Athene Holding (ATH-PA) 10-Q 5 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 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	Sep. 30, 2019
Entity File Number	001-37963
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
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
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	150,165,459
Preference Share, Series A
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
Preference Share, Series B
Document Information [Line Items]
Title of 12(b) Security	5.625% Fixed Rate Perpetual Non-Cumulative Preference Share, Series B
Trading Symbol	ATHPrB
Security Exchange Name	NYSE
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	3,282,890
Common Class M-2
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	841,011
Common Class M-3
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	1,000,000
Common Class M-4
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	3,984,107

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Fixed maturity securities, at fair value
Mortgage loans, net of allowances (portion at fair value: 2019 – $28 and 2018 – $32)	$ 14,118	$ 10,631
Investment funds	4,094	3,559
Restricted cash	199	492
Deferred acquisition costs, deferred sales inducements and value of business acquired	4,960	5,907
Total assets	144,202	125,505
Liabilities
Total liabilities	130,657	117,229
Equity
Additional paid-in capital	4,435	3,462
Retained earnings	6,668	5,286
Accumulated other comprehensive income (loss) (related party: 2019 – $22 and 2018 – $(25))	2,442	(472)
Total equity	13,545	8,276
Total liabilities and equity	144,202	125,505
Related Party
Equity
Accumulated other comprehensive income (loss) (related party: 2019 – $22 and 2018 – $(25))	22	(25)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Fixed maturity securities, at fair value
Available-for-sale securities	70,903	59,265
Trading securities, at fair value	2,411	1,949
Equity securities	359	216
Mortgage loans, net of allowances (portion at fair value: 2019 – $28 and 2018 – $32)	13,465	10,340
Investment funds	712	703
Policy loans	466	488
Funds withheld at interest (portion at fair value: 2019 – $804 and 2018 – $57)	15,280	15,023
Derivative assets	2,386	1,043
Short-term investments, at fair value	571	191
Other investments	130	122
Total investments	106,683	89,340
Consolidated Entity Excluding Variable Interest Entities (VIE)
Fixed maturity securities, at fair value
Available-for-sale securities	73,271
Cash and cash equivalents	3,833	2,911
Accrued investment income (related party: 2019 – $28 and 2018 – $25)	781	682
Reinsurance recoverable (related party: 2019 – $320 and 2018 – $344; portion at fair value: 2019 – $1,954 and 2018 – $1,676)	5,697	5,534
Deferred acquisition costs, deferred sales inducements and value of business acquired	4,960	5,907
Other assets	970	1,635
Liabilities
Interest sensitive contract liabilities (related party: 2019 – $15,693 and 2018 – $16,850; portion at fair value: 2019 – $11,415 and 2018 – $8,901)	101,666	96,610
Future policy benefits (related party: 2019 – $1,474 and 2018 – $1,259; portion at fair value: 2019 – $2,369 and 2018 – $2,173)	22,909	16,704
Other policy claims and benefits	129	142
Dividends payable to policyholders	115	118
Long-term debt	992	991
Derivative liabilities	46	85
Payables for collateral on derivatives	2,323	969
Funds withheld liability (related party: 2019 – $347 and 2018 – $337; portion at fair value: 2019 – $35 and 2018 – $(1))	768	721
Other liabilities	1,708	888
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Fixed maturity securities, at fair value
Available-for-sale securities	2,368	1,437
Trading securities, at fair value	306	249
Equity securities	381	120
Mortgage loans, net of allowances (portion at fair value: 2019 – $28 and 2018 – $32)	653	291
Investment funds	2,763	2,232
Funds withheld at interest (portion at fair value: 2019 – $804 and 2018 – $57)	13,560	13,577
Other investments	387	386
Accrued investment income (related party: 2019 – $28 and 2018 – $25)	28	25
Reinsurance recoverable (related party: 2019 – $320 and 2018 – $344; portion at fair value: 2019 – $1,954 and 2018 – $1,676)	320	344
Other assets	2	357
Liabilities
Interest sensitive contract liabilities (related party: 2019 – $15,693 and 2018 – $16,850; portion at fair value: 2019 – $11,415 and 2018 – $8,901)	15,693	16,850
Future policy benefits (related party: 2019 – $1,474 and 2018 – $1,259; portion at fair value: 2019 – $2,369 and 2018 – $2,173)	1,474	1,259
Other policy claims and benefits	9	10
Funds withheld liability (related party: 2019 – $347 and 2018 – $337; portion at fair value: 2019 – $35 and 2018 – $(1))	347	337
Other liabilities	85	59
Variable Interest Entities
Fixed maturity securities, at fair value
Trading securities, at fair value	19	35
Investment funds	619	624
Cash and cash equivalents	3	2
Other assets	14	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	599	583
Preference Share, Series A
Liabilities
Preferred Stock, Value, Outstanding	0	0
Preference Share, Series B
Liabilities
Preferred Stock, Value, Outstanding	0	0
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	Sep. 30, 2019	Dec. 31, 2018
Available-for-sale securities
Mortgage loans	$ 14,118	$ 10,631
Investment funds	4,094	3,559
Deferred acquisition costs, deferred sales inducements and value of business acquired	4,960	5,907
Accumulated other comprehensive income	2,442	(472)
Related Party
Available-for-sale securities
Accumulated other comprehensive income	22	(25)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Available-for-sale securities
Available-for-sale securities	66,866	60,025
Mortgage loans	13,465	10,340
Investment funds	712	703
Funds withheld at interest	15,280	15,023
Short-term investments	571	191
Other investments	130	122
Trading securities, at fair value	2,411	1,949
Consolidated Entity Excluding Variable Interest Entities (VIE)
Available-for-sale securities
Available-for-sale securities	69,213
Accrued investment income	781	682
Reinsurance recoverable	5,697	5,534
Other assets	970	1,635
Deferred acquisition costs, deferred sales inducements and value of business acquired	4,960	5,907
Interest sensitive contract liabilities	101,666	96,610
Future policy benefits	22,909	16,704
Other policy claims and benefits	129	142
Funds withheld liability	768	721
Other liabilities	1,708	888
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Available-for-sale securities
Available-for-sale securities	2,347	1,462
Mortgage loans	653	291
Investment funds	2,763	2,232
Funds withheld at interest	13,560	13,577
Other investments	387	386
Accrued investment income	28	25
Reinsurance recoverable	320	344
Other assets	2	357
Trading securities, at fair value	306	249
Interest sensitive contract liabilities	15,693	16,850
Future policy benefits	1,474	1,259
Other policy claims and benefits	9	10
Funds withheld liability	347	337
Other liabilities	85	59
Variable Interest Entities
Available-for-sale securities
Investment funds	619	624
Other assets	14	1
Trading securities, at fair value	19	35
Other liabilities	1	1
Variable Interest Entities | Related Party
Available-for-sale securities
Investment funds	599	583
Trading securities, at fair value	1	35
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE)
Available-for-sale securities
Mortgage loans	13,918	10,424
Funds withheld at interest	14,476	14,966
Other investments	66	70
Interest sensitive contract liabilities	57,241	51,655
Funds withheld liability	733	722
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Available-for-sale securities
Mortgage loans	645	290
Funds withheld at interest	12,905	13,687
Other investments	$ 419	$ 361
Preference Share, Series A
Available-for-sale securities
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
Preference Share, Series B
Available-for-sale securities
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 0
Preferred Stock, Liquidation Preference, Value	$ 345	$ 0
Preferred Stock, Shares Authorized	0	0
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
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)	150,100,000	162,400,000
Common stock outstanding (in shares)	150,100,000	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	$ 28	$ 32
Investment funds	156	182
Funds withheld at interest	804	57
Other investments	64	52
Recurring | Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE)
Available-for-sale securities
Mortgage loans	28	32
Short-term investments	571	191
Other investments	64	52
Reinsurance recoverable	1,954	1,676
Trading securities, at fair value	2,411	1,949
Interest sensitive contract liabilities	11,415	8,901
Future policy benefits	2,369	2,173
Funds withheld liability	35	(1)
Recurring | Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Available-for-sale securities
Investment funds	249	201
Funds withheld at interest	655	(110)
Trading securities, at fair value	306	249
Recurring | Fair Value | Variable Interest Entities
Available-for-sale securities
Investment funds	569	567
Recurring | Fair Value | Variable Interest Entities | Related Party
Available-for-sale securities
Trading securities, at fair value	$ 19	$ 35

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other-than-temporary impairment investment losses
Other-than-temporary impairment losses recognized in other comprehensive income	$ 9	$ 4	$ 11	$ 4
Total revenues	4,501	2,576	12,831	5,389
Benefits and Expenses
Amortization of deferred sales inducements			29	73
Policy and other operating expenses (related party of $10 and $22 for the three months ended and $30 and $27 for the nine months ended September 30, 2019 and 2018, respectively)	194	158	544	454
Total benefits and expenses	4,222	1,897	11,062	4,067
Income before income taxes	279	679	1,769	1,322
Income tax expense (benefit)	(14)	56	48	165
Net income	293	623	1,721	1,157
Less: Preferred stock dividends	17	0	17	0
Net income available to Athene Holding Ltd. common shareholders	276	623	1,704	1,157
Consolidated Entity Excluding Variable Interest Entities (VIE)
Revenues
Premiums	2,605	526	5,304	1,535
Product charges	135	119	392	321
Net investment income	1,070	1,070	3,297	2,883
Investment related gains (losses)	688	816	3,776	578
Other-than-temporary impairment investment losses
Other-than-temporary impairment losses	(34)	(7)	(43)	(10)
Other-than-temporary impairment losses recognized in other comprehensive income	9	4	11	4
Net other-than-temporary impairment losses	(25)	(3)	(32)	(6)
Other revenues	6	10	27	22
Benefits and Expenses
Interest sensitive contract benefits	801	742	3,411	1,115
Amortization of deferred sales inducements	20	23	38	66
Future policy and other policy benefits	2,872	928	6,224	2,193
Amortization of deferred acquisition costs and value of business acquired	323	36	815	207
Dividends to policyholders	12	10	30	32
Variable Interest Entities
Revenues
Net investment income	20	15	57	39
Investment related gains (losses)	2	23	10	17
Common Class A
Benefits and Expenses
Net income available to Athene Holding Ltd. common shareholders	$ 227	$ 519	$ 1,411	$ 934
Earnings per share
Basic (in USD per share)	$ 1.50	$ 3.16	$ 8.97	$ 5.86
Diluted (in USD per share)	$ 1.50	$ 3.15	$ 8.95	$ 5.85
Common Class B
Benefits and Expenses
Net income available to Athene Holding Ltd. common shareholders	$ 38	$ 80	$ 228	$ 180
Earnings per share
Basic (in USD per share)	$ 1.50	$ 3.16	$ 8.97	$ 5.86
Diluted (in USD per share)	$ 1.50	$ 3.16	$ 8.97	$ 5.86
Common Class M-1
Benefits and Expenses
Net income available to Athene Holding Ltd. common shareholders	$ 5	$ 11	$ 30	$ 20
Earnings per share
Basic (in USD per share)	$ 1.50	$ 3.16	$ 8.97	$ 5.86
Diluted (in USD per share)	$ 1.50	$ 3.16	$ 8.97	$ 5.86
Common Class M-2
Benefits and Expenses
Net income available to Athene Holding Ltd. common shareholders	$ 1	$ 3	$ 7	$ 5
Earnings per share
Basic (in USD per share)	$ 1.50	$ 3.16	$ 8.97	$ 5.86
Diluted (in USD per share)	$ 1.50	$ 3.16	$ 8.97	$ 5.83
Common Class M-3
Benefits and Expenses
Net income available to Athene Holding Ltd. common shareholders	$ 2	$ 3	$ 9	$ 6
Earnings per share
Basic (in USD per share)	$ 1.50	$ 3.16	$ 8.97	$ 5.86
Diluted (in USD per share)	$ 1.50	$ 3.16	$ 8.97	$ 5.83
Common Class M-4
Benefits and Expenses
Net income available to Athene Holding Ltd. common shareholders	$ 3	$ 7	$ 19	$ 12
Earnings per share
Basic (in USD per share)	$ 1.50	$ 3.16	$ 8.97	$ 5.86
Diluted (in USD per share)	$ 1.29	$ 2.42	$ 7.77	$ 4.36

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Policy and other operating expenses	$ 194	$ 158	$ 544	$ 454
Consolidated Entity Excluding Variable Interest Entities (VIE)
Premiums	2,605	526	5,304	1,535
Product charges	135	119	392	321
Investment income	1,199	1,159	3,616	3,144
Investment expense	129	89	319	261
Investment related gains (losses)	688	816	3,776	578
Interest sensitive contract benefits	801	742	3,411	1,115
Future policy and other policy benefits	2,872	928	6,224	2,193
Amortization of deferred acquisition costs and value of business acquired	323	36	815	207
Net investment income	1,070	1,070	3,297	2,883
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Premiums	51	41	173	623
Product charges	14	14	42	19
Investment income	155	193	472	369
Investment expense	127	88	313	257
Investment related gains (losses)	272	30	1,018	(12)
Interest sensitive contract benefits	97	129	394	145
Future policy and other policy benefits	70	58	267	638
Policy and other operating expenses	10	22	30	27
Variable Interest Entities
Investment related gains (losses)	2	23	10	17
Net investment income	20	15	57	39
Variable Interest Entities | Related Party
Investment related gains (losses)	1	23	7	17
Net investment income	$ 20	$ 15	$ 56	$ 39
Common Class B
Basic (in USD per share)	$ 1.50	$ 3.16	$ 8.97	$ 5.86
Common Class M-1
Basic (in USD per share)	1.50	3.16	8.97	5.86
Common Class M-2
Basic (in USD per share)	1.50	3.16	8.97	5.86
Common Class M-3
Basic (in USD per share)	1.50	3.16	8.97	5.86
Common Class M-4
Basic (in USD per share)	$ 1.50	$ 3.16	$ 8.97	$ 5.86

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 293	$ 623	$ 1,721	$ 1,157
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities	744	(140)	3,484	(1,733)
Noncredit component of other-than-temporary impairment losses on available-for-sale securities	(9)	(4)	(11)	(4)
Unrealized gains on hedging instruments	124	7	171	52
Pension adjustments	0	0	(1)	3
Foreign currency translation adjustments	(1)	0	(1)	(10)
Other comprehensive income (loss), before tax	858	(137)	3,642	(1,692)
Income tax expense (benefit) related to other comprehensive income (loss)	176	(23)	728	(318)
Other comprehensive income (loss)	682	(114)	2,914	(1,374)
Comprehensive income (loss)	$ 975	$ 509	$ 4,635	$ (217)

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	1,157				1,157
Other comprehensive income (loss)	(1,374)					(1,374)
Issuance of shares, net of expenses	2									$ 2
Stock-based compensation	25			25
Retirement or repurchase of shares	(5)			0	(5)
Ending Balance at Sep. 30, 2018	8,978	0	0	3,499	5,446	33
Beginning Balance at Jun. 30, 2018	8,462	0	0	3,492	4,823	147
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	623				623
Other comprehensive income (loss)	(114)					(114)
Issuance of shares, net of expenses	1									1
Stock-based compensation	6			6
Ending Balance at Sep. 30, 2018	8,978	0	0	3,499	5,446	33
Beginning Balance at Dec. 31, 2018	8,276	0	0	3,462	5,286	(472)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,721				1,721
Other comprehensive income (loss)	2,914					2,914
Issuance of shares, net of expenses							$ 1,172	$ 1,172	$ 4	4
Stock-based compensation	23			23
Retirement or repurchase of shares	(548)			(226)	(322)
Ending Balance at Sep. 30, 2019	13,545	0	0	4,435	6,668	2,442
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends, Preferred Stock	(17)				(17)
Beginning Balance at Jun. 30, 2019	12,365	0	0	4,144	6,461	1,760
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	293				293
Other comprehensive income (loss)	682					682
Issuance of shares, net of expenses							$ 333	$ 333	$ 2	$ 2
Stock-based compensation	8			8
Retirement or repurchase of shares	(121)			(52)	(69)
Ending Balance at Sep. 30, 2019	13,545	$ 0	$ 0	$ 4,435	6,668	$ 2,442
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends, Preferred Stock	$ (17)				$ (17)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities
Net income		$ 1,721	$ 1,157
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred sales inducements		29	73
Policy acquisition costs deferred		(521)	(1,791)
Changes in operating assets and liabilities:
Net cash provided by operating activities		1,985	1,143
Purchases of:
Deconsolidation of Athora Holding Ltd.		0	(296)
Net cash used in investing activities		(7,259)	(6,054)
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		5,904	3,857
Net increase (decrease) in cash and cash equivalents		630	(1,054)
Cash and cash equivalents at beginning of year	[1]	3,405	4,997
Cash and cash equivalents at end of period	[1]	4,035	3,943
Non-cash transactions
Deposits on investment-type policies and contracts through reinsurance agreements		619	18,508
Withdrawals on investment-type policies and contracts through reinsurance agreements		2,764	899
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		815	207
Amortization of deferred sales inducements		38	66
Accretion of net investment premiums, discounts and other		(60)	(143)
Payment at inception of reinsurance agreements, net (related party: 2019 – $0 and 2018 – $(407))		0	394
Net investment (income) loss (related party: 2019 – $(95) and 2018 – $(77))		(94)	(61)
Net recognized (gains) losses on investments and derivatives (related party: 2019 – $(19) and 2018 – $(5))		1,672	559
Policy acquisition costs deferred		(521)	(495)
Changes in operating assets and liabilities:
Accrued investment income		(99)	(70)
Interest sensitive contract liabilities		3,086	591
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable		973	997
Funds withheld assets and liabilities		(2,488)	(232)
Other assets and liabilities		299	97
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2019 – $101 and 2018 – $120)		8,344	9,003
Trading securities (related party: 2019 – $32 and 2018 – $30)		162	320
Mortgage loans		1,513	1,048
Investment funds (related party: 2019 – $196 and 2018 – $197)		301	330
Derivative instruments and other invested assets		1,008	1,548
Short-term investments (related party: 2019 – $0 and 2018 – $162)		274	430
Purchases of:
Available-for-sale securities (related party: 2019 – $(1,065) and 2018 – $(784))		(11,413)	(12,029)
Trading securities (related party: 2019 – $(6) and 2018 – $0)		(425)	(17)
Mortgage loans		(5,013)	(4,079)
Investment funds (related party: 2019 – $(621) and 2018 – $(894))		(738)	(1,073)
Derivative instruments and other invested assets		(853)	(973)
Short-term investments (related party: 2019 – $0 and 2018 – $(121))		(653)	(421)
Other investing activities, net		521	245
Cash flows from financing activities
Repayments of Short-term Debt		0	183
Deposits on investment-type policies and contracts		8,879	7,011
Withdrawals on investment-type policies and contracts		(4,846)	(4,254)
Payments for coinsurance agreements on investment-type contracts, net		(39)	9
Net change in cash collateral posted for derivative transactions		1,354	8
Proceeds from Issuance of Preferred Stock and Preference Stock		1,172	0
Payments of Ordinary Dividends, Preferred Stock and Preference Stock		17	0
Repurchase of common stock		(548)	(5)
Other financing activities, net		(51)	106
Consolidated Entity Excluding Variable Interest Entities (VIE) | Equity securities
Sales, maturities and repayments of:
Equity securities		69	25
Purchases of:
Equity securities		(421)	(163)
Variable Interest Entities
Adjustments to reconcile net income to net cash provided by operating activities:
Net recognized (gains) losses on investments and derivatives (related party: 2019 – $(19) and 2018 – $(5))		10	18
Other Noncash Income (Expense)		3	0
Purchases of:
Sales, maturities and repayments of investments (related party: 2019 – $84 and 2018 – $103)		92	114
Purchases of investments (related party: 2019 – $(16) and 2018 – $(14))		27	66
Reinsurance Settlements [Member]
Non-cash transactions
Transfer to Investments		56	36
Pension Risk Transfer Premiums [Member]
Non-cash transactions
Transfer to Investments		4,506	92
Investment funds | Exchange of Stock for Stock [Member]
Purchases of:
Investment funds (related party: 2019 – $(621) and 2018 – $(894))		0	(108)
Related Party
Non-cash transactions
Transfer from Investments		0	95
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 – $(95) and 2018 – $(77))		(95)	(77)
Net recognized (gains) losses on investments and derivatives (related party: 2019 – $(19) and 2018 – $(5))		19	5
Changes in operating assets and liabilities:
Accrued investment income		(3)	(13)
Interest sensitive contract liabilities		338	126
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable		223	54
Funds withheld assets and liabilities		(1,261)	(114)
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2019 – $101 and 2018 – $120)		101	120
Trading securities (related party: 2019 – $32 and 2018 – $30)		32	30
Mortgage loans		4	0
Investment funds (related party: 2019 – $196 and 2018 – $197)		196	197
Short-term investments (related party: 2019 – $0 and 2018 – $162)		0	162
Purchases of:
Available-for-sale securities (related party: 2019 – $(1,065) and 2018 – $(784))		(1,065)	(784)
Trading securities (related party: 2019 – $(6) and 2018 – $0)		(6)	0
Mortgage loans		(366)	(389)
Investment funds (related party: 2019 – $(621) and 2018 – $(894))		(621)	(894)
Derivative instruments and other invested assets		0	(150)
Short-term investments (related party: 2019 – $0 and 2018 – $(121))		0	(121)
Cash flows from financing activities
Deposits on investment-type policies and contracts		130	140
Withdrawals on investment-type policies and contracts		(332)	(143)
Non-cash transactions
Deposits on investment-type policies and contracts through reinsurance agreements		159	17,574
Withdrawals on investment-type policies and contracts through reinsurance agreements		1,351	604
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE) | Equity securities
Purchases of:
Equity securities		243	0
Related Party | Variable Interest Entities
Adjustments to reconcile net income to net cash provided by operating activities:
Net recognized (gains) losses on investments and derivatives (related party: 2019 – $(19) and 2018 – $(5))		7	18
Purchases of:
Sales, maturities and repayments of investments (related party: 2019 – $84 and 2018 – $103)		84	103
Purchases of investments (related party: 2019 – $(16) and 2018 – $(14))		16	14
Related Party | Reinsurance Settlements [Member]
Non-cash transactions
Transfer to Investments		$ 97	$ 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	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Policy acquisition costs deferred	$ (521)	$ (1,791)
Purchases of:
Deposits on investment-type policies and contracts through reinsurance agreements	619	18,508
Withdrawals on investment-type policies and contracts through reinsurance agreements	2,764	899
Consolidated Entity Excluding Variable Interest Entities (VIE)
Amortization of deferred acquisition costs and value of business acquired	815	207
Net investments (income) loss	(94)	(61)
Net recognized (gains) losses on investments and derivatives (related party: 2018 – $0 and 2017 – $10)	(1,672)	(559)
Accrued investment income	(99)	(70)
Policy acquisition costs deferred	(521)	(495)
Interest sensitive contract liabilities	3,086	591
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable	973	997
Funds withheld assets and liabilities	(2,488)	(232)
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2019 – $101 and 2018 – $120)	8,344	9,003
Trading securities	162	320
Mortgage loans	1,513	1,048
Investment funds	301	330
Derivative instruments and other invested assets	1,008	1,548
Short-term investments	274	430
Purchases of:
Available-for-sale securities (related party: 2019 – $(1,065) and 2018 – $(784))	(11,413)	(12,029)
Mortgage loans	(5,013)	(4,079)
Trading securities	(425)	(17)
Investment funds	(738)	(1,073)
Derivative instruments and other invested assets	(853)	(973)
Short-term investments	(653)	(421)
Deposits on investment-type policies and contracts	8,879	7,011
Repayments of Annuities and Investment Certificates	(4,846)	(4,254)
Payments for coinsurance agreements on investment-type contracts, net	(39)	9
Variable Interest Entities
Net recognized (gains) losses on investments and derivatives (related party: 2018 – $0 and 2017 – $10)	(10)	(18)
Purchases of:
Sales, maturities, and repayments of investments	92	114
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Reinsurance Agreement Payments	0	407
Net investments (income) loss	(95)	(77)
Net recognized (gains) losses on investments and derivatives (related party: 2018 – $0 and 2017 – $10)	(19)	(5)
Accrued investment income	(3)	(13)
Interest sensitive contract liabilities	338	126
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable	223	54
Funds withheld assets and liabilities	(1,261)	(114)
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2019 – $101 and 2018 – $120)	101	120
Trading securities	32	30
Mortgage loans	4	0
Investment funds	196	197
Short-term investments	0	162
Purchases of:
Available-for-sale securities (related party: 2019 – $(1,065) and 2018 – $(784))	(1,065)	(784)
Mortgage loans	(366)	(389)
Trading securities	(6)	0
Investment funds	(621)	(894)
Derivative instruments and other invested assets	0	(150)
Short-term investments	0	(121)
Deposits on investment-type policies and contracts	130	140
Repayments of Annuities and Investment Certificates	(332)	(143)
Deposits on investment-type policies and contracts through reinsurance agreements	159	17,574
Withdrawals on investment-type policies and contracts through reinsurance agreements	1,351	604
Related Party | Variable Interest Entities
Net recognized (gains) losses on investments and derivatives (related party: 2018 – $0 and 2017 – $10)	(7)	(18)
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	69	25
Purchases of:
Equity securities	(421)	(163)
Equity securities | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Purchases of:
Equity securities	243	0
Reinsurance Settlements [Member]
Purchases of:
Transfer to Investments	$ 56	$ 36

Business, Basis of Presentation

Business, Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 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 will limit the number of credit impairment models used for different assets, and will result in accelerated credit loss recognition on assets held at amortized cost, which includes our commercial and residential mortgage loans. 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. Although we continue to evaluate the impact of this guidance on our consolidated financial statements, internal controls, and policies and procedures, we have run multiple economic scenarios through our credit loss models for our current commercial mortgage loan portfolio. These initial model runs indicate that our retained earnings will decrease by approximately $140 million to $240 million on a pre-tax basis, or 1.4% to 2.5% of the commercial mortgage loan portfolio, upon implementation. The ultimate impact of adoption is dependent upon changes in the outstanding balance and composition of our investment portfolio, macroeconomic conditions and reasonable and supportable forecasts of those macroeconomic conditions used within our credit loss models. Further validation of our models could also impact our balance sheet adjustment upon implementation. In the months ahead, we will continue to validate and test our credit loss models, further assess other assets within the scope of the new standard for which the impact to retained earnings is expected to be less significant, finalize new policies and procedures, and further establish the necessary controls for implementation. 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	9 Months Ended
	Sep. 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, Inc. (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: September 30, 2019 (In millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCI AFS securities U.S. government and agencies $ 36 $ 1 $ — $ 37 $ — U.S. state, municipal and political subdivisions 1,233 260 (1 ) 1,492 — Foreign governments 301 27 — 328 — Corporate 43,948 3,415 (318 ) 47,045 9 CLO 7,044 15 (188 ) 6,871 — ABS 4,967 164 (20 ) 5,111 2 CMBS 2,639 130 (4 ) 2,765 7 RMBS 6,698 565 (9 ) 7,254 12 Total AFS securities 66,866 4,577 (540 ) 70,903 30 AFS securities – related party Corporate 23 1 — 24 — CLO 834 1 (17 ) 818 — ABS 1,490 36 — 1,526 — Total AFS securities – related party 2,347 38 (17 ) 2,368 — Total AFS securities including related party $ 69,213 $ 4,615 $ (557 ) $ 73,271 $ 30 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: September 30, 2019 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 1,117 $ 1,122 Due after one year through five years 9,246 9,540 Due after five years through ten years 11,319 11,907 Due after ten years 23,836 26,333 CLO, ABS, CMBS and RMBS 21,348 22,001 Total AFS securities 66,866 70,903 AFS securities – related party Due in one year or less 5 5 Due after one year through five years 18 19 CLO and ABS 2,324 2,344 Total AFS securities – related party 2,347 2,368 Total AFS securities including related party $ 69,213 $ 73,271 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: September 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 13 — 22 (1 ) 35 (1 ) Corporate 1,808 (215 ) 1,313 (103 ) 3,121 (318 ) CLO 3,128 (69 ) 2,354 (119 ) 5,482 (188 ) ABS 435 (5 ) 245 (15 ) 680 (20 ) CMBS 110 (2 ) 99 (2 ) 209 (4 ) RMBS 468 (7 ) 78 (2 ) 546 (9 ) Total AFS securities 5,962 (298 ) 4,113 (242 ) 10,075 (540 ) AFS securities – related party CLO 400 (8 ) 181 (9 ) 581 (17 ) Total AFS securities – related party 400 (8 ) 181 (9 ) 581 (17 ) Total AFS securities including related party $ 6,362 $ (306 ) $ 4,294 $ (251 ) $ 10,656 $ (557 ) 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 September 30, 2019 , we held 1,411 AFS securities that were in an unrealized loss position. Of this total, 484 were in an unrealized loss position 12 months or more. As of September 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 nine months ended September 30, 2019 , we incurred $32 million of net OTTI, of which $19 million related to intent-to-sell impairments. The net remaining OTTI of $13 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 September 30, Nine months ended September 30, (In millions) 2019 2018 2019 2018 Beginning balance $ 13 $ 7 $ 10 $ 14 Initial impairments – credit loss OTTI recognized on securities not previously impaired 9 3 11 4 Additional impairments – credit loss OTTI recognized on securities previously impaired 1 1 2 1 Reduction in impairments from securities sold, matured or repaid — (1 ) — (9 ) Ending balance $ 23 $ 10 $ 23 $ 10 Net Investment Income —Net investment income by asset class consists of the following: Three months ended September 30, Nine months ended September 30, (In millions) 2019 2018 2019 2018 AFS securities $ 760 $ 730 $ 2,276 $ 2,117 Trading securities 48 52 139 150 Equity securities 4 4 11 8 Mortgage loans 173 120 483 315 Investment funds 76 56 188 179 Funds withheld at interest 106 169 403 301 Other 32 28 116 74 Investment revenue 1,199 1,159 3,616 3,144 Investment expenses (129 ) (89 ) (319 ) (261 ) Net investment income $ 1,070 $ 1,070 $ 3,297 $ 2,883 Investment Related Gains (Losses) —Investment related gains (losses) by asset class consists of the following: Three months ended September 30, Nine months ended September 30, (In millions) 2019 2018 2019 2018 AFS securities Gross realized gains on investment activity $ 47 $ 56 $ 120 $ 128 Gross realized losses on investment activity (21 ) (50 ) (38 ) (93 ) Net realized investment gains on AFS securities 26 6 82 35 Net recognized investment gains (losses) on trading securities 48 (49 ) 176 (214 ) Net recognized investment gains (losses) on equity securities (3 ) (2 ) 16 2 Derivative gains 620 860 3,493 722 Other gains (losses) (3 ) 1 9 33 Investment related gains (losses) $ 688 $ 816 $ 3,776 $ 578 Proceeds from sales of AFS securities were $852 million and $1,278 million for the three months ended September 30, 2019 and 2018 , respectively, and $4,063 million and $4,216 million for the nine months ended September 30, 2019 and 2018 , respectively. Proceeds from sales of AFS securities for the three and nine months ended September 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 September 30, Nine months ended September 30, (In millions) 2019 2018 2019 2018 Trading securities $ 46 $ (8 ) $ 215 $ (118 ) Trading securities – related party 3 (12 ) (13 ) (18 ) VIE trading securities – related party 1 — 2 1 Equity securities — (2 ) 20 2 VIE equity securities – related party — 13 (2 ) (26 ) Purchased Credit Impaired (PCI) Investments —The following table summarizes our PCI investments: Fixed maturity securities Mortgage loans (In millions) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Contractually required payments receivable $ 7,017 $ 8,179 $ 3,591 $ 2,675 Less: Cash flows expected to be collected 1 (6,178 ) (7,195 ) (3,519 ) (2,628 ) Non-accretable difference $ 839 $ 984 $ 72 $ 47 Cash flows expected to be collected 1 $ 6,178 $ 7,195 $ 3,519 $ 2,628 Less: Amortized cost (4,921 ) (5,518 ) (2,633 ) (1,931 ) Accretable difference $ 1,257 $ 1,677 $ 886 $ 697 Fair value $ 5,376 $ 5,828 $ 2,804 $ 1,933 Outstanding balance 6,090 6,773 2,975 2,210 1 Represents the undiscounted principal and interest cash flows expected. During the nine months ended September 30, 2019 , we acquired PCI investments with the following amounts at the time of purchase: (In millions) Fixed maturity securities Mortgage loans Contractually required payments receivable $ 141 $ 1,163 Cash flows expected to be collected 117 1,126 Fair value 105 905 The following table summarizes the activity for the accretable yield on PCI investments: Three months ended September 30, 2019 Nine months ended September 30, 2019 (In millions) Fixed maturity securities Mortgage loans Fixed maturity securities Mortgage loans Beginning balance $ 1,382 $ 860 $ 1,677 $ 697 Purchases of PCI investments, net of sales (1 ) 2 5 155 Accretion (64 ) (22 ) (236 ) (83 ) Net reclassification from (to) non-accretable difference (60 ) 46 (189 ) 117 Ending balance at September 30 $ 1,257 $ 886 $ 1,257 $ 886 Reverse Repurchase Agreements — Reverse repurchase agreements represent the purchase of investments from a seller with the agreement that the investments will be repurchased by the seller at a specified price and date or within a specified period of time. The investments purchased, which represent collateral on a secured lending arrangement, are not reflected in our condensed consolidated balance sheets; however, the secured lending arrangement is recorded as a short-term investment for the principal amount loaned under the agreement. As of September 30, 2019 and December 31, 2018 , amounts loaned under reverse repurchase agreements were $190 million and $0 million , respectively, and collateral received was $612 million and $0 million , respectively. Mortgage Loans, including related party —Mortgage loans, net of allowances, consists of the following: (In millions) September 30, 2019 December 31, 2018 Commercial mortgage loans $ 9,593 $ 7,217 Commercial mortgage loans under development 108 80 Total commercial mortgage loans 9,701 7,297 Residential mortgage loans 4,417 3,334 Mortgage loans, net of allowances $ 14,118 $ 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: September 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 $ 2,673 27.6 % $ 2,221 30.5 % Retail 2,167 22.4 % 1,660 22.7 % Hotels 1,028 10.6 % 1,040 14.3 % Industrial 1,382 14.2 % 1,196 16.4 % Apartment 1,749 18.0 % 791 10.8 % Other commercial 702 7.2 % 389 5.3 % Total commercial mortgage loans $ 9,701 100.0 % $ 7,297 100.0 % U.S. Region East North Central $ 961 9.9 % $ 855 11.7 % East South Central 435 4.5 % 295 4.0 % Middle Atlantic 2,185 22.5 % 1,131 15.5 % Mountain 667 6.9 % 616 8.4 % New England 346 3.6 % 374 5.1 % Pacific 2,400 24.7 % 1,540 21.1 % South Atlantic 1,678 17.3 % 1,468 20.2 % West North Central 174 1.8 % 173 2.4 % West South Central 771 7.9 % 845 11.6 % Total U.S. Region 9,617 99.1 % 7,297 100.0 % International Region 84 0.9 % — — % Total commercial mortgage loans $ 9,701 100.0 % $ 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: September 30, 2019 December 31, 2018 U.S. States California 27.9 % 30.3 % Florida 12.8 % 16.3 % Texas 5.9 % 3.3 % New York 3.4 % 7.7 % Other 1 37.5 % 42.4 % Total U.S. residential mortgage loan percentage 87.5 % 100.0 % International 12.5 % — % 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 September 30, 2019 and December 31, 2018 . We did not record any material activity in the valuation allowance during the nine months ended September 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 September 30, 2019 and December 31, 2018 , $64 million and $48 million , respectively, of our residential mortgage loans were nonperforming. Commercial mortgage loans – As of September 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) September 30, 2019 December 31, 2018 Less than 50% $ 2,525 $ 1,883 50% to 60% 2,403 1,988 61% to 70% 3,590 2,394 71% to 80% 1,075 898 81% to 100% — 54 Commercial mortgage loans $ 9,593 $ 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) September 30, 2019 December 31, 2018 Greater than 1.20x $ 8,301 $ 6,576 1.00x – 1.20x 625 474 Less than 1.00x 667 167 Commercial mortgage loans $ 9,593 $ 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 and natural resources. 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: September 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 $ 254 35.7 % $ 215 30.6 % Credit funds 161 22.6 % 172 24.5 % Private equity 231 32.5 % 253 36.0 % Real assets 65 9.1 % 56 7.9 % Natural resources 1 0.1 % 4 0.6 % Other — — % 3 0.4 % Total investment funds 712 100.0 % 703 100.0 % Investment funds – related parties Differentiated investments AmeriHome Mortgage Company, LLC (AmeriHome) 2 469 17.0 % 463 20.7 % Catalina Holdings Ltd. (Catalina) 270 9.7 % 233 10.4 % Athora Holding Ltd. (Athora) 2 127 4.6 % 105 4.7 % Venerable Holdings, Inc. (Venerable) 2 94 3.4 % 92 4.1 % Other 218 7.9 % 196 8.8 % Total differentiated investments 1,178 42.6 % 1,089 48.7 % Real estate 721 26.1 % 497 22.3 % Credit funds 378 13.7 % 316 14.2 % Private equity 69 2.5 % 18 0.8 % Real assets 155 5.6 % 145 6.5 % Natural resources 162 5.9 % 104 4.7 % Public equities 100 3.6 % 63 2.8 % Total investment funds – related parties 2,763 100.0 % 2,232 100.0 % Investment funds owned by consolidated VIEs MidCap FinCo Designated Activity Company (MidCap) 2 556 89.8 % 553 88.6 % Real estate 44 7.1 % 30 4.8 % Real assets 19 3.1 % 41 6.6 % Total investment funds owned by consolidated VIEs 619 100.0 % 624 100.0 % Total investment funds including related parties and funds owned by consolidated VIEs $ 4,094 $ 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 9 – 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: September 30, 2019 December 31, 2018 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 712 $ 1,237 $ 703 $ 1,329 Investment in related parties – investment funds 2,763 5,057 2,232 4,331 Assets of consolidated VIEs – investment funds 619 714 624 727 Investment in fixed maturity securities 22,541 21,888 21,188 21,139 Investment in related parties – fixed maturity securities 2,650 2,707 1,686 1,788 Investment in related parties – equity securities 381 381 120 120 Total non-consolidated investments $ 29,666 $ 31,984 $ 26,553 $ 29,434

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 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: September 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 2,811 $ 216 $ 17 2,041 $ 83 $ 55 Foreign currency forwards 1,130 9 5 85 — 1 Total derivatives designated as hedges 225 22 83 56 Derivatives not designated as hedges Equity options 49,288 2,123 8 49,821 942 11 Futures 8 7 1 4 9 3 Total return swaps 70 — 1 62 — 3 Foreign currency swaps 38 3 — 38 3 2 Interest rate swaps 310 — 2 326 — 1 Credit default swaps 10 — 4 10 — 4 Foreign currency forwards 1,718 28 8 646 6 5 Embedded derivatives Funds withheld including related party — 1,459 35 — (53 ) (1 ) Interest sensitive contract liabilities — — 10,273 — — 7,969 Total derivatives not designated as hedges 3,620 10,332 907 7,997 Total derivatives $ 3,845 $ 10,354 $ 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 September 30, 2019 and 2018 , we had foreign currency swap gains of $124 million and $7 million , respectively, recorded in AOCI. During the nine months ended September 30, 2019 and 2018 , we had foreign currency swap gains of $171 million and $52 million , respectively, recorded in AOCI. There were no amounts reclassified to income and no amounts deemed ineffective for the nine months ended September 30, 2019 and 2018 . As of September 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 September 30, 2019 and December 31, 2018 , the carrying amount of the hedged AFS securities was $347 million and $88 million , respectively, and the cumulative amount of fair value hedging adjustments included in the hedged AFS securities included losses of $11 million and gains of $1 million , respectively. The gains and losses on derivatives and the related hedged items in fair value hedge relationships are recorded in investment related gains (losses) on the condensed consolidated statements of income. The derivatives had gains of $13 million during the three months ended September 30, 2019 and $13 million for the nine months ended September 30, 2019 , and t he related hedged items had losses of $11 million during the three months ended September 30, 2019 and $12 million for the nine months ended September 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 September 30, Nine months ended September 30, (In millions) 2019 2018 2019 2018 Equity options $ 77 $ 756 $ 1,365 $ 703 Futures (3 ) 1 (17 ) (3 ) Swaps 8 1 37 (6 ) Foreign currency forwards 42 3 47 10 Embedded derivatives on funds withheld 496 99 2,061 18 Amounts recognized in investment related gains (losses) 620 860 3,493 722 Embedded derivatives in indexed annuity products 1 (265 ) (469 ) (1,920 ) (178 ) Total gains (losses) on derivatives not designated as hedges $ 355 $ 391 $ 1,573 $ 544 1 Included in interest sensitive contract benefits on the condensed consolidated statements of income. 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 September 30, 2019 Derivative assets $ 2,386 $ (42 ) $ (2,323 ) $ 21 $ — $ 21 Derivative liabilities (46 ) 42 13 9 — 9 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 September 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	9 Months Ended
	Sep. 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: September 30, 2019 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities U.S. government and agencies $ 37 $ — $ 37 $ — $ — U.S. state, municipal and political subdivisions 1,492 — — 1,452 40 Foreign governments 328 — — 328 — Corporate 47,045 — — 46,098 947 CLO 6,871 — — 6,740 131 ABS 5,111 — — 3,823 1,288 CMBS 2,765 — — 2,434 331 RMBS 7,254 — — 7,254 — Total AFS securities 70,903 — 37 68,129 2,737 Trading securities U.S. government and agencies 6 — 3 3 — U.S. state, municipal and political subdivisions 140 — — 140 — Foreign governments 24 — — 24 — Corporate 1,701 — — 1,701 — CLO 32 — — 26 6 ABS 92 — — 9 83 CMBS 51 — — 51 — RMBS 365 — — 274 91 Total trading securities 2,411 — 3 2,228 180 Equity securities 359 — 45 313 1 Mortgage loans 28 — — — 28 Investment funds 156 134 — — 22 Funds withheld at interest – embedded derivative 804 — — — 804 Derivative assets 2,386 — 7 2,379 — Short-term investments 571 — 54 291 226 Other investments 64 — — 64 — Cash and cash equivalents 3,833 — 3,833 — — Restricted cash 199 — 199 — — Investments in related parties AFS securities Corporate 24 — — 24 — CLO 818 — — 818 — ABS 1,526 — — 532 994 Total AFS securities – related party 2,368 — — 1,374 994 Trading securities CLO 82 — — 41 41 ABS 224 — — — 224 Total trading securities – related party 306 — — 41 265 Equity securities 381 — — — 381 Investment funds 249 122 — — 127 Funds withheld at interest – embedded derivative 655 — — — 655 Reinsurance recoverable 1,954 — — — 1,954 Assets of consolidated VIEs Trading securities 19 — — — 19 Equity securities 6 — — — 6 Investment funds 569 556 — — 13 Cash and cash equivalents 3 — 3 — — Total assets measured at fair value $ 88,224 $ 812 $ 4,181 $ 74,819 $ 8,412 (Continued) September 30, 2019 (In millions) Total NAV Level 1 Level 2 Level 3 Liabilities Interest sensitive contract liabilities Embedded derivative $ 10,273 $ — $ — $ — $ 10,273 Universal life benefits 1,142 — — — 1,142 Future policy benefits AmerUs Life Insurance Company (AmerUs) Closed Block 1,572 — — — 1,572 Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits 797 — — — 797 Derivative liabilities 46 — 1 41 4 Funds withheld liability – embedded derivative 35 — — 35 — Total liabilities measured at fair value $ 13,865 $ — $ 1 $ 76 $ 13,788 (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 at interest 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 modco and 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 September 30, Nine months ended September 30, (In millions) 2019 2018 2019 2018 Trading securities $ 48 $ (49 ) $ 176 $ (213 ) Mortgage loans — — 1 — Investment funds 3 13 3 28 Future policy benefits (37 ) 21 (129 ) 156 Total gains (losses) $ 14 $ (15 ) $ 51 $ (29 ) 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) September 30, 2019 December 31, 2018 Unpaid principal balance $ 25 $ 30 Mark to fair value 3 2 Fair value $ 28 $ 32 There were no fair value option mortgage loans 90 days or more past due as of September 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 September 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 821 (3 ) 10 189 1 (71 ) 947 — CLO 200 — 1 34 — (104 ) 131 — ABS 1,396 1 12 16 — (137 ) 1,288 — CMBS 206 — 3 195 — (73 ) 331 — Trading securities Corporate 6 — — — — (6 ) — — CLO 7 (1 ) — — — — 6 — ABS 6 — — (1 ) 78 — 83 — RMBS 46 (5 ) — 15 35 — 91 (2 ) Equity securities 3 — — — — (2 ) 1 — Mortgage loans 32 — — (4 ) — — 28 — Investment funds 25 (1) — (2 ) — — 22 (1) Funds withheld at interest – embedded derivative 704 100 — — — — 804 — Short-term investments 45 — — 181 — — 226 — Investments in related parties AFS securities CLO 37 — — — — (37 ) — — ABS 399 — 8 587 — — 994 — Trading securities CLO 74 (5 ) — (5 ) — (23 ) 41 — ABS 218 4 — 2 — — 224 5 Equity securities 344 6 — 31 — — 381 — Investment funds 127 — — — — — 127 — Funds withheld at interest – embedded derivative 501 154 — — — — 655 — Reinsurance recoverable 1,834 120 — — — — 1,954 — Investments of consolidated VIEs Trading securities 21 — — (2 ) — — 19 — Equity securities 6 — — — — — 6 — Investment funds 14 (1 ) — — — — 13 1 Total Level 3 assets $ 7,112 $ 369 $ 34 $ 1,236 $ 114 $ (453 ) $ 8,412 $ 3 Liabilities Interest sensitive contract liabilities Embedded derivative $ (9,905 ) $ (265 ) $ — $ (103 ) $ — $ — $ (10,273 ) $ — Universal life benefits (1,051 ) (91 ) — — — — (1,142 ) — Future policy benefits AmerUs Closed Block (1,535 ) (37 ) — — — — (1,572 ) — ILICO Closed Block and life benefits (769 ) (28 ) — — — — (797 ) — Derivative liabilities (4 ) — — — — — (4 ) — Total Level 3 liabilities $ (13,264 ) $ (421 ) $ — $ (103 ) $ — $ — $ (13,788 ) $ — 1 Related to instruments held at end of period. Three months ended September 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 $ 962 $ (1 ) $ (3 ) $ 110 $ 5 $ (109 ) $ 964 $ — CLO 281 — (1 ) 52 8 — 340 — ABS 1,447 1 1 55 161 (294 ) 1,371 — CMBS 197 — (1 ) — — (14 ) 182 — RMBS 7 — — — — (7 ) — — Trading securities U.S. state, municipal and political subdivisions 17 — — — — — 17 — Corporate 4 — — — — (4 ) — — CLO 26 (2 ) — (11 ) — (10 ) 3 1 ABS 89 1 — — — (90 ) — 1 RMBS 304 (19 ) — — — — 285 2 Equity securities 2 — — — — — 2 — Mortgage loans 38 — — (1 ) — — 37 — Investment funds 31 (1 ) — — — — 30 (1 ) Funds withheld at interest – embedded derivative 150 1 — — — — 151 — Investments in related parties AFS securities CLO 39 — (1 ) — — — 38 — ABS 50 — — 281 — — 331 — Trading securities CLO 114 (7 ) — — — (31 ) 76 (5 ) ABS 164 (4 ) — (9 ) — — 151 (4 ) Investment funds 105 — — — — — 105 — Funds withheld at interest – embedded derivative 162 (71 ) — — — — 91 — Short-term investments 10 — — — — — 10 — Reinsurance recoverable 1,717 (38 ) — — — — 1,679 — Investments of consolidated VIEs Trading securities 48 — — — — — 48 — Equity securities 26 (1 ) — — — — 25 (1 ) Investment funds 1 — — 14 — — 15 — Total Level 3 assets $ 5,991 $ (141 ) $ (5 ) $ 491 $ 174 $ (559 ) $ 5,951 $ (7 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (8,088 ) $ (469 ) $ — $ (102 ) $ — $ — $ (8,659 ) $ — Universal life benefits (943 ) 42 — — — — (901 ) — Future policy benefits AmerUs Closed Block (1,490 ) 21 — — — — (1,469 ) — ILICO Closed Block and life benefits (759 ) (5 ) — — — — (764 ) — Derivative liabilities (5 ) 1 — — — — (4 ) — Total Level 3 liabilities $ (11,285 ) $ (410 ) $ — $ (102 ) $ — $ — $ (11,797 ) $ — 1 Related to instruments held at end of period. Nine months ended September 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 (2 ) 20 164 1 (134 ) 947 — CLO 107 — 3 60 — (39 ) 131 — ABS 1,615 6 43 43 — (419 ) 1,288 — CMBS 187 1 7 154 — (18 ) 331 — RMBS 56 — 4 2 — (62 ) — — Trading securities CLO 1 (1 ) — — 6 — 6 6 ABS — — — 5 78 — 83 — RMBS 134 (13 ) — 15 34 (79 ) 91 3 Equity securities 3 — — — — (2 ) 1 — Mortgage loans 32 1 — (5 ) — — 28 1 Investment funds 29 (2 ) — (5 ) — — 22 (2 ) Funds withheld at interest – embedded derivative 57 747 — — — — 804 — Short-term investments — — — 226 — — 226 — Investments in related parties AFS securities, ABS 328 — 21 748 — (103 ) 994 — Trading securities CLO 78 (6 ) — (14 ) 18 (35 ) 41 2 ABS 149 (13 ) — (15 ) 103 — 224 (13 ) Equity securities 120 18 — 243 — — 381 — Investment funds 105 3 — 19 — — 127 3 Funds withheld at interest – embedded derivative (110 ) 765 — — — — 655 — Reinsurance recoverable 1,676 278 — — — — 1,954 — Investments of consolidated VIEs Trading securities 35 (1) — (40 ) 25 — 19 — Equity securities 13 (3 ) — (4 ) — — 6 (2 ) Investment funds 15 (2 ) — — — — 13 — Total Level 3 assets $ 5,528 $ 1,776 $ 98 $ 1,636 $ 265 $ (891 ) $ 8,412 $ (2 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,969 ) $ (1,920 ) $ — $ (384 ) $ — $ — $ (10,273 ) $ — Universal life benefits (932 ) (210 ) — — — — (1,142 ) — Future policy benefits AmerUs Closed Block (1,443 ) (129 ) — — — — (1,572 ) — ILICO Closed Block and life benefits (730 ) (67 ) — — — — (797 ) — Derivative liabilities (4 ) — — — — — (4 ) — Total Level 3 liabilities $ (11,078 ) $ (2,326 ) $ — $ (384 ) $ — $ — $ (13,788 ) $ — 1 Related to instruments held at end of period. Nine months ended September 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 ) $ (12 ) $ 385 $ 24 $ (8 ) $ 964 $ — CLO 64 2 — 264 10 — 340 — ABS 1,457 6 (17 ) (56 ) 161 (180 ) 1,371 — CMBS 137 1 (2 ) 137 — (91 ) 182 — RMBS 301 3 (11 ) (26 ) — (267 ) — — Trading securities U.S. state, municipal and political subdivisions 17 — — — — — 17 — CLO 17 (5 ) — — — (9 ) 3 (3 ) ABS 77 (4 ) — — — (73 ) — (2 ) RMBS 342 (57 ) — — — — 285 4 Equity securities 8 1 — (7 ) — — 2 1 Mortgage loans 41 — — (4 ) — — 37 — Investment funds 41 (4 ) — (7 ) — — 30 — Funds withheld at interest – embedded derivative 312 (161 ) — — — — 151 — Investments in related parties AFS Securities CLO — — — 38 — — 38 — ABS 4 — — 327 — — 331 — Trading securities CLO 105 (8 ) — (18 ) 18 (21 ) 76 (4 ) ABS — — — — 151 — 151 — Investment funds — (3 ) — 108 — — 105 — Funds withheld at interest – embedded derivative — 91 — — — — 91 — Short-term investments — — — 10 — — 10 — Reinsurance recoverable 1,824 (145 ) — — — — 1,679 — Investments of consolidated VIEs Trading securities 48 1 — (1 ) — — 48 1 Equity securities 28 (3 ) — — — — 25 (3 ) Investment funds 21 (3 ) — (3 ) — — 15 (3 ) Total Level 3 assets $ 5,422 $ (291 ) $ (42 ) $ 1,147 $ 364 $ (649 ) $ 5,951 $ (9 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,411 ) $ (178 ) $ — $ (1,070 ) $ — $ — $ (8,659 ) $ — Universal life benefits (1,005 ) 104 — — — — (901 ) — Future policy benefits AmerUs Closed Block (1,625 ) 156 — — — — (1,469 ) — ILICO Closed Block and life benefits (803 ) 39 — — — — (764 ) — Derivative liabilities (5 ) 1 — — — — (4 ) — Total Level 3 liabilities $ (10,849 ) $ 122 $ — $ (1,070 ) $ — $ — $ (11,797 ) $ — 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 September 30, 2019 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Assets AFS securities Corporate $ 199 $ — $ — $ (10 ) $ 189 CLO 37 — — (3 ) 34 ABS 64 — (21 ) (27 ) 16 CMBS 251 — (4 ) (52 ) 195 Trading securities ABS — — — (1 ) (1 ) RMBS 15 — — — 15 Mortgage loans — — — (4 ) (4 ) Investment funds — — (2 ) — (2 ) Short-term investments 200 — — (19 ) 181 Investments in related parties AFS securities, ABS 587 — — — 587 Trading securities CLO — — (5 ) — (5 ) ABS 2 — — — 2 Equity securities 31 — — — 31 Investments of consolidated VIEs Trading securities — — (2 ) — (2 ) Total Level 3 assets $ 1,386 $ — $ (34 ) $ (116 ) $ 1,236 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (222 ) $ — $ 119 $ (103 ) Total Level 3 liabilities $ — $ (222 ) $ — $ 119 $ (103 ) Three months ended September 30, 2018 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Assets AFS securities Corporate $ 156 $ — $ (15 ) $ (31 ) $ 110 CLO 79 — (8 ) (19 ) 52 ABS 111 — — (56 ) 55 CMBS 1 — — (1 ) — Trading securities, CLO — — (11 ) — (11 ) Mortgage loans — — — (1 ) (1 ) Investments in related parties AFS securities, ABS 281 — — — 281 Trading securities, ABS — — — (9 ) (9 ) Investments of consolidated VIEs Investment funds 14 — — — 14 Total Level 3 assets $ 642 $ — $ (34 ) $ (117 ) $ 491 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (213 ) $ — $ 111 $ (102 ) Total Level 3 liabilities $ — $ (213 ) $ — $ 111 $ (102 ) Nine months ended September 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 277 — (2 ) (111 ) 164 CLO 64 — — (4 ) 60 ABS 260 — (41 ) (176 ) 43 CMBS 252 — (4 ) (94 ) 154 RMBS 2 — — — 2 Trading securities ABS 6 — — (1 ) 5 RMBS 15 — — — 15 Mortgage loans — — — (5 ) (5 ) Investment funds — — (5 ) — (5 ) Short-term investments 248 — — (22 ) 226 Investments in related parties AFS securities, ABS 757 — — (9 ) 748 Trading securities CLO — — (14 ) — (14 ) ABS — — — (15 ) (15 ) Equity securities 243 — — — 243 Investment funds 19 — — — 19 Investments of consolidated VIEs Trading securities — — (40 ) — (40 ) Equity securities — — (4 ) — (4 ) Total Level 3 assets $ 2,183 $ — $ (110 ) $ (437 ) $ 1,636 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (756 ) $ — $ 372 $ (384 ) Total Level 3 liabilities $ — $ (756 ) $ — $ 372 $ (384 ) Nine months ended September 30, 2018 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Assets AFS securities Corporate $ 460 $ — $ (29 ) $ (46 ) $ 385 CLO 314 — (8 ) (42 ) 264 ABS 353 — (21 ) (388 ) (56 ) CMBS 138 — — (1 ) 137 RMBS — — — (26 ) (26 ) Trading securities, CLO 7 — (7 ) — — Equity securities 1 — (8 ) — (7 ) Mortgage loans — — — (4 ) (4 ) Investment funds — — — (7 ) (7 ) Investments in related parties AFS securities CLO 38 — — — 38 ABS 327 — — — 327 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 14 — (17 ) — (3 ) Total Level 3 assets $ 1,800 $ — $ (139 ) $ (514 ) $ 1,147 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (1,343 ) $ — $ 273 $ (1,070 ) Total Level 3 liabilities $ — $ (1,343 ) $ — $ 273 $ (1,070 ) 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 September 30, 2019 , discounts ranged from 3% to 9% , 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: September 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 $ 10,273 Option budget method Nonperformance risk 0.0 % – 1.3% Decrease Option budget 0.7 % – 3.7% Increase Surrender rate 3.4 % – 8.1% 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: September 30, 2019 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Mortgage loans $ 13,437 $ 13,918 $ — $ — $ — $ 13,918 Investment funds 556 556 556 — — — Policy loans 466 466 — — 466 — Funds withheld at interest 14,476 14,476 — — — 14,476 Other investments 66 66 — — — 66 Investments in related parties Mortgage loans 653 645 — — — 645 Investment funds 2,514 2,514 2,514 — — — Funds withheld at interest 12,905 12,905 — — — 12,905 Other investments 387 419 — — — 419 Assets of consolidated VIEs Investment funds 50 50 50 — — — Total financial assets not carried at fair value $ 45,510 $ 46,015 $ 3,120 $ — $ 466 $ 42,429 Financial liabilities Interest sensitive contract liabilities $ 56,391 $ 57,241 $ — $ — $ — $ 57,241 Long-term debt 992 1,029 — — 1,029 — Funds withheld liability 733 733 — — 733 — Total financial liabilities not carried at fair value $ 58,116 $ 59,003 $ — $ — $ 1,762 $ 57,241 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

Deferred Acquisition Costs, Def

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired	9 Months Ended
	Sep. 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 521 187 — 708 Unlocking (117 ) (9 ) (24 ) (150 ) Amortization (637 ) (29 ) (37 ) (703 ) Impact of unrealized investment (gains) losses (458 ) (141 ) (203 ) (802 ) Balance at September 30, 2019 $ 3,230 $ 807 $ 923 $ 4,960 (In millions) DAC DSI VOBA Total Balance at December 31, 2017 $ 1,375 $ 520 $ 1,077 $ 2,972 Additions 1,791 197 — 1,988 Unlocking 21 7 54 82 Amortization (146 ) (73 ) (136 ) (355 ) Impact of unrealized investment (gains) losses 113 48 158 319 Balance at September 30, 2018 $ 3,154 $ 699 $ 1,153 $ 5,006

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	6. Debt Short-term Borrowing —In the fourth quarter of 2019, we borrowed $300 million from the Federal Home Loan Bank (FHLB) through their variable rate short-term federal funds program. The borrowing matures on May 4, 2020 and carries an interest rate of 1.79% , with interest due at maturity. In connection with such borrowing, the FHLB requires the borrower to purchase member stock and post sufficient collateral to secure the borrowing. See Note 10 – Commitments and Contingencies for further discussion regarding existing collateral posting with the FHLB.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	7. Earnings Per Share The following represents our basic and diluted earnings per share (EPS) calculations, which are calculated using unrounded amounts: Three months ended September 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 available to Athene Holding Ltd. common shareholders – basic and diluted $ 227 $ 38 $ 5 $ 1 $ 2 $ 3 Basic weighted average shares outstanding 151.6 25.4 3.3 0.8 1.0 2.2 Dilutive effect of stock compensation plans 0.4 — — — — 0.3 Diluted weighted average shares outstanding 152.0 25.4 3.3 0.8 1.0 2.5 Earnings per share Basic $ 1.50 $ 1.50 $ 1.50 $ 1.50 $ 1.50 $ 1.50 Diluted $ 1.50 $ 1.50 $ 1.50 $ 1.50 $ 1.50 $ 1.29 Three months ended September 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 available to Athene Holding Ltd. common shareholders – basic and diluted $ 519 $ 80 $ 11 $ 3 $ 3 $ 7 Basic weighted average shares outstanding 164.5 25.5 3.4 0.8 1.0 2.1 Dilutive effect of stock compensation plans 0.5 — — — — 0.6 Diluted weighted average shares outstanding 165.0 25.5 3.4 0.8 1.0 2.7 Earnings per share Basic $ 3.16 $ 3.16 $ 3.16 $ 3.16 $ 3.16 $ 3.16 Diluted $ 3.15 $ 3.16 $ 3.16 $ 3.16 $ 3.16 $ 2.42 Nine months ended September 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 available to Athene Holding Ltd. common shareholders – basic and diluted $ 1,411 $ 228 $ 30 $ 7 $ 9 $ 19 Basic weighted average shares outstanding 157.2 25.4 3.3 0.8 1.0 2.2 Dilutive effect of stock compensation plans 0.4 — — — — 0.3 Diluted weighted average shares outstanding 157.6 25.4 3.3 0.8 1.0 2.5 Earnings per share Basic $ 8.97 $ 8.97 $ 8.97 $ 8.97 $ 8.97 $ 8.97 Diluted $ 8.95 $ 8.97 $ 8.97 $ 8.97 $ 8.97 $ 7.77 Nine months ended September 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 available to Athene Holding Ltd. common shareholders – basic and diluted $ 934 $ 180 $ 20 $ 5 $ 6 $ 12 Basic weighted average shares outstanding 159.3 30.6 3.4 0.8 1.0 2.1 Dilutive effect of stock compensation plans 0.5 — — — — 0.7 Diluted weighted average shares outstanding 159.8 30.6 3.4 0.8 1.0 2.8 Earnings per share Basic $ 5.86 $ 5.86 $ 5.86 $ 5.86 $ 5.86 $ 5.86 Diluted $ 5.85 $ 5.86 $ 5.86 $ 5.83 $ 5.83 $ 4.36 We use the two-class method for allocating net income available to Athene Holding Ltd. common shareholders 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 32.0 million and 35.1 million shares, restricted stock units and options as of September 30, 2019 and 2018 , respectively.

Equity

Equity	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Accumulated Other Comprehensive Income	8. 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 (Series A). During the third quarter of 2019, we declared and paid dividends of $485.07 per Series A share and $17 million in the aggregate. On September 19, 2019, we issued 13,800 5.625% Fixed Rate Perpetual Non-Cumulative Preference Shares, Series B, par value of $1.00 per share with a liquidation preference of $25,000 per share (Series B). Preferred stock dividends are 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. Preferred stock ranks senior to our common stock with respect to dividends, to the extent declared, and in liquidation, to the extent of liquidation preference. Share Repurchase Authorization — In December 2018, our board of directors approved an authorization of $250 million 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 of $247 million , 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 Series A 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 Series A preferred stock. During the third quarter of 2019, our board of directors authorized a $350 million increase in our share repurchase authorization. During the fourth quarter of 2019, our board of directors authorized a $600 million increase in our share repurchase authorization in connection with the Apollo Share Exchange and Related Transactions. See Note 9 – Related Parties for further discussion on these transactions. 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 Third additional authorization 350 Repurchases (544 ) Remaining authorization at September 30, 2019 323 Fourth additional authorization 600 Repurchases (283 ) Remaining authorization at November 5, 2019 $ 640 Acc umulated Other Comprehensive Income (Loss)— The following provides the details of AOCI and changes in AOCI: (In millions) September 30, 2019 December 31, 2018 AFS securities $ 4,099 $ (766 ) DAC, DSI, VOBA and future policy benefits adjustments on AFS securities (1,227 ) 154 Noncredit component of OTTI losses on AFS securities (30 ) (19 ) Hedging instruments 222 51 Pension adjustments (3 ) (2 ) Foreign currency translation adjustments (4 ) (3 ) Accumulated other comprehensive income (loss), before taxes 3,057 (585 ) Deferred income taxes (615 ) 113 Accumulated other comprehensive income (loss) $ 2,442 $ (472 ) Changes in AOCI are presented below: Three months ended September 30, Nine months ended September 30, (In millions) 2019 2018 2019 2018 Unrealized investment gains (losses) on AFS securities Unrealized investment gains (losses) on AFS securities $ 1,141 $ (191 ) $ 4,899 $ (2,362 ) Change in DAC, DSI, VOBA and future policy benefits adjustment (390 ) 57 (1,381 ) 665 Less: Reclassification adjustment for gains (losses) realized in net income 1 7 6 34 36 Less: Income tax expense (benefit) 152 (24 ) 694 (328 ) Net unrealized investment gains (losses) on AFS securities 592 (116 ) 2,790 (1,405 ) Noncredit component of OTTI losses on AFS securities Noncredit component of OTTI losses on AFS securities (9 ) (4 ) (10 ) (4 ) Less: Reclassification adjustment for losses realized in net income 1 — — 1 — Less: Income tax benefit (2 ) (1 ) (2 ) (1 ) Net noncredit component of OTTI losses on AFS securities (7 ) (3 ) (9 ) (3 ) Unrealized gains (losses) on hedging instruments Unrealized gains (losses) on hedging instruments 124 7 171 52 Less: Income tax expense 26 2 36 11 Net unrealized gains (losses) on hedging instruments 98 5 135 41 Pension adjustments — — (1 ) 3 Foreign currency translation adjustments (1 ) — (1 ) (10 ) Change in AOCI from other comprehensive income (loss) 682 (114 ) 2,914 (1,374 ) Adoption of accounting standards — — — (42 ) Change in AOCI $ 682 $ (114 ) $ 2,914 $ (1,416 ) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income.

Related Parties

Related Parties	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Related Parties	9. Related Parties Apollo Current fee structure – Substantially all of our investments are managed by Apollo, which 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 AGM’s wholly owned subsidiary, Athene Asset Management LLC (AAM, now known as Apollo Insurance Solutions Group LLC (ISG)) (Fee Agreement). Under the Fee Agreement, effective retroactive to January 1, 2019, we pay Apollo: (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 of $103.4 billion (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, 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 (Incremental 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, except for percentages) September 30, 2019 Percent of Total Core $ 33,514 26.8 % Core Plus 31,770 25.4 % Yield 46,081 36.8 % High Alpha 4,347 3.5 % Other 9,426 7.5 % Total sub-allocation assets $ 125,138 100.0 % Additionally, the Fee Agreement provides for a possible payment by Apollo to us, or a possible payment by us to Apollo, 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, fees payable to Apollo for sub-advisory services are encompassed within the current fee structure and are no longer paid separately as sub-advisory fees (as defined below). See – Historical fee structure below for further discussion of the prior fee structure. During the three months ended September 30, 2019 and 2018 , we incurred management fees of $127 million and $88 million , respectively. During the nine months ended September 30, 2019 and 2018 , we incurred management fees of $313 million and $257 million , respectively. Management fees are included within net investment income on the condensed consolidated statements of income. As of September 30, 2019 and December 31, 2018 , management fees payable were $81 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 Master Sub-Advisory Agreements (MSAAs) with certain Apollo affiliates to sub-advise AAM with respect to a portion of our assets, with the fees recharged to us, in addition to the gross fee paid to AAM as described above. The MSAAs 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 the applicable Apollo subsidiary, 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 the applicable Apollo subsidiary 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 the applicable Apollo subsidiary or (ii) the fees being charged by the applicable Apollo subsidiary 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 the applicable Apollo subsidiary and the applicable Apollo subsidiary 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 the applicable Apollo subsidiary are unfair and excessive, the applicable Apollo subsidiary 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 the applicable Apollo subsidiary, on a date other than an IMA Termination Effective Date, as a result of either (i) a material violation of law relating to the applicable Apollo subsidiary’s advisory business, or (ii) the applicable Apollo subsidiary’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), the applicable Apollo subsidiary 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 ISG, receives remuneration from acting as Chief Executive Officer of ISG, and owns a profits interest in ISG. 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 $469 million and $463 million as of September 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 $254 million and $722 million of residential mortgage loans under this agreement during the nine months ended September 30, 2019 and 2018 , respectively. Additionally, we hold ABS securities issued by AmeriHome affiliates of $124 million and $121 million as of September 30, 2019 and December 31, 2018 , respectively, which are included in related party AFS securities on the condensed consolidated balances sheets. We also have commitments to make additional equity investments in A-A Mortgage of $169 million as of September 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 September 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 $795 million and $792 million as of September 30, 2019 and December 31, 2018 , respectively. Additionally, we hold ABS and CLO securities issued by MidCap affiliates of $620 million and $226 million as of September 30, 2019 and December 31, 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 party 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 September 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 September 30, 2019 and December 31, 2018 , respectively. Additionally, as of September 30, 2019 and December 31, 2018 , we had $158 million and $166 million , respectively, of funding agreements outstanding to Athora . We also have commitments to make additional equity investments in Athora of $443 million as of September 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 $94 million and $92 million as of September 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 parent of Venerable, which is the parent of VIAC. Additionally, as of September 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. 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 ISG and remain subject to our existing governance processes, including approval by our conflicts committee where applicable. As of September 30, 2019 and December 31, 2018 , we had $32 million and $16 million , respectively, of investments under the Strategic Partnership and these investments are classified as investment funds of consolidated VIEs. PK AirFinance – During the third quarter of 2019, we, Apollo and GE Capital (GE) entered into an agreement, pursuant to which we and Apollo agreed to purchase PK AirFinance (PK), an aviation lending business, including PK’s in force loan portfolio (Aviation Loans), from GE’s Aviation Services Unit. The Aviation Loans are generally fully secured by aircraft leases and aircraft. In connection with such transaction, Apollo is expected to acquire from GE the PK loan origination platform, including personnel and systems and, pursuant to certain agreements expected to be entered into between us, Apollo, and certain entities managed by Apollo (collectively, PK Transaction Agreements), the existing Aviation Loans will be acquired and securitized by a newly formed SPV for which Apollo will act as ABS manager (ABS-SPV). The ABS-SPV is expected to issue tranches of senior notes and subordinated notes, which will be secured by the Aviation Loans. Subject to customary closing conditions, we currently expect this agreement to close during the fourth quarter of 2019. In connection with the acquisition of the existing Aviation Loans by the ABS-SPV, it is expected that (i) a tranche of senior notes will be acquired by third-party investors and (ii) certain of our subsidiaries are expected to purchase mezzanine tranches of the senior notes and the subordinated notes. In addition to the investment in the senior notes and subordinated notes, it is expected that we will also have a right to acquire, whether directly, through the ABS-SPV or through a similar vehicle, all Aviation Loans originated by PK (Forward Flow Loans). All servicing and administrative costs and expenses of Apollo (determined at cost, without mark-up) that are incurred in connection with the sourcing, origination, servicing and maintaining the Forward Flow Loans, net of any service fees and servicing and administrative cost and expense reimbursement amounts received directly from the ABS-SPV or other entities investing in the Forward Flow Loans will be allocated to, and reimbursed by the ABS-SPV or us, as applicable, subject to an agreed-upon annual cap. In addition to the payment of the expenses described in the preceding paragraph and the base management fee paid to Apollo on all assets managed by Apollo, we expect to pay the following fees to Apollo or certain service providers that are affiliates of, or are companies managed by, Apollo in connection with the PK Transaction Agreements: (A) To Apollo, sub-allocation fees on the senior notes based on the rates applicable to Yield assets and sub-allocation fees on the subordinated notes based on the rates applicable to High Alpha assets. (B) To Redding Ridge Asset Management LLC, a company in which certain funds managed by Apollo have an interest, as consideration for assistance with the structuring, monitoring, support and maintenance of the securitization transactions, a one-time structuring fee, as well as ongoing support fees equal to 1.5 bps on the total capitalization amount and certain other fees, which may become due upon the occurrence of certain events; and (C) To Merx Aviation Servicing Limited, a company externally managed by Apollo Investment Management, L.P., with respect to certain diligence, technical support and enforcement, remarketing and restructuring services with respect to the existing Aviation Loans and the Forward Flow Loans, a one-time servicing fee, as well as certain special situations fees, which may become due upon the occurrence of certain events. Apollo/Athene Dedicated Investment Program (ADIP) – On October 1, 2019, we sold 67% of our economic interests in our subsidiary, Athene Co-Invest Reinsurance Affiliate 1A Ltd. (ACRA), to ADIP, which is managed by AGM, for $575 million . Apollo Share Exchange and Related Transactions – On October 27, 2019 we entered into a transaction agreement (Transaction Agreement) with AGM and certain affiliates of AGM which comprise the Apollo Operating Group (collectively, the AOG), pursuant to which, among other things, (i) we agreed to sell 27,959,184 new Class A common shares to the AOG for 29,154,519 new AOG units valued at approximately $1.2 billion (based on the closing market price of AGM’s Class A common shares on October 25, 2019 and representing a 2.3% premium to the closing price of our Class A common shares on October 25, 2019), (ii) we agreed to sell 7,575,758 new Class A common shares to the AOG for $350 million in cash (representing a 10% premium to the closing price of our Class A common shares on October 25, 2019) (collectively, (i) and (ii), Share Issuance), (iii) we agreed to grant AGM the right to purchase additional Class A common shares from the closing date of the Share Issuance (Closing Date) until 180 days thereafter to the extent AOG and certain affiliates, employees and consultants of AGM do not beneficially own at least 35% of the issued and outstanding Class A common shares (inclusive of Class A common shares over which any such persons have a valid proxy), on a fully diluted basis, in a number to achieve such 35% ownership level at a price based upon a weighted average price during the 30 days prior to the exercise of the purchase right, (iv) AMH (as defined below) will have the right to purchase up to that number of Class A common shares that would increase by 5 percentage points the percentage of the issued and outstanding Class A common shares beneficially owned by the AOG and certain affiliates, employees and consultants of AGM (inclusive of Class A common shares over which any such persons have a valid proxy), calculated on a fully diluted basis, and (v) we will make certain amendments to our bye-laws to, among other things, eliminate our current multi-class share structure. The proposed transaction is subject to customary closing conditions, including approval of our shareholders, the receipt of all necessary regulatory and governmental approvals and certain other closing conditions. Subject to certain assumptions, including those regarding the volume of share repurchases and the prices at which those repurchases occur, and taking into consideration certain voting proxies (as described below), AGM and certain of its related parties and employees are expected to control equity interests approximating 35% of our voting power and economic interest as compared to the 45% voting power and approximately 17% economic interest that AGM and certain of its related parties and employees hold today. Concurrently with the entry into the Transaction Agreement, Apollo Management Holdings, L.P. (AMH), James Belardi, our Chief Executive Officer, and William Wheeler, our President (each an “Other Shareholder”), entered into a Voting Agreement (Voting Agreement), pursuant to which each Other Shareholder irrevocably appointed AMH as its proxy and attorney-in-fact (Proxy) to vote all of such Other Shareholder’s Class A common shares at any meeting of our shareholders occurring following the Closing Date and in connection with any written consent of our shareholders following the Closing Date. The Proxy will be of no force and effect if Apollo and certain affiliates thereof cease to hold some minimum level of ownership not to exceed 7.5% of our Class A common shares. In addition, Messrs. Belardi and Wheeler have each entered into a letter agreement with us, pursuant to which they have agreed to vote their Class M common shares in favor of the proposals on which holders of our Class M common shares are entitled to vote at our shareholder meeting (including the proposal to approve the amendments to our bye-laws that eliminate the Class M common shares).

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. 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 $3,536 million a nd $3,036 million as of September 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 FHLB and, through membership, we have issued funding agreements to the FHLB in exchange for cash advances. As of September 30, 2019 and December 31, 2018 , we had $1,226 million and $926 million , respectively, 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 September 30, 2019 and December 31, 2018 , we had $3,200 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) September 30, 2019 December 31, 2018 AFS securities $ 7,766 $ 5,439 Trading securities 368 68 Equity securities 18 2 Mortgage loans 2,565 1,830 Investment funds 67 53 Derivative assets 95 24 Short-term investments 32 77 Other investments 59 47 Restricted cash 199 492 Total restricted assets $ 11,169 $ 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 undrawn letter of credit for $195 million as of September 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 September 30, 2019 , had an asset value of $380 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. The matter has been transferred to the Delaware Superior Court. The motion to dismiss will be argued on December 18, 2019. 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 $187 million as of September 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. 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 two separate motions to dismiss made by defendant Caldera on June 28, 2018 and by the former officer and former director defendants on January 14, 2019. On September 20, 2019, the Bermuda Court of Appeal affirmed both trial court rulings and dismissed the defendants’ appeal. Defendants have sought leave to appeal this decision to the Judicial Committee of the Privy Council, the court of final appeal for matters litigated in Bermuda. 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. We moved for default judgments in the Supreme Court of Bermuda and, on October 15, 2019, the Court granted our applications and permanently enjoined CLPF and Cambria from taking any further steps in the New York Actions. We are now seeking costs.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Segment Information	11. 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, preferred stock dividends, 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 September 30, Nine months ended September 30, (In millions) 2019 2018 2019 2018 Retirement Services $ 4,096 $ 1,771 $ 9,650 $ 4,901 Corporate and Other 28 18 84 71 Non-operating adjustments Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets 84 884 1,490 823 Investment gains (losses), net of offsets 373 (89 ) 1,768 (344 ) VIE expenses and noncontrolling interest — (1 ) — 1 Other adjustments to revenues (80 ) (7 ) (161 ) (63 ) Total revenues $ 4,501 $ 2,576 $ 12,831 $ 5,389 Adjusted operating income available to common shareholders 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 available to common shareholders equals net income available to Athene Holding Ltd. common shareholders 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 available to common shareholders to net income available to Athene Holding Ltd. common shareholders presented on the condensed consolidated statements of income: Three months ended September 30, Nine months ended September 30, (In millions) 2019 2018 2019 2018 Retirement Services $ 256 $ 379 $ 918 $ 905 Corporate and Other (13 ) (8 ) (18 ) (5 ) Non-operating adjustments Investment gains (losses), net of offsets 166 (53 ) 1,041 (160 ) Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets (117 ) 376 (201 ) 530 Integration, restructuring and other non-operating expenses (34 ) (2 ) (46 ) (18 ) Stock-based compensation, excluding LTIP (3 ) (3 ) (9 ) (8 ) Income tax (expense) benefit – non-operating 21 (66 ) 19 (87 ) Net income available to Athene Holding Ltd. common shareholders $ 276 $ 623 $ 1,704 $ 1,157 The following represents total assets by segment: (In millions) September 30, 2019 December 31, 2018 Retirement Services $ 141,501 $ 123,498 Corporate and Other 2,701 2,007 Total assets $ 144,202 $ 125,505

Business, Basis of Presentati_2

Business, Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 will limit the number of credit impairment models used for different assets, and will result in accelerated credit loss recognition on assets held at amortized cost, which includes our commercial and residential mortgage loans. 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. Although we continue to evaluate the impact of this guidance on our consolidated financial statements, internal controls, and policies and procedures, we have run multiple economic scenarios through our credit loss models for our current commercial mortgage loan portfolio. These initial model runs indicate that our retained earnings will decrease by approximately $140 million to $240 million on a pre-tax basis, or 1.4% to 2.5% of the commercial mortgage loan portfolio, upon implementation. The ultimate impact of adoption is dependent upon changes in the outstanding balance and composition of our investment portfolio, macroeconomic conditions and reasonable and supportable forecasts of those macroeconomic conditions used within our credit loss models. Further validation of our models could also impact our balance sheet adjustment upon implementation. In the months ahead, we will continue to validate and test our credit loss models, further assess other assets within the scope of the new standard for which the impact to retained earnings is expected to be less significant, finalize new policies and procedures, and further establish the necessary controls for implementation. 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)	9 Months Ended
	Sep. 30, 2019
Investments Schedule [Abstract]
Available-for-sale Securities	September 30, 2019 (In millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCI AFS securities U.S. government and agencies $ 36 $ 1 $ — $ 37 $ — U.S. state, municipal and political subdivisions 1,233 260 (1 ) 1,492 — Foreign governments 301 27 — 328 — Corporate 43,948 3,415 (318 ) 47,045 9 CLO 7,044 15 (188 ) 6,871 — ABS 4,967 164 (20 ) 5,111 2 CMBS 2,639 130 (4 ) 2,765 7 RMBS 6,698 565 (9 ) 7,254 12 Total AFS securities 66,866 4,577 (540 ) 70,903 30 AFS securities – related party Corporate 23 1 — 24 — CLO 834 1 (17 ) 818 — ABS 1,490 36 — 1,526 — Total AFS securities – related party 2,347 38 (17 ) 2,368 — Total AFS securities including related party $ 69,213 $ 4,615 $ (557 ) $ 73,271 $ 30 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: September 30, 2019 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 1,117 $ 1,122 Due after one year through five years 9,246 9,540 Due after five years through ten years 11,319 11,907 Due after ten years 23,836 26,333 CLO, ABS, CMBS and RMBS 21,348 22,001 Total AFS securities 66,866 70,903 AFS securities – related party Due in one year or less 5 5 Due after one year through five years 18 19 CLO and ABS 2,324 2,344 Total AFS securities – related party 2,347 2,368 Total AFS securities including related party $ 69,213 $ 73,271
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: September 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 13 — 22 (1 ) 35 (1 ) Corporate 1,808 (215 ) 1,313 (103 ) 3,121 (318 ) CLO 3,128 (69 ) 2,354 (119 ) 5,482 (188 ) ABS 435 (5 ) 245 (15 ) 680 (20 ) CMBS 110 (2 ) 99 (2 ) 209 (4 ) RMBS 468 (7 ) 78 (2 ) 546 (9 ) Total AFS securities 5,962 (298 ) 4,113 (242 ) 10,075 (540 ) AFS securities – related party CLO 400 (8 ) 181 (9 ) 581 (17 ) Total AFS securities – related party 400 (8 ) 181 (9 ) 581 (17 ) Total AFS securities including related party $ 6,362 $ (306 ) $ 4,294 $ (251 ) $ 10,656 $ (557 ) 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 September 30, Nine months ended September 30, (In millions) 2019 2018 2019 2018 Beginning balance $ 13 $ 7 $ 10 $ 14 Initial impairments – credit loss OTTI recognized on securities not previously impaired 9 3 11 4 Additional impairments – credit loss OTTI recognized on securities previously impaired 1 1 2 1 Reduction in impairments from securities sold, matured or repaid — (1 ) — (9 ) Ending balance $ 23 $ 10 $ 23 $ 10
Net Investment Income	Net Investment Income —Net investment income by asset class consists of the following: Three months ended September 30, Nine months ended September 30, (In millions) 2019 2018 2019 2018 AFS securities $ 760 $ 730 $ 2,276 $ 2,117 Trading securities 48 52 139 150 Equity securities 4 4 11 8 Mortgage loans 173 120 483 315 Investment funds 76 56 188 179 Funds withheld at interest 106 169 403 301 Other 32 28 116 74 Investment revenue 1,199 1,159 3,616 3,144 Investment expenses (129 ) (89 ) (319 ) (261 ) Net investment income $ 1,070 $ 1,070 $ 3,297 $ 2,883
Investment Related Gains (Losses)	The following table summarizes the change in unrealized gains (losses) on trading and equity securities, including related party and consolidated VIEs, we held as of the respective period end: Three months ended September 30, Nine months ended September 30, (In millions) 2019 2018 2019 2018 Trading securities $ 46 $ (8 ) $ 215 $ (118 ) Trading securities – related party 3 (12 ) (13 ) (18 ) VIE trading securities – related party 1 — 2 1 Equity securities — (2 ) 20 2 VIE equity securities – related party — 13 (2 ) (26 ) Investment Related Gains (Losses) —Investment related gains (losses) by asset class consists of the following: Three months ended September 30, Nine months ended September 30, (In millions) 2019 2018 2019 2018 AFS securities Gross realized gains on investment activity $ 47 $ 56 $ 120 $ 128 Gross realized losses on investment activity (21 ) (50 ) (38 ) (93 ) Net realized investment gains on AFS securities 26 6 82 35 Net recognized investment gains (losses) on trading securities 48 (49 ) 176 (214 ) Net recognized investment gains (losses) on equity securities (3 ) (2 ) 16 2 Derivative gains 620 860 3,493 722 Other gains (losses) (3 ) 1 9 33 Investment related gains (losses) $ 688 $ 816 $ 3,776 $ 578
Purchased Credit Impaired (PCI) Investments	Purchased Credit Impaired (PCI) Investments —The following table summarizes our PCI investments: Fixed maturity securities Mortgage loans (In millions) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Contractually required payments receivable $ 7,017 $ 8,179 $ 3,591 $ 2,675 Less: Cash flows expected to be collected 1 (6,178 ) (7,195 ) (3,519 ) (2,628 ) Non-accretable difference $ 839 $ 984 $ 72 $ 47 Cash flows expected to be collected 1 $ 6,178 $ 7,195 $ 3,519 $ 2,628 Less: Amortized cost (4,921 ) (5,518 ) (2,633 ) (1,931 ) Accretable difference $ 1,257 $ 1,677 $ 886 $ 697 Fair value $ 5,376 $ 5,828 $ 2,804 $ 1,933 Outstanding balance 6,090 6,773 2,975 2,210 1 Represents the undiscounted principal and interest cash flows expected. During the nine months ended September 30, 2019 , we acquired PCI investments with the following amounts at the time of purchase: (In millions) Fixed maturity securities Mortgage loans Contractually required payments receivable $ 141 $ 1,163 Cash flows expected to be collected 117 1,126 Fair value 105 905 The following table summarizes the activity for the accretable yield on PCI investments: Three months ended September 30, 2019 Nine months ended September 30, 2019 (In millions) Fixed maturity securities Mortgage loans Fixed maturity securities Mortgage loans Beginning balance $ 1,382 $ 860 $ 1,677 $ 697 Purchases of PCI investments, net of sales (1 ) 2 5 155 Accretion (64 ) (22 ) (236 ) (83 ) Net reclassification from (to) non-accretable difference (60 ) 46 (189 ) 117 Ending balance at September 30 $ 1,257 $ 886 $ 1,257 $ 886
Mortgage Loans, Net	Our residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties and is summarized in the following table: September 30, 2019 December 31, 2018 U.S. States California 27.9 % 30.3 % Florida 12.8 % 16.3 % Texas 5.9 % 3.3 % New York 3.4 % 7.7 % Other 1 37.5 % 42.4 % Total U.S. residential mortgage loan percentage 87.5 % 100.0 % International 12.5 % — % Total residential mortgage loan percentage 100.0 % 100.0 % 1 Represents all other states, with each individual state comprising less than 5% of the portfolio. Mortgage Loans, including related party —Mortgage loans, net of allowances, consists of the following: (In millions) September 30, 2019 December 31, 2018 Commercial mortgage loans $ 9,593 $ 7,217 Commercial mortgage loans under development 108 80 Total commercial mortgage loans 9,701 7,297 Residential mortgage loans 4,417 3,334 Mortgage loans, net of allowances $ 14,118 $ 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: September 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 $ 2,673 27.6 % $ 2,221 30.5 % Retail 2,167 22.4 % 1,660 22.7 % Hotels 1,028 10.6 % 1,040 14.3 % Industrial 1,382 14.2 % 1,196 16.4 % Apartment 1,749 18.0 % 791 10.8 % Other commercial 702 7.2 % 389 5.3 % Total commercial mortgage loans $ 9,701 100.0 % $ 7,297 100.0 % U.S. Region East North Central $ 961 9.9 % $ 855 11.7 % East South Central 435 4.5 % 295 4.0 % Middle Atlantic 2,185 22.5 % 1,131 15.5 % Mountain 667 6.9 % 616 8.4 % New England 346 3.6 % 374 5.1 % Pacific 2,400 24.7 % 1,540 21.1 % South Atlantic 1,678 17.3 % 1,468 20.2 % West North Central 174 1.8 % 173 2.4 % West South Central 771 7.9 % 845 11.6 % Total U.S. Region 9,617 99.1 % 7,297 100.0 % International Region 84 0.9 % — — % Total commercial mortgage loans $ 9,701 100.0 % $ 7,297 100.0 %
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) September 30, 2019 December 31, 2018 Less than 50% $ 2,525 $ 1,883 50% to 60% 2,403 1,988 61% to 70% 3,590 2,394 71% to 80% 1,075 898 81% to 100% — 54 Commercial mortgage loans $ 9,593 $ 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) September 30, 2019 December 31, 2018 Greater than 1.20x $ 8,301 $ 6,576 1.00x – 1.20x 625 474 Less than 1.00x 667 167 Commercial mortgage loans $ 9,593 $ 7,217
Investment Funds	The following summarizes our investment funds, including related party and those owned by consolidated VIEs: September 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 $ 254 35.7 % $ 215 30.6 % Credit funds 161 22.6 % 172 24.5 % Private equity 231 32.5 % 253 36.0 % Real assets 65 9.1 % 56 7.9 % Natural resources 1 0.1 % 4 0.6 % Other — — % 3 0.4 % Total investment funds 712 100.0 % 703 100.0 % Investment funds – related parties Differentiated investments AmeriHome Mortgage Company, LLC (AmeriHome) 2 469 17.0 % 463 20.7 % Catalina Holdings Ltd. (Catalina) 270 9.7 % 233 10.4 % Athora Holding Ltd. (Athora) 2 127 4.6 % 105 4.7 % Venerable Holdings, Inc. (Venerable) 2 94 3.4 % 92 4.1 % Other 218 7.9 % 196 8.8 % Total differentiated investments 1,178 42.6 % 1,089 48.7 % Real estate 721 26.1 % 497 22.3 % Credit funds 378 13.7 % 316 14.2 % Private equity 69 2.5 % 18 0.8 % Real assets 155 5.6 % 145 6.5 % Natural resources 162 5.9 % 104 4.7 % Public equities 100 3.6 % 63 2.8 % Total investment funds – related parties 2,763 100.0 % 2,232 100.0 % Investment funds owned by consolidated VIEs MidCap FinCo Designated Activity Company (MidCap) 2 556 89.8 % 553 88.6 % Real estate 44 7.1 % 30 4.8 % Real assets 19 3.1 % 41 6.6 % Total investment funds owned by consolidated VIEs 619 100.0 % 624 100.0 % Total investment funds including related parties and funds owned by consolidated VIEs $ 4,094 $ 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 9 – Related Parties.
Schedule of Variable Interest Entities	The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: September 30, 2019 December 31, 2018 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 712 $ 1,237 $ 703 $ 1,329 Investment in related parties – investment funds 2,763 5,057 2,232 4,331 Assets of consolidated VIEs – investment funds 619 714 624 727 Investment in fixed maturity securities 22,541 21,888 21,188 21,139 Investment in related parties – fixed maturity securities 2,650 2,707 1,686 1,788 Investment in related parties – equity securities 381 381 120 120 Total non-consolidated investments $ 29,666 $ 31,984 $ 26,553 $ 29,434

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 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: September 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 2,811 $ 216 $ 17 2,041 $ 83 $ 55 Foreign currency forwards 1,130 9 5 85 — 1 Total derivatives designated as hedges 225 22 83 56 Derivatives not designated as hedges Equity options 49,288 2,123 8 49,821 942 11 Futures 8 7 1 4 9 3 Total return swaps 70 — 1 62 — 3 Foreign currency swaps 38 3 — 38 3 2 Interest rate swaps 310 — 2 326 — 1 Credit default swaps 10 — 4 10 — 4 Foreign currency forwards 1,718 28 8 646 6 5 Embedded derivatives Funds withheld including related party — 1,459 35 — (53 ) (1 ) Interest sensitive contract liabilities — — 10,273 — — 7,969 Total derivatives not designated as hedges 3,620 10,332 907 7,997 Total derivatives $ 3,845 $ 10,354 $ 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 September 30, Nine months ended September 30, (In millions) 2019 2018 2019 2018 Equity options $ 77 $ 756 $ 1,365 $ 703 Futures (3 ) 1 (17 ) (3 ) Swaps 8 1 37 (6 ) Foreign currency forwards 42 3 47 10 Embedded derivatives on funds withheld 496 99 2,061 18 Amounts recognized in investment related gains (losses) 620 860 3,493 722 Embedded derivatives in indexed annuity products 1 (265 ) (469 ) (1,920 ) (178 ) Total gains (losses) on derivatives not designated as hedges $ 355 $ 391 $ 1,573 $ 544 1 Included in interest sensitive contract benefits on the condensed consolidated statements of income.
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 September 30, 2019 Derivative assets $ 2,386 $ (42 ) $ (2,323 ) $ 21 $ — $ 21 Derivative liabilities (46 ) 42 13 9 — 9 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 September 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 September 30, 2019 Derivative assets $ 2,386 $ (42 ) $ (2,323 ) $ 21 $ — $ 21 Derivative liabilities (46 ) 42 13 9 — 9 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 September 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)	9 Months Ended
	Sep. 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: September 30, 2019 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities U.S. government and agencies $ 37 $ — $ 37 $ — $ — U.S. state, municipal and political subdivisions 1,492 — — 1,452 40 Foreign governments 328 — — 328 — Corporate 47,045 — — 46,098 947 CLO 6,871 — — 6,740 131 ABS 5,111 — — 3,823 1,288 CMBS 2,765 — — 2,434 331 RMBS 7,254 — — 7,254 — Total AFS securities 70,903 — 37 68,129 2,737 Trading securities U.S. government and agencies 6 — 3 3 — U.S. state, municipal and political subdivisions 140 — — 140 — Foreign governments 24 — — 24 — Corporate 1,701 — — 1,701 — CLO 32 — — 26 6 ABS 92 — — 9 83 CMBS 51 — — 51 — RMBS 365 — — 274 91 Total trading securities 2,411 — 3 2,228 180 Equity securities 359 — 45 313 1 Mortgage loans 28 — — — 28 Investment funds 156 134 — — 22 Funds withheld at interest – embedded derivative 804 — — — 804 Derivative assets 2,386 — 7 2,379 — Short-term investments 571 — 54 291 226 Other investments 64 — — 64 — Cash and cash equivalents 3,833 — 3,833 — — Restricted cash 199 — 199 — — Investments in related parties AFS securities Corporate 24 — — 24 — CLO 818 — — 818 — ABS 1,526 — — 532 994 Total AFS securities – related party 2,368 — — 1,374 994 Trading securities CLO 82 — — 41 41 ABS 224 — — — 224 Total trading securities – related party 306 — — 41 265 Equity securities 381 — — — 381 Investment funds 249 122 — — 127 Funds withheld at interest – embedded derivative 655 — — — 655 Reinsurance recoverable 1,954 — — — 1,954 Assets of consolidated VIEs Trading securities 19 — — — 19 Equity securities 6 — — — 6 Investment funds 569 556 — — 13 Cash and cash equivalents 3 — 3 — — Total assets measured at fair value $ 88,224 $ 812 $ 4,181 $ 74,819 $ 8,412 (Continued) September 30, 2019 (In millions) Total NAV Level 1 Level 2 Level 3 Liabilities Interest sensitive contract liabilities Embedded derivative $ 10,273 $ — $ — $ — $ 10,273 Universal life benefits 1,142 — — — 1,142 Future policy benefits AmerUs Life Insurance Company (AmerUs) Closed Block 1,572 — — — 1,572 Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits 797 — — — 797 Derivative liabilities 46 — 1 41 4 Funds withheld liability – embedded derivative 35 — — 35 — Total liabilities measured at fair value $ 13,865 $ — $ 1 $ 76 $ 13,788 (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 September 30, Nine months ended September 30, (In millions) 2019 2018 2019 2018 Trading securities $ 48 $ (49 ) $ 176 $ (213 ) Mortgage loans — — 1 — Investment funds 3 13 3 28 Future policy benefits (37 ) 21 (129 ) 156 Total gains (losses) $ 14 $ (15 ) $ 51 $ (29 ) The following summarizes information for fair value option mortgage loans: (In millions) September 30, 2019 December 31, 2018 Unpaid principal balance $ 25 $ 30 Mark to fair value 3 2 Fair value $ 28 $ 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 September 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 821 (3 ) 10 189 1 (71 ) 947 — CLO 200 — 1 34 — (104 ) 131 — ABS 1,396 1 12 16 — (137 ) 1,288 — CMBS 206 — 3 195 — (73 ) 331 — Trading securities Corporate 6 — — — — (6 ) — — CLO 7 (1 ) — — — — 6 — ABS 6 — — (1 ) 78 — 83 — RMBS 46 (5 ) — 15 35 — 91 (2 ) Equity securities 3 — — — — (2 ) 1 — Mortgage loans 32 — — (4 ) — — 28 — Investment funds 25 (1) — (2 ) — — 22 (1) Funds withheld at interest – embedded derivative 704 100 — — — — 804 — Short-term investments 45 — — 181 — — 226 — Investments in related parties AFS securities CLO 37 — — — — (37 ) — — ABS 399 — 8 587 — — 994 — Trading securities CLO 74 (5 ) — (5 ) — (23 ) 41 — ABS 218 4 — 2 — — 224 5 Equity securities 344 6 — 31 — — 381 — Investment funds 127 — — — — — 127 — Funds withheld at interest – embedded derivative 501 154 — — — — 655 — Reinsurance recoverable 1,834 120 — — — — 1,954 — Investments of consolidated VIEs Trading securities 21 — — (2 ) — — 19 — Equity securities 6 — — — — — 6 — Investment funds 14 (1 ) — — — — 13 1 Total Level 3 assets $ 7,112 $ 369 $ 34 $ 1,236 $ 114 $ (453 ) $ 8,412 $ 3 Liabilities Interest sensitive contract liabilities Embedded derivative $ (9,905 ) $ (265 ) $ — $ (103 ) $ — $ — $ (10,273 ) $ — Universal life benefits (1,051 ) (91 ) — — — — (1,142 ) — Future policy benefits AmerUs Closed Block (1,535 ) (37 ) — — — — (1,572 ) — ILICO Closed Block and life benefits (769 ) (28 ) — — — — (797 ) — Derivative liabilities (4 ) — — — — — (4 ) — Total Level 3 liabilities $ (13,264 ) $ (421 ) $ — $ (103 ) $ — $ — $ (13,788 ) $ — 1 Related to instruments held at end of period. Three months ended September 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 $ 962 $ (1 ) $ (3 ) $ 110 $ 5 $ (109 ) $ 964 $ — CLO 281 — (1 ) 52 8 — 340 — ABS 1,447 1 1 55 161 (294 ) 1,371 — CMBS 197 — (1 ) — — (14 ) 182 — RMBS 7 — — — — (7 ) — — Trading securities U.S. state, municipal and political subdivisions 17 — — — — — 17 — Corporate 4 — — — — (4 ) — — CLO 26 (2 ) — (11 ) — (10 ) 3 1 ABS 89 1 — — — (90 ) — 1 RMBS 304 (19 ) — — — — 285 2 Equity securities 2 — — — — — 2 — Mortgage loans 38 — — (1 ) — — 37 — Investment funds 31 (1 ) — — — — 30 (1 ) Funds withheld at interest – embedded derivative 150 1 — — — — 151 — Investments in related parties AFS securities CLO 39 — (1 ) — — — 38 — ABS 50 — — 281 — — 331 — Trading securities CLO 114 (7 ) — — — (31 ) 76 (5 ) ABS 164 (4 ) — (9 ) — — 151 (4 ) Investment funds 105 — — — — — 105 — Funds withheld at interest – embedded derivative 162 (71 ) — — — — 91 — Short-term investments 10 — — — — — 10 — Reinsurance recoverable 1,717 (38 ) — — — — 1,679 — Investments of consolidated VIEs Trading securities 48 — — — — — 48 — Equity securities 26 (1 ) — — — — 25 (1 ) Investment funds 1 — — 14 — — 15 — Total Level 3 assets $ 5,991 $ (141 ) $ (5 ) $ 491 $ 174 $ (559 ) $ 5,951 $ (7 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (8,088 ) $ (469 ) $ — $ (102 ) $ — $ — $ (8,659 ) $ — Universal life benefits (943 ) 42 — — — — (901 ) — Future policy benefits AmerUs Closed Block (1,490 ) 21 — — — — (1,469 ) — ILICO Closed Block and life benefits (759 ) (5 ) — — — — (764 ) — Derivative liabilities (5 ) 1 — — — — (4 ) — Total Level 3 liabilities $ (11,285 ) $ (410 ) $ — $ (102 ) $ — $ — $ (11,797 ) $ — 1 Related to instruments held at end of period. Nine months ended September 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 (2 ) 20 164 1 (134 ) 947 — CLO 107 — 3 60 — (39 ) 131 — ABS 1,615 6 43 43 — (419 ) 1,288 — CMBS 187 1 7 154 — (18 ) 331 — RMBS 56 — 4 2 — (62 ) — — Trading securities CLO 1 (1 ) — — 6 — 6 6 ABS — — — 5 78 — 83 — RMBS 134 (13 ) — 15 34 (79 ) 91 3 Equity securities 3 — — — — (2 ) 1 — Mortgage loans 32 1 — (5 ) — — 28 1 Investment funds 29 (2 ) — (5 ) — — 22 (2 ) Funds withheld at interest – embedded derivative 57 747 — — — — 804 — Short-term investments — — — 226 — — 226 — Investments in related parties AFS securities, ABS 328 — 21 748 — (103 ) 994 — Trading securities CLO 78 (6 ) — (14 ) 18 (35 ) 41 2 ABS 149 (13 ) — (15 ) 103 — 224 (13 ) Equity securities 120 18 — 243 — — 381 — Investment funds 105 3 — 19 — — 127 3 Funds withheld at interest – embedded derivative (110 ) 765 — — — — 655 — Reinsurance recoverable 1,676 278 — — — — 1,954 — Investments of consolidated VIEs Trading securities 35 (1) — (40 ) 25 — 19 — Equity securities 13 (3 ) — (4 ) — — 6 (2 ) Investment funds 15 (2 ) — — — — 13 — Total Level 3 assets $ 5,528 $ 1,776 $ 98 $ 1,636 $ 265 $ (891 ) $ 8,412 $ (2 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,969 ) $ (1,920 ) $ — $ (384 ) $ — $ — $ (10,273 ) $ — Universal life benefits (932 ) (210 ) — — — — (1,142 ) — Future policy benefits AmerUs Closed Block (1,443 ) (129 ) — — — — (1,572 ) — ILICO Closed Block and life benefits (730 ) (67 ) — — — — (797 ) — Derivative liabilities (4 ) — — — — — (4 ) — Total Level 3 liabilities $ (11,078 ) $ (2,326 ) $ — $ (384 ) $ — $ — $ (13,788 ) $ — 1 Related to instruments held at end of period. Nine months ended September 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 ) $ (12 ) $ 385 $ 24 $ (8 ) $ 964 $ — CLO 64 2 — 264 10 — 340 — ABS 1,457 6 (17 ) (56 ) 161 (180 ) 1,371 — CMBS 137 1 (2 ) 137 — (91 ) 182 — RMBS 301 3 (11 ) (26 ) — (267 ) — — Trading securities U.S. state, municipal and political subdivisions 17 — — — — — 17 — CLO 17 (5 ) — — — (9 ) 3 (3 ) ABS 77 (4 ) — — — (73 ) — (2 ) RMBS 342 (57 ) — — — — 285 4 Equity securities 8 1 — (7 ) — — 2 1 Mortgage loans 41 — — (4 ) — — 37 — Investment funds 41 (4 ) — (7 ) — — 30 — Funds withheld at interest – embedded derivative 312 (161 ) — — — — 151 — Investments in related parties AFS Securities CLO — — — 38 — — 38 — ABS 4 — — 327 — — 331 — Trading securities CLO 105 (8 ) — (18 ) 18 (21 ) 76 (4 ) ABS — — — — 151 — 151 — Investment funds — (3 ) — 108 — — 105 — Funds withheld at interest – embedded derivative — 91 — — — — 91 — Short-term investments — — — 10 — — 10 — Reinsurance recoverable 1,824 (145 ) — — — — 1,679 — Investments of consolidated VIEs Trading securities 48 1 — (1 ) — — 48 1 Equity securities 28 (3 ) — — — — 25 (3 ) Investment funds 21 (3 ) — (3 ) — — 15 (3 ) Total Level 3 assets $ 5,422 $ (291 ) $ (42 ) $ 1,147 $ 364 $ (649 ) $ 5,951 $ (9 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,411 ) $ (178 ) $ — $ (1,070 ) $ — $ — $ (8,659 ) $ — Universal life benefits (1,005 ) 104 — — — — (901 ) — Future policy benefits AmerUs Closed Block (1,625 ) 156 — — — — (1,469 ) — ILICO Closed Block and life benefits (803 ) 39 — — — — (764 ) — Derivative liabilities (5 ) 1 — — — — (4 ) — Total Level 3 liabilities $ (10,849 ) $ 122 $ — $ (1,070 ) $ — $ — $ (11,797 ) $ — 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 September 30, 2019 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Assets AFS securities Corporate $ 199 $ — $ — $ (10 ) $ 189 CLO 37 — — (3 ) 34 ABS 64 — (21 ) (27 ) 16 CMBS 251 — (4 ) (52 ) 195 Trading securities ABS — — — (1 ) (1 ) RMBS 15 — — — 15 Mortgage loans — — — (4 ) (4 ) Investment funds — — (2 ) — (2 ) Short-term investments 200 — — (19 ) 181 Investments in related parties AFS securities, ABS 587 — — — 587 Trading securities CLO — — (5 ) — (5 ) ABS 2 — — — 2 Equity securities 31 — — — 31 Investments of consolidated VIEs Trading securities — — (2 ) — (2 ) Total Level 3 assets $ 1,386 $ — $ (34 ) $ (116 ) $ 1,236 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (222 ) $ — $ 119 $ (103 ) Total Level 3 liabilities $ — $ (222 ) $ — $ 119 $ (103 ) Three months ended September 30, 2018 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Assets AFS securities Corporate $ 156 $ — $ (15 ) $ (31 ) $ 110 CLO 79 — (8 ) (19 ) 52 ABS 111 — — (56 ) 55 CMBS 1 — — (1 ) — Trading securities, CLO — — (11 ) — (11 ) Mortgage loans — — — (1 ) (1 ) Investments in related parties AFS securities, ABS 281 — — — 281 Trading securities, ABS — — — (9 ) (9 ) Investments of consolidated VIEs Investment funds 14 — — — 14 Total Level 3 assets $ 642 $ — $ (34 ) $ (117 ) $ 491 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (213 ) $ — $ 111 $ (102 ) Total Level 3 liabilities $ — $ (213 ) $ — $ 111 $ (102 ) Nine months ended September 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 277 — (2 ) (111 ) 164 CLO 64 — — (4 ) 60 ABS 260 — (41 ) (176 ) 43 CMBS 252 — (4 ) (94 ) 154 RMBS 2 — — — 2 Trading securities ABS 6 — — (1 ) 5 RMBS 15 — — — 15 Mortgage loans — — — (5 ) (5 ) Investment funds — — (5 ) — (5 ) Short-term investments 248 — — (22 ) 226 Investments in related parties AFS securities, ABS 757 — — (9 ) 748 Trading securities CLO — — (14 ) — (14 ) ABS — — — (15 ) (15 ) Equity securities 243 — — — 243 Investment funds 19 — — — 19 Investments of consolidated VIEs Trading securities — — (40 ) — (40 ) Equity securities — — (4 ) — (4 ) Total Level 3 assets $ 2,183 $ — $ (110 ) $ (437 ) $ 1,636 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (756 ) $ — $ 372 $ (384 ) Total Level 3 liabilities $ — $ (756 ) $ — $ 372 $ (384 ) Nine months ended September 30, 2018 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Assets AFS securities Corporate $ 460 $ — $ (29 ) $ (46 ) $ 385 CLO 314 — (8 ) (42 ) 264 ABS 353 — (21 ) (388 ) (56 ) CMBS 138 — — (1 ) 137 RMBS — — — (26 ) (26 ) Trading securities, CLO 7 — (7 ) — — Equity securities 1 — (8 ) — (7 ) Mortgage loans — — — (4 ) (4 ) Investment funds — — — (7 ) (7 ) Investments in related parties AFS securities CLO 38 — — — 38 ABS 327 — — — 327 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 14 — (17 ) — (3 ) Total Level 3 assets $ 1,800 $ — $ (139 ) $ (514 ) $ 1,147 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (1,343 ) $ — $ 273 $ (1,070 ) Total Level 3 liabilities $ — $ (1,343 ) $ — $ 273 $ (1,070 )
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: September 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 $ 10,273 Option budget method Nonperformance risk 0.0 % – 1.3% Decrease Option budget 0.7 % – 3.7% Increase Surrender rate 3.4 % – 8.1% 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: September 30, 2019 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Mortgage loans $ 13,437 $ 13,918 $ — $ — $ — $ 13,918 Investment funds 556 556 556 — — — Policy loans 466 466 — — 466 — Funds withheld at interest 14,476 14,476 — — — 14,476 Other investments 66 66 — — — 66 Investments in related parties Mortgage loans 653 645 — — — 645 Investment funds 2,514 2,514 2,514 — — — Funds withheld at interest 12,905 12,905 — — — 12,905 Other investments 387 419 — — — 419 Assets of consolidated VIEs Investment funds 50 50 50 — — — Total financial assets not carried at fair value $ 45,510 $ 46,015 $ 3,120 $ — $ 466 $ 42,429 Financial liabilities Interest sensitive contract liabilities $ 56,391 $ 57,241 $ — $ — $ — $ 57,241 Long-term debt 992 1,029 — — 1,029 — Funds withheld liability 733 733 — — 733 — Total financial liabilities not carried at fair value $ 58,116 $ 59,003 $ — $ — $ 1,762 $ 57,241 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)	9 Months Ended
	Sep. 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 521 187 — 708 Unlocking (117 ) (9 ) (24 ) (150 ) Amortization (637 ) (29 ) (37 ) (703 ) Impact of unrealized investment (gains) losses (458 ) (141 ) (203 ) (802 ) Balance at September 30, 2019 $ 3,230 $ 807 $ 923 $ 4,960 (In millions) DAC DSI VOBA Total Balance at December 31, 2017 $ 1,375 $ 520 $ 1,077 $ 2,972 Additions 1,791 197 — 1,988 Unlocking 21 7 54 82 Amortization (146 ) (73 ) (136 ) (355 ) Impact of unrealized investment (gains) losses 113 48 158 319 Balance at September 30, 2018 $ 3,154 $ 699 $ 1,153 $ 5,006
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 521 187 — 708 Unlocking (117 ) (9 ) (24 ) (150 ) Amortization (637 ) (29 ) (37 ) (703 ) Impact of unrealized investment (gains) losses (458 ) (141 ) (203 ) (802 ) Balance at September 30, 2019 $ 3,230 $ 807 $ 923 $ 4,960 (In millions) DAC DSI VOBA Total Balance at December 31, 2017 $ 1,375 $ 520 $ 1,077 $ 2,972 Additions 1,791 197 — 1,988 Unlocking 21 7 54 82 Amortization (146 ) (73 ) (136 ) (355 ) Impact of unrealized investment (gains) losses 113 48 158 319 Balance at September 30, 2018 $ 3,154 $ 699 $ 1,153 $ 5,006

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Short-term Debt [Line Items]
Schedule of Short-term Debt [Table Text Block]	Short-term Borrowing —In the fourth quarter of 2019, we borrowed $300 million from the Federal Home Loan Bank (FHLB) through their variable rate short-term federal funds program. The borrowing matures on May 4, 2020 and carries an interest rate of 1.79% , with interest due at maturity. In connection with such borrowing, the FHLB requires the borrower to purchase member stock and post sufficient collateral to secure the borrowing. See Note 10 – Commitments and Contingencies for further discussion regarding existing collateral posting with the FHLB.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 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 September 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 available to Athene Holding Ltd. common shareholders – basic and diluted $ 227 $ 38 $ 5 $ 1 $ 2 $ 3 Basic weighted average shares outstanding 151.6 25.4 3.3 0.8 1.0 2.2 Dilutive effect of stock compensation plans 0.4 — — — — 0.3 Diluted weighted average shares outstanding 152.0 25.4 3.3 0.8 1.0 2.5 Earnings per share Basic $ 1.50 $ 1.50 $ 1.50 $ 1.50 $ 1.50 $ 1.50 Diluted $ 1.50 $ 1.50 $ 1.50 $ 1.50 $ 1.50 $ 1.29 Three months ended September 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 available to Athene Holding Ltd. common shareholders – basic and diluted $ 519 $ 80 $ 11 $ 3 $ 3 $ 7 Basic weighted average shares outstanding 164.5 25.5 3.4 0.8 1.0 2.1 Dilutive effect of stock compensation plans 0.5 — — — — 0.6 Diluted weighted average shares outstanding 165.0 25.5 3.4 0.8 1.0 2.7 Earnings per share Basic $ 3.16 $ 3.16 $ 3.16 $ 3.16 $ 3.16 $ 3.16 Diluted $ 3.15 $ 3.16 $ 3.16 $ 3.16 $ 3.16 $ 2.42 Nine months ended September 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 available to Athene Holding Ltd. common shareholders – basic and diluted $ 1,411 $ 228 $ 30 $ 7 $ 9 $ 19 Basic weighted average shares outstanding 157.2 25.4 3.3 0.8 1.0 2.2 Dilutive effect of stock compensation plans 0.4 — — — — 0.3 Diluted weighted average shares outstanding 157.6 25.4 3.3 0.8 1.0 2.5 Earnings per share Basic $ 8.97 $ 8.97 $ 8.97 $ 8.97 $ 8.97 $ 8.97 Diluted $ 8.95 $ 8.97 $ 8.97 $ 8.97 $ 8.97 $ 7.77 Nine months ended September 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 available to Athene Holding Ltd. common shareholders – basic and diluted $ 934 $ 180 $ 20 $ 5 $ 6 $ 12 Basic weighted average shares outstanding 159.3 30.6 3.4 0.8 1.0 2.1 Dilutive effect of stock compensation plans 0.5 — — — — 0.7 Diluted weighted average shares outstanding 159.8 30.6 3.4 0.8 1.0 2.8 Earnings per share Basic $ 5.86 $ 5.86 $ 5.86 $ 5.86 $ 5.86 $ 5.86 Diluted $ 5.85 $ 5.86 $ 5.86 $ 5.83 $ 5.83 $ 4.36
Shares Excluded from Dilutive Earnings Per Share	The diluted EPS calculations for Class A shares excluded 32.0 million and 35.1 million shares, restricted stock units and options as of September 30, 2019 and 2018 , respectively.

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 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 Third additional authorization 350 Repurchases (544 ) Remaining authorization at September 30, 2019 323 Fourth additional authorization 600 Repurchases (283 ) Remaining authorization at November 5, 2019 $ 640
Accumulated Other Comprehensive Income	The following provides the details of AOCI and changes in AOCI: (In millions) September 30, 2019 December 31, 2018 AFS securities $ 4,099 $ (766 ) DAC, DSI, VOBA and future policy benefits adjustments on AFS securities (1,227 ) 154 Noncredit component of OTTI losses on AFS securities (30 ) (19 ) Hedging instruments 222 51 Pension adjustments (3 ) (2 ) Foreign currency translation adjustments (4 ) (3 ) Accumulated other comprehensive income (loss), before taxes 3,057 (585 ) Deferred income taxes (615 ) 113 Accumulated other comprehensive income (loss) $ 2,442 $ (472 ) Changes in AOCI are presented below: Three months ended September 30, Nine months ended September 30, (In millions) 2019 2018 2019 2018 Unrealized investment gains (losses) on AFS securities Unrealized investment gains (losses) on AFS securities $ 1,141 $ (191 ) $ 4,899 $ (2,362 ) Change in DAC, DSI, VOBA and future policy benefits adjustment (390 ) 57 (1,381 ) 665 Less: Reclassification adjustment for gains (losses) realized in net income 1 7 6 34 36 Less: Income tax expense (benefit) 152 (24 ) 694 (328 ) Net unrealized investment gains (losses) on AFS securities 592 (116 ) 2,790 (1,405 ) Noncredit component of OTTI losses on AFS securities Noncredit component of OTTI losses on AFS securities (9 ) (4 ) (10 ) (4 ) Less: Reclassification adjustment for losses realized in net income 1 — — 1 — Less: Income tax benefit (2 ) (1 ) (2 ) (1 ) Net noncredit component of OTTI losses on AFS securities (7 ) (3 ) (9 ) (3 ) Unrealized gains (losses) on hedging instruments Unrealized gains (losses) on hedging instruments 124 7 171 52 Less: Income tax expense 26 2 36 11 Net unrealized gains (losses) on hedging instruments 98 5 135 41 Pension adjustments — — (1 ) 3 Foreign currency translation adjustments (1 ) — (1 ) (10 ) Change in AOCI from other comprehensive income (loss) 682 (114 ) 2,914 (1,374 ) Adoption of accounting standards — — — (42 ) Change in AOCI $ 682 $ (114 ) $ 2,914 $ (1,416 ) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income.

Related Parties (Tables)

Related Parties (Tables)	9 Months Ended
	Sep. 30, 2019
Related Party Transaction [Line Items]
Schedule of Related Party Transactions	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 % The following represents assets based on the above sub-allocation structure: (In millions, except for percentages) September 30, 2019 Percent of Total Core $ 33,514 26.8 % Core Plus 31,770 25.4 % Yield 46,081 36.8 % High Alpha 4,347 3.5 % Other 9,426 7.5 % Total sub-allocation assets $ 125,138 100.0 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 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) September 30, 2019 December 31, 2018 AFS securities $ 7,766 $ 5,439 Trading securities 368 68 Equity securities 18 2 Mortgage loans 2,565 1,830 Investment funds 67 53 Derivative assets 95 24 Short-term investments 32 77 Other investments 59 47 Restricted cash 199 492 Total restricted assets $ 11,169 $ 8,032

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, (In millions) 2019 2018 2019 2018 Retirement Services $ 4,096 $ 1,771 $ 9,650 $ 4,901 Corporate and Other 28 18 84 71 Non-operating adjustments Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets 84 884 1,490 823 Investment gains (losses), net of offsets 373 (89 ) 1,768 (344 ) VIE expenses and noncontrolling interest — (1 ) — 1 Other adjustments to revenues (80 ) (7 ) (161 ) (63 ) Total revenues $ 4,501 $ 2,576 $ 12,831 $ 5,389
Reconciliation of Segment Operating Income to Consolidation	The table below reconciles segment adjusted operating income available to common shareholders to net income available to Athene Holding Ltd. common shareholders presented on the condensed consolidated statements of income: Three months ended September 30, Nine months ended September 30, (In millions) 2019 2018 2019 2018 Retirement Services $ 256 $ 379 $ 918 $ 905 Corporate and Other (13 ) (8 ) (18 ) (5 ) Non-operating adjustments Investment gains (losses), net of offsets 166 (53 ) 1,041 (160 ) Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets (117 ) 376 (201 ) 530 Integration, restructuring and other non-operating expenses (34 ) (2 ) (46 ) (18 ) Stock-based compensation, excluding LTIP (3 ) (3 ) (9 ) (8 ) Income tax (expense) benefit – non-operating 21 (66 ) 19 (87 ) Net income available to Athene Holding Ltd. common shareholders $ 276 $ 623 $ 1,704 $ 1,157
Total Assets by Segment	The following represents total assets by segment: (In millions) September 30, 2019 December 31, 2018 Retirement Services $ 141,501 $ 123,498 Corporate and Other 2,701 2,007 Total assets $ 144,202 $ 125,505

Business, Basis of Presentati_3

Business, Basis of Presentation and Significant Accounting Policies Narrative (Details) - Forecast [Member] - Accounting Standards Update 2016-13 [Member] $ in Millions	Jan. 01, 2020USD ($)
Retained earnings | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 140
Retained earnings | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 240
Commercial mortgage loans | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New accounting pronouncement effect, percentage	1.40%
Commercial mortgage loans | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New accounting pronouncement effect, percentage	2.50%

Investments - Schedule of AFS S

Investments - Schedule of AFS Securities (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	$ 3,057	$ (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	66,866	60,025
Gross Unrealized Gains	4,577
Gross Unrealized Losses	(540)
Fair Value	70,903	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	36	57
Gross Unrealized Gains	1	0
Gross Unrealized Losses	0	0
Fair Value	37	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	1,233	1,183
Gross Unrealized Gains	260	117
Gross Unrealized Losses	(1)	(7)
Fair Value	1,492	1,293
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Foreign governments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	301	162
Gross Unrealized Gains	27	2
Gross Unrealized Losses	0	(3)
Fair Value	328	161
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	43,948	38,018
Gross Unrealized Gains	3,415	394
Gross Unrealized Losses	(318)	(1,315)
Fair Value	47,045	37,097
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | CLO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,044	5,658
Gross Unrealized Gains	15	2
Gross Unrealized Losses	(188)	(299)
Fair Value	6,871	5,361
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,967	4,915
Gross Unrealized Gains	164	53
Gross Unrealized Losses	(20)	(48)
Fair Value	5,111	4,920
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,639	2,390
Gross Unrealized Gains	130	27
Gross Unrealized Losses	(4)	(60)
Fair Value	2,765	2,357
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | RMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,698	7,642
Gross Unrealized Gains	565	413
Gross Unrealized Losses	(9)	(36)
Fair Value	7,254	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	69,213
Gross Unrealized Gains	4,615
Gross Unrealized Losses	(557)
Fair Value	73,271
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	2,347	1,462
Gross Unrealized Gains	38
Gross Unrealized Losses	(17)
Fair Value	2,368	1,437
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | CLO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	834	587
Gross Unrealized Gains	1	0
Gross Unrealized Losses	(17)	(25)
Fair Value	818	562
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,490	875
Gross Unrealized Gains	36	4
Gross Unrealized Losses	0	(4)
Fair Value	1,526	875
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	23
Gross Unrealized Gains	1
Gross Unrealized Losses	0
Fair Value	24
OTTI
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	(30)	(19)
OTTI | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	30	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	9	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	30	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	Sep. 30, 2019	Dec. 31, 2018
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Amortized Cost
Due in one year or less	$ 1,117
Due after one year through five years	9,246
Due after five years through ten years	11,319
Due after ten years	23,836
CLO, ABS, CMBS and RMBS	21,348
Amortized Cost	66,866	$ 60,025
Fair Value
Due in one year or less	1,122
Due after one year through five years	9,540
Due after five years through ten years	11,907
Due after ten years	26,333
CLO, ABS, CMBS and RMBS	22,001
Total AFS fixed maturity securities	70,903	59,265
Consolidated Entity Excluding Variable Interest Entities (VIE)
Amortized Cost
Amortized Cost	69,213
Fair Value
Total AFS fixed maturity securities	73,271
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Amortized Cost
Due in one year or less	5
Due after one year through five years	18
CLO, ABS, CMBS and RMBS	2,324
Amortized Cost	2,347	1,462
Fair Value
Due in one year or less	5
Due after one year through five years	19
CLO, ABS, CMBS and RMBS	2,344
Total AFS fixed maturity securities	$ 2,368	$ 1,437

Investments - Unrealized Losses

Investments - Unrealized Losses on AFS Securities (Details) $ in Millions	Sep. 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	$ 5,962	$ 29,220
Fair Value, 12 months or greater	4,113	5,450
Total	10,075	34,670
Gross Unrealized Losses
Less than 12 months	(298)	(1,324)
12 months or greater	(242)	(444)
Total	$ (540)	(1,768)
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security	1,411
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security	484
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	13	139
Fair Value, 12 months or greater	22	82
Total	35	221
Gross Unrealized Losses
Less than 12 months	0	(2)
12 months or greater	(1)	(5)
Total	(1)	(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		97
Fair Value, 12 months or greater		15
Total		112
Gross Unrealized Losses
Less than 12 months		(2)
12 months or greater		(1)
Total		(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	1,808	20,213
Fair Value, 12 months or greater	1,313	4,118
Total	3,121	24,331
Gross Unrealized Losses
Less than 12 months	(215)	(942)
12 months or greater	(103)	(373)
Total	(318)	(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	3,128	5,054
Fair Value, 12 months or greater	2,354	90
Total	5,482	5,144
Gross Unrealized Losses
Less than 12 months	(69)	(297)
12 months or greater	(119)	(2)
Total	(188)	(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	435	1,336
Fair Value, 12 months or greater	245	506
Total	680	1,842
Gross Unrealized Losses
Less than 12 months	(5)	(23)
12 months or greater	(15)	(25)
Total	(20)	(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	110	932
Fair Value, 12 months or greater	99	497
Total	209	1,429
Gross Unrealized Losses
Less than 12 months	(2)	(27)
12 months or greater	(2)	(33)
Total	(4)	(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	468	1,417
Fair Value, 12 months or greater	78	140
Total	546	1,557
Gross Unrealized Losses
Less than 12 months	(7)	(31)
12 months or greater	(2)	(5)
Total	(9)	(36)
Consolidated Entity Excluding Variable Interest Entities (VIE)
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	6,362	30,060
Fair Value, 12 months or greater	4,294	5,566
Total	10,656	35,626
Gross Unrealized Losses
Less than 12 months	(306)	(1,351)
12 months or greater	(251)	(446)
Total	(557)	(1,797)
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	400	840
Fair Value, 12 months or greater	181	116
Total	581	956
Gross Unrealized Losses
Less than 12 months	(8)	(27)
12 months or greater	(9)	(2)
Total	$ (17)	(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	$ 400	534
Fair Value, 12 months or greater	181	0
Total	581	534
Gross Unrealized Losses
Less than 12 months	(8)	(25)
12 months or greater	(9)	0
Total	$ (17)	(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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Net other-than-temporary impairment losses			$ 32
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Intent to Sell			19
Other-than-Temporary-Impairment, Investments, Portion Recognized in Earnings, Net Credit Related			13
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Beginning balance	$ 13	$ 7	10	$ 14
Initial impairments – credit loss OTTI recognized on securities not previously impaired	9	3	11	4
Additional impairments – credit loss OTTI recognized on securities previously impaired	1	1	2	1
Reduction in impairments from securities sold, matured or repaid	0	(1)	0	(9)
Ending balance	$ 23	$ 10	$ 23	$ 10

Investments - Net Investment In

Investments - Net Investment Income (Details) - Consolidated Entity Excluding Variable Interest Entities (VIE) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net Investment Income [Line Items]
Investment revenue	$ 1,199	$ 1,159	$ 3,616	$ 3,144
Investment expenses	(129)	(89)	(319)	(261)
Net investment income	1,070	1,070	3,297	2,883
AFS securities
Net Investment Income [Line Items]
Investment revenue	760	730	2,276	2,117
Trading securities
Net Investment Income [Line Items]
Investment revenue	48	52	139	150
Equity securities
Net Investment Income [Line Items]
Investment revenue	4	4	11	8
Mortgage loans
Net Investment Income [Line Items]
Investment revenue	173	120	483	315
Investment funds
Net Investment Income [Line Items]
Investment revenue	76	56	188	179
Funds withheld at interest
Net Investment Income [Line Items]
Investment revenue	106	169	403	301
Other
Net Investment Income [Line Items]
Investment revenue	$ 32	$ 28	$ 116	$ 74

Investments - Investment Relate

Investments - Investment Related Gains (Losses) (Details) - Consolidated Entity Excluding Variable Interest Entities (VIE) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Gain (Loss) on Securities [Line Items]
Proceeds from Sale of Debt Securities, Available-for-sale	$ 852	$ 1,278	$ 4,063	$ 4,216
Debt Securities, Available-for-sale, Realized Gain	47	56	120	128
AFS fixed maturity securities
Gross realized losses on investment activity	(21)	(50)	(38)	(93)
Net realized investment gains on AFS securities	26	6	82	35
Debt Securities, Trading, Realized Gain (Loss)	48	(49)	176	(214)
Net recognized investment gains (losses) on equity securities	(3)	(2)	16	2
Derivative gains	620	860	3,493	722
Other gains (losses)	(3)	1	9	33
Investment related gains (losses)	$ 688	$ 816	$ 3,776	$ 578

Investments - Unrealized gains

Investments - Unrealized gains (losses) recognized in income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Consolidated Entity Excluding Variable Interest Entities (VIE)
Gain (Loss) on Securities [Line Items]
Debt Securities, Trading, Unrealized Gain (Loss)	$ 46	$ (8)	$ 215	$ (118)
Equity Securities, FV-NI, Unrealized Gain (Loss)	0	(2)	20	2
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Gain (Loss) on Securities [Line Items]
Debt Securities, Trading, Unrealized Gain (Loss)	3	(12)	(13)	(18)
Variable Interest Entities | Related Party
Gain (Loss) on Securities [Line Items]
Debt Securities, Trading, Unrealized Gain (Loss)	1	0	2	1
Equity Securities, FV-NI, Unrealized Gain (Loss)	$ 0	$ 13	$ (2)	$ (26)

Investments - Purchase Credit I

Investments - Purchase Credit Impaired (PCI) Investments (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Fixed maturity securities
Certain Loans Acquired in Transfer Accounted for as Available-for-sale Debt Securities, Contractually Required Payments Receivable	$ 7,017		$ 8,179
Less: Cash flows expected to be collected	(6,178)		(7,195)
Cash flows expected to be collected2	6,178		7,195
Less: Amortized cost	(4,921)		(5,518)
Accretable difference	1,257	$ 1,382	1,677
Fair value	5,376		5,828
Contractually required payments	6,090		6,773
Mortgage loans
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Contractually Required Payments Receivable	3,591		2,675
Contractually required payments	2,975		2,210
Less: Cash flows expected to be collected	3,519		2,628
Cash flows expected to be collected	3,519		2,628
Accretable difference	886	$ 860	697
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Fair Value	2,804		1,933
Fair value	(2,633)		(1,931)
Mortgage loans
Fixed maturity securities
Certain loans acquired in transfer, non-accretable difference	72		47
Fixed maturity securities
Fixed maturity securities
Certain loans acquired in transfer, non-accretable difference	$ 839		$ 984

Investments - PCI Securities Ac

Investments - PCI Securities Acquired During the Period (Details) $ in Millions	Sep. 30, 2019USD ($)
Fixed maturity securities
Contractually required principal and interest	$ 141
Expected cash flows	117
Estimated fair value	105
Mortgage loans
Contractually required principal and interest	1,163
Expected cash flows	1,126
Estimated fair value	$ 905

Investments - PCI Securities _2

Investments - PCI Securities Accretable Yield (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Fixed Maturity Securities Accretable Yield Activity
Beginning balance	$ 1,382	$ 1,677
Purchases of PCI investments, net of sales		5
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Disposals of Loans	1
Accretion	(64)	(236)
Net reclassification to non-accretable difference	(60)	(189)
Ending balance	1,257	1,257
Mortgage Loans Accretable Yield Activity
Beginning balance	860	697
Purchases of PCI investments, net of sales	2	155
Accretion	(22)	(83)
Net reclassification from (to) non-accretable difference	46	117
Ending balance	$ 886	$ 886

Investments - Mortgage Loans, N

Investments - Mortgage Loans, Net (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loan valuation allowance	$ 2
Mortgage loans, net of allowances	14,118	$ 10,631
Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	9,701	7,297
Commercial mortgage loans | Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	9,593	7,217
Commercial mortgage loans | Commercial mortgage loans under development
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	108	80
Residential mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 4,417	$ 3,334

Investments - Mortgage Loans,_2

Investments - Mortgage Loans, Net by Property Type and Geographic Region (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 14,118	$ 10,631
Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 9,701	$ 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	$ 9,617	$ 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	99.10%	100.00%
Commercial mortgage loans | East North Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 961	$ 855
Commercial mortgage loans | East North Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	9.90%	11.70%
Commercial mortgage loans | East South Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 435	$ 295
Commercial mortgage loans | East South Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	4.50%	4.00%
Commercial mortgage loans | Middle Atlantic
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 2,185	$ 1,131
Commercial mortgage loans | Middle Atlantic | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	22.50%	15.50%
Commercial mortgage loans | Mountain
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 667	$ 616
Commercial mortgage loans | Mountain | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	6.90%	8.40%
Commercial mortgage loans | New England
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 346	$ 374
Commercial mortgage loans | New England | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	3.60%	5.10%
Commercial mortgage loans | Pacific
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 2,400	$ 1,540
Commercial mortgage loans | Pacific | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	24.70%	21.10%
Commercial mortgage loans | South Atlantic
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,678	$ 1,468
Commercial mortgage loans | South Atlantic | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	17.30%	20.20%
Commercial mortgage loans | West North Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 174	$ 173
Commercial mortgage loans | West North Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	1.80%	2.40%
Commercial mortgage loans | West South Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 771	$ 845
Commercial mortgage loans | West South Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	7.90%	11.60%
Commercial mortgage loans | Non-US [Member]
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 84	$ 0
Commercial mortgage loans | Non-US [Member] | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	0.90%	0.00%
Commercial mortgage loans | Hotels
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,028	$ 1,040
Commercial mortgage loans | Hotels | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	10.60%	14.30%
Commercial mortgage loans | Retail
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 2,167	$ 1,660
Commercial mortgage loans | Retail | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	22.40%	22.70%
Commercial mortgage loans | Office building
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 2,673	$ 2,221
Commercial mortgage loans | Office building | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	27.60%	30.50%
Commercial mortgage loans | Industrial
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,382	$ 1,196
Commercial mortgage loans | Industrial | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	14.20%	16.40%
Commercial mortgage loans | Apartment
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,749	$ 791
Commercial mortgage loans | Apartment | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	18.00%	10.80%
Commercial mortgage loans | Other commercial
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 702	$ 389
Commercial mortgage loans | Other commercial | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	7.20%	5.30%
Residential mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 4,417	$ 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	87.50%	100.00%
Residential mortgage loans | California | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	27.90%	30.30%
Residential mortgage loans | Florida | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	12.80%	16.30%
Residential mortgage loans | New York | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	3.40%	7.70%
Residential mortgage loans | Other U.S. States | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	37.50%	42.40%

Investments - Mortgage Loans, R

Investments - Mortgage Loans, Residential by State (Details) - Geographic Concentration Risk - Residential mortgage loans - Mortgage Loans, Net	Sep. 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	27.90%	30.30%
Florida
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	12.80%	16.30%
TEXAS
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	5.90%	3.30%
New York
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	3.40%	7.70%
Other U.S. States
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	37.50%	42.40%
Total U.S. Region
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	87.50%	100.00%
IRELAND
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	12.50%	0.00%

Investments - Mortgage Loans,_3

Investments - Mortgage Loans, Net Past Due (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Investments Schedule [Abstract]
Mortgage loan valuation allowance	$ 2
Non-performing mortgage loans	64	$ 48
Financing Receivable, Past Due [Line Items]
Mortgage loans, net of allowances	14,118	10,631
Commercial mortgage loans
Financing Receivable, Past Due [Line Items]
Mortgage loans, net of allowances	$ 9,701	$ 7,297

Investments - Mortgage Loans, L

Investments - Mortgage Loans, Loan to Value Ratio (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net of allowances	$ 14,118	$ 10,631
Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net of allowances	9,701	7,297
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net of allowances	9,593	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	2,525	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	2,403	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	3,590	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	1,075	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	$ 0	$ 54

Investments - Mortgage Loans, D

Investments - Mortgage Loans, Debt Service Coverage Ratio (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 14,118	$ 10,631
Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	9,701	7,297
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	9,593	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	8,301	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	625	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	$ 667	$ 167

Investments - Investment Funds

Investments - Investment Funds (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 4,094	$ 3,559
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 712	$ 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	$ 2,763	$ 2,232
Carrying Amount, Assets, Percent of Total	100.00%	100.00%
Variable Interest Entities
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 619	$ 624
Carrying Amount, Assets, Percent of Total	100.00%	100.00%
Variable Interest Entities | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 599	$ 583
Private equity | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 231	$ 253
Carrying Amount, Assets, Percent of Total	32.50%	36.00%
Private equity | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 69	$ 18
Carrying Amount, Assets, Percent of Total	2.50%	0.80%
Real assets | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 65	$ 56
Carrying Amount, Assets, Percent of Total	9.10%	7.90%
Real assets | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 155	$ 145
Carrying Amount, Assets, Percent of Total	5.60%	6.50%
Real assets | Variable Interest Entities
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 19	$ 41
Carrying Amount, Assets, Percent of Total	3.10%	6.60%
Real estate | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 254	$ 215
Carrying Amount, Assets, Percent of Total	35.70%	30.60%
Real estate | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 721	$ 497
Carrying Amount, Assets, Percent of Total	26.10%	22.30%
Real estate | Variable Interest Entities
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 44	$ 30
Carrying Amount, Assets, Percent of Total	7.10%	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	$ 162	$ 104
Carrying Amount, Assets, Percent of Total	5.90%	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	$ 218	$ 196
Carrying Amount, Assets, Percent of Total	7.90%	8.80%
Differentiated investments | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 1,178	$ 1,089
Carrying Amount, Assets, Percent of Total	42.60%	48.70%
Credit funds | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 161	$ 172
Carrying Amount, Assets, Percent of Total	22.60%	24.50%
Credit funds | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 378	$ 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	$ 556	$ 553
Carrying Amount, Assets, Percent of Total	89.80%	88.60%
Public equities | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 100	$ 63
Carrying Amount, Assets, Percent of Total	3.60%	2.80%
AmeriHome | Private equity | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 469	$ 463
Carrying Amount, Assets, Percent of Total	17.00%	20.70%
Catalina Holdings (Bermuda) Ltd [Member] | Private equity | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 270	$ 233
Carrying Amount, Assets, Percent of Total	9.70%	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	4.60%	4.70%
Venerable | Private equity | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 94	$ 92
Carrying Amount, Assets, Percent of Total	3.40%	4.10%

Investments - Summary of Maximu

Investments - Summary of Maximum Loss Exposure (Details) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	$ 29,666	$ 26,553
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	31,984	29,434
Investment funds
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	619	624
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	714	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	712	703
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	1,237	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	2,763	2,232
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	5,057	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	22,541	21,188
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	21,888	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	2,650	1,686
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	2,707	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	381	120
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 381	$ 120

Investments Investments - Off b

Investments Investments - Off balance sheet collateral from reverse repurchase agreements (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Offsetting Assets [Line Items]
Securities Purchased under Agreements to Resell	$ 190	$ 0
Securities Purchased under Agreements to Resell, Fair Value of Collateral	$ (612)	$ 0

Derivative Instruments - Summar

Derivative Instruments - Summary of Notional and Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Total derivative assets	$ 3,845	$ 990
Total derivative liabilities	10,354	8,053
Derivatives designated as hedges
Derivative [Line Items]
Derivative assets, fair value	225	83
Derivative liabilities, fair value	$ 22	$ 56
Derivatives designated as hedges | Foreign currency swaps
Derivative [Line Items]
Notional Amount	2,811	2,041
Derivative assets, fair value	$ 216	$ 83
Derivative liabilities, fair value	$ 17	$ 55
Derivatives designated as hedges | Foreign currency forwards
Derivative [Line Items]
Notional Amount	1,130	85
Derivative assets, fair value	$ 9	$ 0
Derivative liabilities, fair value	5	1
Derivatives not designated as hedges
Derivative [Line Items]
Total derivative assets	3,620	907
Total derivative liabilities	$ 10,332	$ 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	$ 0	$ 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	$ 2	$ 1
Derivatives not designated as hedges | Equity options
Derivative [Line Items]
Notional Amount	49,288	49,821
Derivative assets, fair value	$ 2,123	$ 942
Derivative liabilities, fair value	$ 8	$ 11
Derivatives not designated as hedges | Futures
Derivative [Line Items]
Notional Amount	8	4
Derivative assets, fair value	$ 7	$ 9
Derivative liabilities, fair value	$ 1	$ 3
Derivatives not designated as hedges | Total return swaps
Derivative [Line Items]
Notional Amount	70	62
Derivative assets, fair value	$ 0	$ 0
Derivative liabilities, fair value	$ 1	$ 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	1,718	646
Derivative assets, fair value	$ 28	$ 6
Derivative liabilities, fair value	$ 8	$ 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	10,273	7,969
Consolidated Entity Excluding Variable Interest Entities (VIE)
Derivative [Line Items]
Funds withheld liability	768	721
Derivative liabilities, fair value	46	$ 85
Consolidated Entity Excluding Variable Interest Entities (VIE) | Derivatives not designated as hedges | Embedded derivatives | Funds withheld
Derivative [Line Items]
Funds withheld at interest	1,459
Funds withheld liability	$ 35

Derivative Instruments - Gains

Derivative Instruments - Gains (Losses) on Derivatives Not Designated as Hedging (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	$ 355,000,000	$ 391,000,000	$ 1,573,000,000	$ 544,000,000
Investment related gains (losses)
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	620,000,000	860,000,000	3,493,000,000	722,000,000
Investment related gains (losses) | Equity options
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	77,000,000	756,000,000	1,365,000,000	703,000,000
Investment related gains (losses) | Futures
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	(3,000,000)	1,000,000	(17,000,000)	(3,000,000)
Investment related gains (losses) | Swap [Member]
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	8,000,000	1,000,000	37,000,000	(6,000,000)
Investment related gains (losses) | Foreign currency forwards
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	42,000,000	3,000,000	47,000,000	10,000,000
Investment related gains (losses) | Embedded derivatives
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	496,000,000	99,000,000	2,061,000,000	18,000,000
Interest sensitive contract benefits | Embedded derivatives
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	$ (265,000,000)	$ (469,000,000)	(1,920,000,000)	(178,000,000)
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	Sep. 30, 2019	Dec. 31, 2018
Offsetting Derivative Assets
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$ 2,386	$ 1,043
Gross amounts not offset on the consolidated balance sheets, financial instruments	(42)	(52)
Gross amounts not offset on the consolidated balance sheets, collateral received/pledged	(2,323)	(969)
Derivative Asset, Fair Value, Amount Offset Against Collateral	21	22
Off-balance sheet securities collateral	0	(4)
Net amount after securities collateral	21	18
Offsetting Derivative Liabilities
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	(46)	(85)
Gross amounts not offset on the consolidated balance sheets, financial instruments	42	52
Gross amounts not offset on the consolidated balance sheets, collateral received/pledged	13	24
Derivative Liability, Fair Value, Amount Offset Against Collateral	9	(9)
Off-balance sheet securities collateral	0	0
Net amount after securities collateral	$ 9	$ (9)

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - Derivatives designated as hedges - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Cash flow hedges | Foreign currency swaps
Derivative [Line Items]
Foreign currency swap gains (losses)	$ 124,000,000	$ 7,000,000	$ 171,000,000	$ 52,000,000
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	347,000,000		347,000,000		$ 88,000,000
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	(11,000,000)		(11,000,000)		$ 1,000,000
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	13,000,000		13,000,000
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	$ (11,000,000)		$ (12,000,000)

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Assets
Mortgage loans	$ 14,118	$ 10,631
Restricted cash	199	492
Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets
Available-for-sale securities	73,271
Reinsurance recoverable	5,697	5,534
Liabilities
Interest sensitive contract liabilities	101,666	96,610
Future policy benefits	22,909	16,704
Derivative liabilities	46	85
Funds withheld liability	768	721
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Assets
Available-for-sale securities	2,368	1,437
Trading securities, at fair value	306	249
Equity securities	381	120
Mortgage loans	653	291
Funds withheld at interest	13,560	13,577
Other investments	387	386
Reinsurance recoverable	320	344
Liabilities
Interest sensitive contract liabilities	15,693	16,850
Future policy benefits	1,474	1,259
Funds withheld liability	347	337
Consolidated Entity Excluding Variable Interest Entities (VIE) | CLO | Related Party
Assets
Available-for-sale securities	818	562
Consolidated Entity Excluding Variable Interest Entities (VIE) | ABS | Related Party
Assets
Available-for-sale securities	1,526	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	37	54
Trading securities, at fair value	3	3
Equity securities	45	40
Mortgage loans	0	0
Investment funds	0	0
Derivative assets	7	9
Short-term investments	54	66
Other investments	0	0
Cash and cash equivalents	3,833	2,911
Restricted cash	199	492
Reinsurance recoverable	0	0
Total assets measured at fair value	4,181	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	37	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	68,129	56,348
Trading securities, at fair value	2,228	1,811
Equity securities	313	173
Mortgage loans	0	0
Investment funds	0	0
Derivative assets	2,379	1,034
Short-term investments	291	125
Other investments	64	52
Cash and cash equivalents	0	0
Restricted cash	0	0
Reinsurance recoverable	0	0
Total assets measured at fair value	74,819	60,674
Liabilities
Derivative liabilities	35	78
Total liabilities measured at fair value	76	77
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Related Party
Assets
Available-for-sale securities	1,374	1,109
Trading securities, at fair value	41	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	41	(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	3	2
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | U.S. state, municipal and political subdivisions
Assets
Available-for-sale securities	1,452	1,293
Trading securities, at fair value	140	126
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Foreign governments
Assets
Available-for-sale securities	328	161
Trading securities, at fair value	24
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Corporate
Assets
Available-for-sale securities	46,098	36,199
Trading securities, at fair value	1,701	1,287
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Corporate | Related Party
Assets
Available-for-sale securities	24
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | CLO
Assets
Available-for-sale securities	6,740	5,254
Trading securities, at fair value	26	8
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | CLO | Related Party
Assets
Available-for-sale securities	818	562
Trading securities, at fair value	41	22
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | ABS
Assets
Available-for-sale securities	3,823	3,305
Trading securities, at fair value	9	87
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | ABS | Related Party
Assets
Available-for-sale securities	532	547
Trading securities, at fair value	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | CMBS
Assets
Available-for-sale securities	2,434	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	7,254	7,963
Trading securities, at fair value	274	252
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3
Assets
Available-for-sale securities	2,737	2,863
Trading securities, at fair value	180	135
Equity securities	1	3
Mortgage loans	28	32
Investment funds	22	29
Derivative assets	0	0
Short-term investments	226	0
Other investments	0	0
Cash and cash equivalents	0	0
Restricted cash	0	0
Reinsurance recoverable	1,954	1,676
Total assets measured at fair value	8,412	5,528
Liabilities
Derivative liabilities	0	4
Total liabilities measured at fair value	13,788	11,078
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Related Party
Assets
Available-for-sale securities	994	328
Trading securities, at fair value	265	227
Equity securities	381	120
Investment funds	127	105
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Universal life
Liabilities
Interest sensitive contract liabilities	1,142	932
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | AmerUs Closed Block
Liabilities
Future policy benefits	1,572	1,443
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | ILICO Closed Block and life benefits
Liabilities
Future policy benefits	797	730
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Embedded derivatives
Assets
Funds withheld at interest	804	57
Liabilities
Interest sensitive contract liabilities	10,273	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	655	(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	947	898
Trading securities, at fair value	0	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	131	107
Trading securities, at fair value	6	1
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | CLO | Related Party
Assets
Available-for-sale securities	0	0
Trading securities, at fair value	41	78
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | ABS
Assets
Available-for-sale securities	1,288	1,615
Trading securities, at fair value	83	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | ABS | Related Party
Assets
Available-for-sale securities	994	328
Trading securities, at fair value	224	149
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | CMBS
Assets
Available-for-sale securities	331	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	91	134
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | NAV
Assets
Investment funds	134	153
Total assets measured at fair value	812
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | NAV | Related Party
Assets
Investment funds	122	96
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets
Mortgage loans	13,918	10,424
Investment funds	556	521
Funds withheld at interest	14,476	14,966
Other investments	66	70
Total assets measured at fair value	46,015	42,895
Liabilities
Interest sensitive contract liabilities	57,241	51,655
Funds withheld liability	733	722
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Assets
Mortgage loans	645	290
Investment funds	2,514	2,031
Funds withheld at interest	12,905	13,687
Other investments	419	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	466	488
Liabilities
Interest sensitive contract liabilities	0	0
Funds withheld liability	733	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	13,918	10,424
Investment funds	0	0
Funds withheld at interest	14,476	14,966
Other investments	66	70
Total assets measured at fair value	42,429	39,798
Liabilities
Interest sensitive contract liabilities	57,241	51,655
Funds withheld liability	0	0
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 3 | Related Party
Assets
Mortgage loans	645	290
Investment funds	0	0
Funds withheld at interest	12,905	13,687
Other investments	419	361
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | NAV
Assets
Investment funds	556	521
Total assets measured at fair value	3,120	2,609
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | NAV | Related Party
Assets
Investment funds	2,514	2,031
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring
Assets
Available-for-sale securities	70,903	59,265
Trading securities, at fair value	2,411	1,949
Equity securities	359	216
Mortgage loans	28	32
Investment funds	156	182
Derivative assets	2,386	1,043
Short-term investments	571	191
Other investments	64	52
Cash and cash equivalents	3,833	2,911
Restricted cash	199	492
Reinsurance recoverable	1,954	1,676
Total assets measured at fair value	88,224	70,617
Liabilities
Interest sensitive contract liabilities	11,415	8,901
Future policy benefits	2,369	2,173
Derivative liabilities	46	85
Funds withheld liability	35	(1)
Total liabilities measured at fair value	13,865	11,158
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Related Party
Assets
Available-for-sale securities	2,368	1,437
Trading securities, at fair value	306	249
Equity securities	381	120
Investment funds	249	201
Funds withheld at interest	655	(110)
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Universal life
Liabilities
Interest sensitive contract liabilities	1,142	932
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | AmerUs Closed Block
Liabilities
Future policy benefits	1,572	1,443
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | ILICO Closed Block and life benefits
Liabilities
Future policy benefits	797	730
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Embedded derivatives
Assets
Funds withheld at interest	804	57
Liabilities
Interest sensitive contract liabilities	10,273	7,969
Funds withheld liability	35	(1)
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Embedded derivatives | Related Party
Assets
Funds withheld at interest	655	(110)
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | U.S. government and agencies
Assets
Available-for-sale securities	37	57
Trading securities, at fair value	6	5
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | U.S. state, municipal and political subdivisions
Assets
Available-for-sale securities	1,492	1,293
Trading securities, at fair value	140	126
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Foreign governments
Assets
Available-for-sale securities	328	161
Trading securities, at fair value	24
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Corporate
Assets
Available-for-sale securities	47,045	37,097
Trading securities, at fair value	1,701	1,287
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Corporate | Related Party
Assets
Available-for-sale securities	24
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | CLO
Assets
Available-for-sale securities	6,871	5,361
Trading securities, at fair value	32	9
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | CLO | Related Party
Assets
Available-for-sale securities	818	562
Trading securities, at fair value	82	100
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | ABS
Assets
Available-for-sale securities	5,111	4,920
Trading securities, at fair value	92	87
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | ABS | Related Party
Assets
Available-for-sale securities	1,526	875
Trading securities, at fair value	224	149
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | CMBS
Assets
Available-for-sale securities	2,765	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	7,254	8,019
Trading securities, at fair value	365	386
Variable Interest Entities
Assets
Trading securities, at fair value	19	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	3	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	19	35
Equity securities		13
Investment funds	13	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	556
Variable Interest Entities | Fair Value | Related Party
Assets
Investment funds	50	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	50	57
Variable Interest Entities | Fair Value | Recurring
Assets
Cash and cash equivalents	3	2
Variable Interest Entities | Fair Value | Recurring | Related Party
Assets
Trading securities, at fair value	19	35
Equity securities	6	50
Investment funds	$ 569	$ 567

Fair Value - Fair Value Option

Fair Value - Fair Value Option (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	$ 14,000,000	$ (15,000,000)	$ 51,000,000	$ (29,000,000)
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)	0	0	1,000,000	0
Unpaid principal balance	25,000,000		25,000,000		30,000,000
Mark to fair value	3,000,000		3,000,000		2,000,000
Fair value	28,000,000		28,000,000		$ 32,000,000
Investment related gains (losses) | Trading securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	48,000,000	(49,000,000)	176,000,000	(213,000,000)
Net investment income | Investment funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	3,000,000	13,000,000	3,000,000	28,000,000
Future policy and other policy benefits | Future policy benefits
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	$ (37,000,000)	$ 21,000,000	$ (129,000,000)	$ 156,000,000

Fair Value Fair Value - Reconci

Fair Value Fair Value - Reconciliation of Level 3 Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Consolidated Entity Excluding Variable Interest Entities (VIE)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	$ 7,112	$ 5,991	$ 5,528	$ 5,422
Total realized and unrealized gains (losses) included in income	369	(141)	1,776	(291)
Total realized and unrealized gains (losses) included in OCI	34	(5)	98	(42)
Purchases, issuances, sales and settlements, net	1,236	491	1,636	1,147
Transfers in	114	174	265	364
Transfers (out)	(453)	(559)	(891)	(649)
Ending balance	8,412	5,951	8,412	5,951
Total gains (losses) included in earnings	3	(7)	(2)	(9)
Beginning balance	(13,264)	(11,285)	(11,078)	(10,849)
Total realized and unrealized gains (losses) included in income	(421)	(410)	(2,326)	122
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(103)	(102)	(384)	(1,070)
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	(13,788)	(11,797)	(13,788)	(11,797)
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	1,834	1,717	1,676	1,824
Total realized and unrealized gains (losses) included in income	120	(38)	278	(145)
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	1,954	1,679	1,954	1,679
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	45		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	181		226
Transfers in	0		0
Transfers (out)	0		0
Ending balance	226		226
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	38	32	41
Total realized and unrealized gains (losses) included in income	0	0	1	0
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(4)	(1)	(5)	(4)
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	28	37	28	37
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	31	29	41
Total realized and unrealized gains (losses) included in income	(1)	(1)	(2)	(4)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(2)	0	(5)	(7)
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	22	30	22	30
Total gains (losses) included in earnings	(1)	(1)	(2)	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	3	2	3	8
Total realized and unrealized gains (losses) included in income	0	0	0	1
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	(7)
Transfers in	0	0	0	0
Transfers (out)	(2)	0	(2)	0
Ending balance	1	2	1	2
Total gains (losses) included in earnings	0	0	0	1
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	704	150	57	312
Total realized and unrealized gains (losses) included in income	100	1	747	(161)
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	804	151	804	151
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		10		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		0		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	127	105	105	0
Total realized and unrealized gains (losses) included in income	0	0	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	0	0	3	0
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	344		120
Total realized and unrealized gains (losses) included in income	6		18
Total realized and unrealized gains (losses) included in OCI	0		0
Purchases, issuances, sales and settlements, net	31		243
Transfers in	0		0
Transfers (out)	0		0
Ending balance	381		381
Total gains (losses) included in earnings	0		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	501	162	(110)	0
Total realized and unrealized gains (losses) included in income	154	(71)	765	91
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	655	91	655	91
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		7	56	301
Total realized and unrealized gains (losses) included in income		0	0	3
Total realized and unrealized gains (losses) included in OCI		0	4	(11)
Purchases, issuances, sales and settlements, net		0	2	(26)
Transfers in		0	0	0
Transfers (out)		(7)	(62)	(267)
Ending balance	0	0	0	0
Total gains (losses) included in earnings		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	46	304	134	342
Total realized and unrealized gains (losses) included in income	(5)	(19)	(13)	(57)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	15	0	15	0
Transfers in	35	0	34	0
Transfers (out)	0	0	(79)	0
Ending balance	91	285	91	285
Total gains (losses) included in earnings	(2)	2	3	4
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	1,396	1,447	1,615	1,457
Total realized and unrealized gains (losses) included in income	1	1	6	6
Total realized and unrealized gains (losses) included in OCI	12	1	43	(17)
Purchases, issuances, sales and settlements, net	16	55	43	(56)
Transfers in	0	161	0	161
Transfers (out)	(137)	(294)	(419)	(180)
Ending balance	1,288	1,371	1,288	1,371
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	89	0	77
Total realized and unrealized gains (losses) included in income	0	1	0	(4)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(1)	0	5	0
Transfers in	78	0	78	0
Transfers (out)	0	(90)	0	(73)
Ending balance	83	0	83	0
Total gains (losses) included in earnings	0	1	0	(2)
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	399	50	328	4
Total realized and unrealized gains (losses) included in income	0	0	0	0
Total realized and unrealized gains (losses) included in OCI	8	0	21	0
Purchases, issuances, sales and settlements, net	587	281	748	327
Transfers in	0	0	0	0
Transfers (out)	0	0	(103)	0
Ending balance	994	331	994	331
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	218	164	149	0
Total realized and unrealized gains (losses) included in income	4	(4)	(13)	0
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	2	(9)	(15)	0
Transfers in	0	0	103	151
Transfers (out)	0	0	0	0
Ending balance	224	151	224	151
Total gains (losses) included in earnings	5	(4)	(13)	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	200	281	107	64
Total realized and unrealized gains (losses) included in income	0	0	0	2
Total realized and unrealized gains (losses) included in OCI	1	(1)	3	0
Purchases, issuances, sales and settlements, net	34	52	60	264
Transfers in	0	8	0	10
Transfers (out)	(104)	0	(39)	0
Ending balance	131	340	131	340
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	7	26	1	17
Total realized and unrealized gains (losses) included in income	(1)	(2)	(1)	(5)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	(11)	0	0
Transfers in	0	0	6	0
Transfers (out)	0	(10)	0	(9)
Ending balance	6	3	6	3
Total gains (losses) included in earnings	0	1	6	(3)
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	37	39		0
Total realized and unrealized gains (losses) included in income	0	0		0
Total realized and unrealized gains (losses) included in OCI	0	(1)		0
Purchases, issuances, sales and settlements, net	0	0		38
Transfers in	0	0		0
Transfers (out)	(37)	0		0
Ending balance	0	38	0	38
Total gains (losses) included in earnings	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	74	114	78	105
Total realized and unrealized gains (losses) included in income	(5)	(7)	(6)	(8)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(5)	0	(14)	(18)
Transfers in	0	0	18	18
Transfers (out)	(23)	(31)	(35)	(21)
Ending balance	41	76	41	76
Total gains (losses) included in earnings	0	(5)	2	(4)
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	821	962	898	578
Total realized and unrealized gains (losses) included in income	(3)	(1)	(2)	(3)
Total realized and unrealized gains (losses) included in OCI	10	(3)	20	(12)
Purchases, issuances, sales and settlements, net	189	110	164	385
Transfers in	1	5	1	24
Transfers (out)	(71)	(109)	(134)	(8)
Ending balance	947	964	947	964
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	6	4
Total realized and unrealized gains (losses) included in income	0	0
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	0
Transfers in	0	0
Transfers (out)	(6)	(4)
Ending balance	0	0	0	0
Total gains (losses) included in earnings	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	206	197	187	137
Total realized and unrealized gains (losses) included in income	0	0	1	1
Total realized and unrealized gains (losses) included in OCI	3	(1)	7	(2)
Purchases, issuances, sales and settlements, net	195	0	154	137
Transfers in	0	0	0	0
Transfers (out)	(73)	(14)	(18)	(91)
Ending balance	331	182	331	182
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	40		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	0		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	1	0	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	0	0	0
Transfers (out)	0	0	0	0
Ending balance	(4)	(4)	(4)	(4)
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	(9,905)	(8,088)	(7,969)	(7,411)
Total realized and unrealized gains (losses) included in income	(265)	(469)	(1,920)	(178)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(103)	(102)	(384)	(1,070)
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	(10,273)	(8,659)	(10,273)	(8,659)
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	(1,051)	(943)	(932)	(1,005)
Total realized and unrealized gains (losses) included in income	(91)	42	(210)	104
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	(1,142)	(901)	(1,142)	(901)
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	(1,535)	(1,490)	(1,443)	(1,625)
Total realized and unrealized gains (losses) included in income	(37)	21	(129)	156
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	(1,572)	(1,469)	(1,572)	(1,469)
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	(769)	(759)	(730)	(803)
Total realized and unrealized gains (losses) included in income	(28)	(5)	(67)	39
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	(797)	(764)	(797)	(764)
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	1	15	21
Total realized and unrealized gains (losses) included in income	(1)	0	(2)	(3)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	14	0	(3)
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	13	15	13	15
Total gains (losses) included in earnings	1	0	0	(3)
Variable Interest Entities | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	6	26	13	28
Total realized and unrealized gains (losses) included in income	0	(1)	(3)	(3)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	(4)	0
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	6	25	6	25
Total gains (losses) included in earnings	0	(1)	(2)	(3)
Variable Interest Entities | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	21	48	35	48
Total realized and unrealized gains (losses) included in income	0	0	(1)	1
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(2)	0	(40)	(1)
Transfers in	0	0	25	0
Transfers (out)	0	0	0	0
Ending balance	19	48	19	48
Total gains (losses) included in earnings	$ 0	$ 0	$ 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Consolidated Entity Excluding Variable Interest Entities (VIE)
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	$ 1,386	$ 642	$ 2,183	$ 1,800
Issuances	0	0	0
Sales	(34)	(34)	(110)	(139)
Settlements	(116)	(117)	(437)	(514)
Purchases, (Sales), Issuances, (Settlements)	1,236	491	1,636	1,147
Purchases	0	0	0	0
Issuances	(222)	(213)	(756)	(1,343)
Sales	0	0	0	0
Settlements	119	111	372	273
Purchases, (Sales), Issuances, (Settlements), Liabilities	(103)	(102)	(384)	(1,070)
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				327
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
Sales				(8)
Purchases, (Sales), Issuances, (Settlements)	0	0	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	31		243
Purchases, (Sales), Issuances, (Settlements)	31		243
Consolidated Entity Excluding Variable Interest Entities (VIE) | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Issuances	0
Sales	(2)		(5)
Settlements	0		0	(7)
Purchases, (Sales), Issuances, (Settlements)	(2)		(5)	(7)
Consolidated Entity Excluding Variable Interest Entities (VIE) | Investment funds | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases			19	108
Issuances			0
Settlements			0
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
Sales			0
Settlements			0
Purchases, (Sales), Issuances, (Settlements)	0		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	199	156	277	460
Sales	0	(15)	(2)	(29)
Settlements	(10)	(31)	(111)	(46)
Purchases, (Sales), Issuances, (Settlements)	189	110	164	385
Consolidated Entity Excluding Variable Interest Entities (VIE) | Corporate | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	0	0
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	37	79	64	314
Sales	0	(8)	0	(8)
Settlements	(3)	(19)	(4)	(42)
Purchases, (Sales), Issuances, (Settlements)	34	52	60	264
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				38
Sales				0
Settlements				0
Purchases, (Sales), Issuances, (Settlements)	0	0		38
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		0		7
Sales		(11)		(7)
Settlements		0		0
Purchases, (Sales), Issuances, (Settlements)	0	(11)	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		0	30
Sales	(5)		(14)	(48)
Settlements	0		0	0
Purchases, (Sales), Issuances, (Settlements)	(5)	0	(14)	(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			2	0
Settlements			0	(26)
Purchases, (Sales), Issuances, (Settlements)		0	2	(26)
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	15		15
Sales			0
Settlements	0		0
Purchases, (Sales), Issuances, (Settlements)	15	0	15	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	64	111	260	353
Sales	(21)	0	(41)	(21)
Settlements	(27)	(56)	(176)	(388)
Purchases, (Sales), Issuances, (Settlements)	16	55	43	(56)
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	587	281	757
Sales	0	0	0
Settlements	0	0	(9)
Purchases, (Sales), Issuances, (Settlements)	587	281	748	327
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	0		6
Sales			0
Settlements	(1)		(1)
Purchases, (Sales), Issuances, (Settlements)	(1)	0	5	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | ABS | Trading securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	2	0
Sales		0
Settlements	0	(9)	(15)
Purchases, (Sales), Issuances, (Settlements)	2	(9)	(15)	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	251	1	252	138
Sales	(4)	0	(4)
Settlements	(52)	(1)	(94)	(1)
Purchases, (Sales), Issuances, (Settlements)	195	0	154	137
Consolidated Entity Excluding Variable Interest Entities (VIE) | Mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Settlements	(4)	(1)	(5)	(4)
Purchases, (Sales), Issuances, (Settlements)	(4)	(1)	(5)	(4)
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	200		248
Sales	0		0
Settlements	(19)		(22)
Purchases, (Sales), Issuances, (Settlements)	181		226
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
Sales				0
Settlements				0
Purchases, (Sales), Issuances, (Settlements)		0		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	(222)	(213)	(756)	(1,343)
Sales	0	0	0	0
Settlements	119	111	372	273
Purchases, (Sales), Issuances, (Settlements), Liabilities	(103)	(102)	(384)	(1,070)
Variable Interest Entities | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0		0	0
Sales	(2)		(40)	(1)
Settlements	0		0	0
Purchases, (Sales), Issuances, (Settlements)	(2)	0	(40)	(1)
Variable Interest Entities | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases			0
Sales			(4)
Settlements			0
Purchases, (Sales), Issuances, (Settlements)	$ 0	0	$ (4)	0
Variable Interest Entities | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		14		14
Sales		0		(17)
Settlements		0		0
Purchases, (Sales), Issuances, (Settlements)		$ 14		$ (3)

Fair Value - Summary of Unobser

Fair Value - Summary of Unobservable Inputs for the Embedded Derivatives of Interest Sensitive Contract Liabilities (Details) $ in Millions	Sep. 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	0.013	0.015
Option budget | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.007	0.007
Option budget | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.037	0.037
Surrender rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.034	0.036
Surrender rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.081	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	$ 10,273	$ 7,969

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Assets
Mortgage loans	$ 14,118	$ 10,631
Investment funds	4,094	3,559
Consolidated Entity Excluding Variable Interest Entities (VIE)
Liabilities
Interest sensitive contract liabilities	101,666	96,610
Long-term debt	992	991
Funds withheld liability	768	721
Consolidated Entity Excluding Variable Interest Entities (VIE) | Carrying Value
Assets
Mortgage loans	13,437	10,308
Investment funds	556	521
Policy loans	466	488
Funds withheld at interest	14,476	14,966
Other investments	66	70
Total assets measured at fair value	45,510	42,805
Liabilities
Interest sensitive contract liabilities	56,391	54,655
Long-term debt	992	991
Funds withheld liability	733	722
Total liabilities not carried at fair value	58,116	56,368
Consolidated Entity Excluding Variable Interest Entities (VIE) | Fair Value
Assets
Mortgage loans	13,918	10,424
Investment funds	556	521
Policy loans	466	488
Funds withheld at interest	14,476	14,966
Other investments	66	70
Total assets measured at fair value	46,015	42,895
Liabilities
Interest sensitive contract liabilities	57,241	51,655
Long-term debt	1,029	910
Funds withheld liability	733	722
Total liabilities not carried at fair value	59,003	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	13,918	10,424
Investment funds	0	0
Policy loans	0	0
Funds withheld at interest	14,476	14,966
Other investments	66	70
Total assets measured at fair value	42,429	39,798
Liabilities
Interest sensitive contract liabilities	57,241	51,655
Long-term debt	0	0
Funds withheld liability	0	0
Total liabilities not carried at fair value	57,241	51,655
Consolidated Entity Excluding Variable Interest Entities (VIE) | NAV | Fair Value
Assets
Investment funds	556	521
Total assets measured at fair value	3,120	2,609
Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 2 | Fair Value
Assets
Mortgage loans	0	0
Investment funds	0	0
Policy loans	466	488
Funds withheld at interest	0	0
Other investments	0	0
Total assets measured at fair value	466	488
Liabilities
Interest sensitive contract liabilities	0	0
Long-term debt	1,029	910
Funds withheld liability	733	722
Total liabilities not carried at fair value	1,762	1,632
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Assets
Mortgage loans	653	291
Investment funds	2,763	2,232
Funds withheld at interest	13,560	13,577
Other investments	387	386
Liabilities
Interest sensitive contract liabilities	15,693	16,850
Funds withheld liability	347	337
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Carrying Value
Assets
Mortgage loans	653	291
Investment funds	2,514	2,031
Funds withheld at interest	12,905	13,687
Other investments	387	386
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Fair Value
Assets
Mortgage loans	645	290
Investment funds	2,514	2,031
Funds withheld at interest	12,905	13,687
Other investments	419	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	645	290
Investment funds	0	0
Funds withheld at interest	12,905	13,687
Other investments	419	361
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | NAV | Fair Value
Assets
Investment funds	2,514	2,031
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Level 2 | Fair Value
Assets
Mortgage loans	0	0
Investment funds	0	0
Funds withheld at interest	0	0
Other investments	0	0
Variable Interest Entities
Assets
Investment funds	619	624
Variable Interest Entities | Related Party
Assets
Investment funds	599	583
Variable Interest Entities | Related Party | Carrying Value
Assets
Investment funds	50	57
Variable Interest Entities | Related Party | Fair Value
Assets
Investment funds	50	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	50	57
Variable Interest Entities | Related Party | Level 2 | Fair Value
Assets
Investment funds	$ 0	$ 0

Fair Value - Narrative (Details

Fair Value - Narrative (Details)	Sep. 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	0.09	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	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
DAC
Beginning balance	$ 3,921	$ 1,375
Additions	521	1,791
Deferred Policy Acquisition Cost, Amortization Expense, Assumption Change	117	(21)
Amortization	(637)	(146)
Impact of unrealized investment (gains) losses	(458)	113
Ending balance	3,230	3,154
DSI
Beginning balance	799	520
Additions	187	197
Deferred Sales Inducement Cost, Amortization Expense, Assumption Change	9	(7)
Amortization	(29)	(73)
Impact of unrealized investment (gains) losses	(141)	48
Ending balance	807	699
VOBA
Beginning balance	1,187	1,077
Additions	0	0
Present Value of Future Insurance Profits, Amortization Expense, Assumption Change	24	(54)
Amortization	(37)	(136)
Impact of unrealized investment (gains) losses	(203)	158
Ending balance	923	1,153
Total
Beginning balance	5,907	2,972
Additions	708	1,988
Unlocking	150	(82)
Amortization	(703)	(355)
Impact of unrealized investment (gains) losses	(802)	319
Ending balance	$ 4,960	$ 5,006

Debt (Details)

Debt (Details) - Subsequent Event - Short-term debt - Federal Home Loan Bank Advances - Federal Home Loan Bank of Des Moines $ in Millions	Nov. 04, 2019USD ($)
Debt Instrument [Line Items]
Short-term Debt	$ 300
Debt Instrument, Maturity Date	May 4, 2020
Debt Instrument, Interest Rate, Stated Percentage	1.79%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income available to Athene Holding Ltd. common shareholders	$ 276	$ 623	$ 1,704	$ 1,157
Common Class A
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income available to Athene Holding Ltd. common shareholders	227	519	1,411	934
Net income available to AHL shareholders – diluted	$ 227	$ 519	$ 1,411	$ 934
Basic weighted average shares outstanding (in shares)	151.6	164.5	157.2	159.3
Dilutive effect of stock compensation plans (in shares)	0.4	0.5	0.4	0.5
Diluted weighted average shares outstanding (in shares)	152	165	157.6	159.8
Earnings per share
Basic (in USD per share)	$ 1.50	$ 3.16	$ 8.97	$ 5.86
Diluted (in USD per share)	$ 1.50	$ 3.15	$ 8.95	$ 5.85
Common Class B
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income available to Athene Holding Ltd. common shareholders	$ 38	$ 80	$ 228	$ 180
Net income available to AHL shareholders – diluted	$ 38	$ 80	$ 228	$ 180
Basic weighted average shares outstanding (in shares)	25.4	25.5	25.4	30.6
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	30.6
Earnings per share
Basic (in USD per share)	$ 1.50	$ 3.16	$ 8.97	$ 5.86
Diluted (in USD per share)	$ 1.50	$ 3.16	$ 8.97	$ 5.86
Common Class M-1
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income available to Athene Holding Ltd. common shareholders	$ 5	$ 11	$ 30	$ 20
Net income available to AHL shareholders – diluted	$ 5	$ 11	$ 30	$ 20
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)	$ 1.50	$ 3.16	$ 8.97	$ 5.86
Diluted (in USD per share)	$ 1.50	$ 3.16	$ 8.97	$ 5.86
Common Class M-2
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income available to Athene Holding Ltd. common shareholders	$ 1	$ 3	$ 7	$ 5
Net income available to AHL shareholders – diluted	$ 1	$ 3	$ 7	$ 5
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)	$ 1.50	$ 3.16	$ 8.97	$ 5.86
Diluted (in USD per share)	$ 1.50	$ 3.16	$ 8.97	$ 5.83
Common Class M-3
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income available to Athene Holding Ltd. common shareholders	$ 2	$ 3	$ 9	$ 6
Net income available to AHL shareholders – diluted	$ 2	$ 3	$ 9	$ 6
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)	$ 1.50	$ 3.16	$ 8.97	$ 5.86
Diluted (in USD per share)	$ 1.50	$ 3.16	$ 8.97	$ 5.83
Common Class M-4
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income available to Athene Holding Ltd. common shareholders	$ 3	$ 7	$ 19	$ 12
Net income available to AHL shareholders – diluted	$ 3	$ 7	$ 19	$ 12
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	0.7
Diluted weighted average shares outstanding (in shares)	2.5	2.7	2.5	2.8
Earnings per share
Basic (in USD per share)	$ 1.50	$ 3.16	$ 8.97	$ 5.86
Diluted (in USD per share)	$ 1.29	$ 2.42	$ 7.77	$ 4.36

Earnings Per Share - Shares Exc

Earnings Per Share - Shares Excluded from Dilutive Calculation (Details) - shares shares in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	32	35.1

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income - Detail of AOCI (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), before taxes	$ 3,057	$ (585)
Deferred income taxes	(615)	113
Accumulated other comprehensive income (loss)	2,442	(472)
AFS securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), before taxes	4,099	(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	(1,227)	154
Noncredit component of OTTI losses on AFS securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), before taxes	(30)	(19)
Hedging instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), before taxes	222	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	$ (4)	$ (3)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jul. 01, 2019	Jan. 01, 2019	Jul. 01, 2018	Jan. 01, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense (benefit)	$ (176)	$ 23	$ (728)	$ 318
Other comprehensive income (loss)	682	(114)	2,914	(1,374)
Adoption of ASU 2016-01								$ (3)
Change in Accumulated Other Comprehensive Income	682	(114)	2,914	(1,416)
Unrealized investment gains (losses) on AFS securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	1,141	(191)	4,899	(2,362)
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	(390)	57	(1,381)	665
Unrealized gains (losses) on AFS securities, including DAC, DSI, VOBA, and future policy benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustment for gains (losses) realized in net income	7	6	34	36
Income tax expense (benefit)	(152)	24	(694)	328
Other comprehensive income (loss)	592	(116)	2,790	(1,405)
Noncredit component of OTTI losses on AFS securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	(9)	(4)	(10)	(4)
Reclassification adjustment for gains (losses) realized in net income	0	0	1	0
Income tax expense (benefit)	2	1	2	1
Other comprehensive income (loss)	(7)	(3)	(9)	(3)
Unrealized gains (losses) on hedging instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	124	7	171	52
Income tax expense (benefit)	(26)	(2)	(36)	(11)
Other comprehensive income (loss)	98	5	135	41
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)	$ 0	$ (1)	$ (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	9 Months Ended
	Nov. 05, 2019	Dec. 31, 2018	Sep. 30, 2019	Oct. 28, 2019	Aug. 05, 2019	Jun. 10, 2019	May 07, 2019	Dec. 05, 2018
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount					$ 350	$ 120	$ 247	$ 250
Stock Repurchased During Period, Value		$ (100)	$ (544)
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 150	$ 323
Subsequent Event
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount				$ 600
Stock Repurchased During Period, Value	$ (283)
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 640

Equity Preferred Stock (Details

Equity Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 30, 2019	Sep. 30, 2019	Sep. 19, 2019	Jun. 10, 2019	Dec. 31, 2018
Preference Share, Series A
Class of Stock [Line Items]
Preferred Stock, Shares Issued	0	0		34,500	0
Preferred Stock, Dividend Rate, Percentage	6.35%
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1			$ 0
Preferred Stock, Liquidation Preference Per Share	$ 25,000	25,000
Preferred Stock, Dividends, Per Share, Cash Paid		$ 485.07
Dividends, Preferred Stock, Cash		$ 17
Preference Share, Series B
Class of Stock [Line Items]
Preferred Stock, Shares Issued	0	0	13,800		0
Preferred Stock, Dividend Rate, Percentage	5.625%
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	Sep. 30, 2019USD ($)
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 125,138
Percentage of Sub-allocation Assets	100.00%
Core Sub-allocation Assets [Member]
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 33,514
Percentage of Sub-allocation Assets	26.80%
Core Plus [Member]
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 31,770
Percentage of Sub-allocation Assets	25.40%
Yield [Member]
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 46,081
Percentage of Sub-allocation Assets	36.80%
High Alpha [Member]
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 4,347
Percentage of Sub-allocation Assets	3.50%
Other Sub-allocation Assets [Member]
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 9,426
Percentage of Sub-allocation Assets	7.50%

Related Parties - Summary of As

Related Parties - Summary of Assets Sub-Advised by Affiliates (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Mortgage loans	$ 14,118	$ 10,631
Investment funds	4,094	3,559
Total assets	$ 144,202	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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Due to related parties	$ 81		$ 81		$ 54
Expenses from transactions with related parties	$ 127	$ 88	$ 313	$ 257

Related Parties - Narrative (De

Related Parties - Narrative (Details) - USD ($) $ in Millions	Oct. 27, 2019	Oct. 01, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Oct. 24, 2018	Jan. 01, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Investment funds			$ 4,094		$ 4,094		$ 3,559
Related Party | Management fees associated with investment funds
Related Party Transaction [Line Items]
Due to related parties			81		81		54
Expenses from transactions with related parties			127	$ 88	313	$ 257
Related Party | MidCap
Related Party Transaction [Line Items]
Available-for-sale securities			620		620		226
MidCap | Related Party
Related Party Transaction [Line Items]
Investment Owned, Balance, Principal Amount			245		245
Equity Method Investments, Including Credit Facility Advances			$ 795		$ 795		792
Athene Asset Management | Related Party | Portfolio Management Agreement
Related Party Transaction [Line Items]
Management fee payable, percentage										0.40%
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%
Backbook Value							103,400
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					254	$ 722
Venerable | Related Party
Related Party Transaction [Line Items]
Investment Owned, Balance, Principal Amount			148		$ 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			158		$ 158		166
Investments
Related Party Transaction [Line Items]
Investment commitment			3,536		3,536		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			443		443
Consolidated Entity Excluding Variable Interest Entities (VIE)
Related Party Transaction [Line Items]
Available-for-sale securities			73,271		73,271
Interest sensitive contract liabilities			101,666		101,666		96,610
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Related Party Transaction [Line Items]
Available-for-sale securities			2,368		2,368		1,437
Investment funds			2,763		2,763		2,232
Interest sensitive contract liabilities			15,693		15,693		16,850
Consolidated Entity Excluding Variable Interest Entities (VIE) | Private equity | Related Party
Related Party Transaction [Line Items]
Investment funds			69		69		18
Consolidated Entity Excluding Variable Interest Entities (VIE) | Private equity | AmeriHome | Related Party
Related Party Transaction [Line Items]
Investment funds			469		469		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			94		94		92
Variable Interest Entities | Apollo Athene Strategic Partnership Advisors, LLC [Member] | Related Party
Related Party Transaction [Line Items]
Investment funds			32		$ 32		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%
ABS | Related Party | AmeriHome
Related Party Transaction [Line Items]
Available-for-sale securities			124		$ 124		121
ABS | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Related Party Transaction [Line Items]
Available-for-sale securities			$ 1,526		$ 1,526		$ 875
Subsequent Event | Athene Dedicated Investment Program [Member] | Related Party
Related Party Transaction [Line Items]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Issuance of Equity by Subsidiary to Noncontrolling Interests		$ 575
Subsequent Event | Apollo Operating Group [Member] | Related Party
Related Party Transaction [Line Items]
Investment Owned, Balance, Shares	29,154,519
Investment Owned, at Fair Value	$ 1,200
Common Class A | Subsequent Event | Apollo Operating Group [Member] | Related Party
Related Party Transaction [Line Items]
Common Stock, Shares Subscribed but Unissued	7,575,758
Proceeds from Issuance of Common Stock	$ 350
Exchange of stock [Member] | Common Class A | Subsequent Event | Apollo Operating Group [Member] | Related Party
Related Party Transaction [Line Items]
Common Stock, Shares Subscribed but Unissued	27,959,184

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Other Commitments [Line Items]
Letters of Credit Outstanding, Amount	$ 195,000,000
Advances from FHLB	1,226,000,000	$ 926,000,000
COLI asset value	380,000,000
Value of guarantees on COLI	187,000,000
Investments
Other Commitments [Line Items]
Investment commitment	3,536,000,000	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	3,200,000,000	$ 2,700,000,000
Caldera [Member] | Pending Litigation [Member]
Other Commitments [Line Items]
Loss Contingency, Damages Sought, Value	$ 1,500,000,000

Commitments and Contingencies_2

Commitments and Contingencies - Pledged Assets and Funds in Trust (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
AFS securities	$ 7,766	$ 5,439
Debt Securities, Trading, Restricted	368	68
Equity securities	18	2
Investment funds	67	53
Derivative assets pledged as collateral	95	24
Mortgage loans	2,565	1,830
Short-term investments	32	77
Other investments	59	47
Restricted cash	199	492
Total restricted assets	$ 11,169	$ 8,032

Segment Information - Reconcili

Segment Information - Reconciliation of Segment Operating Revenues to Consolidation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Total revenues	$ 4,501	$ 2,576	$ 12,831	$ 5,389
Operating Segments | Retirement Services
Segment Reporting Information [Line Items]
Total revenues	4,096	1,771	9,650	4,901
Operating Segments | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	28	18	84	71
Non-operating adjustments
Segment Reporting Information [Line Items]
Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets	84	884	1,490	823
Investment gains (losses), net of offsets	373	(89)	1,768	(344)
Variable Interest Entity Expense and Noncontrolling Interest	0	1	0	(1)
Other Nonoperating Income	$ (80)	$ (7)	$ (161)	$ (63)

Segment Information - Reconci_2

Segment Information - Reconciliation of Segment Operating Income to Consolidation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income tax (expense) benefit – non-operating	$ 14	$ (56)	$ (48)	$ (165)
Net Income (Loss) Available to Common Stockholders, Basic	276	623	1,704	1,157
Operating Segments | Retirement Services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net Income (Loss) Available to Common Stockholders, Basic	256	379	918	905
Operating Segments | Corporate and Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net Income (Loss) Available to Common Stockholders, Basic	(13)	(8)	(18)	(5)
Non-operating adjustments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Investment gains (losses), net of offsets	166	(53)	1,041	(160)
Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets	(117)	376	(201)	530
Integration, restructuring and other non-operating expenses	(34)	(2)	(46)	(18)
Stock-based compensation, excluding LTIP	(3)	(3)	(9)	(8)
Income tax (expense) benefit – non-operating	$ 21	$ (66)	$ 19	$ (87)

Segment Information - Assets by

Segment Information - Assets by Segment (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 144,202	$ 125,505
Retirement Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	141,501	123,498
Corporate and Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 2,701	$ 2,007

Segment Information - Narrative

Segment Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2019segment
Segment Reporting [Abstract]
Number of reportable segments	1

Uncategorized Items - athq32019

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