3.76 $ 3.76 $ 3.76 $ 3.28 Three months ended June 30, 2018 (In millions, except share and per share data) Class A Class B Class M-1 Class M-2 Class M-3 Class M-4 Net income – basic and diluted $ 214 $ 33 $ 5 $ 1 $ 1 $ 3 Basic weighted average shares outstanding 164.5 25.5 3.4 0.8 1.0 2.1 Dilutive effect of stock compensation plans 0.3 — — — — 0.6 Diluted weighted average shares outstanding 164.8 25.5 3.4 0.8 1.0 2.7 Earnings per share Basic $ 1.30 $ 1.30 $ 1.30 $ 1.30 $ 1.30 $ 1.30 Diluted $ 1.30 $ 1.30 $ 1.30 $ 1.29 $ 1.30 $ 1.02 Six months ended June 30, 2019 (In millions, except share and per share data) Class A Class B Class M-1 Class M-2 Class M-3 Class M-4 Net income – basic and diluted $ 1,184 $ 189 $ 25 $ 6 $ 8 $ 16 Basic weighted average shares outstanding 159.4 25.4 3.3 0.8 1.0 2.2 Dilutive effect of stock compensation plans 0.3 — — — — 0.3 Diluted weighted average shares outstanding 159.7 25.4 3.3 0.8 1.0 2.5 Earnings per share Basic $ 7.43 $ 7.43 $ 7.43 $ 7.43 $ 7.43 $ 7.43 Diluted $ 7.41 $ 7.43 $ 7.43 $ 7.43 $ 7.43 $ 6.45 Six months ended June 30, 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 $ 424 $ 90 $ 9 $ 2 $ 3 $ 6 Basic weighted average shares outstanding 156.6 33.3 3.4 0.8 1.0 2.1 Dilutive effect of stock compensation plans 0.4 — — — — 0.8 Diluted weighted average shares outstanding 157.0 33.3 3.4 0.8 1.0 2.9 Earnings per share Basic $ 2.71 $ 2.71 $ 2.71 $ 2.71 $ 2.71 $ 2.71 Diluted $ 2.70 $ 2.71 $ 2.71 $ 2.68 $ 2.68 $ 1.98
Shares Excluded from Dilutive Earnings Per Share	The diluted EPS calculations for Class A shares excluded 31.6 million and 35.4 million shares, restricted stock units and options as of June 30, 2019 and 2018 , respectively.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 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 First additional authorization 247 Second additional authorization 120 Repurchases (423 ) Remaining authorization at June 30, 2019 94 Third additional authorization 350 Repurchases (19 ) Remaining authorization at August 5, 2019 $ 425
Accumulated Other Comprehensive Income	The following provides the details of AOCI and changes in AOCI: (In millions) June 30, 2019 December 31, 2018 AFS securities $ 2,965 $ (766 ) DAC, DSI, VOBA and future policy benefits adjustments on AFS securities (837 ) 154 Noncredit component of OTTI losses on AFS securities (21 ) (19 ) Hedging instruments 98 51 Pension adjustments (3 ) (2 ) Foreign currency translation adjustments (3 ) (3 ) Accumulated other comprehensive income (loss), before taxes 2,199 (585 ) Deferred income taxes (439 ) 113 Accumulated other comprehensive income (loss) $ 1,760 $ (472 ) Changes in AOCI are presented below: Three months ended June 30, Six months ended June 30, (In millions) 2019 2018 2019 2018 Unrealized investment gains (losses) on AFS securities Unrealized investment gains (losses) on AFS securities $ 1,776 $ (889 ) $ 3,758 $ (2,171 ) Change in DAC, DSI, VOBA and future policy benefits adjustment (480 ) 198 (991 ) 608 Less: Reclassification adjustment for gains (losses) realized in net income 1 34 11 27 30 Less: Income tax expense (benefit) 249 (145 ) 542 (304 ) Net unrealized investment gains (losses) on AFS securities 1,013 (557 ) 2,198 (1,289 ) 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 1 1 — Net noncredit component of OTTI losses on AFS securities (1 ) — (2 ) — Unrealized gains (losses) on hedging instruments Unrealized gains (losses) on hedging instruments 55 101 47 45 Less: Income tax expense 12 29 10 9 Net unrealized gains (losses) on hedging instruments 43 72 37 36 Pension adjustments — — (1 ) 3 Foreign currency translation adjustments (1 ) (2 ) — (10 ) Change in AOCI from other comprehensive income (loss) 1,054 (487 ) 2,232 (1,260 ) Adoption of accounting standards — — — (42 ) Change in AOCI $ 1,054 $ (487 ) $ 2,232 $ (1,302 ) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income.

Related Parties (Tables)

Related Parties (Tables)	6 Months Ended
	Jun. 30, 2019
Related Party Transaction [Line Items]
Schedule of Related Party Transactions	The following represents assets based on the above sub-allocation structure: (In millions) June 30, 2019 Percent of Total Core $ 30,612 26.5 % Core Plus 30,008 25.9 % Yield 42,161 36.4 % High Alpha 4,588 4.0 % Other 8,327 7.2 % Total sub-allocation assets $ 115,696 100.0 % The MSAAs covered services rendered by Apollo-affiliated sub-advisors relating to the following investments: (In millions, except for percentages) December 31, 2018 AFS securities Foreign governments $ 153 Corporate 3,398 CLO 5,703 ABS 663 CMBS 880 Trading securities 87 Equity securities 2 Mortgage loans 3,507 Investment funds 157 Funds withheld at interest 4,126 Other investments 70 Total assets sub-advised by Apollo affiliates $ 18,746 Percent of assets sub-advised by Apollo affiliates to total AAM-managed assets 18 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 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) June 30, 2019 December 31, 2018 AFS securities $ 7,293 $ 5,439 Trading securities 342 68 Equity securities 2 2 Mortgage loans 2,196 1,830 Investment funds 61 53 Derivative assets 83 24 Short-term investments 61 77 Other investments 47 47 Restricted cash 391 492 Total restricted assets $ 10,476 $ 8,032

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, (In millions) 2019 2018 2019 2018 Retirement Services $ 2,248 $ 1,873 $ 5,554 $ 3,130 Corporate and Other 24 26 56 53 Non-operating adjustments Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets 466 97 1,406 (61 ) Investment gains (losses), net of offsets 682 (149 ) 1,395 (255 ) VIE expenses and noncontrolling interest — 2 — 2 Other adjustments to revenues (51 ) (47 ) (81 ) (56 ) Total revenues $ 3,369 $ 1,802 $ 8,330 $ 2,813
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 June 30, Six months ended June 30, (In millions) 2019 2018 2019 2018 Retirement Services $ 376 $ 287 $ 662 $ 526 Corporate and Other (6 ) 1 (5 ) 3 Non-operating adjustments Investment gains (losses), net of offsets 417 (74 ) 875 (107 ) Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets (57 ) 68 (84 ) 154 Integration, restructuring and other non-operating expenses (11 ) (8 ) (12 ) (16 ) Stock-based compensation, excluding LTIP (3 ) (2 ) (6 ) (5 ) Income tax (expense) benefit – non-operating 4 (15 ) (2 ) (21 ) Net income $ 720 $ 257 $ 1,428 $ 534
Total Assets by Segment	The following represents total assets by segment: (In millions) June 30, 2019 December 31, 2018 Retirement Services $ 136,565 $ 123,498 Corporate and Other 2,415 2,007 Total assets $ 138,980 $ 125,505

Investments - Schedule of AFS S

Investments - Schedule of AFS Securities (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	$ 2,199	$ (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	63,949	60,025
Gross Unrealized Gains	3,409
Gross Unrealized Losses	(480)
Fair Value	66,878	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	57	57
Gross Unrealized Gains	3	0
Gross Unrealized Losses	0	0
Fair Value	60	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	1,202	1,183
Gross Unrealized Gains	208	117
Gross Unrealized Losses	(3)	(7)
Fair Value	1,407	1,293
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Foreign governments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	306	162
Gross Unrealized Gains	18	2
Gross Unrealized Losses	0	(3)
Fair Value	324	161
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	40,712	38,018
Gross Unrealized Gains	2,386	394
Gross Unrealized Losses	(298)	(1,315)
Fair Value	42,800	37,097
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | CLO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,760	5,658
Gross Unrealized Gains	14	2
Gross Unrealized Losses	(133)	(299)
Fair Value	6,641	5,361
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,117	4,915
Gross Unrealized Gains	142	53
Gross Unrealized Losses	(27)	(48)
Fair Value	5,232	4,920
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,703	2,390
Gross Unrealized Gains	94	27
Gross Unrealized Losses	(7)	(60)
Fair Value	2,790	2,357
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | RMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,092	7,642
Gross Unrealized Gains	544	413
Gross Unrealized Losses	(12)	(36)
Fair Value	7,624	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	65,674
Gross Unrealized Gains	3,436
Gross Unrealized Losses	(492)
Fair Value	68,618
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	1,725	1,462
Gross Unrealized Gains	27
Gross Unrealized Losses	(12)
Fair Value	1,740	1,437
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | CLO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	793	587
Gross Unrealized Gains	1	0
Gross Unrealized Losses	(12)	(25)
Fair Value	782	562
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	929	875
Gross Unrealized Gains	26	4
Gross Unrealized Losses	0	(4)
Fair Value	955	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	(21)	(19)
OTTI | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	21	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	2	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	21	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	Jun. 30, 2019	Dec. 31, 2018
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Amortized Cost
Due in one year or less	$ 1,127
Due after one year through five years	8,977
Due after five years through ten years	10,780
Due after ten years	21,393
CLO, ABS, CMBS and RMBS	21,672
Amortized Cost	63,949	$ 60,025
Fair Value
Due in one year or less	1,129
Due after one year through five years	9,235
Due after five years through ten years	11,226
Due after ten years	23,001
CLO, ABS, CMBS and RMBS	22,287
Total AFS fixed maturity securities	66,878	59,265
Consolidated Entity Excluding Variable Interest Entities (VIE)
Amortized Cost
Amortized Cost	65,674
Fair Value
Total AFS fixed maturity securities	68,618
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Amortized Cost
Due after five years through ten years	3
CLO, ABS, CMBS and RMBS	1,722
Amortized Cost	1,725	1,462
Fair Value
Due after five years through ten years	3
CLO, ABS, CMBS and RMBS	1,737
Total AFS fixed maturity securities	$ 1,740	$ 1,437

Investments - Unrealized Losses

Investments - Unrealized Losses on AFS Securities (Details) $ in Millions	Jun. 30, 2019USD ($)security	Dec. 31, 2018USD ($)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	$ 6,772	$ 29,220
Fair Value, 12 months or greater	5,729	5,450
Total	12,501	34,670
Gross Unrealized Losses
Less than 12 months	(191)	(1,324)
12 months or greater	(289)	(444)
Total	$ (480)	(1,768)
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security	1,360
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security	702
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | U.S. government and agencies
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	$ 0	32
Fair Value, 12 months or greater	2	2
Total	2	34
Gross Unrealized Losses
Less than 12 months	0	0
12 months or greater	0	0
Total	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | U.S. state, municipal and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	42	139
Fair Value, 12 months or greater	43	82
Total	85	221
Gross Unrealized Losses
Less than 12 months	0	(2)
12 months or greater	(3)	(5)
Total	(3)	(7)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Foreign governments
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	33	97
Fair Value, 12 months or greater	0	15
Total	33	112
Gross Unrealized Losses
Less than 12 months	0	(2)
12 months or greater	0	(1)
Total	0	(3)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Corporate
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	2,466	20,213
Fair Value, 12 months or greater	3,587	4,118
Total	6,053	24,331
Gross Unrealized Losses
Less than 12 months	(104)	(942)
12 months or greater	(194)	(373)
Total	(298)	(1,315)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | CLO
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	3,122	5,054
Fair Value, 12 months or greater	1,527	90
Total	4,649	5,144
Gross Unrealized Losses
Less than 12 months	(65)	(297)
12 months or greater	(68)	(2)
Total	(133)	(299)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ABS
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	408	1,336
Fair Value, 12 months or greater	287	506
Total	695	1,842
Gross Unrealized Losses
Less than 12 months	(9)	(23)
12 months or greater	(18)	(25)
Total	(27)	(48)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | CMBS
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	178	932
Fair Value, 12 months or greater	142	497
Total	320	1,429
Gross Unrealized Losses
Less than 12 months	(3)	(27)
12 months or greater	(4)	(33)
Total	(7)	(60)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | RMBS
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	523	1,417
Fair Value, 12 months or greater	141	140
Total	664	1,557
Gross Unrealized Losses
Less than 12 months	(10)	(31)
12 months or greater	(2)	(5)
Total	(12)	(36)
Consolidated Entity Excluding Variable Interest Entities (VIE)
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	7,210	30,060
Fair Value, 12 months or greater	5,828	5,566
Total	13,038	35,626
Gross Unrealized Losses
Less than 12 months	(198)	(1,351)
12 months or greater	(294)	(446)
Total	(492)	(1,797)
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	438	840
Fair Value, 12 months or greater	99	116
Total	537	956
Gross Unrealized Losses
Less than 12 months	(7)	(27)
12 months or greater	(5)	(2)
Total	$ (12)	(29)
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security	30
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security	3
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | CLO
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	$ 438	534
Fair Value, 12 months or greater	99	0
Total	537	534
Gross Unrealized Losses
Less than 12 months	(7)	(25)
12 months or greater	(5)	0
Total	$ (12)	(25)
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | ABS
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months		306
Fair Value, 12 months or greater		116
Total		422
Gross Unrealized Losses
Less than 12 months		(2)
12 months or greater		(2)
Total		$ (4)

Investments - OTTI AFS Securiti

Investments - OTTI AFS Securities (Details) - Consolidated Entity Excluding Variable Interest Entities (VIE) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Net other-than-temporary impairment losses			$ 7
Other-than-Temporary-Impairment, Investments, Portion Recognized in Earnings, Net Credit Related			3
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Beginning balance	$ 11	$ 7	10	$ 14
Initial impairments – credit loss OTTI recognized on securities not previously impaired	2	0	2	1
Additional impairments – credit loss OTTI recognized on securities previously impaired	0	0	1	0
Reduction in impairments from securities sold, matured or repaid	0	0	0	(8)
Ending balance	$ 13	$ 7	$ 13	$ 7

Investments - Net Investment In

Investments - Net Investment Income (Details) - Consolidated Entity Excluding Variable Interest Entities (VIE) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net Investment Income [Line Items]
Investment revenue	$ 1,256	$ 1,046	$ 2,417	$ 1,985
Investment expenses	(95)	(88)	(190)	(172)
Net investment income	1,161	958	2,227	1,813
AFS securities
Net Investment Income [Line Items]
Investment revenue	763	719	1,516	1,387
Trading securities
Net Investment Income [Line Items]
Investment revenue	49	54	91	98
Equity securities
Net Investment Income [Line Items]
Investment revenue	4	2	7	4
Mortgage loans
Net Investment Income [Line Items]
Investment revenue	159	104	310	195
Investment funds
Net Investment Income [Line Items]
Investment revenue	102	58	112	123
Funds withheld at interest
Net Investment Income [Line Items]
Investment revenue	134	86	297	132
Other
Net Investment Income [Line Items]
Investment revenue	$ 45	$ 23	$ 84	$ 46

Investments - Investment Relate

Investments - Investment Related Gains (Losses) (Details) - Consolidated Entity Excluding Variable Interest Entities (VIE) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Gain (Loss) on Securities [Line Items]
Proceeds from Sale of Debt Securities, Available-for-sale	$ 1,958	$ 1,391	$ 3,211	$ 2,938
Debt Securities, Available-for-sale, Realized Gain	56	51	73	72
AFS fixed maturity securities
Gross realized losses on investment activity	(4)	(37)	(17)	(43)
Net realized investment gains on AFS securities	52	14	56	29
Debt Securities, Trading, Realized Gain (Loss)	79	(76)	128	(165)
Net recognized investment gains on equity securities	1	3	19	4
Derivative gains (losses)	1,181	46	2,873	(138)
Other gains	3	11	12	32
Investment related gains (losses)	$ 1,316	$ (2)	$ 3,088	$ (238)

Investments - Unrealized gains

Investments - Unrealized gains (losses) recognized in income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Consolidated Entity Excluding Variable Interest Entities (VIE)
Gain (Loss) on Securities [Line Items]
Debt Securities, Trading, Unrealized Gain (Loss)	$ 98	$ (41)	$ 169	$ (110)
Equity Securities, FV-NI, Unrealized Gain (Loss)	2	4	20	4
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Gain (Loss) on Securities [Line Items]
Debt Securities, Trading, Unrealized Gain (Loss)	(13)	(4)	(16)	(6)
Equity Securities, FV-NI, Unrealized Gain (Loss)	(3)	0	0	0
Variable Interest Entities | Related Party
Gain (Loss) on Securities [Line Items]
Debt Securities, Trading, Unrealized Gain (Loss)	0	1	1	1
Equity Securities, FV-NI, Unrealized Gain (Loss)	$ (2)	$ (14)	$ (2)	$ (39)

Investments - Purchase Credit I

Investments - Purchase Credit Impaired (PCI) Investments (Details) - USD ($) $ in Millions	Jun. 30, 2019	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	$ 7,445		$ 8,179
Contractually required payments	6,360		6,773
Less: Cash flows expected to be collected	(6,547)		(7,195)
Cash flows expected to be collected2	6,547		7,195
Less: Amortized cost	(5,165)		(5,518)
Accretable difference	1,382	$ 1,576	1,677
Fair value	5,604		5,828
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Fair Value	2,695		1,933
Mortgage loans
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Contractually Required Payments Receivable	3,506		2,675
Contractually required payments	2,916		2,210
Less: Cash flows expected to be collected	3,448		2,628
Cash flows expected to be collected	3,448		2,628
Accretable difference	860	$ 712	697
Fair value	(2,588)		(1,931)
Mortgage loans
Fixed maturity securities
Certain Loans Acquired in Transfer, Nonaccretable Difference	58		47
Fixed maturity securities
Fixed maturity securities
Certain Loans Acquired in Transfer, Nonaccretable Difference	$ 898		$ 984

Investments - PCI Securities Ac

Investments - PCI Securities Acquired During the Period (Details) $ in Millions	Jun. 30, 2019USD ($)
Fixed maturity securities
Contractually required principal and interest	$ 92
Expected cash flows	74
Estimated fair value	64
Mortgage loans
Contractually required principal and interest	1,035
Expected cash flows	1,010
Estimated fair value	$ 800

Investments - PCI Securities _2

Investments - PCI Securities Accretable Yield (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Fixed Maturity Securities Accretable Yield Activity
Beginning balance	$ 1,576	$ 1,677
Purchases of PCI investments, net of sales	(2)	6
Accretion	(81)	(172)
Net reclassification to non-accretable difference	(111)	(129)
Ending balance	1,382	1,382
Mortgage Loans Accretable Yield Activity
Beginning balance	712	697
Purchases of PCI investments, net of sales	113	153
Accretion	(29)	(61)
Net reclassification from (to) non-accretable difference	64	71
Ending balance	$ 860	$ 860

Investments - Mortgage Loans, N

Investments - Mortgage Loans, Net (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 12,199	$ 10,631
Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	8,117	7,297
Commercial mortgage loans | Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	8,022	7,217
Commercial mortgage loans | Commercial mortgage loans under development
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	95	80
Residential mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 4,082	$ 3,334

Investments - Mortgage Loans,_2

Investments - Mortgage Loans, Net by Property Type and Geographic Region (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 12,199	$ 10,631
Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 8,117	$ 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	$ 8,117	$ 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	$ 895	$ 855
Commercial mortgage loans | East North Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	11.00%	11.70%
Commercial mortgage loans | East South Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 169	$ 295
Commercial mortgage loans | East South Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	2.10%	4.00%
Commercial mortgage loans | Middle Atlantic
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,488	$ 1,131
Commercial mortgage loans | Middle Atlantic | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	18.30%	15.50%
Commercial mortgage loans | Mountain
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 675	$ 616
Commercial mortgage loans | Mountain | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	8.30%	8.40%
Commercial mortgage loans | New England
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 349	$ 374
Commercial mortgage loans | New England | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	4.30%	5.10%
Commercial mortgage loans | Pacific
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,813	$ 1,540
Commercial mortgage loans | Pacific | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	22.40%	21.10%
Commercial mortgage loans | South Atlantic
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,729	$ 1,468
Commercial mortgage loans | South Atlantic | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	21.30%	20.20%
Commercial mortgage loans | West North Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 177	$ 173
Commercial mortgage loans | West North Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	2.20%	2.40%
Commercial mortgage loans | West South Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 822	$ 845
Commercial mortgage loans | West South Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	10.10%	11.60%
Commercial mortgage loans | Hotels
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 959	$ 1,040
Commercial mortgage loans | Hotels | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	11.80%	14.30%
Commercial mortgage loans | Retail
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,553	$ 1,660
Commercial mortgage loans | Retail | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	19.10%	22.70%
Commercial mortgage loans | Office building
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 2,650	$ 2,221
Commercial mortgage loans | Office building | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	32.60%	30.50%
Commercial mortgage loans | Industrial
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,246	$ 1,196
Commercial mortgage loans | Industrial | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	15.40%	16.40%
Commercial mortgage loans | Apartment
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,352	$ 791
Commercial mortgage loans | Apartment | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	16.70%	10.80%
Commercial mortgage loans | Other commercial
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 357	$ 389
Commercial mortgage loans | Other commercial | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	4.40%	5.30%
Residential mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 4,082	$ 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 | Total U.S. Region | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	89.40%	100.00%
Residential mortgage loans | California | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	29.60%	30.30%
Residential mortgage loans | Florida | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	13.60%	16.30%
Residential mortgage loans | New York | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	3.80%	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	36.90%	42.40%

Investments - Mortgage Loans, R

Investments - Mortgage Loans, Residential by State (Details) - Geographic Concentration Risk - Residential mortgage loans - Mortgage Loans, Net	Jun. 30, 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	29.60%	30.30%
Florida
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	13.60%	16.30%
TEXAS
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	5.50%	3.30%
New York
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	3.80%	7.70%
Other U.S. States
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	36.90%	42.40%
Total U.S. Region
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	89.40%	100.00%
IRELAND
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	10.60%	0.00%

Investments - Mortgage Loans,_3

Investments - Mortgage Loans, Net Past Due (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Investments Schedule [Abstract]
Mortgage loan valuation allowance	$ 2
Non-performing mortgage loans	58	$ 48
Financing Receivable, Past Due [Line Items]
Mortgage loans, net of allowances	12,199	10,631
Commercial mortgage loans
Financing Receivable, Past Due [Line Items]
Mortgage loans, net of allowances	$ 8,117	$ 7,297

Investments - Mortgage Loans, L

Investments - Mortgage Loans, Loan to Value Ratio (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net of allowances	$ 12,199	$ 10,631
Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net of allowances	8,117	7,297
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net of allowances	8,022	7,217
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | Less than 50%
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net of allowances	2,110	1,883
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | 50% to 60%
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net of allowances	2,138	1,988
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | 61% to 70%
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net of allowances	3,024	2,394
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | 71% to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net of allowances	747	898
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | 81% to 100%
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net of allowances	$ 3	$ 54

Investments - Mortgage Loans, D

Investments - Mortgage Loans, Debt Service Coverage Ratio (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 12,199	$ 10,631
Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	8,117	7,297
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	8,022	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	7,220	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	394	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	$ 408	$ 167

Investments - Investment Funds

Investments - Investment Funds (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 3,912	$ 3,559
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 722	$ 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	$ 2,578	$ 2,232
Carrying Amount, Assets, Percent of Total	100.00%	100.00%
Variable Interest Entities
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 612	$ 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	$ 593	$ 583
Private equity | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 246	$ 253
Carrying Amount, Assets, Percent of Total	34.10%	36.00%
Private equity | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 67	$ 18
Carrying Amount, Assets, Percent of Total	2.60%	0.80%
Real assets | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 57	$ 56
Carrying Amount, Assets, Percent of Total	7.90%	7.90%
Real assets | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 150	$ 145
Carrying Amount, Assets, Percent of Total	5.80%	6.50%
Real assets | Variable Interest Entities
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 17	$ 41
Carrying Amount, Assets, Percent of Total	2.80%	6.60%
Real estate | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 249	$ 215
Carrying Amount, Assets, Percent of Total	34.50%	30.60%
Real estate | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 614	$ 497
Carrying Amount, Assets, Percent of Total	23.80%	22.30%
Real estate | Variable Interest Entities
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 41	$ 30
Carrying Amount, Assets, Percent of Total	6.70%	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	$ 144	$ 104
Carrying Amount, Assets, Percent of Total	5.60%	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	$ 221	$ 196
Carrying Amount, Assets, Percent of Total	8.60%	8.80%
Differentiated investments | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 1,160	$ 1,089
Carrying Amount, Assets, Percent of Total	45.00%	48.70%
Credit funds | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 169	$ 172
Carrying Amount, Assets, Percent of Total	23.40%	24.50%
Credit funds | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 352	$ 316
Carrying Amount, Assets, Percent of Total	13.70%	14.20%
Credit funds | Variable Interest Entities
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 554	$ 553
Carrying Amount, Assets, Percent of Total	90.50%	88.60%
Public equities | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 91	$ 63
Carrying Amount, Assets, Percent of Total	3.50%	2.80%
AmeriHome | Private equity | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 452	$ 463
Carrying Amount, Assets, Percent of Total	17.50%	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	$ 262	$ 233
Carrying Amount, Assets, Percent of Total	10.20%	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	$ 127	$ 105
Carrying Amount, Assets, Percent of Total	4.90%	4.70%
Venerable | Private equity | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 98	$ 92
Carrying Amount, Assets, Percent of Total	3.80%	4.10%

Investments - Summary of Maximu

Investments - Summary of Maximum Loss Exposure (Details) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	$ 29,137	$ 26,553
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	31,176	29,434
Investment funds
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	612	624
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	703	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	722	703
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	1,274	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	2,578	2,232
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	4,527	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	22,833	21,188
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	22,218	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	2,048	1,686
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	2,110	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	344	120
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 344	$ 120

Derivative Instruments - Summar

Derivative Instruments - Summary of Notional and Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Total derivative assets	$ 3,504	$ 990
Total derivative liabilities	10,009	8,053
Derivatives designated as hedges
Derivative [Line Items]
Derivative assets, fair value	124	83
Derivative liabilities, fair value	49	56
Derivatives designated as hedges | Foreign currency swaps
Derivative [Line Items]
Notional Amount	2,487	2,041
Derivative assets, fair value	124	83
Derivative liabilities, fair value	48	55
Derivatives designated as hedges | Foreign currency forwards
Derivative [Line Items]
Notional Amount	246	85
Derivative assets, fair value	0	0
Derivative liabilities, fair value	1	1
Derivatives not designated as hedges
Derivative [Line Items]
Total derivative assets	3,380	907
Total derivative liabilities	9,960	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	49,351	49,821
Derivative assets, fair value	2,153	942
Derivative liabilities, fair value	19	11
Derivatives not designated as hedges | Futures
Derivative [Line Items]
Notional Amount	7	4
Derivative assets, fair value	6	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	0	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	2,645	646
Derivative assets, fair value	13	6
Derivative liabilities, fair value	5	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	9,905	7,969
Consolidated Entity Excluding Variable Interest Entities (VIE)
Derivative [Line Items]
Funds withheld liability	759	721
Derivative liabilities, fair value	80	$ 85
Consolidated Entity Excluding Variable Interest Entities (VIE) | Derivatives not designated as hedges | Embedded derivatives | Funds withheld
Derivative [Line Items]
Funds withheld at interest	1,205
Funds withheld liability	$ 24

Derivative Instruments - Gains

Derivative Instruments - Gains (Losses) on Derivatives Not Designated as Hedging (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	$ 543,000,000	$ 90,000,000	$ 1,218,000,000	$ 153,000,000
Investment related gains (losses)
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	1,181,000,000	46,000,000	2,873,000,000	(138,000,000)
Investment related gains (losses) | Equity options
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	439,000,000	89,000,000	1,288,000,000	(53,000,000)
Investment related gains (losses) | Futures
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	(3,000,000)	1,000,000	(14,000,000)	(4,000,000)
Investment related gains (losses) | Swap [Member]
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	11,000,000	(9,000,000)	29,000,000	(7,000,000)
Investment related gains (losses) | Foreign currency forwards
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	(1,000,000)	14,000,000	5,000,000	7,000,000
Investment related gains (losses) | Embedded derivatives
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	735,000,000	(49,000,000)	1,565,000,000	(81,000,000)
Interest sensitive contract benefits | Embedded derivatives
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	$ (638,000,000)	$ 44,000,000	(1,655,000,000)	291,000,000
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	Jun. 30, 2019	Dec. 31, 2018
Offsetting Derivative Assets
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$ 2,299	$ 1,043
Gross amounts not offset on the consolidated balance sheets, financial instruments	(64)	(52)
Gross amounts not offset on the consolidated balance sheets, collateral received/pledged	(2,183)	(969)
Derivative Asset, Fair Value, Amount Offset Against Collateral	52	22
Off-balance sheet securities collateral	0	(4)
Net amount after securities collateral	52	18
Offsetting Derivative Liabilities
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	(80)	(85)
Gross amounts not offset on the consolidated balance sheets, financial instruments	64	52
Gross amounts not offset on the consolidated balance sheets, collateral received/pledged	10	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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Cash flow hedges | Foreign currency swaps
Derivative [Line Items]
Foreign currency swap gains (losses)	$ 55,000,000	$ 101,000,000	$ 47,000,000	$ 45,000,000
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	246,000,000		246,000,000		$ 88,000,000
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	0		0		$ 1,000,000
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	3,000,000		0
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	$ 4,000,000		$ 1,000,000

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Assets
Mortgage loans	$ 12,199	$ 10,631
Restricted cash	391	492
Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets
Available-for-sale securities	68,618
Reinsurance recoverable	5,678	5,534
Liabilities
Interest sensitive contract liabilities	100,291	96,610
Future policy benefits	20,089	16,704
Derivative liabilities	80	85
Funds withheld liability	759	721
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Assets
Available-for-sale securities	1,740	1,437
Trading securities, at fair value	311	249
Equity securities	344	120
Mortgage loans	287	291
Funds withheld at interest	13,737	13,577
Other investments	387	386
Reinsurance recoverable	335	344
Liabilities
Interest sensitive contract liabilities	16,112	16,850
Future policy benefits	1,429	1,259
Funds withheld liability	346	337
Consolidated Entity Excluding Variable Interest Entities (VIE) | CLO | Related Party
Assets
Available-for-sale securities	782	562
Consolidated Entity Excluding Variable Interest Entities (VIE) | ABS | Related Party
Assets
Available-for-sale securities	955	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	60	54
Trading securities, at fair value	3	3
Equity securities	47	40
Mortgage loans	0	0
Investment funds	0	0
Derivative assets	6	9
Short-term investments	56	66
Other investments	0	0
Cash and cash equivalents	4,847	2,911
Restricted cash	391	492
Reinsurance recoverable	0	0
Total assets measured at fair value	5,411	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	60	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	64,155	56,348
Trading securities, at fair value	2,313	1,811
Equity securities	286	173
Mortgage loans	0	0
Investment funds	0	0
Derivative assets	2,293	1,034
Short-term investments	187	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	70,609	60,674
Liabilities
Derivative liabilities	24	78
Total liabilities measured at fair value	99	77
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Related Party
Assets
Available-for-sale securities	1,304	1,109
Trading securities, at fair value	19	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	75	(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	0	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	1,367	1,293
Trading securities, at fair value	134	126
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Foreign governments
Assets
Available-for-sale securities	324	161
Trading securities, at fair value	30
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Corporate
Assets
Available-for-sale securities	41,979	36,199
Trading securities, at fair value	1,660	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	6,441	5,254
Trading securities, at fair value	28	8
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | CLO | Related Party
Assets
Available-for-sale securities	745	562
Trading securities, at fair value	19	22
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | ABS
Assets
Available-for-sale securities	3,836	3,305
Trading securities, at fair value	85	87
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | ABS | Related Party
Assets
Available-for-sale securities	556	547
Trading securities, at fair value	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | CMBS
Assets
Available-for-sale securities	2,584	2,170
Trading securities, at fair value	51	49
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | RMBS
Assets
Available-for-sale securities	7,624	7,963
Trading securities, at fair value	323	252
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3
Assets
Available-for-sale securities	2,663	2,863
Trading securities, at fair value	65	135
Equity securities	3	3
Mortgage loans	32	32
Investment funds	25	29
Derivative assets	0	0
Short-term investments	45	0
Other investments	0	0
Cash and cash equivalents	0	0
Restricted cash	0	0
Reinsurance recoverable	1,834	1,676
Total assets measured at fair value	7,112	5,528
Liabilities
Derivative liabilities	0	4
Total liabilities measured at fair value	13,264	11,078
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Related Party
Assets
Available-for-sale securities	436	328
Trading securities, at fair value	292	227
Equity securities	344	120
Investment funds	127	105
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Universal life
Liabilities
Interest sensitive contract liabilities	1,051	932
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | AmerUs Closed Block
Liabilities
Future policy benefits	1,535	1,443
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | ILICO Closed Block and life benefits
Liabilities
Future policy benefits	769	730
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Embedded derivatives
Assets
Funds withheld at interest	704	57
Liabilities
Interest sensitive contract liabilities	9,905	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	501	(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	40	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	821	898
Trading securities, at fair value	6	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	200	107
Trading securities, at fair value	7	1
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | CLO | Related Party
Assets
Available-for-sale securities	37	0
Trading securities, at fair value	74	78
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | ABS
Assets
Available-for-sale securities	1,396	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	399	328
Trading securities, at fair value	218	149
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | CMBS
Assets
Available-for-sale securities	206	187
Trading securities, at fair value	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | RMBS
Assets
Available-for-sale securities	0	56
Trading securities, at fair value	46	134
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | NAV
Assets
Investment funds	138	153
Total assets measured at fair value	806
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | NAV | Related Party
Assets
Investment funds	114	96
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets
Mortgage loans	12,233	10,424
Investment funds	559	521
Funds withheld at interest	14,603	14,966
Other investments	68	70
Total assets measured at fair value	44,241	42,895
Liabilities
Interest sensitive contract liabilities	56,124	51,655
Funds withheld liability	735	722
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Assets
Mortgage loans	288	290
Investment funds	2,337	2,031
Funds withheld at interest	13,236	13,687
Other investments	393	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	480	488
Liabilities
Interest sensitive contract liabilities	0	0
Funds withheld liability	735	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	12,233	10,424
Investment funds	0	0
Funds withheld at interest	14,603	14,966
Other investments	68	70
Total assets measured at fair value	40,821	39,798
Liabilities
Interest sensitive contract liabilities	56,124	51,655
Funds withheld liability	0	0
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 3 | Related Party
Assets
Mortgage loans	288	290
Investment funds	0	0
Funds withheld at interest	13,236	13,687
Other investments	393	361
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | NAV
Assets
Investment funds	559	521
Total assets measured at fair value	2,940	2,609
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | NAV | Related Party
Assets
Investment funds	2,337	2,031
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring
Assets
Available-for-sale securities	66,878	59,265
Trading securities, at fair value	2,381	1,949
Equity securities	336	216
Mortgage loans	32	32
Investment funds	163	182
Derivative assets	2,299	1,043
Short-term investments	288	191
Other investments	52	52
Cash and cash equivalents	4,847	2,911
Restricted cash	391	492
Reinsurance recoverable	1,834	1,676
Total assets measured at fair value	83,938	70,617
Liabilities
Interest sensitive contract liabilities	10,956	8,901
Future policy benefits	2,304	2,173
Derivative liabilities	80	85
Funds withheld liability	24	(1)
Total liabilities measured at fair value	13,364	11,158
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Related Party
Assets
Available-for-sale securities	1,740	1,437
Trading securities, at fair value	311	249
Equity securities	344	120
Investment funds	241	201
Funds withheld at interest	501	(110)
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Universal life
Liabilities
Interest sensitive contract liabilities	1,051	932
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | AmerUs Closed Block
Liabilities
Future policy benefits	1,535	1,443
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | ILICO Closed Block and life benefits
Liabilities
Future policy benefits	769	730
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Embedded derivatives
Assets
Funds withheld at interest	704	57
Liabilities
Interest sensitive contract liabilities	9,905	7,969
Funds withheld liability	24	(1)
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Embedded derivatives | Related Party
Assets
Funds withheld at interest	501	(110)
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | U.S. government and agencies
Assets
Available-for-sale securities	60	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	1,407	1,293
Trading securities, at fair value	134	126
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Foreign governments
Assets
Available-for-sale securities	324	161
Trading securities, at fair value	30
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Corporate
Assets
Available-for-sale securities	42,800	37,097
Trading securities, at fair value	1,666	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	6,641	5,361
Trading securities, at fair value	35	9
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | CLO | Related Party
Assets
Available-for-sale securities	782	562
Trading securities, at fair value	93	100
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | ABS
Assets
Available-for-sale securities	5,232	4,920
Trading securities, at fair value	91	87
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | ABS | Related Party
Assets
Available-for-sale securities	955	875
Trading securities, at fair value	218	149
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | CMBS
Assets
Available-for-sale securities	2,790	2,357
Trading securities, at fair value	51	49
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | RMBS
Assets
Available-for-sale securities	7,624	8,019
Trading securities, at fair value	369	386
Variable Interest Entities
Assets
Trading securities, at fair value	21	35
Variable Interest Entities | Related Party
Assets
Trading securities, at fair value	1	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	1	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	21	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	554
Variable Interest Entities | Fair Value | Related Party
Assets
Investment funds	44	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	44	57
Variable Interest Entities | Fair Value | Recurring
Assets
Cash and cash equivalents	1	2
Variable Interest Entities | Fair Value | Recurring | Related Party
Assets
Trading securities, at fair value	21	35
Equity securities	6	50
Investment funds	$ 568	$ 567

Fair Value - Fair Value Option

Fair Value - Fair Value Option (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	$ 31,000,000	$ (11,000,000)	$ 37,000,000	$ (14,000,000)
Mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option, loans, 90 days or more past due	0		0		$ 0
Total gains (losses)	1,000,000	0	1,000,000	0
Unpaid principal balance	29,000,000		29,000,000		30,000,000
Mark to fair value	3,000,000		3,000,000		2,000,000
Fair value	32,000,000		32,000,000		$ 32,000,000
Investment related gains (losses) | Trading securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	78,000,000	(75,000,000)	128,000,000	(164,000,000)
Net investment income | Investment funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	4,000,000	13,000,000	0	15,000,000
Future policy and other policy benefits | Future policy benefits
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	$ (52,000,000)	$ 51,000,000	$ (92,000,000)	$ 135,000,000

Fair Value Fair Value - Reconci

Fair Value Fair Value - Reconciliation of Level 3 Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Consolidated Entity Excluding Variable Interest Entities (VIE)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	$ 6,726	$ 5,098	$ 5,528	$ 5,422
Total realized and unrealized gains (losses) included in income	649	76	1,406	(155)
Total realized and unrealized gains (losses) included in OCI	48	(13)	69	(35)
Purchases, issuances, sales and settlements, net	396	1,006	777	1,010
Transfers in	161	199	165	307
Transfers (out)	(868)	(375)	(833)	(558)
Ending balance	7,112	5,991	7,112	5,991
Total gains (losses) included in earnings	(6)	(6)	(5)	(10)
Beginning balance	(12,315)	(10,464)	(11,078)	(10,849)
Total realized and unrealized gains (losses) included in income	(788)	91	(1,905)	532
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(161)	(912)	(281)	(968)
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	(13,264)	(11,285)	(13,264)	(11,285)
Total gains (losses) included in earnings	0	0	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	1,737	1,713	1,676	1,824
Total realized and unrealized gains (losses) included in income	97	4	158	(107)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	1,834	1,717	1,834	1,717
Total gains (losses) included in earnings	0	0	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Short-term Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	0		0
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	45		45
Transfers in	0		0
Transfers (out)	0		0
Ending balance	45		45
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	32	41
Total realized and unrealized gains (losses) included in income	1	0	1	0
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(1)	(3)	(1)	(3)
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	32	38	32	38
Total gains (losses) included in earnings	0	0	1	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	25	25	29	41
Total realized and unrealized gains (losses) included in income	2	6	(1)	(3)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(2)	0	(3)	(7)
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	25	31	25	31
Total gains (losses) included in earnings	2	6	(2)	(3)
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	0	3	8
Total realized and unrealized gains (losses) included in income	0	1	0	1
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	1	0	(7)
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	3	2	3	2
Total gains (losses) included in earnings	1	1	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	446	207	57	312
Total realized and unrealized gains (losses) included in income	258	(57)	647	(162)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	704	150	704	150
Total gains (losses) included in earnings	0	0	0	0
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE) | Short-term Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance		0		0
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		10		10
Transfers in		0		0
Transfers (out)		0		0
Ending balance		10		10
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	124	111	105	0
Total realized and unrealized gains (losses) included in income	3	(6)	3	(3)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	19	108
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	127	105	127	105
Total gains (losses) included in earnings	3	(6)	3	(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	301		120
Total realized and unrealized gains (losses) included in income	7		11
Total realized and unrealized gains (losses) included in OCI	0		0
Purchases, issuances, sales and settlements, net	36		213
Transfers in	0		0
Transfers (out)	0		0
Ending balance	344		344
Total gains (losses) included in earnings	(3)		0
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	214	0	(110)	0
Total realized and unrealized gains (losses) included in income	287	162	611	162
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	501	162	501	162
Total gains (losses) included in earnings	0	0	0	0
RMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) | Available-for-sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	57	38	56	301
Total realized and unrealized gains (losses) included in income	0	0	0	3
Total realized and unrealized gains (losses) included in OCI	3	0	3	(8)
Purchases, issuances, sales and settlements, net	0	0	1	(19)
Transfers in	0	0	0	7
Transfers (out)	(60)	(31)	(60)	(277)
Ending balance	0	7	0	7
Total gains (losses) included in earnings	0	0	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	86	321	134	342
Total realized and unrealized gains (losses) included in income	(2)	(17)	(5)	(38)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	1	0	2	0
Transfers (out)	(39)	0	(85)	0
Ending balance	46	304	46	304
Total gains (losses) included in earnings	2	3	5	2
ABS | Consolidated Entity Excluding Variable Interest Entities (VIE) | Available-for-sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	1,614	1,290	1,615	1,457
Total realized and unrealized gains (losses) included in income	2	3	4	5
Total realized and unrealized gains (losses) included in OCI	19	(9)	36	(17)
Purchases, issuances, sales and settlements, net	120	273	129	157
Transfers in	0	0	0	0
Transfers (out)	(359)	(110)	(388)	(155)
Ending balance	1,396	1,447	1,396	1,447
Total gains (losses) included in earnings	0	0	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	6	0	0	77
Total realized and unrealized gains (losses) included in income	0	0	0	(4)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	6	0
Transfers in	0	89	0	16
Transfers (out)	0	0	0	0
Ending balance	6	89	6	89
Total gains (losses) included in earnings	0	0	0	(3)
ABS | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE) | Available-for-sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	497	4	328	4
Total realized and unrealized gains (losses) included in income	0	0	0	0
Total realized and unrealized gains (losses) included in OCI	13	0	13	0
Purchases, issuances, sales and settlements, net	(8)	46	161	46
Transfers in	0	0	0	0
Transfers (out)	(103)	0	(103)	0
Ending balance	399	50	399	50
Total gains (losses) included in earnings	0	0	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	138	171	149	0
Total realized and unrealized gains (losses) included in income	(7)	(7)	(18)	0
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(17)	0	(17)	0
Transfers in	104	0	104	164
Transfers (out)	0	0	0	0
Ending balance	218	164	218	164
Total gains (losses) included in earnings	(14)	(7)	(17)	0
CLO | Consolidated Entity Excluding Variable Interest Entities (VIE) | Available-for-sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	110	167	107	64
Total realized and unrealized gains (losses) included in income	0	0	0	0
Total realized and unrealized gains (losses) included in OCI	0	0	3	2
Purchases, issuances, sales and settlements, net	122	211	121	226
Transfers in	0	32	0	17
Transfers (out)	(32)	(129)	(31)	(28)
Ending balance	200	281	200	281
Total gains (losses) included in earnings	0	0	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	8	1	1	17
Total realized and unrealized gains (losses) included in income	(1)	0	(1)	(1)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	26	7	10
Transfers (out)	0	(1)	0	0
Ending balance	7	26	7	26
Total gains (losses) included in earnings	6	0	6	0
CLO | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE) | Available-for-sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	0	62	0	0
Total realized and unrealized gains (losses) included in income	0	0	0	0
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	37	38	37	39
Transfers in	0	0	0	0
Transfers (out)	0	(61)	0	0
Ending balance	37	39	37	39
Total gains (losses) included in earnings	0	0	0	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	55	91	78	105
Total realized and unrealized gains (losses) included in income	(1)	(1)	(2)	(2)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(10)	0	(10)	(18)
Transfers in	30	24	21	29
Transfers (out)	0	0	(13)	0
Ending balance	74	114	74	114
Total gains (losses) included in earnings	(1)	1	2	1
Corporate | Consolidated Entity Excluding Variable Interest Entities (VIE) | Available-for-sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	1,035	681	898	578
Total realized and unrealized gains (losses) included in income	3	(8)	1	(3)
Total realized and unrealized gains (losses) included in OCI	12	(5)	10	(9)
Purchases, issuances, sales and settlements, net	32	290	47	340
Transfers in	1	28	0	64
Transfers (out)	(262)	(24)	(135)	(8)
Ending balance	821	962	821	962
Total gains (losses) included in earnings	0	0	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	10	0	0	0
Total realized and unrealized gains (losses) included in income	1	0	0	0
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	4	0	4
Transfers in	0	0	6	0
Transfers (out)	(5)	0	0	0
Ending balance	6	4	6	4
Total gains (losses) included in earnings	1	0	0	0
CMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) | Available-for-sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	174	63	187	137
Total realized and unrealized gains (losses) included in income	0	0	1	1
Total realized and unrealized gains (losses) included in OCI	1	1	4	(3)
Purchases, issuances, sales and settlements, net	39	152	32	152
Transfers in	0	0	0	0
Transfers (out)	(8)	(19)	(18)	(90)
Ending balance	206	197	206	197
Total gains (losses) included in earnings	0	0	0	0
U.S. state, municipal and political subdivisions | Consolidated Entity Excluding Variable Interest Entities (VIE) | Available-for-sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	0		0
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	40		40
Transfers in	0		0
Transfers (out)	0		0
Ending balance	40		40
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		17
Total realized and unrealized gains (losses) included in income		0		0
Total realized and unrealized gains (losses) included in OCI		0		0
Purchases, issuances, sales and settlements, net		0		0
Transfers in		0		0
Transfers (out)		0		0
Ending balance		17		17
Total gains (losses) included in earnings		0		0
Derivative Financial Instruments, Liabilities [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(4)	(5)	(4)	(5)
Total realized and unrealized gains (losses) included in income	0	0	0	0
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	(4)	(5)	(4)	(5)
Total gains (losses) included in earnings	0	0	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	(9,106)	(7,220)	(7,969)	(7,411)
Total realized and unrealized gains (losses) included in income	(638)	44	(1,655)	291
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(161)	(912)	(281)	(968)
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	(9,905)	(8,088)	(9,905)	(8,088)
Total gains (losses) included in earnings	0	0	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	(979)	(934)	(932)	(1,005)
Total realized and unrealized gains (losses) included in income	(72)	(9)	(119)	62
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	(1,051)	(943)	(1,051)	(943)
Total gains (losses) included in earnings	0	0	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	(1,483)	(1,541)	(1,443)	(1,625)
Total realized and unrealized gains (losses) included in income	(52)	51	(92)	135
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	(1,535)	(1,490)	(1,535)	(1,490)
Total gains (losses) included in earnings	0	0	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	(743)	(764)	(730)	(803)
Total realized and unrealized gains (losses) included in income	(26)	5	(39)	44
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	(769)	(759)	(769)	(759)
Total gains (losses) included in earnings	0	0	0	0
Variable Interest Entities | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	14	20	15	21
Total realized and unrealized gains (losses) included in income	0	(3)	(1)	(3)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	(16)	0	(17)
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	14	1	14	1
Total gains (losses) included in earnings	(1)	(3)	(1)	(3)
Variable Interest Entities | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	6	28	13	28
Total realized and unrealized gains (losses) included in income	0	(2)	(2)	(2)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	(5)	0
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	6	26	6	26
Total gains (losses) included in earnings	(2)	(2)	(2)	(2)
Variable Interest Entities | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	34	47	35	48
Total realized and unrealized gains (losses) included in income	(1)	1	(1)	1
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(37)	0	(38)	(1)
Transfers in	25	0	25	0
Transfers (out)	0	0	0	0
Ending balance	21	48	21	48
Total gains (losses) included in earnings	$ 0	$ 1	$ 0	$ 1

Fair Value - Gross Components o

Fair Value - Gross Components of Purchases, Sales, Issuances and Settlements, net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Consolidated Entity Excluding Variable Interest Entities (VIE)
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	$ 570	$ 1,139	$ 1,152	$ 1,343
Issuances	1	0	20
Sales	(49)	(48)	(91)	(112)
Settlements	(126)	(85)	(304)	(221)
Purchases, (Sales), Issuances, (Settlements)	396	1,006	777	1,010
Purchases	0	0	0	0
Issuances	(301)	(1,004)	(534)	(1,130)
Sales	0	0	0	0
Settlements	140	92	253	162
Purchases, (Sales), Issuances, (Settlements), Liabilities	(161)	(912)	(281)	(968)
Consolidated Entity Excluding Variable Interest Entities (VIE) | Available-for-sale Securities [Member] | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases				46
Sales				0
Settlements				0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		1		1
Sales		0		(8)
Purchases, (Sales), Issuances, (Settlements)	0	1	0	(7)
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	36		213
Purchases, (Sales), Issuances, (Settlements)	36		213
Consolidated Entity Excluding Variable Interest Entities (VIE) | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Issuances	1
Settlements	(3)		(3)	(7)
Purchases, (Sales), Issuances, (Settlements)	(2)		(3)	(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			0	108
Issuances			20
Settlements			(1)
Purchases, (Sales), Issuances, (Settlements)			19	108
Consolidated Entity Excluding Variable Interest Entities (VIE) | U.S. state, municipal and political subdivisions | Available-for-sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	40		40
Sales	0		0
Settlements	0		0
Purchases, (Sales), Issuances, (Settlements)	40		40
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		0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Corporate | Available-for-sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	59	300	147	358
Sales	0	(2)	(2)	(5)
Settlements	(27)	(8)	(98)	(13)
Purchases, (Sales), Issuances, (Settlements)	32	290	47	340
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		4		4
Sales		0		0
Settlements		0		0
Purchases, (Sales), Issuances, (Settlements)	0	4	0	4
Consolidated Entity Excluding Variable Interest Entities (VIE) | CLO | Available-for-sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	122	211	121	231
Sales	0	0	0	(5)
Settlements	0	0	0	0
Purchases, (Sales), Issuances, (Settlements)	122	211	121	226
Consolidated Entity Excluding Variable Interest Entities (VIE) | CLO | Available-for-sale Securities [Member] | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	37	38	37	39
Sales				0
Settlements				0
Purchases, (Sales), Issuances, (Settlements)	37	38	37	39
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				7
Sales				(7)
Settlements				0
Purchases, (Sales), Issuances, (Settlements)	0	0	0	0
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	30	0	30
Sales	(10)	(30)	(10)	(48)
Settlements	0	0	0	0
Purchases, (Sales), Issuances, (Settlements)	(10)	0	(10)	(18)
Consolidated Entity Excluding Variable Interest Entities (VIE) | RMBS | Available-for-sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases			1	0
Settlements			0	(19)
Purchases, (Sales), Issuances, (Settlements)	0	0	1	(19)
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	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | ABS | Available-for-sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	155	347	296	356
Sales	0	0	(33)	(21)
Settlements	(35)	(74)	(134)	(178)
Purchases, (Sales), Issuances, (Settlements)	120	273	129	157
Consolidated Entity Excluding Variable Interest Entities (VIE) | ABS | Available-for-sale Securities [Member] | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	46	170
Sales	0	0	0
Settlements	(8)	0	(9)
Purchases, (Sales), Issuances, (Settlements)	(8)	46	161	46
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)	0	0	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]
Settlements	(17)		(17)
Purchases, (Sales), Issuances, (Settlements)	(17)	0	(17)	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | CMBS | Available-for-sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	73	152	73	153
Sales	(2)	0	(3)
Settlements	(32)	0	(38)	(1)
Purchases, (Sales), Issuances, (Settlements)	39	152	32	152
Consolidated Entity Excluding Variable Interest Entities (VIE) | Mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Settlements	(1)	(3)	(1)	(3)
Purchases, (Sales), Issuances, (Settlements)	(1)	(3)	(1)	(3)
Consolidated Entity Excluding Variable Interest Entities (VIE) | Short-term Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	48		48
Sales	0		0
Settlements	(3)		(3)
Purchases, (Sales), Issuances, (Settlements)	45		45
Consolidated Entity Excluding Variable Interest Entities (VIE) | Short-term Investments [Member] | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		10		10
Sales		0		0
Settlements		0		0
Purchases, (Sales), Issuances, (Settlements)		10		10
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	0	0
Issuances	(301)	(1,004)	(534)	(1,130)
Sales	0	0	0	0
Settlements	140	92	253	162
Purchases, (Sales), Issuances, (Settlements), Liabilities	(161)	(912)	(281)	(968)
Variable Interest Entities | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0		0	0
Sales	(37)		(38)	(1)
Settlements	0		0	0
Purchases, (Sales), Issuances, (Settlements)	(37)	0	(38)	(1)
Variable Interest Entities | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases			0
Sales			(5)
Settlements			0
Purchases, (Sales), Issuances, (Settlements)	$ 0	0	$ (5)	0
Variable Interest Entities | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		0		0
Sales		(16)		(17)
Settlements		0		0
Purchases, (Sales), Issuances, (Settlements)		$ (16)		$ (17)

Fair Value - Summary of Unobser

Fair Value - Summary of Unobservable Inputs for the Embedded Derivatives of Interest Sensitive Contract Liabilities (Details) $ in Millions	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Nonperformance risk | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0	0.003
Nonperformance risk | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.012	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	0.035	0.036
Surrender rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.077	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	$ 9,905	$ 7,969

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Assets
Mortgage loans	$ 12,199	$ 10,631
Investment funds	3,912	3,559
Consolidated Entity Excluding Variable Interest Entities (VIE)
Liabilities
Interest sensitive contract liabilities	100,291	96,610
Long-term debt	991	991
Funds withheld liability	759	721
Consolidated Entity Excluding Variable Interest Entities (VIE) | Carrying Value
Assets
Mortgage loans	11,880	10,308
Investment funds	559	521
Policy loans	480	488
Funds withheld at interest	14,603	14,966
Other investments	67	70
Total assets measured at fair value	43,880	42,805
Liabilities
Interest sensitive contract liabilities	55,732	54,655
Long-term debt	991	991
Funds withheld liability	735	722
Total liabilities not carried at fair value	57,458	56,368
Consolidated Entity Excluding Variable Interest Entities (VIE) | Fair Value
Assets
Mortgage loans	12,233	10,424
Investment funds	559	521
Policy loans	480	488
Funds withheld at interest	14,603	14,966
Other investments	68	70
Total assets measured at fair value	44,241	42,895
Liabilities
Interest sensitive contract liabilities	56,124	51,655
Long-term debt	1,009	910
Funds withheld liability	735	722
Total liabilities not carried at fair value	57,868	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	12,233	10,424
Investment funds	0	0
Policy loans	0	0
Funds withheld at interest	14,603	14,966
Other investments	68	70
Total assets measured at fair value	40,821	39,798
Liabilities
Interest sensitive contract liabilities	56,124	51,655
Long-term debt	0	0
Funds withheld liability	0	0
Total liabilities not carried at fair value	56,124	51,655
Consolidated Entity Excluding Variable Interest Entities (VIE) | NAV | Fair Value
Assets
Investment funds	559	521
Total assets measured at fair value	2,940	2,609
Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 2 | Fair Value
Assets
Mortgage loans	0	0
Investment funds	0	0
Policy loans	480	488
Funds withheld at interest	0	0
Other investments	0	0
Total assets measured at fair value	480	488
Liabilities
Interest sensitive contract liabilities	0	0
Long-term debt	1,009	910
Funds withheld liability	735	722
Total liabilities not carried at fair value	1,744	1,632
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Assets
Mortgage loans	287	291
Investment funds	2,578	2,232
Funds withheld at interest	13,737	13,577
Other investments	387	386
Liabilities
Interest sensitive contract liabilities	16,112	16,850
Funds withheld liability	346	337
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Carrying Value
Assets
Mortgage loans	287	291
Investment funds	2,337	2,031
Funds withheld at interest	13,236	13,687
Other investments	387	386
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Fair Value
Assets
Mortgage loans	288	290
Investment funds	2,337	2,031
Funds withheld at interest	13,236	13,687
Other investments	393	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	288	290
Investment funds	0	0
Funds withheld at interest	13,236	13,687
Other investments	393	361
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | NAV | Fair Value
Assets
Investment funds	2,337	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	612	624
Variable Interest Entities | Related Party
Assets
Investment funds	593	583
Variable Interest Entities | Related Party | Carrying Value
Assets
Investment funds	44	57
Variable Interest Entities | Related Party | Fair Value
Assets
Investment funds	44	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	44	57
Variable Interest Entities | Related Party | Level 2 | Fair Value
Assets
Investment funds	$ 0	$ 0

Fair Value - Narrative (Details

Fair Value - Narrative (Details)	Jun. 30, 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	0.03	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	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
DAC
Beginning balance	$ 3,921	$ 1,375
Additions	354	1,600
Amortization	(472)	(76)
Impact of unrealized investment (gains) losses	(300)	94
Ending balance	3,503	2,993
DSI
Beginning balance	799	520
Additions	130	120
Amortization	(18)	(43)
Impact of unrealized investment (gains) losses	(98)	42
Ending balance	813	639
VOBA
Beginning balance	1,187	1,077
Additions	0	0
Amortization	(20)	(95)
Impact of unrealized investment (gains) losses	(159)	140
Ending balance	1,008	1,122
Total
Beginning balance	5,907	2,972
Additions	484	1,720
Amortization	(510)	(214)
Impact of unrealized investment (gains) losses	(557)	276
Ending balance	$ 5,324	$ 4,754

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 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	$ 596	$ 214	$ 1,184	$ 424
Net income available to AHL shareholders – diluted	$ 596	$ 214	$ 1,184	$ 424
Basic weighted average shares outstanding (in shares)	158.5	164.5	159.4	156.6
Dilutive effect of stock compensation plans (in shares)	0.3	0.3	0.3	0.4
Diluted weighted average shares outstanding (in shares)	158.8	164.8	159.7	157
Earnings per share
Basic (in USD per share)	$ 3.76	$ 1.30	$ 7.43	$ 2.71
Diluted (in USD per share)	$ 3.75	$ 1.30	$ 7.41	$ 2.70
Common Class B
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net Income (Loss) Available to Common Stockholders, Basic	$ 96	$ 33	$ 189	$ 90
Net income available to AHL shareholders – diluted	$ 96	$ 33	$ 189	$ 90
Basic weighted average shares outstanding (in shares)	25.4	25.5	25.4	33.3
Dilutive effect of stock compensation plans (in shares)	0	0	0	0
Diluted weighted average shares outstanding (in shares)	25.4	25.5	25.4	33.3
Earnings per share
Basic (in USD per share)	$ 3.76	$ 1.30	$ 7.43	$ 2.71
Diluted (in USD per share)	$ 3.76	$ 1.30	$ 7.43	$ 2.71
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	$ 13	$ 5	$ 25	$ 9
Net income available to AHL shareholders – diluted	$ 13	$ 5	$ 25	$ 9
Basic weighted average shares outstanding (in shares)	3.3	3.4	3.3	3.4
Dilutive effect of stock compensation plans (in shares)	0	0	0	0
Diluted weighted average shares outstanding (in shares)	3.3	3.4	3.3	3.4
Earnings per share
Basic (in USD per share)	$ 3.76	$ 1.30	$ 7.43	$ 2.71
Diluted (in USD per share)	$ 3.76	$ 1.30	$ 7.43	$ 2.71
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	$ 6	$ 2
Net income available to AHL shareholders – diluted	$ 3	$ 1	$ 6	$ 2
Basic weighted average shares outstanding (in shares)	0.8	0.8	0.8	0.8
Dilutive effect of stock compensation plans (in shares)	0	0	0	0
Diluted weighted average shares outstanding (in shares)	0.8	0.8	0.8	0.8
Earnings per share
Basic (in USD per share)	$ 3.76	$ 1.30	$ 7.43	$ 2.71
Diluted (in USD per share)	$ 3.76	$ 1.29	$ 7.43	$ 2.68
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	$ 4	$ 1	$ 8	$ 3
Net income available to AHL shareholders – diluted	$ 4	$ 1	$ 8	$ 3
Basic weighted average shares outstanding (in shares)	1	1	1	1
Dilutive effect of stock compensation plans (in shares)	0	0	0	0
Diluted weighted average shares outstanding (in shares)	1	1	1	1
Earnings per share
Basic (in USD per share)	$ 3.76	$ 1.30	$ 7.43	$ 2.71
Diluted (in USD per share)	$ 3.76	$ 1.30	$ 7.43	$ 2.68
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	$ 16	$ 6
Net income available to AHL shareholders – diluted	$ 8	$ 3	$ 16	$ 6
Basic weighted average shares outstanding (in shares)	2.2	2.1	2.2	2.1
Dilutive effect of stock compensation plans (in shares)	0.3	0.6	0.3	0.8
Diluted weighted average shares outstanding (in shares)	2.5	2.7	2.5	2.9
Earnings per share
Basic (in USD per share)	$ 3.76	$ 1.30	$ 7.43	$ 2.71
Diluted (in USD per share)	$ 3.28	$ 1.02	$ 6.45	$ 1.98

Earnings Per Share - Shares Exc

Earnings Per Share - Shares Excluded from Dilutive Calculation (Details) - shares shares in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	31.6	35.4

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income - Detail of AOCI (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), before taxes	$ 2,199	$ (585)
Deferred income taxes	(439)	113
Accumulated other comprehensive income (loss)	1,760	(472)
AFS securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), before taxes	2,965	(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	(837)	154
Noncredit component of OTTI losses on AFS securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), before taxes	(21)	(19)
Hedging instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), before taxes	98	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	$ (3)	$ (3)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Apr. 01, 2019	Jan. 01, 2019	Apr. 01, 2018	Jan. 01, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense (benefit)	$ (261)	$ 116	$ (552)	$ 295
Other comprehensive income (loss)	1,054	(487)	2,232	(1,260)
Adoption of ASU 2016-01								$ (3)
Change in Accumulated Other Comprehensive Income	1,054	(487)	2,232	(1,302)
Unrealized investment gains (losses) on AFS securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	1,776	(889)	3,758	(2,171)
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	(480)	198	(991)	608
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	34	11	27	30
Income tax expense (benefit)	(249)	145	(542)	304
Other comprehensive income (loss)	1,013	(557)	2,198	(1,289)
Noncredit component of OTTI losses on AFS securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	0	1	(1)	0
Reclassification adjustment for gains (losses) realized in net income	1	1	1	0
Other comprehensive income (loss)	(1)	0	(2)	0
Unrealized gains (losses) on hedging instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	55	101	47	45
Income tax expense (benefit)	(12)	(29)	(10)	(9)
Other comprehensive income (loss)	43	72	37	36
Pension adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	0	0	(1)	3
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss)	$ (1)	$ (2)	$ 0	$ (10)
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	$ 0	$ 0	$ (42)

Equity - Narrative (Details)

Equity - Narrative (Details) - Repurchase Authorization 2018 [Member] - Common Class A - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Aug. 05, 2019	Dec. 31, 2018	Jun. 30, 2019	Jun. 10, 2019	May 07, 2019	Dec. 05, 2018
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount				$ 120	$ 247	$ 250
Stock Repurchased During Period, Value		$ (100)	$ (423)
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 150	$ 94
Subsequent Event
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount	$ 350
Stock Repurchased During Period, Value	(19)
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 425

Equity Preferred Stock (Details

Equity Preferred Stock (Details) - $ / shares	Jun. 30, 2019	Jun. 30, 2019	Jun. 10, 2019	Dec. 31, 2018
Equity [Abstract]
Preferred Stock, Shares Issued	0	0	34,500	0
Preferred Stock, Dividend Rate, Percentage	6.35%	6.35%
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1		$ 0
Preferred Stock, Liquidation Preference Per Share	$ 25,000	$ 25,000

Related Parties Summary of Sub-

Related Parties Summary of Sub-allocation Assets (Details) - Apollo affiliates - Related Party - Sub-allocated assets [Member] $ in Millions	Jun. 30, 2019USD ($)
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 115,696
Percentage of Sub-allocation Assets	100.00%
Core Sub-allocation Assets [Member]
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 30,612
Percentage of Sub-allocation Assets	26.50%
Core Plus [Member]
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 30,008
Percentage of Sub-allocation Assets	25.90%
Yield [Member]
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 42,161
Percentage of Sub-allocation Assets	36.40%
High Alpha [Member]
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 4,588
Percentage of Sub-allocation Assets	4.00%
Other Sub-allocation Assets [Member]
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 8,327
Percentage of Sub-allocation Assets	7.20%

Related Parties - Summary of As

Related Parties - Summary of Assets Sub-Advised by Affiliates (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Mortgage loans	$ 12,199	$ 10,631
Investment funds	3,912	3,559
Total assets	$ 138,980	125,505
Apollo affiliates | Related Party | Sub-allocated assets
Related Party Transaction [Line Items]
Mortgage loans		3,507
Investment funds		157
Trading securities, at fair value		87
Equity securities		2
Funds withheld at interest		4,126
Other investments		70
Total assets		$ 18,746
Percent of assets sub-advised by Apollo affiliates to total AAM-managed assets		18.00%
Apollo affiliates | Foreign governments | Related Party | Sub-allocated assets
Related Party Transaction [Line Items]
Available-for-sale securities		$ 153
Apollo affiliates | Corporate | Related Party | Sub-allocated assets
Related Party Transaction [Line Items]
Available-for-sale securities		3,398
Apollo affiliates | CLO | Related Party | Sub-allocated assets
Related Party Transaction [Line Items]
Available-for-sale securities		5,703
Apollo affiliates | ABS | Related Party | Sub-allocated assets
Related Party Transaction [Line Items]
Available-for-sale securities		663
Apollo affiliates | CMBS | Related Party | Sub-allocated assets
Related Party Transaction [Line Items]
Available-for-sale securities		$ 880

Related Parties - Management Fe

Related Parties - Management Fees Incurred (Details) - Related Party - Asset management fees - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Due to related parties	$ 72		$ 72		$ 54
Expenses from transactions with related parties	$ 94	$ 86	$ 186	$ 169

Related Parties - Narrative (De

Related Parties - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Oct. 24, 2018	Jun. 01, 2018	Jan. 01, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Investment funds	$ 3,912		$ 3,912		$ 3,559
Related Party | Management fees associated with investment funds
Related Party Transaction [Line Items]
Due to related parties	72		72		54
Related Party | MidCap
Related Party Transaction [Line Items]
Related party purchases	74	$ 143	76	$ 205
Related Party | AmeriHome
Related Party Transaction [Line Items]
Related party purchases			0	65
MidCap | Related Party
Related Party Transaction [Line Items]
Investment Owned, Balance, Principal Amount	245		245
Equity Method Investments, Including Credit Facility Advances	$ 793		$ 793		792
Athene Asset Management | Related Party | Portfolio Management Agreement
Related Party Transaction [Line Items]
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-allocated assets [Member]
Related Party Transaction [Line Items]
Incremental Fee Adjustment			0.025%
Base Management Fee			0.225%
Incremental Fee			0.15%
Incremental Fee Reduction Adjustment			0.025%
Incremental Fee Addition Adjustment			0.025%
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%		0.40%
Amended Sub-Advisory Fee, Percentage, Assets in excess of $10,000 million up to $12,441 million	0.35%		0.35%
Amended Sub-Advisory Fee, Percentage, Assets in excess of $12,441 million up to $16,000 million	0.40%		0.40%
Amended Sub-Advisory Fee, Percentage, Assets in excess of $16,000 million	0.35%		0.35%
Amended Sub-Advisory Fee, Threshold One	$ 10,000		$ 10,000
Amended Sub-Advisory Fee, Threshold Two	12,441		12,441
Amended Sub-Advisory Fee, Threshold Three	16,000		16,000
AmeriHome | Related Party | Purchase of residential mortgage loans under agreement
Related Party Transaction [Line Items]
Related party purchases	0	$ 167	$ 0	$ 211
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	165		$ 165		166
Investments
Related Party Transaction [Line Items]
Investment commitment	3,192		3,192		3,036
Investments | A-A Mortgage
Related Party Transaction [Line Items]
Investment commitment	169		169
Investments | Athora Holding Ltd.
Related Party Transaction [Line Items]
Investment commitment	447		447
Consolidated Entity Excluding Variable Interest Entities (VIE)
Related Party Transaction [Line Items]
Interest sensitive contract liabilities	100,291		100,291		96,610
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Related Party Transaction [Line Items]
Investment funds	2,578		2,578		2,232
Interest sensitive contract liabilities	16,112		16,112		16,850
Consolidated Entity Excluding Variable Interest Entities (VIE) | Private equity | Related Party
Related Party Transaction [Line Items]
Investment funds	67		67		18
Consolidated Entity Excluding Variable Interest Entities (VIE) | Private equity | AmeriHome | Related Party
Related Party Transaction [Line Items]
Investment funds	452		452		463
Consolidated Entity Excluding Variable Interest Entities (VIE) | Private equity | Athora Holding Ltd. | Related Party
Related Party Transaction [Line Items]
Investment funds	127		127		105
Consolidated Entity Excluding Variable Interest Entities (VIE) | Private equity | Venerable | Related Party
Related Party Transaction [Line Items]
Investment funds	98		98		92
Variable Interest Entities | Apollo Athene Strategic Partnership Advisors, LLC [Member] | Related Party
Related Party Transaction [Line Items]
Investment funds	$ 28		$ 28		$ 16
Core Sub-allocation Assets [Member] | Apollo affiliates | Related Party | Sub-allocated assets [Member]
Related Party Transaction [Line Items]
Sub-allocation Fee Tier Plus			60.00%
Sub-allocation Fee			0.065%
Sub-allocation Fee Tier Minus			50.00%
Core Plus [Member] | Apollo affiliates | Related Party | Sub-allocated assets [Member]
Related Party Transaction [Line Items]
Sub-allocation Fee			0.13%
Yield [Member] | Apollo affiliates | Related Party | Sub-allocated assets [Member]
Related Party Transaction [Line Items]
Sub-allocation Fee			0.375%
High Alpha [Member] | Apollo affiliates | Related Party | Sub-allocated assets [Member]
Related Party Transaction [Line Items]
Sub-allocation Fee			0.70%
Other Sub-allocation Assets [Member] | Apollo affiliates | Related Party | Sub-allocated assets [Member]
Related Party Transaction [Line Items]
Sub-allocation Fee			0.00%

Commitments and Contingencies -

Commitments and Contingencies - Pledged Assets and Funds in Trust (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
AFS securities	$ 7,293	$ 5,439
Debt Securities, Trading, Restricted	342	68
Equity securities	2	2
Investment funds	61	53
Derivative assets pledged as collateral	83	24
Mortgage loans	2,196	1,830
Short-term investments	61	77
Other investments	47	47
Restricted cash	391	492
Total restricted assets	$ 10,476	$ 8,032

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Other Commitments [Line Items]
Letters of Credit Outstanding, Amount	$ 203,000,000
Advances from FHLB	926,000,000	$ 926,000,000
COLI asset value	378,000,000
Value of guarantees on COLI	186,000,000
Investments
Other Commitments [Line Items]
Investment commitment	3,192,000,000	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	3,000,000,000	$ 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Total revenues	$ 3,369	$ 1,802	$ 8,330	$ 2,813
Operating Segments | Retirement Services
Segment Reporting Information [Line Items]
Total revenues	2,248	1,873	5,554	3,130
Operating Segments | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	24	26	56	53
Non-operating adjustments
Segment Reporting Information [Line Items]
Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets	466	97	1,406	(61)
Investment gains (losses), net of offsets	682	(149)	1,395	(255)
Variable Interest Entity Expense and Noncontrolling Interest	0	(2)	0	(2)
Other Nonoperating Income	$ (51)	$ (47)	$ (81)	$ (56)

Segment Information - Reconci_2

Segment Information - Reconciliation of Segment Operating Income to Consolidation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income tax (expense) benefit – non-operating	$ (30)	$ (64)	$ (62)	$ (109)
Net income available to Athene Holding Ltd. shareholders	720	257	1,428	534
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	376	287	662	526
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	(6)	1	(5)	3
Non-operating adjustments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Investment gains (losses), net of offsets	417	(74)	875	(107)
Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets	(57)	68	(84)	154
Integration, restructuring and other non-operating expenses	(11)	(8)	(12)	(16)
Stock-based compensation, excluding LTIP	(3)	(2)	(6)	(5)
Income tax (expense) benefit – non-operating	$ 4	$ (15)	$ (2)	$ (21)

Segment Information - Assets by

Segment Information - Assets by Segment (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 138,980	$ 125,505
Retirement Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	136,565	123,498
Corporate and Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 2,415	$ 2,007

Segment Information - Narrative

Segment Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2019segment
Segment Reporting [Abstract]
Number of reportable segments	1

Uncategorized Items - athq22019

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