Athene Holding (ATH-PA) 10-K 20 Feb 20 2019 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2020	Jun. 28, 2019
Document Information [Line Items]
Entity Incorporation, State or Country Code	D0
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
City Area Code	441
Local Phone Number	279-8400
Entity Interactive Data Current	Yes
Entity Central Index Key	0001527469
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-37963
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Shell Company	false
Entity Public Float			$ 6.4
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Tax Identification Number	98-0630022
Documents Incorporated by Reference [Text Block]	Part III of this Form 10-K incorporates by reference certain information from the registrant’s definitive proxy statement for the 2020 Annual General Meeting of Shareholders to be filed by the registrant with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the year ended December 31, 2019.
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Class A common shares, par value $0.001 per share
Entity Common Stock, Shares Outstanding		143,296,155
Trading Symbol	ATH
Security Exchange Name	NYSE
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		25,381,321
Common Class M-1
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,263,890
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		3,948,905
Series A Preferred Stock [Member]
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
Series B Preferred Stock [Member]
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

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Investments
Mortgage loans, net of allowances (portion at fair value: 2019 – $27 and 2018 – $32)	$ 14,959	$ 10,631
Investment funds	4,300	3,559
Restricted cash	402	492
Reinsurance recoverable (related party: 2019 – $0 and 2018 – $344; portion at fair value: 2019 – $1,821 and 2018 – $1,676)	4,863	5,534
Deferred acquisition costs, deferred sales inducements and value of business acquired	5,008	5,907
Total assets	146,875	125,505
Liabilities
Total liabilities	132,734	117,229
Commitments and Contingencies (Note 15)
Equity
Additional paid-in capital	4,171	3,462
Retained earnings	6,939	5,286
Accumulated other comprehensive income (loss) (related party: 2019 – $17 and 2018 – $(25))	2,281	(472)
Total Athene Holding Ltd. shareholders’ equity	13,391	8,276
Noncontrolling interests	750	0
Total equity	14,141	8,276
Total liabilities and equity	146,875	125,505
Related Party
Investments
Available-for-sale securities, at fair value (amortized cost: 2019 – $67,479 and 2018 – $60,025)		0
Equity
Accumulated other comprehensive income (loss) (related party: 2019 – $17 and 2018 – $(25))	17	(25)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Investments
Available-for-sale securities, at fair value (amortized cost: 2019 – $67,479 and 2018 – $60,025)	71,374	59,265
Trading securities, at fair value	2,054	1,949
Equity securities, at fair value	247	216
Mortgage loans, net of allowances (portion at fair value: 2019 – $27 and 2018 – $32)	14,306	10,340
Investment funds	731	703
Policy loans	417	488
Funds withheld at interest (portion at fair value: 2019 – $801 and 2018 – $57)	15,181	15,023
Derivative assets	2,888	1,043
Short-term investments, at fair value	596	191
Other investments	158	122
Total investments	107,952	89,340
Cash and cash equivalents	4,237	2,911
Consolidated Entity Excluding Variable Interest Entities (VIE)
Investments
Available-for-sale securities, at fair value (amortized cost: 2019 – $67,479 and 2018 – $60,025)	75,178	60,702
Accrued investment income (related party: 2019 – $27 and 2018 – $25)	807	682
Reinsurance recoverable (related party: 2019 – $0 and 2018 – $344; portion at fair value: 2019 – $1,821 and 2018 – $1,676)	4,863	5,534
Deferred acquisition costs, deferred sales inducements and value of business acquired	5,008	5,907
Other assets (related party: 2019 – $0 and 2018 – $357)	985	1,635
Liabilities
Interest sensitive contract liabilities (related party: 2019 – $15,285 and 2018 – $16,850; portion at fair value: 2019 – $11,992 and 2018 – $8,901)	102,745	96,610
Future policy benefits (related party: 2019 – $1,302 and 2018 – $1,259; portion at fair value: 2019 – $2,301 and 2018 – $2,173)	23,330	16,704
Other policy claims and benefits (related party: 2019 – $13 and 2018 – $10)	138	142
Dividends payable to policyholders	113	118
Short-term Debt	475	0
Long-term debt	992	991
Derivative liabilities	97	85
Payables for collateral on derivatives and securities to repurchase	3,255	969
Funds withheld liability (related party: 2019 – $0 and 2018 – $337; portion at fair value: 2019 – $31 and 2018 – $(1))	408	721
Other liabilities (related party: 2019 – $79 and 2018 – $59)	1,181	889
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Investments
Available-for-sale securities, at fair value (amortized cost: 2019 – $67,479 and 2018 – $60,025)	3,804	1,437
Trading securities, at fair value	785	249
Equity securities, at fair value	58	120
Mortgage loans, net of allowances (portion at fair value: 2019 – $27 and 2018 – $32)	653	291
Investment funds	2,886	2,232
Funds withheld at interest (portion at fair value: 2019 – $801 and 2018 – $57)	13,220	13,577
Other investments	487	386
Accrued investment income (related party: 2019 – $27 and 2018 – $25)	27	25
Reinsurance recoverable (related party: 2019 – $0 and 2018 – $344; portion at fair value: 2019 – $1,821 and 2018 – $1,676)	0	344
Other assets (related party: 2019 – $0 and 2018 – $357)	0	357
Liabilities
Interest sensitive contract liabilities (related party: 2019 – $15,285 and 2018 – $16,850; portion at fair value: 2019 – $11,992 and 2018 – $8,901)	15,285	16,850
Future policy benefits (related party: 2019 – $1,302 and 2018 – $1,259; portion at fair value: 2019 – $2,301 and 2018 – $2,173)	1,302	1,259
Other policy claims and benefits (related party: 2019 – $13 and 2018 – $10)	13	10
Funds withheld liability (related party: 2019 – $0 and 2018 – $337; portion at fair value: 2019 – $31 and 2018 – $(1))	0	337
Other liabilities (related party: 2019 – $79 and 2018 – $59)	79	59
Variable Interest Entities
Investments
Trading securities, at fair value	16	35
Investment funds	683	624
Cash and cash equivalents	3	2
Other assets (related party: 2019 – $0 and 2018 – $357)	20	1
Variable Interest Entities | Related Party
Investments
Trading securities, at fair value	0	35
Equity securities, at fair value	6	50
Investment funds	664	583
Series A Preferred Stock [Member]
Equity
Preferred Stock, Value, Outstanding	0	0
Series B Preferred Stock [Member]
Equity
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

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Mortgage loans	$ 14,959	$ 10,631
Investment funds	4,300	3,559
Reinsurance recoverable	4,863	5,534
Accumulated other comprehensive income (loss)	2,281	(472)
Related Party
Accumulated other comprehensive income (loss)	17	(25)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Fixed maturity securities, amortized cost	67,479	60,025
Mortgage loans	14,306	10,340
Investment funds	731	703
Funds withheld at interest	15,181	15,023
Short-term investments, cost	596	191
Other investments	158	122
Trading securities	2,054	1,949
Consolidated Entity Excluding Variable Interest Entities (VIE)
Fixed maturity securities, amortized cost	71,262	61,487
Accrued investment income	807	682
Reinsurance recoverable	4,863	5,534
Other assets	985	1,635
Interest sensitive contract liabilities	102,745	96,610
Future policy benefits	23,330	16,704
Other policy claims and benefits (related party: 2019 – $13 and 2018 – $10)	138	142
Funds withheld liability	408	721
Other liabilities (related party: 2019 – $79 and 2018 – $59)	1,181	889
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Fixed maturity securities, amortized cost	3,783	1,462
Mortgage loans	653	291
Investment funds	2,886	2,232
Funds withheld at interest	13,220	13,577
Other investments	487	386
Accrued investment income	27	25
Reinsurance recoverable	0	344
Other assets	0	357
Trading securities	785	249
Interest sensitive contract liabilities	15,285	16,850
Future policy benefits	1,302	1,259
Other policy claims and benefits (related party: 2019 – $13 and 2018 – $10)	13	10
Funds withheld liability	0	337
Other liabilities (related party: 2019 – $79 and 2018 – $59)	79	59
Variable Interest Entities
Investment funds	683	624
Other assets	20	1
Trading securities	16	35
Variable Interest Entities | Related Party
Investment funds	664	583
Trading securities	$ 0	$ 35
Series A Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 1
Series B Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 1
Common Class A
Common stock outstanding (in shares)	143,200,000	162,400,000
Common Class B
Common stock outstanding (in shares)	25,400,000	25,400,000
Common Class M-1
Common stock outstanding (in shares)	3,300,000	3,400,000
Common Class M-2
Common stock outstanding (in shares)	800,000	800,000
Common Class M-3
Common stock outstanding (in shares)	1,000,000	1,000,000
Common Class M-4
Common stock outstanding (in shares)	4,000,000	4,100,000
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE)
Mortgage loans	$ 14,719	$ 10,424
Funds withheld at interest	14,380	14,966
Short-term investments, cost	190
Other investments	65	70
Interest sensitive contract liabilities	58,027	51,655
Funds withheld liability	377	722
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Mortgage loans	641	290
Funds withheld at interest	12,626	13,687
Other investments	537	361
Recurring | Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Mortgage loans	27	32
Investment funds	154	182
Funds withheld at interest	801	57
Short-term investments, cost	406	191
Other investments	93	52
Recurring | Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE)
Mortgage loans	27	32
Short-term investments, cost	406	191
Other investments	93	52
Reinsurance recoverable	1,821	1,676
Trading securities	2,054	1,949
Interest sensitive contract liabilities	11,992	8,901
Future policy benefits	2,301	2,173
Funds withheld liability	31	(1)
Recurring | Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Investment funds	252	201
Funds withheld at interest	594	(110)
Trading securities	785	249
Recurring | Fair Value | Variable Interest Entities
Investment funds	567	567
Recurring | Fair Value | Variable Interest Entities | Related Party
Trading securities	$ 16	$ 35

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Net investment income	$ 4,522	$ 4,004	$ 3,269
Total revenues	16,258	6,637	8,788
Premiums (related party: 2019 – $243, 2018 – $679 and 2017 – $0)	6,382	3,462	2,526
Other-than-temporary impairment investment losses
Other-than-temporary impairment losses reclassified to (from) other comprehensive income	6	6	(4)
Benefits and expenses
Interest sensitive contract benefits (related party: 2019 – $511, 2018 – $63 and 2017 – $0)	4,557	290	2,866
Amortization of deferred sales inducements	74	54	63
Future policy and other policy benefits (related party: 2019 – $365, 2018 – $707 and 2017 – $0)	7,587	4,281	3,261
Amortization of deferred acquisition costs and value of business acquired	958	174	344
Dividends to policyholders	36	37	118
Policy and other operating expenses (related party: 2019 – $45, 2018 – $42 and 2017 – $13)	744	626	672
Total benefits and expenses	13,956	5,462	7,324
Income before income taxes	2,302	1,175	1,464
Income tax expense	117	122	106
Net income	2,185	1,053	1,358
Less: Net income attributable to noncontrolling interests	13	0	0
Net income available to Athene Holding Ltd. shareholders	2,172	1,053	1,358
Less: Preferred stock dividends	36	0	0
Net income available to Athene Holding Ltd. common shareholders – basic and diluted	2,136	1,053	1,358
Consolidated Entity Excluding Variable Interest Entities (VIE)
Revenues
Net investment income	4,522	4,004	3,269
Other revenues	37	26	37
Premiums (related party: 2019 – $243, 2018 – $679 and 2017 – $0)	6,382	3,462	2,526
Product charges (related party: 2019 – $54, 2018 – $34 and 2017 – $0)	524	449	340
Gain (Loss) on Investments	4,752	(1,324)	2,572
Other-than-temporary impairment investment losses
Other-than-temporary impairment losses	(44)	(24)	(29)
Other-than-temporary impairment losses reclassified to (from) other comprehensive income	6	6	(4)
Net other-than-temporary impairment losses	(38)	(18)	(33)
Benefits and expenses
Amortization of deferred sales inducements	74	54	63
Amortization of deferred acquisition costs and value of business acquired	958	174	344
Variable Interest Entities
Revenues
Net investment income	74	56	42
Gain (Loss) on Investments	5	(18)	35
Common Class A
Benefits and expenses
Net income available to Athene Holding Ltd. common shareholders – basic and diluted	$ 1,760	$ 857	$ 749
Earnings per share
Basic (in USD per share)	$ 11.44	$ 5.34	$ 6.95
Diluted (in USD per share)	$ 11.41	$ 5.32	$ 6.91
Common Class B
Benefits and expenses
Net income available to Athene Holding Ltd. common shareholders – basic and diluted	$ 291	$ 157	$ 567
Earnings per share
Basic (in USD per share)	$ 11.44	$ 5.34	$ 6.95
Diluted (in USD per share)	$ 11.44	$ 5.34	$ 6.95
Common Class M-1
Benefits and expenses
Net income available to Athene Holding Ltd. common shareholders – basic and diluted	$ 38	$ 18	$ 24
Earnings per share
Basic (in USD per share)	$ 11.44	$ 5.34	$ 6.95
Diluted (in USD per share)	$ 11.44	$ 5.34	$ 6.95
Common Class M-2
Benefits and expenses
Net income available to Athene Holding Ltd. common shareholders – basic and diluted	$ 10	$ 5	$ 4
Earnings per share
Basic (in USD per share)	$ 11.44	$ 5.34	$ 6.95
Diluted (in USD per share)	$ 11.44	$ 5.31	$ 5.05
Common Class M-3
Benefits and expenses
Net income available to Athene Holding Ltd. common shareholders – basic and diluted	$ 11	$ 5	$ 5
Earnings per share
Basic (in USD per share)	$ 11.44	$ 5.34	$ 6.95
Diluted (in USD per share)	$ 11.44	$ 5.31	$ 3.86
Common Class M-4
Benefits and expenses
Net income available to Athene Holding Ltd. common shareholders – basic and diluted	$ 26	$ 11	$ 9
Earnings per share
Basic (in USD per share)	$ 11.44	$ 5.34	$ 6.95
Diluted (in USD per share)	$ 9.94	$ 4.11	$ 3.10

Consolidated Statements of In_2

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Premiums	$ 6,382	$ 3,462	$ 2,526
Interest Sensitive Contract Benefits Expense	4,557	290	2,866
Future policy and other policy benefits	7,587	4,281	3,261
Net investment income	4,522	4,004	3,269
Policy and other operating expenses	744	626	672
Consolidated Entity Excluding Variable Interest Entities (VIE)
Premiums	6,382	3,462	2,526
Product charges	524	449	340
Investment income	4,957	4,359	3,601
Investment expense	435	355	332
Gain (Loss) on Investments	4,752	(1,324)	2,572
Net investment income	4,522	4,004	3,269
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Premiums	243	679	0
Product charges	54	34	0
Investment income	707	539	220
Investment expense	426	349	318
Gain (Loss) on Investments	1,008	(77)	(16)
Interest Sensitive Contract Benefits Expense	511	63	0
Future policy and other policy benefits	365	707	0
Policy and other operating expenses	45	42	13
Variable Interest Entities
Gain (Loss) on Investments	5	(18)	35
Net investment income	74	56	42
Variable Interest Entities | Related Party
Gain (Loss) on Investments	1	(21)	35
Net investment income	$ 72	$ 55	$ 42

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 2,185	$ 1,053	$ 1,358
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities, net of offsets	3,444	(2,442)	1,312
Noncredit component of other-than-temporary impairment losses on available-for-sale securities	(6)	(6)	4
Unrealized gains (losses) on hedging instruments	29	146	(105)
Foreign currency translation and other adjustments	1	(8)	19
Other comprehensive income (loss), before tax	3,468	(2,310)	1,230
Income tax expense (benefit) related to other comprehensive income (loss)	698	(431)	334
Other comprehensive income (loss)	2,770	(1,879)	896
Comprehensive income (loss)	4,955	(826)	2,254
Less: Comprehensive loss attributable to noncontrolling interests	(4)	0	0
Comprehensive income (loss) available to Athene Holding Ltd. shareholders	$ 4,959	$ (826)	$ 2,254

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Total Athene Holding Ltd. shareholders’ equity	Noncontrolling interests	Preferred stock	Preferred stock	Preferred stockAdditional paid-in capital	Preferred stockTotal Athene Holding Ltd. shareholders’ equity	Common stock	Common stockAdditional paid-in capital	Common stockTotal Athene Holding Ltd. shareholders’ equity
Beginning Balance at Dec. 31, 2016	$ 6,882	$ 0	$ 3,421	$ 3,094	$ 366	$ 6,881	$ 1	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,358			1,358		1,358	0
Other comprehensive income	896				896	896
Issuance of common shares, net of expenses	1		1			1
Stock-based compensation	50		50			50
Retirement or repurchase of shares	(10)		0	(10)		(10)
Other changes in equity of noncontrolling interests	(1)						(1)
Ending Balance at Dec. 31, 2017	9,176	0	3,472	4,255	1,449	9,176	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of accounting standards				(187)	187
Net income	1,053			1,053		1,053	0
Other comprehensive income	(1,879)				(1,879)	(1,879)
Issuance of common shares, net of expenses	2					2							$ 2
Stock-based compensation	32		32			32
Retirement or repurchase of shares	(105)		(44)	(61)		(105)
Ending Balance at Dec. 31, 2018	8,276	0	3,462	5,286	(472)	8,276	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,185			2,172		2,172	13
Other comprehensive income	2,770				2,787	2,787	(17)
Issuance of common shares, net of expenses									$ 1,172	$ 1,172	$ 1,172	$ 3	$ 3	$ 3
Stock-based compensation	28		28			28
Retirement or repurchase of shares	(832)		(349)	(483)		(832)
Preferred stock dividends	(36)			(36)		(36)
Ending Balance at Dec. 31, 2019	$ 14,141	$ 0	$ 4,171	$ 6,939	$ 2,281	$ 13,391	$ 750	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities
Net income		$ 2,185	$ 1,053	$ 1,358
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred acquisition costs and value of business acquired		958	174	344
Amortization of deferred sales inducements		74	54	63
Policy acquisition costs deferred		(645)	(2,481)	(493)
Changes in operating assets and liabilities:
Net cash provided by operating activities		2,656	2,874	3,170
Purchases of:
Deconsolidation of Athora Holding Ltd.		0	(296)	0
Net cash provided by (used in) investing activities		(9,956)	(8,173)	(5,769)
Cash flows from financing activities
Proceeds from short-term debt		475	183	0
Proceeds from long-term debt		0	998	0
Proceeds from Noncontrolling Interests		575	0	0
Net cash provided by financing activities		8,537	3,707	5,048
Effect of exchange rate changes on cash and cash equivalents		0	0	32
Net increase (decrease) in cash and cash equivalents		1,237	(1,592)	2,481
Cash and cash equivalents at beginning of year	[1]	3,405	4,997	2,516
Cash and cash equivalents at end of year	[1]	4,642	3,405	4,997
Supplementary information
Cash paid (refunded) for taxes		36	52	(64)
Cash paid for interest		49	26	0
Non-cash transactions
Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2019 – $217, 2018 – $17,619 and 2017 – $0)		782	26,532	663
Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2019 – $1,753, 2018 – $1,050 and 2017 – $0)		3,393	1,843	482
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		958	174	344
Amortization of deferred sales inducements		74	54	63
Net accretion of net investment premiums, discounts and other		(94)	(178)	(192)
Reinsurance Agreement Payments				0
Net investment (income) loss (related party: 2019 – $(171), 2018 – $(103) and 2017 – $(63))		(167)	(84)	(53)
Net recognized (gains) losses on investments and derivatives		(2,479)	1,095	(2,180)
Policy acquisition costs deferred		(645)	(919)	(493)
Changes in operating assets and liabilities:
Accrued investment income (related party: 2019 – $(2), 2018 – $(15) and 2017 – $0)		(128)	(66)	(91)
Interest sensitive contract liabilities (related party: 2019 – $471, 2018 – $30 and 2017 – $0)		4,003	(365)	2,564
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable (related party: 2019 – $295, 2018 – $109 and 2017 – $0)		1,171	2,457	2,019
Funds withheld assets and liabilities (related party: 2019 – $(1,317), 2018 – $113 and 2017 – $0)		(2,582)	270	(419)
Other assets and liabilities		367	(240)	283
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2019 – $252, 2018 – $181 and 2017 – $131)		12,762	12,121
Trading securities (related party: 2019 – $40, 2018 – $30 and 2017 – $55)		272	348	156
Mortgage loans (related party: 2019 – $4, 2018 – $13 and 2017 – $0)		2,070	1,373	1,669
Investment funds (related party: 2019 – $291, 2018 – $305 and 2017 – $349)		416	481	496
Derivative instruments and other invested assets (related party: 2019 – $0, 2018 – $2 and 2017 – $0)		1,503	1,859	1,503
Real estate		0	0	4
Short-term investments (related party: 2019 – $0, 2018 – $172 and 2017 – $65)		398	538	351
Purchases of:
Available-for-sale securities (related party: 2019 – $(2,897), 2018 – $(811) and 2017 – $(186))		(17,237)	(15,435)	(18,883)
Trading securities (related party: 2019 – $(6), 2018 – $(4) and 2017 – $0)		(495)	(54)	(89)
Payments to Acquire Marketable Securities				847
Mortgage loans (related party: 2019 – $(366), 2018 – $(389) and 2017 – $0)		(6,391)	(5,745)	(2,428)
Investment funds (related party: 2019 – $(746), 2018 – $(1,140) and 2017 – $(509))		(902)	(1,375)	(660)
Derivative instruments and other invested assets (related party: 2019 – $(100), 2018 – $(150) and 2017 – $0)		(1,299)	(1,348)	(738)
Real estate		0	0	(76)
Short-term investments (related party: 2019 – $0, 2018 – $(121) and 2017 – $(117))		(802)	(478)	(421)
Other investing activities, net		(45)	(94)	503
Cash flows from financing activities
Repayment of short-term debt		0	(183)	0
Deposits on investment-type policies and contracts (related party: 2019 – $146, 2018 – $151 and 2017 – $0)		11,569	10,262	9,056
Withdrawals on investment-type policies and contracts (related party: 2019 – $(455), 2018 – $(252) and 2017 – $0)		(6,548)	(6,205)	(4,843)
Payments for coinsurance agreements on investment-type contracts, net		(44)	(2)	(33)
Net change in cash collateral posted for derivative transactions and securities to repurchase		2,286	(1,354)	940
Proceeds from Issuance of Preferred Stock and Preference Stock		1,172	0	0
Payments of Ordinary Dividends, Preferred Stock and Preference Stock		(36)	0	0
Repurchase of common stock		(832)	(105)	(10)
Other financing activities, net		(80)	113	(62)
Non-cash transactions
Ceding commission on reinsurance agreements settled in investments		0	394
Consolidated Entity Excluding Variable Interest Entities (VIE) | Fixed Maturity Securities
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2019 – $252, 2018 – $181 and 2017 – $131)				12,634
Consolidated Entity Excluding Variable Interest Entities (VIE) | Equity securities
Sales, maturities and repayments of:
Proceeds from Sale and Maturity of Marketable Securities		254	132	985
Purchases of:
Payments to Acquire Marketable Securities		451	334
Variable Interest Entities
Adjustments to reconcile net income to net cash provided by operating activities:
Net recognized (gains) losses on investments and derivatives		(5)	17	(36)
Changes in operating assets and liabilities:
Other Noncash Income (Expense)		2	0	(3)
Purchases of:
Sales, maturities and repayments of investments (related party: 2019 – $90, 2018 – $203 and 2017 – $85)		101	217	95
Purchases of investments (related party: 2019 – $(92), 2018 – $(31) and 2017 – $(23))		(110)	(83)	(23)
Reinsurance Settlements [Member]
Non-cash transactions
Transfer to Investments		56	52	73
Pension Risk Transfer Premiums [Member]
Non-cash transactions
Transfer to Investments		5,235	435	334
Reinsurance agreement
Non-cash transactions
Ceding commission on reinsurance agreements settled in investments		0	266	0
Investment funds | Exchange of Stock for Stock [Member]
Purchases of:
Investment funds (related party: 2019 – $(746), 2018 – $(1,140) and 2017 – $(509))		0	(108)	0
Related Party
Non-cash transactions
Transfer to Investments		0	115	0
Transfer from Investments		0	95	26
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Adjustments to reconcile net income to net cash provided by operating activities:
Reinsurance Agreement Payments		0	(407)	0
Net investment (income) loss (related party: 2019 – $(171), 2018 – $(103) and 2017 – $(63))		(171)	(103)	(63)
Net recognized (gains) losses on investments and derivatives		(15)	(8)	8
Changes in operating assets and liabilities:
Accrued investment income (related party: 2019 – $(2), 2018 – $(15) and 2017 – $0)		(2)	(15)	0
Interest sensitive contract liabilities (related party: 2019 – $471, 2018 – $30 and 2017 – $0)		471	30	0
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable (related party: 2019 – $295, 2018 – $109 and 2017 – $0)		295	109	0
Funds withheld assets and liabilities (related party: 2019 – $(1,317), 2018 – $113 and 2017 – $0)		(1,317)	113	0
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2019 – $252, 2018 – $181 and 2017 – $131)		252	181
Trading securities (related party: 2019 – $40, 2018 – $30 and 2017 – $55)		40	30	55
Mortgage loans (related party: 2019 – $4, 2018 – $13 and 2017 – $0)		4	13	0
Investment funds (related party: 2019 – $291, 2018 – $305 and 2017 – $349)		291	305	349
Derivative instruments and other invested assets (related party: 2019 – $0, 2018 – $2 and 2017 – $0)		0	2	0
Short-term investments (related party: 2019 – $0, 2018 – $172 and 2017 – $65)		0	172	65
Purchases of:
Available-for-sale securities (related party: 2019 – $(2,897), 2018 – $(811) and 2017 – $(186))		(2,897)	(811)	(186)
Trading securities (related party: 2019 – $(6), 2018 – $(4) and 2017 – $0)		(6)	4	0
Payments to Acquire Marketable Securities				0
Mortgage loans (related party: 2019 – $(366), 2018 – $(389) and 2017 – $0)		(366)	(389)	0
Investment funds (related party: 2019 – $(746), 2018 – $(1,140) and 2017 – $(509))		(746)	(1,140)	(509)
Derivative instruments and other invested assets (related party: 2019 – $(100), 2018 – $(150) and 2017 – $0)		(100)	(150)	0
Short-term investments (related party: 2019 – $0, 2018 – $(121) and 2017 – $(117))		0	(121)	(117)
Cash flows from financing activities
Deposits on investment-type policies and contracts (related party: 2019 – $146, 2018 – $151 and 2017 – $0)		146	151	0
Withdrawals on investment-type policies and contracts (related party: 2019 – $(455), 2018 – $(252) and 2017 – $0)		(455)	(252)	0
Non-cash transactions
Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2019 – $217, 2018 – $17,619 and 2017 – $0)		217	17,619	0
Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2019 – $1,753, 2018 – $1,050 and 2017 – $0)		1,753	1,050	0
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE) | Fixed Maturity Securities
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2019 – $252, 2018 – $181 and 2017 – $131)				131
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE) | Equity securities
Sales, maturities and repayments of:
Proceeds from Sale and Maturity of Marketable Securities		72	29	22
Purchases of:
Payments to Acquire Marketable Securities		(262)	(149)
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		(1)	20	(36)
Purchases of:
Sales, maturities and repayments of investments (related party: 2019 – $90, 2018 – $203 and 2017 – $85)		90	203	85
Purchases of investments (related party: 2019 – $(92), 2018 – $(31) and 2017 – $(23))		(92)	(31)	(23)
Related Party | Reinsurance agreement
Non-cash transactions
Transfer from Investments		320	0	0
Related Party | Reinsurance Settlements [Member]
Non-cash transactions
Transfer to Investments		$ 149	$ 0	$ 0
[1]	Includes cash and cash equivalents, restricted cash, and cash and cash equivalents of consolidated variable interest entities.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Purchases of:
Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2019 – $217, 2018 – $17,619 and 2017 – $0)	$ 782	$ 26,532	$ 663
Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2019 – $1,753, 2018 – $1,050 and 2017 – $0)	3,393	1,843	482
Consolidated Entity Excluding Variable Interest Entities (VIE)
Reinsurance Agreement Payments			0
Net investments (income) loss	(167)	(84)	(53)
Net recognized (gains) losses on investments and derivatives	(2,479)	1,095	(2,180)
Accrued investment income (related party: 2019 – $(2), 2018 – $(15) and 2017 – $0)	(128)	(66)	(91)
Interest sensitive contract liabilities	4,003	(365)	2,564
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable (related party: 2019 – $295, 2018 – $109 and 2017 – $0)	1,171	2,457	2,019
Funds withheld assets and liabilities (related party: 2019 – $(1,317), 2018 – $113 and 2017 – $0)	(2,582)	270	(419)
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2019 – $252, 2018 – $181 and 2017 – $131)	12,762	12,121
Trading securities	272	348	156
Mortgage loans (related party: 2019 – $4, 2018 – $13 and 2017 – $0)	2,070	1,373	1,669
Investment funds	416	481	496
Derivative instruments and other invested assets (related party: 2019 – $0, 2018 – $2 and 2017 – $0)	1,503	1,859	1,503
Short-term investments	398	538	351
Purchases of:
Available-for-sale securities (related party: 2019 – $(2,897), 2018 – $(811) and 2017 – $(186))	(17,237)	(15,435)	(18,883)
Mortgage loans (related party: 2019 – $(366), 2018 – $(389) and 2017 – $0)	(6,391)	(5,745)	(2,428)
Trading securities	(495)	(54)	(89)
Payments to Acquire Marketable Securities			847
Investment funds	(902)	(1,375)	(660)
Derivative instruments and other invested assets (related party: 2019 – $(100), 2018 – $(150) and 2017 – $0)	(1,299)	(1,348)	(738)
Short-term investments	(802)	(478)	(421)
Deposits on investment-type policies and contracts (related party: 2019 – $146, 2018 – $151 and 2017 – $0)	11,569	10,262	9,056
Repayments of Annuities and Investment Certificates	(6,548)	(6,205)	(4,843)
Variable Interest Entities
Net recognized (gains) losses on investments and derivatives	(5)	17	(36)
Purchases of:
Sales, maturities, and repayments of investments	101	217	95
Purchases of investments	(110)	(83)	(23)
Related Party
Purchases of:
Transfer from Investments	0	95	26
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Reinsurance Agreement Payments	0	(407)	0
Net investments (income) loss	(171)	(103)	(63)
Net recognized (gains) losses on investments and derivatives	(15)	(8)	8
Accrued investment income (related party: 2019 – $(2), 2018 – $(15) and 2017 – $0)	(2)	(15)	0
Interest sensitive contract liabilities	471	30	0
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable (related party: 2019 – $295, 2018 – $109 and 2017 – $0)	295	109	0
Funds withheld assets and liabilities (related party: 2019 – $(1,317), 2018 – $113 and 2017 – $0)	(1,317)	113	0
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2019 – $252, 2018 – $181 and 2017 – $131)	252	181
Trading securities	40	30	55
Mortgage loans (related party: 2019 – $4, 2018 – $13 and 2017 – $0)	4	13	0
Investment funds	291	305	349
Derivative instruments and other invested assets (related party: 2019 – $0, 2018 – $2 and 2017 – $0)	0	2	0
Short-term investments	0	172	65
Purchases of:
Available-for-sale securities (related party: 2019 – $(2,897), 2018 – $(811) and 2017 – $(186))	(2,897)	(811)	(186)
Mortgage loans (related party: 2019 – $(366), 2018 – $(389) and 2017 – $0)	(366)	(389)	0
Trading securities	(6)	4	0
Payments to Acquire Marketable Securities			0
Investment funds	(746)	(1,140)	(509)
Derivative instruments and other invested assets (related party: 2019 – $(100), 2018 – $(150) and 2017 – $0)	(100)	(150)	0
Short-term investments	0	(121)	(117)
Deposits on investment-type policies and contracts (related party: 2019 – $146, 2018 – $151 and 2017 – $0)	146	151	0
Repayments of Annuities and Investment Certificates	(455)	(252)	0
Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2019 – $217, 2018 – $17,619 and 2017 – $0)	217	17,619	0
Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2019 – $1,753, 2018 – $1,050 and 2017 – $0)	1,753	1,050	0
Related Party | Variable Interest Entities
Net recognized (gains) losses on investments and derivatives	(1)	20	(36)
Purchases of:
Sales, maturities, and repayments of investments	90	203	85
Purchases of investments	(92)	(31)	(23)
Fixed Maturity Securities | Consolidated Entity Excluding Variable Interest Entities (VIE)
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2019 – $252, 2018 – $181 and 2017 – $131)			12,634
Fixed Maturity Securities | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2019 – $252, 2018 – $181 and 2017 – $131)			131
Equity securities | Consolidated Entity Excluding Variable Interest Entities (VIE)
Sales, maturities and repayments of:
Proceeds from Sale and Maturity of Marketable Securities	254	132	985
Purchases of:
Payments to Acquire Marketable Securities	451	334
Equity securities | Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Sales, maturities and repayments of:
Proceeds from Sale and Maturity of Marketable Securities	72	29	$ 22
Purchases of:
Payments to Acquire Marketable Securities	$ (262)	$ (149)

Business, Basis of Presentation

Business, Basis of Presentation, and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Business, Basis of Presentation, and Significant Accounting Policies	1. Business, Basis of Presentation and Significant Accounting Policies Athene Holding Ltd. (AHL), a Bermuda exempted company, together with its subsidiaries (collectively, Athene, we, our, us, or the Company), is a leading retirement services company that issues, reinsures and acquires retirement savings products in all United States (U.S.) states and the District of Columbia. We conduct business primarily through the following consolidated subsidiaries: • Our non-U.S. reinsurance subsidiaries, to which AHL’s other insurance subsidiaries and third party ceding companies directly and indirectly reinsure a portion of their liabilities, including Athene Life Re Ltd. (ALRe), a Bermuda exempted company, and Athene Life Re International Ltd.; and • Athene USA Corporation, an Iowa corporation (together with its subsidiaries, Athene USA). Consolidation and Basis of Presentation —Our consolidated financial statements include our wholly owned subsidiaries, investees we control and any variable interest entities (VIEs) where we are the primary beneficiary. Investments in entities that we do not control, but have the ability to exercise significant influence over operating and financing decisions, other than investments for which we have elected the fair value option, are accounted for under the equity method. Intercompany balances and transactions have been eliminated. For entities that are consolidated, but not 100% owned, we allocate a portion of the income or loss and corresponding equity to the owners other than us. We include the aggregate of the income or loss and corresponding equity that is not owned by us in noncontrolling interests in the consolidated financial statements. We report investments in related parties and assets and liabilities of consolidated VIEs separately, as further described in the accounting policies that follow. We have prepared the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual experience could materially differ from these estimates and assumptions. Our principal estimates impact: • fair value of investments; • impairment of investments and valuation allowances; • derivatives valuation, including embedded derivatives; • deferred acquisition costs (DAC), deferred sales inducements (DSI) and value of business acquired (VOBA); • future policy benefit reserves; • valuation allowances on deferred tax assets; and • stock-based compensation. Additional details around these principal estimates and assumptions are discussed in the significant accounting policies that follow and the related footnote disclosures. Deconsolidation – AGER Bermuda Holding Ltd. and its subsidiaries, now known as Athora Holding Ltd. (Athora), was our consolidated subsidiary for the year ended December 31, 2017. In April 2017, Athora entered into subscription agreements pursuant to which Athora secured commitments to purchase new common shares in Athora (Athora Offering). On January 1, 2018, the Athora Offering closed and Athora called capital from all of its investors, excluding us. In connection with the closing of the Athora Offering, our equity interest in Athora was exchanged for new common shares of Athora and our interest in Athora was reduced such that immediately after the closing of the Athora Offering, we held 10% of the aggregate voting power of and less than 50% of the economic interest in Athora. Our interest in Athora has since been held as a related party investment rather than a consolidated subsidiary. We did not recognize a material amount in the consolidated statements of income upon deconsolidation in 2018. Summary of Significant Accounting Policies Investments Fixed Maturity Securities – Fixed maturity securities includes bonds, collateralized loan obligations (CLO), asset-backed securities (ABS), residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS) and redeemable preferred stock. We classify fixed maturity securities as available-for-sale (AFS) or trading at the time of purchase and subsequently carry them at fair value. Fair value hierarchy and valuation methodologies are discussed in Note 5 – Fair Value . Classification is dependent on a variety of factors including our expected holding period, election of the fair value option and asset and liability matching. AFS Securities – Unrealized gains and losses on AFS securities, net of tax and adjustments to DAC, DSI, VOBA and future policy benefits, if applicable, are generally reflected in accumulated other comprehensive income (loss) (AOCI) on the consolidated balance sheets. Unrealized gains or losses relating to identified risks within AFS securities in fair value hedging relationships are reflected in investment related gains (losses) on the consolidated statements of income. Trading Securities – We elected the fair value option for certain fixed maturity securities. These fixed maturity securities are classified as trading, with changes to fair value included in investment related gains (losses) on the consolidated statements of income. Although the securities are classified as trading, the trading activity related to these investments is primarily focused on asset and liability matching activities and is not intended to be an income strategy based on active trading. As such, the activity related to these investments on the consolidated statements of cash flows is classified as investing activities. We generally record security transactions on a trade date basis, with any unsettled trades recorded in other assets or other liabilities on the consolidated balance sheets. Bank loans, private placements and investment funds are recorded on settlement date basis. Equity Securities – Equity securities includes common stock, mutual funds and non-redeemable preferred stock. Equity securities are carried at fair value with subsequent changes in fair value recognized in net income effective January 1, 2018. Prior to January 1, 2018, the accounting for subsequent changes in the fair value of an equity security was dependent on its classification as AFS or trading as discussed previously. Purchased Credit Impaired (PCI) Investments – We purchase certain structured securities, primarily RMBS, and re-performing mortgage loans having experienced deterioration in credit quality since their issuance which meet the definition of PCI investments. We determined, based on our expectations as to the timing and amount of cash flows expected to be received, that it was probable at acquisition that we would not collect all contractually required payments, including both principal and interest, while also considering the effects of any prepayments for these PCI investments. Based on these assumptions, the difference between the undiscounted expected future cash flows of the PCI investment and the recorded investment represents the initial accretable yield, which is accreted into investment income, net of related expenses, over its remaining life on a level-yield basis. The difference between the contractually required payments on the PCI investment and the undiscounted expected future cash flows represents the non-accretable difference at acquisition. Over time, based on actual payments received and changes in estimates of undiscounted expected future cash flows, the accretable yield and the non-accretable difference can change. PCI investments are presented on the consolidated financial statements consistent with AFS securities or mortgage loans depending on the underlying investment. Quarterly, we evaluate the undiscounted expected future cash flows associated with PCI investments based on updates to key assumptions. Changes to undiscounted expected future cash flows due solely to the changes in the contractual benchmark interest rates on variable rate PCI investments will change the accretable yield prospectively. Declines in undiscounted expected future cash flows due to further credit deterioration, as well as changes in the expected timing of the cash flows, can result in the recognition of an other-than-temporary impairment (OTTI) charge for PCI securities or a valuation allowance for PCI loans. Significant increases in undiscounted expected future cash flows are recognized prospectively as an adjustment to the accretable yield. Mortgage Loans – Mortgage loans are primarily stated at unpaid principal balance, adjusted for any unamortized premium or discount, and net of valuation allowances. Interest income is accrued on the principal amount of the loan based on its contractual interest rate. We record amortization of premiums and discounts using the effective yield method and contractual cash flows on the underlying loan. We accrue interest on loans until it is probable we will not receive interest or the loan is 90 days past due. Interest income, amortization of premiums and discounts, and prepayment fees are reported in net investment income on the consolidated statements of income. We have also elected the fair value option on a portion of our mortgage loans. Investment Funds – We invest in certain non-fixed income, alternative investments in the form of limited partnerships or similar legal structures (investment funds). For investment funds in which we have determined we are not the primary beneficiary, and therefore not required to consolidate, we typically record these investments using the equity method of accounting, where the cost is recorded as an investment in the fund, or we have elected the fair value option. Adjustments to the carrying amount reflect our pro rata ownership percentage of the operating results as indicated by net asset value (NAV) in the investment fund financial statements, which can be on a lag of up to three months when investee information is not received in a timely manner. We record our proportionate share of investment fund income within net investment income on the consolidated statements of income. Contributions paid or distributions received by us are recorded directly to the investment fund balance as an increase to carrying value or as a return of capital, respectively. Policy Loans – Policy loans are funds provided to policyholders in return for a claim on the policyholder’s account value. The funds provided are limited to a specified percentage of the account balance. The majority of policy loans do not have a stated maturity and the balances and accrued interest are repaid with proceeds from the policyholder’s account balance. Policy loans are reported at the unpaid principal balance. Interest income is recorded as earned using the contract interest rate and is reported in net investment income on the consolidated statements of income. Funds Withheld at Interest – Funds withheld at interest represents a receivable for amounts contractually withheld by ceding companies in accordance with funds withheld coinsurance (funds withheld) and modified coinsurance (modco) reinsurance agreements in which we act as reinsurer. Generally, assets equal to statutory reserves are withheld and legally owned by the ceding company, and any excess or shortfall is settled periodically. The underlying agreements contain embedded derivatives as discussed below. Securities Repurchase and Reverse Repurchase Agreements – Securities repurchase and reverse repurchase transactions involve the temporary exchange of securities for cash or other collateral of equivalent value, with agreement to redeliver a like quantity of the same or similar securities at a future date prior to maturity at a fixed and determinable price. We evaluate transfers of securities under these agreements to repurchase or resell to determine whether they satisfy the criteria for accounting treatment as secured borrowing or lending arrangements. Agreements not meeting the criteria would require recognition of the transferred securities as sales or purchases, with related forward repurchase or resale commitments. All of our securities repurchase transactions are accounted for as collateralized borrowings and are included in payables for collateral on derivatives and securities to repurchase on the consolidated balance sheets. Earnings from investing activities related to the cash received under our securities repurchase arrangements are included in net investment income on the consolidated statements of income. The associated borrowing cost is included in policy and other operating expenses on the consolidated statements of income. Short-term Investments – Short-term investments consists of financial instruments with maturities of greater than three months but less than twelve months when purchased. Short-term debt securities are accounted for as trading or AFS consistent with our policies for those investments. Short-term loans are carried at amortized cost. Fair values are determined consistent with methodologies described in Note 5 – Fair Value for the respective investment type. Investment Income – We recognize investment income as it accrues or is legally due, net of investment management and custody fees. Investment income on fixed maturity securities includes coupon interest, as well as the amortization of any premium and the accretion of any discount. Investment income on equity securities represents dividend income and preferred coupons interest. Realized gains and losses on sales of investments are included in investment related gains (losses) on the consolidated statements of income. Realized gains and losses on investments sold are determined based on a first-in first-out method. Other-Than-Temporary Impairment – We identify securities that could potentially have impairments that are other-than-temporary by monitoring market events for changes in market interest rates, credit issues, changes in business climate, management changes, litigation, government actions and other similar factors. Indicators of impairment may include changes in the issuers’ credit ratings and outlook, frequency of late payments, pricing levels, key financial ratios, financial statements, revenue forecasts and cash flow projections. We review securities on a case-by-case basis to determine whether an other-than-temporary decline in value exists and whether losses should be recognized. We consider relevant facts and circumstances in evaluating whether a credit or interest rate-related impairment of a security is other-than-temporary. Relevant facts and circumstances include: (1) the extent and length of time the fair value has been below cost; (2) the reasons for the decline in fair value; (3) the issuer’s financial position and access to capital; and (4) for fixed maturity securities, our intent to sell a security or whether it is more likely than not that we will be required to sell the security before the recovery of its cost or amortized cost which, in some cases, may extend to maturity and for equity securities prior to January 1, 2018, our ability and intent to hold the security for a period of time that allows for the recovery in value. To the extent we determine that a security is other-than-temporarily impaired, an impairment loss is recognized. The recognition of impairment losses on fixed maturity securities is dependent upon the facts and circumstances related to the specific security. If we intend to sell a security or it is more likely than not that we would be required to sell a security before the recovery of its cost or amortized cost, less any recorded credit loss, we recognize a loss in other-than-temporary impairment losses on the consolidated statements of income for the difference between cost or amortized cost and fair value. If neither of these two conditions exists, then the recognition of the loss is bifurcated and we recognize the credit loss portion in other-than-temporary impairment losses on the consolidated statements of income and the non-credit loss portion in AOCI on the consolidated balance sheets. Impairment losses on equity securities were recognized in investment related gains (losses) on the consolidated statements of income prior to January 1, 2018. Effective January 1, 2018, equity securities are no longer evaluated for impairment as all changes in fair value are recognized in net income. We estimate the amount of the credit loss component of a fixed maturity security impairment as the difference between amortized cost and the present value of the expected cash flows of the security. The present value is determined using the estimated cash flows discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete an asset-backed or floating rate security. The techniques and assumptions for establishing the estimated cash flows vary depending on the type of security. A structured security’s cash flow estimates are based on security-specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity, prepayments and structural support, including subordination and guarantees. A non-structured security’s cash flow estimates are derived from scenario-based outcomes of expected corporate restructurings or the disposition of assets using security-specific facts and circumstances including timing, security interests and loss severity. In periods after an OTTI is recognized on a fixed maturity security, we report the impaired security as if it had been purchased on the date it was impaired and continue to estimate the present value of the estimated cash flows of the security. Accordingly, the discount (or reduced premium) based on the new cost basis is accreted into net investment income over the remaining term of the fixed maturity security in a prospective manner based on the amount and timing of estimated future cash flows. We impair a mortgage loan when it is probable we will not collect all amounts due under the agreement. We establish a general valuation allowance on mortgage loans based on loss history. Additionally, we establish a valuation allowance on individual loans based on expected losses from future dispositions or settlement, including foreclosures. We calculate the allowance based on how much the carrying value exceeds one of these values: • the present value of expected future cash flows discounted at the loan’s original effective interest rate; • the value of the loan’s collateral if it is in the process of foreclosure or otherwise collateral dependent; or • the loan’s fair value if the loan is being sold. We first apply any interest accrued or received on the net carrying amount of the impaired loan to the principal of the loan, and once the principal is repaid, we include amounts received in net investment income. We limit accrued interest income on impaired loans to 90 days of interest. Once accrued interest on the impaired loan is received, we recognize interest income on a cash basis. Loans deemed uncollectible or in foreclosure are charged off against the valuation allowances, and subsequent recoveries, if any, are credited to the valuation allowances. Changes in valuation allowances are reported in investment related gains (losses) on the consolidated statements of income. The cost of other invested assets is adjusted for impairments in value deemed to be other-than-temporary in the period in which the determination is made. These impairments are included within other-than-temporary impairment losses on the consolidated statements of income, and the cost basis of the investment securities is reduced accordingly. We do not change the revised cost basis for subsequent recoveries in value. Derivative Instruments —We invest in derivatives to hedge the risks experienced in our ongoing operations, such as equity, interest rate and cash flow risks, or for other risk management purposes, which primarily involve managing liability risks associated with our indexed annuity products and reinsurance agreements. Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices or other underlying notional amounts. Derivative assets and liabilities are carried at fair value on the consolidated balance sheets. We elect to present any derivatives subject to master netting provisions as a gross asset or liability and gross of collateral. Disclosures regarding balance sheet presentation of derivatives subject to master netting agreements are discussed in Note 3 – Derivative Instruments . We may designate derivatives as cash flow or fair value hedges. Hedge Documentation and Hedge Effectiveness – To qualify for hedge accounting, at the inception of the hedging relationship, we formally document our designation of the hedge as a cash flow or fair value hedge and our risk management objective and strategy for undertaking the hedging transaction. In this documentation, we identify how the hedging instrument is expected to hedge the designated risks related to the hedged item, the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method which will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship. For a cash flow hedge, all changes in the fair value of the hedging derivative are reported within AOCI beginning January 1, 2018, and the related gains or losses on the derivative are reclassified into the consolidated statements of income when the cash flows of the hedged item affect earnings. Prior to January 1, 2018, any portion deemed to be ineffective was reported in investment related gains (losses) on the consolidated statements of income each reporting period as effectiveness was assessed. For a fair value hedge, changes in the fair value of the hedging derivative and changes in the fair value of the hedged item related to the designated risk being hedged, are reported on the consolidated statements of income according to the nature of the risk being hedged. Additionally, changes in the fair value of amounts excluded from the assessment of effectiveness are recorded in earnings. We discontinue hedge accounting prospectively when: (1) we determine the derivative is no longer highly effective in offsetting changes in the estimated cash flows or fair value of a hedged item; (2) the derivative expires, is sold, terminated, or exercised; or (3) the derivative is de-designated as a hedging instrument. When hedge accounting is discontinued, the derivative continues to be carried on the consolidated balance sheets at fair value, with changes in fair value recognized in investment related gains (losses) on the consolidated statements of income. For a derivative not designated as a hedge, changes in the derivative’s fair value and any income received or paid on derivatives at the settlement date are included in investment related gains (losses) on the consolidated statements of income. Embedded Derivatives – We issue and reinsure products, primarily fixed indexed annuity products, or purchase investments that contain embedded derivatives. If we determine the embedded derivative has economic characteristics not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract and accounted for separately, unless the fair value option is elected on the host contract. Under the fair value option, bifurcation of the embedded derivative is not necessary as the entire contract is carried at fair value with all related gains and losses recognized in investment related gains (losses) on the consolidated statements of income. Embedded derivatives are carried on the consolidated balance sheets at fair value in the same line item as the host contract. Fixed indexed annuity and indexed universal life insurance contracts allow the policyholder to elect a fixed interest rate return or an equity market component for which interest credited is based on the performance of certain stock market indices. The equity market option is an embedded derivative, similar to a call option. The benefit reserve is equal to the sum of the fair value of the embedded derivative and the host (or guaranteed) component of the contracts. The fair value of the embedded derivatives is computed as the present value of benefits attributable to the excess of the projected policy contract values over the projected minimum guaranteed contract values. The projections of policy contract values are based on assumptions for future policy growth, which include assumptions for expected index credits on the next policy anniversary date, future equity option costs, volatility, interest rates and policyholder behavior assumptions including lapses and the use of benefit riders. The projections of minimum guaranteed contract values include the same assumptions for policyholder behavior as were used to project policy contract values. The embedded derivative cash flows are discounted using a rate that reflects our own credit rating. The host contract is established at contract inception as the initial account value less the initial fair value of the embedded derivative and accreted over the policy’s life. The host contract accretion rate is updated each quarter so that the present value of actual and expected guaranteed cash flows is equal to the initial host value. Changes in the fair value of embedded derivatives associated with fixed indexed annuities and indexed universal life insurance contracts are included in interest sensitive contract benefits on the consolidated statements of income. Additionally, reinsurance agreements written on a funds withheld or modco basis contain embedded derivatives. The right to receive or obligation to pay the total return on the assets supporting the funds withheld at interest or funds withheld liability, respectively, represents a total return swap with a floating rate leg. The fair value of embedded derivatives on funds withheld and modco agreements is computed as the unrealized gain (loss) on the underlying assets and is included in the funds withheld at interest and funds withheld liability lines on the consolidated balance sheets for assumed and ceded agreements, respectively. The change in the fair value of the embedded derivatives is recorded in investment related gains (losses) on the consolidated statements of income. Assumed and ceded earnings from funds withheld at interest, funds withheld liability and changes in the fair value of embedded derivatives are reported in operating activities on the consolidated statements of cash flows. Contributions to and withdrawals from funds withheld at interest and funds withheld liability are reported in operating activities on the consolidated statements of cash flows. Variable Interest Entities —An entity that does not have sufficient equity to finance its activities without additional financial support, or in which the equity investors, as a group, do not have the characteristics typically afforded to common shareholders is a VIE. The determination as to whether an entity qualifies as a VIE depends on the facts and circumstances surrounding each entity and may require significant judgment. Our investment funds generally qualify as VIEs and are evaluated for consolidation under the VIE model. We are required to consolidate a VIE if we are the primary beneficiary, defined as the variable interest holder with both the power to direct the activities that most significantly impact the VIE’s economic performance and rights to receive benefits or obligations to absorb losses that could be potentially significant to the VIE. We determine whether we are the primary beneficiary of an entity based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose and our relative exposure to the related risks of the VIE. Since affiliates of Apollo Global Management, Inc. (AGM and, together with its subsidiaries, Apollo), a related party, are the decision makers in certain of the investment funds, we and a member of our related party group may together have the characteristics of the primary beneficiary of an investment fund. In this situation, we have concluded we are not under common control, as defined by GAAP, with the related party, and therefore consolidate in the circumstances when substantially all of the activities of the VIE are conducted on our behalf. We reassess the VIE and primary beneficiary determinations on an ongoing basis. For entities that we do not consolidate but have significant influence over the entities’ operations, we record our investment under the equity method of accounting. If we do not consolidate and do not have significant influence, generally on investment funds in which we own a less than a 3% interest, we elect the fair value option. See Note 4 – Variable Interest Entities for discussion of our interest in entities that meet the definition of a VIE. Reinsurance —We assume and cede insurance and investment contracts under coinsurance, funds withheld and modco. We follow reinsurance accounting for transactions that provide indemnification against loss or liability relating to insurance risk (risk transfer). To meet risk transfer requirements, a reinsurance agreement must transfer insurance risk arising from uncertainties about both underwriting and timing risks. Cessions under reinsurance do not discharge our obligations as the primary insurer, unless the requirements of assumption reinsurance have been met. We generally have the right of offset on reinsurance contracts, but have elected to present reinsurance settlement amounts due to and from the Company on a gross basis. Assets and liabilities assumed or ceded under coinsurance, funds withheld, or modco are presented gross on the consolidated balance sheets. For investment contracts, the change in assumed and ceded reserves are presented net in interest sensitive contract benefits on the consolidated statements of income. For insurance contracts, the change in assumed and ceded reserves and benefits are presented net in future policy and other policy benefits on the consolidated statements of income. Assumed or ceded premiums are included in premiums on the consolidated statements of income. Accounting for reinsurance requires the use of assumptions, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. We attempt to minimize our counterparty credit risk through the structuring of the terms of our reinsurance agreements, including the use of trusts, and we monitor credit ratings of counterparties for signs of declining credit quality. When a ceding company does not report information on a timely basis, we record accruals based on the best available information at the time, which includes the reinsurance agreement terms and historical experience. We periodically compare actual and anticipated experience to the assumptions used to establish reinsurance assets and liabilities. See Note 6 – Reinsurance for more information. Funds Withheld and ModCo – For business assumed or ceded on a funds withheld or modco basis, a funds withheld segregated portfolio, comprised of invested assets and other assets is maintained by the ceding entity, which is sufficient to support the current balance of statutory reserves. The fair value of the funds withheld is recorded as a funds withheld asset or liability and any excess or shortfall in relation to statutory reserves is settled periodically. Cash and Cash Equivalents —Cash and cash equivalents include deposits and short-term highly liquid investments with a maturity of less than 90 days from the date of acquisition. Amounts included are readily convertible to known amounts of cash and are subject to an insignificant risk of change in value. Restricted Cash —Restricted cash primarily consists of cash and cash equivalents held in funds in trust as part of certain coinsurance agreements to secure statutory reserves and liabilities of the coinsured parties. Restricted cash is reported separately on the consolidated bala

Investments

Investments	12 Months Ended
	Dec. 31, 2019
Investments Schedule [Abstract]
Investments	2. Investments AFS Securities — The following table represents the amortized cost, gross unrealized gains and losses, fair value and OTTI in AOCI of our AFS investments by asset type: December 31, 2019 (In millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCI AFS securities U.S. government and agencies $ 35 $ 1 $ — $ 36 $ — U.S. state, municipal and political subdivisions 1,322 220 (1 ) 1,541 — Foreign governments 298 29 — 327 — Corporate 44,106 3,332 (210 ) 47,228 1 CLO 7,524 21 (196 ) 7,349 — ABS 5,018 124 (24 ) 5,118 4 CMBS 2,304 104 (8 ) 2,400 1 RMBS 6,872 513 (10 ) 7,375 19 Total AFS securities 67,479 4,344 (449 ) 71,374 25 AFS securities – related party Corporate 18 1 — 19 — CLO 951 3 (18 ) 936 — ABS 2,814 37 (2 ) 2,849 — Total AFS securities – related party 3,783 41 (20 ) 3,804 — Total AFS securities including related party $ 71,262 $ 4,385 $ (469 ) $ 75,178 $ 25 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: December 31, 2019 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 1,108 $ 1,113 Due after one year through five years 9,175 9,479 Due after five years through ten years 11,274 11,931 Due after ten years 24,204 26,609 CLO, ABS, CMBS and RMBS 21,718 22,242 Total AFS securities 67,479 71,374 AFS securities – related party Due after one year through five years 18 19 CLO and ABS 3,765 3,785 Total AFS securities – related party 3,783 3,804 Total AFS securities including related party $ 71,262 $ 75,178 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: December 31, 2019 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Fair Value Gross AFS securities U.S. government and agencies $ 3 $ — $ — $ — $ 3 $ — U.S. state, municipal and political subdivisions 78 (1 ) 10 — 88 (1 ) Corporate 2,898 (140 ) 902 (70 ) 3,800 (210 ) CLO 1,959 (38 ) 3,241 (158 ) 5,200 (196 ) ABS 642 (6 ) 255 (18 ) 897 (24 ) CMBS 220 (4 ) 41 (4 ) 261 (8 ) RMBS 445 (6 ) 163 (4 ) 608 (10 ) Total AFS securities 6,245 (195 ) 4,612 (254 ) 10,857 (449 ) AFS securities – related party CLO 362 (7 ) 242 (11 ) 604 (18 ) ABS 357 (2 ) — — 357 (2 ) Total AFS securities – related party 719 (9 ) 242 (11 ) 961 (20 ) Total AFS securities including related party $ 6,964 $ (204 ) $ 4,854 $ (265 ) $ 11,818 $ (469 ) 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 December 31, 2019 , we held 1,239 AFS securities that were in an unrealized loss position. Of this total, 493 were in an unrealized loss position 12 months or more. As of December 31, 2019 , we held 47 related party AFS securities that were in an unrealized loss position. Of this total, fifteen 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 year ended December 31, 2019 , we incurred $38 million of net OTTI, of which $25 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 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: Years ended December 31, (In millions) 2019 2018 2017 Beginning balance $ 10 $ 14 $ 16 Initial impairments – credit loss OTTI recognized on securities not previously impaired 11 3 17 Additional impairments – credit loss OTTI recognized on securities previously impaired 2 2 — Reduction in impairments from securities sold, matured or repaid — (9 ) (13 ) Reduction for credit loss that no longer has a portion of the OTTI loss recognized in AOCI — — (6 ) Ending balance $ 23 $ 10 $ 14 Net Investment Income —Net investment income by asset class consists of the following: Years ended December 31, (In millions) 2019 2018 2017 AFS securities $ 3,088 $ 2,855 $ 2,579 Trading securities 189 200 200 Equity securities 16 12 14 Mortgage loans 670 457 371 Investment funds 308 231 211 Funds withheld at interest 527 492 148 Other 159 112 78 Investment revenue 4,957 4,359 3,601 Investment expenses (435 ) (355 ) (332 ) Net investment income $ 4,522 $ 4,004 $ 3,269 Investment Related Gains (Losses) —Investment related gains (losses) by asset class consists of the following: Years ended December 31, (In millions) 2019 2018 2017 AFS securities Gross realized gains on investment activity $ 178 $ 165 $ 169 Gross realized losses on investment activity (56 ) (151 ) (72 ) Net realized investment gains on AFS securities 122 14 97 Net recognized investment gains (losses) on trading securities 152 (255 ) 29 Net recognized investment gains (losses) on equity securities 17 (19 ) 88 Derivative gains (losses) 4,443 (1,099 ) 2,377 Other gains (losses) 18 35 (19 ) Investment related gains (losses) $ 4,752 $ (1,324 ) $ 2,572 Proceeds from sales of AFS securities were $6,886 million , $6,547 million and $5,720 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Proceeds from sales of AFS securities for the years ended December 31, 2018 and 2017 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 year end: Years ended December 31, (In millions) 2019 2018 2017 Trading securities $ 193 $ (143 ) $ 107 Trading securities – related party (21 ) (25 ) (3 ) VIE trading securities – related party 3 — 4 Equity securities 19 (18 ) 32 Equity securities – related party (17 ) — — VIE equity securities – related party (1 ) 24 25 Purchased Credit Impaired Investments —The following table summarizes our PCI investments: Fixed maturity securities Mortgage loans December 31, December 31, (In millions) 2019 2018 2019 2018 Contractually required payments receivable $ 6,772 $ 8,179 $ 3,647 $ 2,675 Less: Cash flows expected to be collected 1 (6,064 ) (7,195 ) (3,606 ) (2,628 ) Non-accretable difference $ 708 $ 984 $ 41 $ 47 Cash flows expected to be collected 1 $ 6,064 $ 7,195 $ 3,606 $ 2,628 Less: Amortized cost (4,603 ) (5,518 ) (2,575 ) (1,931 ) Accretable difference $ 1,461 $ 1,677 $ 1,031 $ 697 Fair value $ 5,007 $ 5,828 $ 2,756 $ 1,933 Outstanding balance 5,740 6,773 2,925 2,210 1 Represents the undiscounted principal and interest cash flows expected. During the respective years ended December 31, we acquired PCI investments with the following amounts at the time of purchase: Fixed maturity securities Mortgage loans (In millions) 2019 2018 2019 2018 Contractually required payments receivable $ 176 $ 623 $ 1,198 $ 1,625 Cash flows expected to be collected 146 562 1,179 1,601 Fair value 124 454 910 1,178 The following table summarizes the activity for the accretable yield on PCI investments: Fixed maturity securities Mortgage loans (In millions) 2019 2018 2019 2018 Beginning balance at January 1 $ 1,677 $ 2,020 $ 697 $ 273 Purchases of PCI investments, net of sales 1 65 191 407 Accretion (307 ) (405 ) (115 ) (48 ) Net reclassification from (to) non-accretable difference 90 (3 ) 258 65 Ending balance at December 31 $ 1,461 $ 1,677 $ 1,031 $ 697 Repurchase Agreements —The following table summarizes the maturities of our repurchase agreements: December 31, 2019 Remaining Contractual Maturity (In millions) Overnight and continuous Up to 30 days 30–90 days Greater than 90 days Total Payables for repurchase agreements 1 $ — $ 102 $ 200 $ 210 $ 512 1 Included in payables for collateral on derivatives and securities to repurchase on the consolidated balance sheets. The following table summarizes the securities pledged as collateral for repurchase agreements: December 31, 2019 (In millions) Amortized Cost Fair Value AFS securities – Corporate $ 498 $ 534 Total securities pledged under repurchase agreements $ 498 $ 534 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 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 December 31, 2019 and 2018 , amounts loaned under reverse repurchase agreements were $190 million and $0 million , respectively, and collateral received was $630 million and $0 million , respectively. Mortgage Loans, including related party —Mortgage loans, net of allowances, consists of the following: December 31, (In millions) 2019 2018 Commercial mortgage loans $ 10,412 $ 7,217 Commercial mortgage loans under development 93 80 Total commercial mortgage loans 10,505 7,297 Residential mortgage loans 4,454 3,334 Mortgage loans, net of allowances $ 14,959 $ 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: December 31, 2019 2018 (In millions, except for percentages) Net Carrying Value Percentage of Total Net Carrying Value Percentage of Total Property type Office building $ 2,899 27.6 % $ 2,221 30.5 % Retail 2,182 20.8 % 1,660 22.7 % Apartment 2,142 20.4 % 791 10.8 % Hotels 1,104 10.5 % 1,040 14.3 % Industrial 1,448 13.8 % 1,196 16.4 % Other commercial 730 6.9 % 389 5.3 % Total commercial mortgage loans $ 10,505 100.0 % $ 7,297 100.0 % U.S. Region East North Central $ 1,036 9.9 % $ 855 11.7 % East South Central 428 4.1 % 295 4.0 % Middle Atlantic 2,580 24.6 % 1,131 15.5 % Mountain 528 5.0 % 616 8.4 % New England 340 3.2 % 374 5.1 % Pacific 2,502 23.8 % 1,540 21.1 % South Atlantic 1,920 18.3 % 1,468 20.2 % West North Central 146 1.4 % 173 2.4 % West South Central 791 7.5 % 845 11.6 % Total U.S. Region 10,271 97.8 % 7,297 100.0 % International Region 234 2.2 % — — % Total commercial mortgage loans $ 10,505 100.0 % $ 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: December 31, 2019 2018 U.S. States California 27.0 % 30.3 % Florida 12.7 % 16.3 % Texas 6.2 % 3.3 % New York 3.3 % 7.7 % Other 1 38.4 % 42.4 % Total U.S. percentage 87.6 % 100.0 % International percentage – Ireland 12.4 % — % Total residential mortgage loan percentage 100.0 % 100.0 % 1 Represents all other states, with each individual state comprising less than 5% of the portfolio. Mortgage Loan Valuation Allowance — The assessment of mortgage loan impairments and valuation allowances is substantially the same for residential and commercial mortgage loans. As of December 31, 2019 and 2018 , the valuation allowance was $11 million and $2 million , respectively. We did not record any material activity in the valuation allowance during the years ended December 31, 2019 , 2018 or 2017 . Residential mortgage loans – The primary credit quality indicator of residential mortgage loans is loan performance. Nonperforming residential mortgage loans are 90 days or more past due and/or are in non-accrual status. As of December 31, 2019 and 2018 , $67 million and $48 million , respectively, of our residential mortgage loans were nonperforming. Commercial mortgage loans – As of December 31, 2019 and 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: December 31, (In millions) 2019 2018 Less than 50% $ 2,640 $ 1,883 50% to 60% 2,486 1,988 61% to 70% 4,093 2,394 71% to 80% 1,162 898 81% to 100% 31 54 Commercial mortgage loans $ 10,412 $ 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: December 31, (In millions) 2019 2018 Greater than 1.20x $ 9,212 $ 6,576 1.00x – 1.20x 1,166 474 Less than 1.00x 34 167 Commercial mortgage loans $ 10,412 $ 7,217 Investment Funds —Our investment fund portfolio consists of funds that employ various strategies and include investments in real estate, real assets, credit , equity and natural resources. Investment funds can meet the definition of VIEs, which are discussed further in Note 4 – Variable Interest Entities . 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: December 31, 2019 December 31, 2018 1 (In millions, except for percentages and years) Carrying Value Percent of Total Carrying Value Percent of Total Investment funds Real estate $ 277 37.9 % $ 215 30.6 % Credit funds 153 20.9 % 172 24.5 % Private equity 236 32.3 % 253 36.0 % Real assets 64 8.8 % 56 7.9 % Natural resources 1 0.1 % 4 0.6 % Other — — % 3 0.4 % Total investment funds 731 100.0 % 703 100.0 % Investment funds – related parties Differentiated investments AmeriHome Mortgage Company, LLC (AmeriHome) 2 487 16.9 % 463 20.7 % Catalina Holdings Ltd. (Catalina) 271 9.4 % 233 10.4 % Athora Holding Ltd. (Athora) 2 132 4.6 % 105 4.7 % Venerable Holdings, Inc. (Venerable) 2 99 3.4 % 92 4.1 % Other 222 7.7 % 196 8.8 % Total differentiated investments 1,211 42.0 % 1,089 48.7 % Real estate 736 25.6 % 497 22.3 % Credit funds 370 12.8 % 316 14.2 % Private equity 105 3.6 % 18 0.8 % Real assets 182 6.3 % 145 6.5 % Natural resources 163 5.6 % 104 4.7 % Public equities 119 4.1 % 63 2.8 % Total investment funds – related parties 2,886 100.0 % 2,232 100.0 % Investment funds owned by consolidated VIEs MidCap FinCo Designated Activity Company (MidCap) 2 547 80.1 % 553 88.6 % Real estate 117 17.1 % 30 4.8 % Real assets 19 2.8 % 41 6.6 % Total investment funds owned by consolidated VIEs 683 100.0 % 624 100.0 % Total investment funds including related parties and funds owned by consolidated VIEs $ 4,300 $ 3,559 1 Certain reclassifications have been made to conform with current year presentation. 2 See further discussion on AmeriHome, Athora, Venerable and MidCap in Note 14 – Related Parties. Summarized Ownership of Investment Funds —The following is the aggregated summarized financial information of equity method investees, including those for which we elected the fair value option and would otherwise be accounted for as an equity method investment, and may be presented on a lag due to the availability of financial information from the investee: December 31, (In millions) 2019 2018 Assets $ 50,563 $ 40,630 Liabilities 31,821 24,241 Equity 18,742 16,389 Years ended December 31, (In millions) 2019 2018 2017 Net income $ 817 $ 1,159 $ 1,587 The following table presents the carrying value by ownership percentage of equity method investment funds, including related party investment funds and investment funds owned by consolidated VIEs: December 31, (In millions) 2019 2018 Ownership Percentage 100% $ 11 $ 17 50% – 99% 1,378 1,044 3% – 49% 1,938 1,617 Equity method investment funds $ 3,327 $ 2,678 The following table presents the carrying value by ownership percentage of investment funds held at fair value, either due to election of the fair value option or requirement, including related party investment funds and investment funds owned by consolidated VIEs: December 31, (In millions) 2019 2018 Ownership Percentage 50% – 99% $ 28 $ — 3% – 49% 772 687 Less than 3% 173 194 Fair value investment funds $ 973 $ 881 Non-Consolidated Securities and Investment Funds Fixed maturity securities – We invest in securitization entities as a debt holder or an investor in the residual interest of the securitization vehicle. These entities are deemed VIEs due to insufficient equity within the structure and lack of control by the equity investors over the activities that significantly impact the economics of the entity. In general, we are a debt investor within these entities and, as such, hold a variable interest; however, due to the debt holders’ lack of ability to control the decisions within the trust that significantly impact the entity, and the fact the debt holders are protected from losses due to the subordination of the equity tranche, the debt holders are not deemed the primary beneficiary. Securitization vehicles in which we hold the residual tranche are not consolidated because we do not unilaterally have substantive rights to remove the general partner, or when assessing related party interests, we are not under common control, as defined by GAAP, with the related party, nor are substantially all of the activities conducted on our behalf; therefore, we are not deemed the primary beneficiary. Debt investments and investments in the residual tranche of securitization entities are considered debt instruments and are held at fair value on the balance sheet and classified as AFS or trading. Investment funds – Investment funds include non-fixed income, alternative investments in the form of limited partnerships or similar legal structures. Equity securities – We invest in preferred equity securities issued by entities deemed to be VIEs due to insufficient equity within the structure. Our risk of loss associated with our non-consolidated investments depends on the investment. Investment funds, equity securities and trading securities are limited to the carrying value plus unfunded commitments. AFS securities are limited to amortized cost plus unfunded commitments. The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: December 31, 2019 2018 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 731 $ 1,246 $ 703 $ 1,329 Investment in related parties – investment funds 2,886 5,113 2,232 4,331 Assets of consolidated VIEs – investment funds 683 861 624 727 Investment in fixed maturity securities 22,694 22,170 21,188 21,139 Investment in related parties – fixed maturity securities 4,570 4,878 1,686 1,788 Investment in related parties – equity securities 58 58 120 120 Total non-consolidated investments $ 31,622 $ 34,326 $ 26,553 $ 29,434

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	3. Derivative Instruments We use a variety of derivative instruments to manage risks, primarily equity, interest rate, credit, foreign currency and market volatility. See Note 1 – Business, Basis of Presentation and Significant Accounting Policies for a description of our accounting policies for derivatives and Note 5 – Fair Value for information about the fair value hierarchy for derivatives. The following table presents the notional amount and fair value of derivative instruments: December 31, 2019 2018 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency swaps 3,158 $ 113 $ 56 2,041 $ 83 $ 55 Foreign currency forwards 717 1 9 85 — 1 Foreign currency forwards on net investments 139 — 2 — — — Total derivatives designated as hedges 114 67 83 56 Derivatives not designated as hedges Equity options 49,549 2,746 5 49,821 942 11 Futures 8 10 1 4 9 3 Total return swaps 106 6 — 62 — 3 Foreign currency swaps 35 2 1 38 3 2 Interest rate swaps 776 3 4 326 — 1 Credit default swaps 10 — 3 10 — 4 Foreign currency forwards 1,924 7 16 646 6 5 Embedded derivatives Funds withheld including related party 1,395 31 (53 ) (1 ) Interest sensitive contract liabilities — 10,942 — 7,969 Total derivatives not designated as hedges 4,169 11,003 907 7,997 Total derivatives $ 4,283 $ 11,070 $ 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 December 2050 . During the years ended December 31, 2019 , 2018 and 2017 , we had foreign currency swap gains of $29 million and $146 million and losses of $105 million , respectively, recorded in AOCI. There were no amounts reclassified to income and no amounts deemed ineffective for the years ended December 31, 2019 , 2018 or 2017 . As of December 31, 2019 , no amounts are expected to be reclassified to income within the next 12 months. Foreign currency forwards – We use foreign currency forward contracts to hedge certain exposures to foreign currency risk. The price is agreed upon at the time of the contract and payment is made at a specified future date. Certain of these forwards are designated and accounted for as fair value hedges. As of December 31, 2019 and 2018 , the carrying amount of the hedged AFS securities was $456 million and $88 million , respectively, and the cumulative amount of fair value hedging adjustments included in the hedged AFS securities included gains of $1 million and $1 million , respectively. The gains and losses on derivatives and the related hedged items in fair value hedge relationships are recorded in investment related gains (losses) on the consolidated statements of income. During the years ended December 31, 2019 and 2018 , the derivatives had gains of $2 million and losses of $1 million , respectively, and the related hedged items had gains of $0 million and $1 million , respectively. Foreign currency forwards on net investments – We have foreign currency forwards designated as net investment hedges. These forwards hedge the foreign currency exchange rate risk of our investments in subsidiaries that have a reporting currency other than the U.S. dollar. We assess hedge effectiveness based on the changes in forward rates. During the year ended December 31, 2019 , these derivatives had losses of $2 million , which are included in foreign currency translation and other adjustments on the consolidated statements of comprehensive income. As of December 31, 2019 , the cumulative foreign currency translation loss recorded in AOCI related to these net investment hedges was $2 million . There were no amounts deemed ineffective for the year ended December 31, 2019 . Derivatives Not Designated as Hedges Equity options – We use equity indexed options to economically hedge fixed indexed annuity products that guarantee the return of principal to the policyholder and credit interest based on a percentage of the gain in a specified market index, primarily the S&P 500. To hedge against adverse changes in equity indices, we enter into contracts to buy equity indexed options. The contracts are net settled in cash based on differentials in the indices at the time of exercise and the strike price. Futures – Futures contracts are purchased to hedge the growth in interest credited to the customer as a direct result of increases in the related indices. We enter into exchange-traded futures with regulated futures commission clearing brokers who are members of a trading exchange. Under exchange-traded futures contracts, we agree to purchase a specified number of contracts with other parties and to post variation margin on a daily basis in an amount equal to the difference in the daily fair values of those contracts. Total return swaps – We purchase total rate of return swaps to gain exposure and benefit from a reference asset or index without ownership. Total rate of return swaps are contracts in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of the underlying asset or index, which includes both the income it generates and any capital gains. Interest rate swaps – We use interest rate swaps to reduce market risks from interest rate changes and to alter interest rate exposure arising from duration mismatches between assets and liabilities. With an interest rate swap, we agree with another party to exchange the difference between fixed-rate and floating-rate interest amounts tied to an agreed-upon notional principal amount at specified intervals. 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 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: Years ended December 31, (In millions) 2019 2018 2017 Equity options $ 2,169 $ (877 ) $ 1,939 Futures (13 ) 2 (24 ) Swaps 43 (8 ) 27 Foreign currency forwards (2 ) 16 28 Embedded derivatives on funds withheld 2,246 (232 ) 407 Amounts recognized in investment related gains (losses) 4,443 (1,099 ) 2,377 Embedded derivatives in indexed annuity products 1 (2,526 ) 923 (1,744 ) Total gains (losses) on derivatives not designated as hedges $ 1,917 $ (176 ) $ 633 1 Included in interest sensitive contract benefits on the 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 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 December 31, 2019 Derivative assets $ 2,888 $ (67 ) $ (2,743 ) $ 78 $ (145 ) $ (67 ) Derivative liabilities (97 ) 67 31 1 — 1 December 31, 2018 Derivative assets $ 1,043 $ (52 ) $ (969 ) $ 22 $ (4 ) $ 18 Derivative liabilities (85 ) 52 24 (9 ) — (9 ) 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the consolidated balance sheets. As of December 31, 2019 and 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 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. Certain derivative instruments contain provisions for credit-related events, such as downgrades in our credit ratings or for a negative credit event of a credit default swap’s reference entity. If a credit event were to occur, we may be required to settle an outstanding liability. The following is a summary of our exposure to credit-related events: December 31, (In millions) 2019 2018 Fair value of derivative liabilities with credit related provisions $ 3 $ 4 Maximum exposure for credit default swaps 10 10 As of December 31, 2019 and 2018 , no additional collateral would be required if a default or termination event were to occur.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	4. Variable Interest Entities We consolidate the following investment funds as VIEs: • AAA Investments (Co-Invest VI), L.P. (CoInvest VI); • AAA Investments (Co-Invest VII), L.P. (CoInvest VII); • AAA Investments (Other), L.P. (CoInvest Other); • ALR Aircraft Investment Ireland Limited (ALR); and • Entities included under our agreement to purchase funds managed by Apollo entities (Strategic Partnership). See Note 14 – Related Parties for further discussion on the Strategic Partnership. We are the only limited partner or holder of profit participating notes in these investment funds and receive all of the economic benefits and losses, other than management fees and carried interest, as applicable, paid to the general partner in each entity, or a related entity, which are related parties. We do not have any voting rights as limited partner and, as the limited partner or holder of profit participating notes, do not solely satisfy the power criteria to direct the activities that significantly impact the economics of the VIE. However, the criteria for the primary beneficiary are satisfied by our related party group and, because substantially all of the activities are conducted on our behalf, we consolidate the investment funds. No arrangement exists requiring us to provide additional funding in excess of our committed capital investment, liquidity, or the funding of losses or an increase to our loss exposure in excess of our investment in the VIEs. We elected the fair value option for certain fixed maturity and equity securities, and investment funds, which are reported in the consolidated variable interest entity sections on the consolidated balance sheets. CoInvest VI, CoInvest VII and CoInvest Other were formed to make investments, including co-investments alongside private equity funds sponsored by Apollo. Investments held by CoInvest VI, CoInvest VII and CoInvest Other are related party investments because Apollo affiliates exercise significant influence over the management or operations of the investees. We received our interests in CoInvest VI, CoInvest VII and CoInvest Other as part of a contribution agreement in 2012 with AAA Guarantor – Athene, L.P. (AAA Investor) and its subsidiary, Apollo Life Re Ltd., in order to provide a capital base to support future acquisitions. ALR was formed to invest in a joint venture that provides airplane lease financing to a major commercial airline. We are the only investor in the profit participating notes and, as substantially all of the activities of ALR are conducted on our behalf, we are the primary beneficiary and consolidate ALR.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value	5. Fair Value Fair value is the price we would receive to sell an asset or pay to transfer a liability (exit price) in an orderly transaction between market participants. We determine fair value based on the following fair value hierarchy: Level 1 – Unadjusted quoted prices for identical assets or liabilities in an active market. Level 2 – Quoted prices for inactive markets or valuation techniques that require observable direct or indirect inputs for substantially the full term of the asset or liability. Level 2 inputs include the following: • Quoted prices for similar assets or liabilities in active markets, • Observable inputs other than quoted market prices, and • Observable inputs derived principally from market data through correlation or other means. Level 3 – Prices or valuation techniques with unobservable inputs significant to the overall fair value estimate. These valuations use critical assumptions not readily available to market participants. Level 3 valuations are based on market standard valuation methodologies, including discounted cash flows, matrix pricing or other similar techniques. 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: December 31, 2019 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities U.S. government and agencies $ 36 $ — $ 36 $ — $ — U.S. state, municipal and political subdivisions 1,541 — — 1,501 40 Foreign governments 327 — — 327 — Corporate 47,228 — — 46,503 725 CLO 7,349 — — 7,228 121 ABS 5,118 — — 3,744 1,374 CMBS 2,400 — — 2,354 46 RMBS 7,375 — — 7,375 — Total AFS securities 71,374 — 36 69,032 2,306 Trading securities U.S. government and agencies 11 — 8 3 — U.S. state, municipal and political subdivisions 135 — — 135 — Corporate 1,456 — — 1,456 — CLO 6 — — — 6 ABS 92 — — 92 — CMBS 51 — — 51 — RMBS 303 — — 251 52 Total trading securities 2,054 — 8 1,988 58 Equity securities 247 — 43 201 3 Mortgage loans 27 — — — 27 Investment funds 154 132 — — 22 Funds withheld at interest – embedded derivative 801 — — — 801 Derivative assets 2,888 — 10 2,878 — Short-term investments 406 — 46 319 41 Other investments 93 — — 93 — Cash and cash equivalents 4,237 — 4,237 — — Restricted cash 402 — 402 — — Investments in related parties AFS securities Corporate 19 — — 19 — CLO 936 — — 936 — ABS 2,849 — — 525 2,324 Total AFS securities – related party 3,804 — — 1,480 2,324 Trading securities CLO 74 — — 36 38 ABS 711 — — — 711 Total trading securities – related party 785 — — 36 749 Equity securities 58 — — — 58 Investment funds 252 120 — — 132 Funds withheld at interest – embedded derivative 594 — — — 594 Reinsurance recoverable 1,821 — — — 1,821 Assets of consolidated VIEs Trading securities 16 — — — 16 Equity securities 6 — — — 6 Investment funds 567 567 — — — Cash and cash equivalents 3 — 3 — — Total assets measured at fair value $ 90,589 $ 819 $ 4,785 $ 76,027 $ 8,958 (Continued) December 31, 2019 (In millions) Total NAV Level 1 Level 2 Level 3 Liabilities Interest sensitive contract liabilities Embedded derivative $ 10,942 $ — $ — $ — $ 10,942 Universal life benefits 1,050 — — — 1,050 Future policy benefits AmerUs Closed Block 1,546 — — — 1,546 ILICO Closed Block and life benefits 755 — — — 755 Derivative liabilities 97 — 1 93 3 Funds withheld liability – embedded derivative 31 — — 31 — Total liabilities measured at fair value $ 14,421 $ — $ 1 $ 124 $ 14,296 (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: Years ended December 31, (In millions) 2019 2018 2017 Trading securities $ 152 $ (255 ) $ 30 Mortgage loans — — (1 ) Investment funds (3 ) 37 35 Future policy benefits (103 ) 182 (19 ) Total gains (losses) $ 46 $ (36 ) $ 45 Gains and losses on trading securities are recorded in investment related gains (losses) on the 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 consolidated statements of income. Gains and losses related to investment funds, including related party investment funds, are recorded in net investment income on the consolidated statements of income. We record the change in fair value of future policy benefits to future policy and other policy benefits on the consolidated statements of income. The following summarizes information for fair value option mortgage loans: December 31, (In millions) 2019 2018 Unpaid principal balance $ 25 $ 30 Mark to fair value 2 2 Fair value $ 27 $ 32 There were no fair value option mortgage loans 90 days or more past due as of December 31, 2019 and 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 Year ended December 31, 2019 Total realized and unrealized gains (losses) Transfers (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements In Out Ending balance Total gains (losses) included in earnings 1 Assets AFS securities U.S. state, municipal and political subdivisions $ — $ — $ — $ 40 $ — $ — $ 40 $ — Corporate 898 14 12 (61 ) 5 (143 ) 725 — CLO 107 — 3 50 — (39 ) 121 — ABS 1,615 7 32 120 30 (430 ) 1,374 — CMBS 187 2 7 (131 ) — (19 ) 46 — RMBS 56 2 2 (13 ) — (47 ) — — Trading securities CLO 1 — — — 5 — 6 6 RMBS 134 (21 ) — 10 4 (75 ) 52 1 Equity securities 3 — — — — — 3 — Mortgage loans 32 — — (5 ) — — 27 — Investment funds 29 (3 ) — (4 ) — — 22 (3 ) Funds withheld at interest – embedded derivative 57 744 — — — — 801 — Short-term investments — — — 41 — — 41 — Investments in related parties AFS securities, ABS 328 2 22 2,076 — (104 ) 2,324 — Trading securities CLO 78 (7 ) — (14 ) 17 (36 ) 38 2 ABS 149 (14 ) — 473 103 — 711 (6 ) Equity securities 120 — — (62 ) — — 58 — Investment funds 105 8 — 19 — — 132 8 Funds withheld at interest – embedded derivative (110 ) 704 — — — — 594 — Reinsurance recoverable 1,676 145 — — — — 1,821 — Investments of consolidated VIEs Trading securities 35 — — (44 ) 25 — 16 1 Equity securities 13 (2 ) — (5 ) — — 6 (1 ) Investment funds 15 (1 ) — — — (14 ) — (1 ) Total Level 3 assets $ 5,528 $ 1,580 $ 78 $ 2,490 $ 189 $ (907 ) $ 8,958 $ 7 Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,969 ) $ (2,526 ) $ — $ (447 ) $ — $ — $ (10,942 ) $ — Universal life benefits (932 ) (118 ) — — — — (1,050 ) — Future policy benefits AmerUs Closed Block (1,443 ) (103 ) — — — — (1,546 ) — ILICO Closed Block and life benefits (730 ) (25 ) — — — — (755 ) — Derivative liabilities (4 ) 1 — — — — (3 ) 1 Total Level 3 liabilities $ (11,078 ) $ (2,771 ) $ — $ (447 ) $ — $ — $ (14,296 ) $ 1 1 Related to instruments held at end of period. Year ended December 31, 2018 Total realized and unrealized gains (losses) Transfers (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements In Out Ending balance Total gains (losses) included in earnings 1 Assets AFS securities Corporate $ 578 $ (16 ) $ (6 ) $ 249 $ 97 $ (4 ) $ 898 $ — CLO 64 2 (2 ) 36 7 — 107 — ABS 1,457 8 (11 ) 252 — (91 ) 1,615 — CMBS 137 1 — 132 15 (98 ) 187 — RMBS 301 4 (11 ) 21 — (259 ) 56 — Trading securities U.S. state, municipal and political subdivisions 17 1 — — — (18 ) — 1 CLO 17 (9 ) — — — (7 ) 1 (6 ) ABS 77 (6 ) — — — (71 ) — (2 ) RMBS 342 (65 ) — — — (143 ) 134 5 Equity securities 8 2 — (7 ) — — 3 2 Mortgage loans 41 — — (9 ) — — 32 — Investment funds 41 (3 ) — (9 ) — — 29 (3 ) Funds withheld at interest – embedded derivative 312 (255 ) — — — — 57 — Investments in related parties AFS securities, ABS 4 — (2 ) 326 — — 328 — Trading securities CLO 105 (13 ) — (18 ) 25 (21 ) 78 (5 ) ABS — — — — 149 — 149 — Equity securities — — — 120 — — 120 — Investment funds — (3 ) — 108 — — 105 (3 ) Funds withheld at interest – embedded derivative — (110 ) — — — — (110 ) — Reinsurance recoverable 1,824 (148 ) — — — — 1,676 — Investments of consolidated VIEs Trading securities 48 — — (13 ) — — 35 — Equity securities 28 (12 ) — (3 ) — — 13 — Investment funds 21 (3 ) — (3 ) — — 15 — Total Level 3 assets $ 5,422 $ (625 ) $ (32 ) $ 1,182 $ 293 $ (712 ) $ 5,528 $ (11 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,411 ) $ 923 $ — $ (1,481 ) $ — $ — $ (7,969 ) $ — Universal life benefits (1,005 ) 73 — — — — (932 ) — Future policy benefits AmerUs Closed Block (1,625 ) 182 — — — — (1,443 ) — ILICO Closed Block and life benefits (803 ) 73 — — — — (730 ) — Derivative liabilities (5 ) 1 — — — — (4 ) 1 Total Level 3 liabilities $ (10,849 ) $ 1,252 $ — $ (1,481 ) $ — $ — $ (11,078 ) $ 1 1 Related to instruments held at end of period. The following represents the gross components of purchases, issuances, sales and settlements, net, shown above: Year ended December 31, 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 116 — (3 ) (174 ) (61 ) CLO 94 — — (44 ) 50 ABS 409 — (172 ) (117 ) 120 CMBS — — (4 ) (127 ) (131 ) RMBS 1 — — (14 ) (13 ) Trading securities, RMBS 10 — — — 10 Mortgage loans — — — (5 ) (5 ) Investment funds — — (4 ) — (4 ) Short-term investments 74 — — (33 ) 41 Investments in related parties AFS securities, ABS 2,207 — — (131 ) 2,076 Trading securities CLO — — (14 ) — (14 ) ABS 511 — — (38 ) 473 Equity securities 75 — — (137 ) (62 ) Investment funds 20 — (1 ) — 19 Investments of consolidated VIEs Trading securities — — (44 ) — (44 ) Equity securities — — (5 ) — (5 ) Total Level 3 assets $ 3,557 $ — $ (247 ) $ (820 ) $ 2,490 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (937 ) $ — $ 490 $ (447 ) Total Level 3 liabilities $ — $ (937 ) $ — $ 490 $ (447 ) Year ended December 31, 2018 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Assets AFS securities Corporate $ 351 $ — $ (29 ) $ (73 ) $ 249 CLO 67 — — (31 ) 36 ABS 599 — (35 ) (312 ) 252 CMBS 151 — (3 ) (16 ) 132 RMBS 56 — — (35 ) 21 Trading securities, CLO 7 — (7 ) — — Equity securities 1 — (8 ) — (7 ) Mortgage loans — — — (9 ) (9 ) Investment funds — — — (9 ) (9 ) Investments in related parties AFS securities, ABS 326 — — — 326 Trading securities, CLO 30 — (48 ) — (18 ) Equity securities 120 — — — 120 Investment funds 108 — — — 108 Investments of consolidated VIEs Trading securities — — (13 ) — (13 ) Equity securities 1 — (4 ) — (3 ) Investment funds 14 — (17 ) — (3 ) Total Level 3 assets $ 1,831 $ — $ (164 ) $ (485 ) $ 1,182 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (1,888 ) $ — $ 407 $ (1,481 ) Total Level 3 liabilities $ — $ (1,888 ) $ — $ 407 $ (1,481 ) 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 December 31, 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: December 31, 2019 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Input/range of Impact of an increase in the input on fair value Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives $ 10,942 Option budget method Nonperformance risk 0.2 % – 1.1% Decrease Option budget 0.7 % – 3.7% Increase Surrender rate 3.5 % – 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 consolidated balance sheets: December 31, 2019 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Mortgage loans $ 14,279 $ 14,719 $ — $ — $ — $ 14,719 Investment funds 577 577 577 — — — Policy loans 417 417 — — 417 — Funds withheld at interest 14,380 14,380 — — — 14,380 Short-term investments 190 190 — — — 190 Other investments 65 65 — — — 65 Investments in related parties Mortgage loans 653 641 — — — 641 Investment funds 2,634 2,634 2,634 — — — Funds withheld at interest 12,626 12,626 — — — 12,626 Other investments 487 537 — — — 537 Assets of consolidated VIEs Investment funds 116 116 116 — — — Total financial assets not carried at fair value $ 46,424 $ 46,902 $ 3,327 $ — $ 417 $ 43,158 Financial liabilities Interest sensitive contract liabilities $ 57,272 $ 58,027 $ — $ — $ — $ 58,027 Short-term debt 475 475 — — 475 — Long-term debt 992 1,036 — — 1,036 — Securities to repurchase 512 512 — — 512 — Funds withheld liability 377 377 — — 377 — Total financial liabilities not carried at fair value $ 59,628 $ 60,427 $ — $ — $ 2,400 $ 58,027 December 31, 2018 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Mortgage loans $ 10,308 $ 10,424 $ — $ — $ — $ 10,424 Investment funds 521 521 521 — — — Policy loans 488 488 — — 488 — Funds withheld at interest 14,966 14,966 — — — 14,966 Other investments 70 70 — — — 70 Investments in related parties Mortgage loans 291 290 — — — 290 Investment funds 2,031 2,031 2,031 — — — Funds withheld at interest 13,687 13,687 — — — 13,687 Other investments 386 361 — — — 361 Assets of consolidated VIEs Investment funds 57 57 57 — — — Total financial assets not carried at fair value $ 42,805 $ 42,895 $ 2,609 $ — $ 488 $ 39,798 Financial liabilities Interest sensitive contract liabilities $ 54,655 $ 51,655 $ — $ — $ — $ 51,655 Long-term debt 991 910 — — 910 — Funds withheld liability 722 722 — — 722 — Total financial liabilities not carried at fair value $ 56,368 $ 53,287 $ — $ — $ 1,632 $ 51,655 We estimate the fair value for financial instruments not carried at fair value using the same methods and assumptions as those we carry at fair value. The financial instruments presented above are reported at carrying value on the consolidated balance sheets; however, in the case of policy loans, funds withheld at interest and liability, short-term investments, short-term debt and securities to repurchase, the carrying amount approximates fair value. Investment in related parties – Other investments – The fair value of related party other investments is determined using a discounted cash flow model using discount rates for similar investments. Interest sensitive contract liabilities – The carrying and fair value of interest sensitive contract liabilities above includes fixed indexed and traditional fixed annuities without mortality or morbidity risks, funding agreements and payout annuities without life contingencies. The embedded derivatives within fixed indexed annuities without mortality or morbidity risks are excluded, as they are carried at fair value. The valuation of these investment contracts is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using current market risk-free interest rates, adding a spread to reflect our nonperformance risk and subtracting a risk margin to reflect uncertainty inherent in the projected cash flows. Long-term debt – We obtain the fair value of long-term debt from commercial pricing services. These are classified as Level 2. The pricing services incorporate a variety of market observable information in their valuation techniques, including benchmark yields, trading activity, credit quality, issuer spreads, bids, offers and other reference data.

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2019
Insurance [Abstract]
Reinsurance	6. Reinsurance The following summarizes the effect of reinsurance on premiums and future policy and other policy benefits on the consolidated statements of income: Years ended December 31, (In millions) 2019 2018 2017 Premiums Direct $ 5,449 $ 2,813 $ 2,700 Reinsurance assumed 1,092 1,066 21 Reinsurance ceded (159 ) (417 ) (195 ) Total premiums $ 6,382 $ 3,462 $ 2,526 Future policy and other policy benefits Direct $ 6,697 $ 3,739 $ 3,537 Reinsurance assumed 1,223 1,093 37 Reinsurance ceded (333 ) (551 ) (313 ) Total future policy and other policy benefits $ 7,587 $ 4,281 $ 3,261 Reinsurance typically provides for recapture rights on the part of the ceding company for certain events of default. Additionally, some agreements require us to place assets in trust accounts for the benefit of the ceding entity. The required minimum assets are equal to or greater than statutory reserves, as defined by the agreement, and were $8,377 million and $5,719 million as of December 31, 2019 and 2018 , respectively. Although we own the assets placed in trust, their use is restricted based on the trust agreement terms. If the statutory book value of the assets, or in certain cases fair value, in a trust declines because of impairments or other reasons, we may be required to contribute additional assets to the trust. In addition, the assets within a trust may be subject to a pledge in favor of the applicable reinsurance company. Reinsurance transactions We have entered into various coinsurance and modco agreements to reinsure blocks of fixed deferred and fixed indexed and PRT annuities. The following summarizes those agreements at inception: Years ended December 31, (In millions) 2019 2018 Liabilities assumed $ 791 $ 27,238 Less: Assets received 818 26,255 Ceding commission (paid) received — (660 ) Net cost of reinsurance $ (27 ) $ 1,643 DAC $ — $ 1,777 Unearned revenue reserve 1 — (69 ) Deferred profit liability 2 (27 ) (65 ) Net cost of reinsurance $ (27 ) $ 1,643 1 Included within interest sensitive contract liabilities on the consolidated balance sheets. 2 Included within future policy benefits on the consolidated balance sheets. DAC and unearned revenue reserve balances are amortized over the life of the reinsurance agreements on a basis consistent with our DAC amortization policy. The deferred profit liability balance is amortized over the life of the reinsurance agreement on a constant relationship to the benefit reserves. Certain of these reinsurance agreements were with related parties. See Note 14 – Related Parties for further information. Global Atlantic – We have a 100% coinsurance and assumption agreement with Global Atlantic. The agreement ceded all existing open block life insurance business issued by Athene Annuity and Life Company (AAIA), with the exception of enhanced guarantee universal life insurance products. We also entered into a 100% coinsurance agreement with Global Atlantic to cede all policy liabilities of the ILICO Closed Block. The ILICO Closed Block consists primarily of participating whole life insurance policies. We also have an excess of loss arrangement with Global Atlantic to reimburse us for any payments required from our general assets to meet the contractual obligations of the AmerUs Closed Block not covered by existing reinsurance through Athene Re USA IV. The AmerUs Closed Block consists primarily of participating whole life insurance policies. Since all liabilities were covered by the existing reinsurance at close, no reinsurance premiums were ceded. The assets backing the AmerUs Closed Block are managed, on AAIA’s behalf, by Goldman Sachs Asset Management, an affiliate of Global Atlantic. As of December 31, 2019 and 2018 , Global Atlantic maintained a series of trust and custody accounts under the terms of these agreements with assets equal to or greater than a required aggregate statutory balance of $3,478 million and $3,967 million , respectively. Protective Life Insurance Company (Protective) – We reinsured substantially all of the existing life and health business of Athene Annuity & Life Assurance Company (AADE) to Protective under a coinsurance agreement in 2011. As of December 31, 2019 and 2018 , Protective maintained a trust for our benefit with assets having a fair value of $1,640 million and $1,525 million , respectively. Novations —We have novated certain open blocks of business ceded to Global Atlantic, in accordance with the terms of the coinsurance and assumption agreement. Additionally, we have novated the reinsurance agreement for blocks of endowment contracts and annuities assumed from Athora Lebensversicherung AG (ALV) to Athora Life Re Ltd. (ARE). The below table summarizes the decreases in amounts on the consolidated balance sheets as a result of the novations. Novations during the year ended December 31, 2018 did not have a material effect on the consolidated balance sheets. (In millions) Year ended December 31, 2019 Interest sensitive contract liabilities $ 407 Future policy benefits 305 Funds withheld liability 347 Investments 320 Policy loans 38 Reinsurance recoverable 674 Other assets and liabilities 27 Reinsurance Recoverables —The following summarizes our reinsurance recoverable from the following: December 31, (In millions) 2019 2018 Global Atlantic $ 2,981 $ 3,166 Protective 1,605 1,652 ARE — 337 Other 1 277 379 Reinsurance recoverable $ 4,863 $ 5,534 1 Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of total recoverable.

Deferred Acquisition Costs, Def

Deferred Acquisition Costs, Deferred Sales Inducements, and Value of Business Acquired	12 Months Ended
	Dec. 31, 2019
Insurance [Abstract]
Deferred Acquisition Costs, Deferred Sales Inducements, and Value of Business Acquired	7. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired The following represents a rollforward of DAC, DSI and VOBA: (In millions) DAC DSI VOBA Total Balance at December 31, 2016 $ 1,145 $ 462 $ 1,352 $ 2,959 Additions 493 161 — 654 Unlocking 13 4 (1 ) 16 Amortization (194 ) (67 ) (162 ) (423 ) Impact of unrealized investment (gains) losses (82 ) (40 ) (112 ) (234 ) Balance at December 31, 2017 1,375 520 1,077 2,972 Additions 2,481 264 — 2,745 Unlocking 21 7 54 82 Amortization (108 ) (61 ) (141 ) (310 ) Impact of unrealized investment (gains) losses 152 69 197 418 Balance at December 31, 2018 3,921 799 1,187 5,907 Additions 645 226 — 871 Unlocking (117 ) (9 ) (24 ) (150 ) Amortization (749 ) (65 ) (68 ) (882 ) Impact of unrealized investment (gains) losses (426 ) (131 ) (181 ) (738 ) Balance at December 31, 2019 $ 3,274 $ 820 $ 914 $ 5,008 The expected amortization of VOBA for the next five years is as follows: (In millions) Expected Amortization 2020 $ 94 2021 85 2022 75 2023 71 2024 66

Closed Block

Closed Block	12 Months Ended
	Dec. 31, 2019
Insurance [Abstract]
Closed Block Disclosure [Text Block]	8. Closed Block We pay guaranteed benefits under all policies included in the Closed Blocks. In the event the performance of the Closed Blocks’ assets is insufficient to maintain dividend scales and interest credits, we may reduce the policyholder dividend scales. In the event dividends have been reduced to zero and the Closed Blocks’ assets remain insufficient to fund the Closed Blocks’ guaranteed benefits, we would use assets supporting open block policies or surplus to meet the contractual benefits of the Closed Blocks’ policyholders. The ILICO Closed Block has been ceded to Global Atlantic. Therefore, Global Atlantic would be required to provide funding for any asset insufficiency related to the ILICO Closed Block. Additionally, the AmerUs Closed Block has a letter of credit and tail risk reinsurance agreement in place that limits our exposure to potential asset insufficiency. We elected the fair value option for the AmerUs Closed Block. The fair value of liabilities of the AmerUs Closed Block was derived at election as the sum of the fair value of the AmerUs Closed Block assets plus our cost of capital in the AmerUs Closed Block. The cost of capital was then determined to be the present value of the projected release of required capital and future after tax earnings 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. At each reporting period, we record the fair value of the AmerUs Closed Block by adjusting the change in liabilities, exclusive of the cost of capital, to equal the change in assets. We do not record additional policyholder dividend obligations, as there are no future GAAP earnings available to the policyholders. The excess of the fair value of the liabilities over the fair value of the assets represents our cost of capital in the AmerUs Closed Block. The maximum amount of future earnings from the assets and liabilities of the AmerUs Closed Block is represented by the reduction in the cost of capital in future years based on the operations of the AmerUs Closed Block and recalculation of the cost of capital each reporting period. Summarized financial information of the AmerUs Closed Block is presented below. December 31, (In millions) 2019 2018 Liabilities Future policy benefits $ 1,546 $ 1,443 Other policy claims and benefits 18 14 Dividends payable to policyholders 87 89 Total liabilities 1,651 1,546 Assets Trading securities 1,353 1,228 Mortgage loans, net of allowances 27 32 Policy loans 139 154 Total investments 1,519 1,414 Cash and cash equivalents 30 31 Accrued investment income 44 41 Reinsurance recoverable 19 22 Other assets 9 2 Total assets 1,621 1,510 Maximum future earnings to be recognized from AmerUs Closed Block $ 30 $ 36 The following represents the contribution from AmerUs Closed Block. Years ended December 31, (In millions) 2019 2018 2017 Revenues Premiums $ 54 $ 48 $ 58 Net investment income 74 77 79 Investment related gains (losses) 147 (118 ) 61 Total revenues 275 7 198 Benefits and Expenses Future policy and other policy benefits 234 (49 ) 144 Dividends to policyholders 36 36 51 Total benefits and expenses 270 (13 ) 195 Contribution from AmerUs Closed Block before income taxes 5 20 3 Income tax benefit (1 ) — (5 ) Contribution from AmerUs Closed Block, net of income taxes $ 6 $ 20 $ 8

Debt

Debt	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	9. Debt Credit Facility —In the fourth quarter of 2019, we entered into a five-year revolving credit agreement, subject to up to two one-year extensions (Credit Facility) with Citibank, N.A., as administrative agent, which replaced our previous revolving credit agreement. The borrowing capacity under the Credit Facility is $1.25 billion , with potential increases up to $1.75 billion . In connection with the Credit Facility, AHL and Athene USA guaranteed all of the obligations of AHL, ALRe, Athene Annuity Re Ltd. (AARe) and Athene USA under this facility, and ALRe and AARe guaranteed certain of the obligations of AHL, ALRe, AARe and Athene USA under this facility. The Credit Facility contains various standard covenants with which we must comply, including the following: 1. Consolidated debt to capitalization ratio of not greater than 35% ; 2. Minimum consolidated net worth of no less than $7.3 billion ; and 3. Restrictions on our ability to incur debt and liens, in each case with certain exceptions. As of December 31, 2019 and 2018 , we had no amounts outstanding under the respective revolving credit agreements and were in compliance with all covenants under these facilities. Interest accrues on outstanding borrowings at either the Eurodollar Rate (as defined in the Credit Facility) plus a margin or a base rate plus a margin, with the applicable margin varying based on AHL’s Debt Rating (as defined in the Credit Facility). The Credit Facility has a commitment fee that is determined by reference to AHL’s Debt Rating, and ranges from 0.10% to 0.30% of the undrawn commitment. As of December 31, 2019 and 2018 , the commitment fee was 0.15% and 0.225% , respectively, of the undrawn commitment. Senior Notes —In the first quarter of 2018, AHL issued $1 billion of unsecured senior notes due in January 2028. The senior notes have a 4.125% coupon rate, payable semi-annually. The senior notes are callable at any time prior to October 12, 2027 by AHL, at a price equal to the greater of (1) 100% of the principal and any accrued and unpaid interest and (2) an amount equal to the sum of the present values of remaining scheduled payments, discounted from the scheduled payment date to the redemption date at the Treasury Rate (as defined in the prospectus supplement relating to the senior notes, dated January 9, 2018) plus 25 basis points, and any accrued and unpaid interest. Interest expense on long-term debt was $42 million and $41 million for the years ended December 31, 2019 and 2018 , respectively. Short-term Borrowings —In the fourth quarter of 2019, we borrowed $475 million from the Federal Home Loan Bank (FHLB) through their variable rate short-term federal funds program. As of December 31, 2019 , the borrowings had maturity dates ranging from February 10, 2020 to May 11, 2020 and a weighted average interest rate of 1.79% , with interest due at maturity. In connection with short-term borrowings, the FHLB requires the borrower to purchase member stock and post sufficient collateral to secure the borrowings. See Note 15 – Commitments and Contingencies for further discussion regarding existing collateral posting with the FHLB.

Equity

Equity	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Common Stock	10. 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). In 2019 , we declared and paid dividends of $881.95 per Series A share and $31 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). In 2019 , we declared and paid dividends of $394.53 per Series B share and $5 million in the aggregate. 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 the liquidation preference. Common Stock— W e have six classes of common stock: Class A, Class B, Class M-1, Class M-2, Class M-3 and Class M-4. The Class M-1, Class M-2, Class M-3 and Class M-4 shares are collectively referred to as Class M shares. In the fourth quarter of 2019, we entered into an agreement with Apollo in which, among other things, we will make certain amendments to our bye-laws to eliminate our current multi-class share structure, subject to the closing of the underlying transaction. See additional information regarding this agreement in Note 14 – Related Parties . Class A shares collectively represented 55% of the total voting power of the Company. Class B shares collectively represent the remaining 45% of the total voting power of the Company, and are beneficially owned by shareholders who are members of the Apollo Group, as defined in our bye-laws. Class B shares can be converted to Class A shares on a one-to-one basis at any time upon notice to us. Our bye-laws place certain restrictions on Class A shares such that (1) a holder of Class A shares, including its affiliates, cannot control greater than 9.9% of the total outstanding vote and if a holder of Class A shares were to control greater than 9.9% , then a holder’s voting power is automatically reduced to 9.9% and the other holders of Class A shares would vote the remainder on a prorated basis, (2) the total voting power held by employees of the Apollo Group is limited to 3% and (3) Class A shares may be deemed non-voting when owned by a shareholder who owns Class B shares, has an equity interest in certain Apollo entities, or is a member of the Apollo Group. Class M shares are restricted, non-voting shares previously issued under equity incentive plans. Class M shares function similar to options in that they are exchangeable into Class A shares upon payment of a conversion price and other conditions being met, including vesting conditions. As of December 31, 2019 , there were 9.1 million outstanding Class M shares with a weighted average conversion price of $18.63 . Repurchase Authorizations Our board of directors has approved authorizations of $1,567 million for the repurchase of our Class A shares under our repurchase program. 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 authorizations: (In millions) Initial authorization $ 250 Repurchases (100 ) Remaining authorization at December 31, 2018 150 Additional authorizations 1,317 Repurchases (827 ) Remaining authorization at December 31, 2019 $ 640 Other Share Activities 2018 • In the first quarter, a total of 21.9 million Class B shares were converted into Class A shares pursuant to a distribution of common shares from AP Alternative Assets, L.P. (AAA) to AAA unitholders. 2017 • In the fourth quarter, a total of 21.4 million Class B shares were converted into Class A shares pursuant to a distribution of common shares from AP Alternative Assets, L.P. (AAA) to AAA unitholders. • As a result of the lockup releases during the year, 1.3 million Class B shares were converted into Class A shares. • During the year, we completed two follow-on offerings of our Class A common shares. Shareholders sold 50.3 million existing Class A shares through the offerings. We did not sell any shares in the follow-on offerings. A total of 41.7 million Class B shares were converted into Class A shares on a one-for-one basis in order to participate in the follow-on offerings. As of December 31, 2019 , we had 150 million shares of capital stock authorized which remain undesignated. The table below shows the changes in each class of shares issued and outstanding: Years ended December 31, (In millions) 2019 2018 2017 Class A Beginning balance 162.4 142.4 77.3 Issued shares 0.7 0.6 0.7 Forfeited shares (0.1 ) — — Repurchased shares (19.8 ) (2.6 ) — Converted from Class B shares — 22.0 64.4 Ending balance 143.2 162.4 142.4 Class B Beginning balance 25.4 47.4 111.8 Converted to Class A shares — (22.0 ) (64.4 ) Ending balance 25.4 25.4 47.4 Class M-1 Beginning balance 3.4 3.4 3.5 Converted to Class A shares (0.1 ) — (0.1 ) Ending balance 3.3 3.4 3.4 Class M-2 Beginning balance 0.8 0.9 1.1 Converted to Class A shares — (0.1 ) (0.2 ) Ending balance 0.8 0.8 0.9 Class M-3 Beginning balance 1.0 1.1 1.3 Converted to Class A shares — (0.1 ) (0.2 ) Ending balance 1.0 1.0 1.1 Class M-4 Beginning balance 4.1 4.7 5.4 Converted to Class A shares (0.1 ) (0.5 ) (0.2 ) Forfeited shares — — (0.1 ) Repurchased shares — (0.1 ) (0.4 ) Ending balance 4.0 4.1 4.7 Acc umulated Other Comprehensive Income (Loss)— The following provides the details and changes in AOCI: (In millions) Unrealized investment gains (losses) on AFS securities DAC, DSI, VOBA, future policy benefits and dividends payable to policyholders adjustments on AFS securities Noncredit component of OTTI losses on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2016 $ 684 $ (298 ) $ (11 ) $ 6 $ (15 ) $ 366 Adoption of accounting standards 273 (72 ) (2 ) (12 ) — 187 Other comprehensive income (loss) before reclassifications 1,680 (319 ) (5 ) (105 ) 19 1,270 Less: Reclassification adjustments for gains (losses) realized in net income 1 75 (26 ) (9 ) — — 40 Less: Income tax expense (benefit) 463 (95 ) 1 (35 ) — 334 Balance at December 31, 2017 2,099 (568 ) (10 ) (76 ) 4 1,449 Adoption of accounting standards (46 ) 4 — — — (42 ) Other comprehensive income (loss) before reclassifications (3,291 ) 852 (9 ) 146 (8 ) (2,310 ) Less: Reclassification adjustments for gains (losses) realized in net income 1 4 (1 ) (3 ) — — — Less: Income tax expense (benefit) (629 ) 168 (1 ) 31 — (431 ) Balance at December 31, 2018 (613 ) 121 (15 ) 39 (4 ) (472 ) Other comprehensive income (loss) before reclassifications 4,928 (1,322 ) 1 29 1 3,637 Less: Reclassification adjustments for gains (losses) realized in net income 1 218 (56 ) 7 — — 169 Less: Income tax expense (benefit) 959 (266 ) (1 ) 6 — 698 Less: Other comprehensive income attributable to NCI, net of subsidiary issuance of equity interests and tax 16 — — 1 — 17 Balance at December 31, 2019 $ 3,122 $ (879 ) $ (20 ) $ 61 $ (3 ) $ 2,281 1 Recognized in investment related gains (losses) on the consolidated statements of income.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	11. Earnings Per Share The following represents our basic and diluted EPS calculations: Year ended December 31, 2019 (In millions, except per share data) Class A Class B Class M-1 Class M-2 Class M-3 Class M-4 Net income available to Athene Holding Ltd. common shareholders – basic and diluted $ 1,760 $ 291 $ 38 $ 10 $ 11 $ 26 Basic weighted average shares outstanding 153.9 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 154.3 25.4 3.3 0.8 1.0 2.5 Earnings per share Basic $ 11.44 $ 11.44 $ 11.44 $ 11.44 $ 11.44 $ 11.44 Diluted $ 11.41 $ 11.44 $ 11.44 $ 11.44 $ 11.44 $ 9.94 Year ended December 31, 2018 (In millions, except per share data) Class A Class B Class M-1 Class M-2 Class M-3 Class M-4 Net income available to Athene Holding Ltd. common shareholders – basic and diluted $ 857 $ 157 $ 18 $ 5 $ 5 $ 11 Basic weighted average shares outstanding 160.5 29.3 3.4 0.8 1.0 2.1 Dilutive effect of stock compensation plans 0.6 — — — — 0.6 Diluted weighted average shares outstanding 161.1 29.3 3.4 0.8 1.0 2.7 Earnings per share Basic $ 5.34 $ 5.34 $ 5.34 $ 5.34 $ 5.34 $ 5.34 Diluted $ 5.32 $ 5.34 $ 5.34 $ 5.31 $ 5.31 $ 4.11 Year ended December 31, 2017 (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 $ 749 $ 567 $ 24 $ 4 $ 5 $ 9 Effect of stock compensation plans on allocated net income 18 — — — — — Net income available to Athene Holding Ltd. common shareholders – diluted $ 767 $ 567 $ 24 $ 4 $ 5 $ 9 Basic weighted average shares outstanding 107.7 81.6 3.4 0.6 0.7 1.3 Dilutive effect of stock compensation plans 3.3 — — 0.3 0.5 1.6 Diluted weighted average shares outstanding 111.0 81.6 3.4 0.9 1.2 2.9 Earnings per share Basic $ 6.95 $ 6.95 $ 6.95 $ 6.95 $ 6.95 $ 6.95 Diluted $ 6.91 $ 6.95 $ 6.95 $ 5.05 $ 3.86 $ 3.10 We use the two-class method for allocating net income to each class of our common stock. Our Class M shares did not become eligible to participate in dividends until a return of investment (ROI) condition had been met for each class. Once eligible, each class of our common stock has equal dividend rights. In conjunction with our IPO in 2016, the ROI condition for Class M-1 was met. The ROI condition was met for Class M-2 on March 28, 2017, and for Class M-3 and Class M-4 on April 20, 2017. For purposes of calculating basic weighted average shares outstanding and the allocation of basic income, shares are deemed to be participating in earnings for only the portion of the period after the condition is met. For purposes of calculating diluted weighted average shares outstanding, shares are deemed dilutive as of the beginning of the period. D ilutive shares are calculated using the treasury stock method. For Class A shares, this method takes into account shares that can be settled into Class A shares, net of a conversion price. The diluted EPS calculations for Class A shares excluded 31.9 million , 34.9 million and 52.3 million shares, RSUs and options as of December 31, 2019 , 2018 and 2017 , respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes Income tax expense consists of the following: Years ended December 31, (In millions) 2019 2018 2017 Current $ 53 $ 78 $ 5 Deferred 64 44 101 Income tax expense (benefit) $ 117 $ 122 $ 106 Income tax expense was calculated based on the following components of income before income taxes: Years ended December 31, (In millions) 2019 2018 2017 Income before income taxes – Bermuda $ 1,895 $ 641 $ 1,165 Income before income taxes – U.S. 528 534 274 Income before income taxes – United Kingdom (121 ) — — Income before income taxes – Germany — — 25 Income before income taxes $ 2,302 $ 1,175 $ 1,464 The expected tax provision computed on pre-tax income at the weighted average tax rate has been calculated as the sum of the pre-tax income in each jurisdiction multiplied by that jurisdiction’s applicable statutory tax rate. Statutory tax rates of 0% , 21% , and 19% have been used for Bermuda, the U.S. and the United Kingdom (UK), respectively, for the year ended December 31, 2019 . Statutory rates of 0% and 21% have been used for Bermuda and the U.S. for the year ended December 31, 2018 . Statutory tax rates of 0% , 31% and 35% have been used for Bermuda, Germany and the U.S., respectively, for the year ended December 31, 2017 . A reconciliation of the difference between the expected tax provision at the weighted average tax rate and income tax expense (benefit) is as follows: Years ended December 31, (In millions, except for percentages) 2019 2018 2017 Expected tax provision computed on pre-tax income at weighted average income tax rate $ 88 $ 112 $ 104 Increase in income taxes resulting from: Deferred tax valuation allowance 16 — (5 ) Non-deductible expenses 17 — — Prior year true-up 2 11 8 Corporate owned life insurance (6 ) (3 ) (8 ) Stock compensation expense 2 1 5 Change in statutory tax rates — — (7 ) State taxes and other (2 ) 1 9 Income tax expense (benefit) $ 117 $ 122 $ 106 Effective tax rate 5 % 10 % 7 % Public Law no. 115-97, an Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018 (Tax Act) was enacted on December 22, 2017 and made key changes to the U.S. tax law, including the reduction of the U.S. statutory tax rate from 35% to 21% . As such, the December 31, 2017 deferred tax balances were remeasured to reflect the reduction in rate and the resulting decrease to the net deferred tax liability is included in change in statutory tax rates of the reconciliation above. Total income taxes were as follows: Years ended December 31, (In millions) 2019 2018 2017 Income tax expense $ 117 $ 122 $ 106 Income tax expense (benefit) from OCI 698 (431 ) 334 Total income taxes $ 815 $ (309 ) $ 440 Current income tax recoverable and deferred tax assets are included in other assets on the consolidated balance sheets, and current income tax payable and deferred tax liabilities are included in other liabilities on the consolidated balance sheets. Current and deferred income tax assets and liabilities were as follows: December 31, (In millions) 2019 2018 Current income tax recoverable $ — $ 36 Current income tax payable 14 33 Net current income tax recoverable (payable) $ (14 ) $ 3 Deferred tax assets $ — $ 340 Deferred tax liabilities 423 — Net deferred tax assets (liabilities) $ (423 ) $ 340 Deferred income tax assets and liabilities consisted of the following: December 31, (In millions) 2019 2018 Deferred tax assets Insurance liabilities $ 1,753 $ 1,186 Net unrealized losses on AFS — 112 Net operating and capital loss carryforwards 133 78 Tax credits 2 — Fixed assets — 43 Employee benefits 21 24 Other 16 38 Total deferred tax assets 1,925 1,481 Valuation allowance (63 ) (52 ) Deferred tax assets, after valuation allowance 1,862 1,429 Deferred tax liabilities Investments, including derivatives 928 296 Net unrealized gains on AFS 585 — DAC, DSI and VOBA 758 790 Other 14 3 Total deferred tax liabilities 2,285 1,089 Net deferred tax assets (liabilities) $ (423 ) $ 340 As of December 31, 2019 , we have gross deferred tax assets associated with U.S. federal and state net operating losses of $793 million , which will begin to expire in 2022 . The valuation allowance consists of the following: December 31, (In millions) 2019 2018 U.S. federal and state net operating losses and other deferred tax assets $ 47 $ 52 UK net operating losses and other deferred tax assets 16 — Total valuation allowance $ 63 $ 52 AHL and its Bermuda subsidiaries file protective U.S. income tax returns and its U.S. subsidiaries file income tax returns with the U.S. federal government and various U.S. state governments. AADE is not subject to U.S. federal and state examinations by tax authorities for years prior to 2011, while Athene Annuity & Life Assurance Company of New York (AANY) is not subject to examinations for years prior to 2015. The Internal Revenue Service is currently auditing the 2013 consolidated tax return filed by Athene USA Corporation, and is conducting a limited scope audit of the 2015 consolidated tax return filed by AADE. One state jurisdiction is auditing the 2016 and 2017 combined tax returns filed by Athene USA. No material adverse proposed adjustments have been issued with respect to any examination . Under current Bermuda law, we are not required to pay any taxes in Bermuda on either income or capital gains. We have received an undertaking from the Bermuda Minister of Finance that, in the event of any such taxes being imposed, the Company will be exempted from taxation until the year 2035. We expect that earnings from AHL’s U.S. subsidiaries will not be subject to U.S. dividend withholding tax under the benefits provided by the income tax treaty between the U.S. and the UK. Any dividends remitted to AHL from ALRe are not subject to withholding tax.

Statutory Requirements

Statutory Requirements	12 Months Ended
	Dec. 31, 2019
Insurance [Abstract]
Insurance Disclosure [Text Block]	13. Statutory Requirements Our insurance and reinsurance subsidiaries are subject to insurance laws and regulations in the jurisdictions in which they operate including Bermuda, all U.S. states and the District of Columbia. Certain regulations include restrictions that limit the dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval of the insurance regulatory authorities. The differences between financial statements prepared for insurance regulatory authorities and GAAP financial statements vary by jurisdiction. Bermuda statutory requirements —ALRe, AARe, and Athene Co-Invest Reinsurance Affiliate 1A Ltd. (ACRA 1A, and together with its subsidiaries, ACRA) are each licensed by the Bermuda Monetary Authority (BMA) as long-term insurers and are subject to the Insurance Act 1978, as amended (Bermuda Insurance Act) and regulations promulgated thereunder. The BMA implemented the Economic Balance Sheet (EBS) framework into the Bermuda Solvency Capital Requirement (BSCR), which was granted equivalence to the European Union’s Directive (2009/138/EC) (Solvency II). Under the Bermuda Insurance Act, long-term insurers are required to maintain minimum statutory capital and surplus to meet the minimum margin of solvency (MMS) and minimum economic statutory capital and surplus (EBS capital and surplus) to meet the Enhanced Capital Requirement (ECR). For our Class C reinsurer, ACRA 1A, MMS is equal to the greater of $500,000 , 1.5% of the total statutory assets or 25% of ECR. For our Class E reinsurers, ALRe and AARe, MMS is equal to the greater of $8 million , 2% of the first $500 million of statutory assets plus 1.5% of statutory assets above $500 million or 25% of ECR. For each class, the ECR is calculated based on a risk-based capital model where risk factor charges are applied to the EBS. The ECR is floored at the MMS. As of December 31, 2019 , our Bermuda subsidiaries were in excess of the minimum levels required. For our Bermuda reinsurance subsidiaries, the ECR is the binding regulatory constraint. The following represents the EBS capital and surplus and BSCR ratios: EBS capital & surplus BSCR ratio December 31, December 31, (In millions) 2019 2018 2019 2018 ALRe $ 14,073 $ 12,000 310 % 340 % AARe 2,898 3,029 257 % 176 % ACRA 1A 1,237 575 341 % 295 % Under the EBS framework, statutory financial statements are generally equivalent to GAAP financial statements, with the exception of permitted practices granted by the BMA. Our Bermuda subsidiaries have permission in the statutory financial statements to use amortized cost instead of fair value as the basis for certain investments. Additionally, our Bermuda subsidiaries use U.S. statutory reserving principles for the calculation of insurance reserves instead of GAAP, subject to the reserves being proved adequate based on cash flow testing. The following represents the effect of the permitted practices to the statutory financial statements: December 31, 2019 (In millions) ALRe AARe 1 ACRA 1A Increase (decrease) to capital and surplus due to permitted practices $ (3,765 ) $ (5,047 ) $ (311 ) Increase (decrease) to statutory net income due to permitted practices (1,035 ) (4,988 ) (43 ) 1 AARe has permission to use amortized cost instead of fair value as the basis for certain investments but does not produce GAAP financial statements. The effect of the permitted practices to the AARe statutory financial statements reflects the impact of the difference between amortized cost and fair value for certain investments. Under the Bermuda Insurance Act, our Bermuda subsidiaries are prohibited from paying a dividend in an amount exceeding 25% of the prior year’s statutory capital and surplus, unless at least two members of the companies’ respective board of directors and its principal representative in Bermuda sign and submit to the BMA an affidavit attesting that a dividend in excess of this amount would not cause the subsidiary to fail to meet its relevant margins. In certain instances, the Bermuda subsidiary would also be required to provide prior notice to the BMA in advance of the payment of dividends. In the event that such an affidavit is submitted to the BMA, and further subject to meeting the MMS and ECR requirements, a Bermuda subsidiary is permitted to distribute up to the sum of 100% of statutory surplus and an amount less than 15% of statutory capital. Distributions in excess of this amount require the approval of the BMA. The following represents the maximum distribution our Bermuda subsidiaries would be permitted to remit to its parent without the need for prior approval: December 31, (In millions) 2019 2018 ALRe $ 8,141 $ 5,942 AARe 1,216 997 ACRA 1A 59 — U.S. statutory requirements —Our regulated U.S. subsidiaries and the corresponding insurance regulatory authorities are as follows: Subsidiary Regulatory Authority AADE Delaware Department of Insurance AAIA Iowa Insurance Division AANY New York Department of Financial Services Athene Re USA IV State of Vermont Department of Financial Regulation Each entity’s statutory statements are presented on the basis of accounting practices determined by the respective regulatory authority. The regulatory authority recognizes only statutory accounting practices prescribed or permitted by the corresponding state for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under insurance law. The maximum dividend these subsidiaries can pay to shareholders, without prior approval of the respective state insurance department, is subject to restrictions relating to statutory surplus or net gain from operations. The maximum dividend payment over a twelve-month period may not, without prior approval, be paid from a source other than earned surplus and may not exceed the greater of (1) the prior year’s net gain from operations or (2) 10% of policyholders’ surplus. Based on these restrictions, the maximum dividend AADE could pay to Athene USA absent regulatory approval was $152 million and $154 million as of December 31, 2019 and 2018 , respectively. Any dividends from AHL’s other U.S. statutory entities in excess of the amounts allowed for AADE would not be able to be remitted to Athene USA without regulatory approval from the Delaware Department of Insurance. As of December 31, 2019 , our U.S. subsidiaries’ solvency, liquidity and risk-based capital amounts were significantly in excess of the minimum levels required. In some instances, the states of domicile of our U.S. subsidiaries have adopted prescribed accounting practices that differ from the required accounting outlined in National Association of Insurance Commissioners (NAIC) Statutory Accounting Principles (SAP). These subsidiaries also have certain accounting practices permitted by the states of domicile that differ from those found in NAIC SAP. These prescribed and permitted practices are described as follows: AAIA – Among the products issued by AAIA are indexed universal life insurance and fixed indexed annuities. These products allow a portion of the premium to earn interest based on certain indices, primarily the S&P 500. We purchase call options, futures and variance swaps to hedge the growth in interest credited to the customer as a direct result of increases in the related index. The Iowa Insurance Division allows an insurer to elect (1) to use an amortized cost method to account for certain derivative instruments, such as call options, purchased to hedge the growth in interest credited to the customer on indexed insurance products and (2) to use an indexed annuity reserve calculation methodology under which call options associated with the current index interest crediting term are valued at zero. AAIA has elected to apply this option to its over-the-counter call options and reserve liabilities. As a result, AAIA’s statutory surplus decreased by $80 million and increased by $39 million as of December 31, 2019 and 2018 , respectively. Athene Re USA IV – AAIA has ceded the AmerUs Closed Block to Athene Re USA IV on a 100% funds withheld basis. A permitted practice in the State of Vermont allows Athene Re USA IV to include as admitted assets the face amount of all issued and outstanding letters of credit used to fund its reinsurance obligations to AAIA in its statutory financial statements. If Athene Re USA IV had not followed this permitted practice, then it would not have exceeded authorized control level risk based capital requirements. As of December 31, 2019 and 2018 , Athene Re USA IV included as admitted assets $137 million and $153 million , respectively, related to the outstanding letters of credit. Statutory capital and surplus and net income (loss) —The following table presents, for each of our primary insurance subsidiaries, the statutory capital and surplus and the statutory net income (loss), based on the most recent statutory financial statements to be filed with insurance regulators: Statutory capital & surplus Statutory net income (loss) December 31, Years ended December 31, (In millions) 2019 2018 2019 2018 2017 ALRe $ 11,000 $ 9,659 $ 1,247 $ 418 $ 828 AARe 2,343 2,095 248 997 — ACRA 1A 808 393 265 (287 ) — AADE 1,526 1,544 (86 ) 18 24 AAIA 1,209 1,234 241 81 239 AANY 318 282 33 6 29

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Parties	14. 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 (Incremental Value), by which the aggregate market value of substantially all of the assets in the Accounts at the end of the respective month exceeds the Backbook Value; plus (2) with respect to each asset in an Account, subject to certain exceptions, that is managed by Apollo and that belongs to a specified asset class tier (Core, Core Plus, Yield, and High Alpha), a sub-allocation fee as follows, which will, in the case of assets acquired after January 1, 2019, be subject to a cap of 10% of the applicable asset’s gross book yield: (i) 0.065% of the market value of Core assets, which include public investment grade corporate bonds, municipal securities, agency RMBS or CMBS, and obligations of governmental agencies or government sponsored entities that are not expressly backed by the U.S. government; (ii) 0.13% of the market value of Core Plus assets, which include private investment grade corporate bonds, fixed rate first lien commercial mortgage loans (CML), and certain obligations issued or assumed by financial institutions and determined by Apollo to be “Tier 2 Capital” under Basel III, a set of recommendations for international banking regulations developed by the Bank for International Settlements; (iii) 0.375% of the market value of Yield assets, which include non-agency RMBS, investment grade CLO, CMBS and other ABS (other than RMBS and CLO), emerging market investments, below investment grade corporate bonds, subordinated debt obligations, hybrid securities or surplus notes issued or assumed by a financial institution, rated preferred equity, residential mortgage loans (RML), bank loans, investment grade infrastructure debt, and floating rate CMLs on slightly transitional or stabilized traditional real estate; (iv) 0.70% of the market value of High Alpha assets, which include subordinated CML, below investment grade CLO, unrated preferred equity, debt obligations originated by MidCap, CMLs for redevelopment or construction loans or secured by non-traditional real estate, below investment grade infrastructure debt, certain loans originated directly by Apollo (other than MidCap loans), and agency mortgage derivatives; and (v) 0.00% of the market value of cash and cash equivalents, U.S. treasuries, non-preferred equities and alternatives. The following represents assets based on the above sub-allocation structure: (In millions, except percentages) December 31, 2019 Percent of Total Core $ 32,474 25.5 % Core Plus 30,155 23.6 % Yield 48,557 38.0 % High Alpha 5,062 4.0 % Other 11,302 8.9 % Total sub-allocation assets $ 127,550 100.0 % 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 we no longer separately pay sub-advisory fees (as defined below). See – Historical fee structure below for further discussion of the prior fee structure. For the years ended December 31, 2019 , 2018 and 2017 , we incurred management fees of $426 million , $349 million and $318 million , respectively. Management fees are included within net investment income on the consolidated statements of income. As of December 31, 2019 and 2018 , management fees payable were $42 million and $54 million , respectively, and are included in other liabilities on the 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 and receives remuneration from acting as Chief Executive Officer of ISG. Mr. Belardi also owns a 5% profit interest in ISG (Interest). It is expected that the Interest will be revised such that Mr. Belardi will receive a lesser interest in the equity of ISG and also receive a specified percentage of other fee streams earned by Apollo, potentially comprised of or including the sub-allocation fees. 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 $487 million and $463 million as of December 31, 2019 and 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 $411 million , $722 million and $57 million of residential mortgage loans under this agreement during the years ended December 31, 2019 , 2018 and 2017 , respectively. Additionally, we hold ABS securities issued by AmeriHome affiliates of $170 million and $121 million as of December 31, 2019 and 2018 , respectively, which are included in related party AFS securities on the consolidated balances sheets. We also have commitments to make additional equity investments in A-A Mortgage of $169 million as of December 31, 2019 . MidCap – CoInvest VII holds a significant investment in MidCap, which is included in investment funds of consolidated VIEs on the consolidated balance sheets. We have also advanced amounts under a subordinated debt facility to Midcap and, as of December 31, 2019 and 2018 , the principal balance was $345 million and $245 million , respectively, which is included in other related party investments on the consolidated balance sheets. Our total investment in MidCap, including amounts advanced under credit facilities, was $886 million and $792 million as of December 31, 2019 and 2018 , respectively. Additionally, we hold ABS and CLO securities issued by MidCap affiliates of $624 million and $226 million as of December 31, 2019 and 2018 , respectively, which are included in related party AFS securities on the 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 UK) 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 UK. 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 December 31, 2019 , we have not exercised our right of first refusal to reinsure liabilities ceded to Athora’s insurance or reinsurance subsidiaries. During the fourth quarter of 2018, we entered into a coinsurance agreement with ALV to reinsure endowment contracts and annuities, in which we assumed liabilities of $325 million . ALV coinsurance assets were recorded as receivable in other assets on the December 31, 2018 consolidated balance sheet, as the assets were not received prior to December 31, 2018. We then retroceded these endowment contracts and annuities through a modco agreement to ARE, in which we recorded a funds withheld liability of $337 million . ARE modco assets were recorded as reinsurance recoverable on the consolidated balance sheets. During the fourth quarter of 2019, we novated the reinsurance agreement for the ALV endowment contracts and annuities to ARE, which resulted in a decrease of $663 million of liabilities and related assets on the consolidated balance sheets. Our investment in Athora, which is included in related party investment funds on the consolidated balance sheets, was $132 million and $105 million as of December 31, 2019 and 2018 , respectively. Additionally, as of December 31, 2019 and 2018 , we had $146 million and $166 million , respectively, of funding agreements outstanding to Athora, which were issued to Athora prior to closing . We also have commitments to make additional equity investments in Athora of $454 million as of December 31, 2019 . Venerable – On June 1, 2018, we entered into coinsurance and modco agreements with Voya Insurance and Annuity Company (VIAC) to reinsure a block of fixed and fixed indexed annuities, in which we assumed liabilities of $18,578 million . VIAC is a related party pursuant to GAAP due to our minority equity investment in its holding company’s parent, VA Capital Company LLC (VA Capital), which was $99 million and $92 million as of December 31, 2019 and December 31, 2018 , respectively. The minority equity investment in VA Capital is included in related party investment funds on the 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 December 31, 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 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 December 31, 2019 and 2018 , we had $97 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 fourth quarter of 2019, we and Apollo purchased PK AirFinance (PK), an aviation lending business, including PK’s in force loan portfolio (Aviation Loans), from the Aviation Services Unit of GE Capital (GE). The Aviation Loans are generally fully secured by aircraft leases and aircraft. In connection with such transaction, Apollo acquired the PK loan origination platform, including personnel and systems and, pursuant to certain agreements entered into between us, Apollo, and certain entities managed by Apollo (collectively, PK Transaction Agreements), the existing Aviation Loans were acquired and securitized by a newly formed SPV for which Apollo acts as ABS manager (ABS-SPV). The ABS-SPV issued tranches of senior notes and subordinated notes, which are secured by the Aviation Loans. In connection with the acquisition of the existing Aviation Loans by the ABS-SPV (i) a tranche of senior notes was acquired by third-party investors and (ii) we purchased mezzanine tranches of the senior notes and the subordinated notes. In addition to the investment in the senior notes and subordinated notes, we 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 have paid or 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 equity interests in our subsidiary, ACRA, to ADIP, which is managed by AGM, for $575 million . As a result, we reduced APIC and AOCI by $145 million and $34 million , respectively, and recorded $754 million for the issuance of equity to noncontrolling interests. The shares held by ADIP are non-voting and our shares represent 100% of the voting power and 33% of the equity interests in ACRA. 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 collectively comprise the Apollo Operating Group (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 (Contingent 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, the receipt of all necessary regulatory and governmental approvals, and certain other closing conditions. Subject to certain assumptions, including those regarding the exercise of the Contingent Right, 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). AA Infrastructure Fund 1 LLC (AA Infrastructure) – We have an investment in preferred shares of AA Infrastructure, which is a fund managed by ISG. As of December 31, 2019 and 2018 , we held $58 million and $120 million , respectively, of preferred shares, which are included in related party equity securities on the consolidated balance sheets. In the fourth quarter of 2019, AA Infrastructure issued $267 million of ABS securities as a return of capital on the preferred shares. As of December 31, 2019 , we held AA Infrastructure ABS securities of $267 million , which are included in related party trading securities on the consolidated balance sheets. Additionally, as of December 31, 2019 , we had commitments to make additional investments in AA Infrastructure of $42 million .

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. 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 $4,793 million a nd $3,036 million as of December 31, 2019 and 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 December 31, 2019 and 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 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 December 31, 2019 and 2018 , we had $3,700 million and $2,700 million , respectively, of FABN funding agreements outstanding. We had $6.0 billion of remaining FABN capacity as of December 31, 2019 . Pledged Assets and Funds in Trust (Restricted Assets)— The total restricted assets included on the consolidated balance sheets are as follows: December 31, (In millions) 2019 2018 AFS securities $ 9,369 $ 5,439 Trading securities 45 68 Equity securities 22 2 Mortgage loans 2,535 1,830 Investment funds 84 53 Derivative assets 105 24 Short-term investments 92 77 Other investments 88 47 Restricted cash 402 492 Total restricted assets $ 12,742 $ 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 $198 million as of December 31, 2019 . This letter of credit was issued for our reinsurance program and expires by December 31, 2020 . Litigation, Claims and Assessments Corporate-owned Life Insurance (COLI) Matter – In 2000 and 2001, two insurance companies which were subsequently merged into AAIA, purchased broad based variable COLI policies from American General Life Insurance Company (American General) that, as of December 31, 2019 , had an asset value of $387 million , and is included in other assets on the 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. Defendants moved to dismiss and the court heard oral arguments on February 13, 2019. The court issued an opinion on July 31, 2019 that did not address the merits, but found that the 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. Defendants renewed their motion to dismiss and the Superior Court heard oral arguments on December, 18, 2019. The Superior Court took the matter under advisement and we expect an opinion in the next few months. 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 $188 million as of December 31, 2019 . Regulatory Matters – Our U.S. insurance subsidiaries have experienced increased service and administration complaints related to the conversion and administration of the block of life insurance business acquired in connection with our acquisition of Aviva USA and reinsured to affiliates of Global Atlantic. The life insurance policies included in this block have been and are currently being administered by AllianceOne Inc. (AllianceOne), a subsidiary of DXC Technology Company, which was retained by such Global Atlantic affiliates to provide services on such policies. AllianceOne also administers certain annuity policies that were on Aviva USA’s legacy policy administration systems that were also converted in connection with the acquisition of Aviva USA and have experienced similar service and administration issues. As a result of the difficulties experienced with respect to the administration of such policies, we have received notifications from several state regulators, including but not limited to the New York State Department of Financial Services (NYSDFS), the California Department of Insurance (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 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 not further pursued an appeal of this decision to the Judicial Committee of the Privy Council, the court of final appeal for matters litigated in Bermuda, and litigation is proceeding in the trial court. On May 3, 2018, following AHL’s filing of the writ in Bermuda described above, Caldera, Caldera Life Reinsurance Company, and Caldera Shareholder, L.P., commenced an action in the Supreme Court of the State of New York, County of New York, by filing a Summons with Notice against AHL, Apollo, certain affiliates of Apollo and Leon Black, a founder of Apollo. On July 12, 2018, plaintiffs filed a complaint alleging claims for tortious interference with prospective business relations, defamation, and unfair competition related to plaintiffs’ attempt to purchase Company A and seeking alleged damages of “no less than $1.5 billion .” AHL has moved to dismiss the complaint. On January 21, 2019, plaintiffs filed an amended complaint, which revised certain allegations about jurisdiction, venue and the merits of the plaintiffs’ claims. We have renewed our motion to dismiss and, on December 20, 2019, the court granted our motion to dismiss. Plaintiffs have filed an appeal. 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. The Supreme Court of Bermuda has awarded costs in our favor against CLPF and Cambria, which are in the process of being enforced.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Segment Information	16. 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 and prior to January 1, 2018, included our former Germany operations, which were primarily comprised of participating long-duration savings products. 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 . See Note 1 – Business, Basis of Presentation and Significant Accounting Policies for discussion on the deconsolidation of our German operations in 2018. Financial Measures —Segment adjusted operating income available to common shareholders and net investment earnings are internal measures 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 available to common shareholders 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 interests; and • Other adjustments to revenues. The table below reconciles segment adjusted operating revenues to total revenues presented on the consolidated statements of income: Years ended December 31, (In millions) 2019 2018 2017 Retirement Services $ 11,460 $ 8,118 $ 5,960 Corporate and Other 117 44 368 Non-operating adjustments Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets 2,346 (1,020 ) 1,990 Investment gains (losses), net of offsets 1,685 (515 ) 461 VIE expenses and noncontrolling interests 637 1 — Other adjustments to revenues 13 9 9 Total revenues $ 16,258 $ 6,637 $ 8,788 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 consolidated statements of income: Years ended December 31, (In millions) 2019 2018 2017 Retirement Services $ 1,322 $ 1,201 $ 1,038 Corporate and Other (33 ) (61 ) 17 Non-operating adjustments Investment gains (losses), net of offsets 994 (274 ) 199 Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets (65 ) 242 230 Integration, restructuring and other non-operating expenses (70 ) (22 ) (68 ) Stock-based compensation, excluding LTIP (12 ) (11 ) (33 ) Income tax (expense) benefit – non-operating — (22 ) (25 ) Net income available to Athene Holding Ltd. common shareholders $ 2,136 $ 1,053 $ 1,358 Net investment earnings used to evaluate the performance of our segments is an internal measure that does not correspond to GAAP net investment income. Adjustments are made to GAAP net investment income to arrive at a net investment earnings measure that reflects the profitability of our core deferred annuities business. Accordingly, we adjust net investment income to include earnings from our consolidated VIEs and earnings on certain alternative investments (primarily CLOs) classified in investment related gains (losses) on the consolidated statements of income. Additionally, we adjust for impacts of reinsurance embedded derivatives and noncontrolling interests on net investment income. The table below reconciles segment net investment earnings to net investment income presented on the consolidated statements of income: Years ended December 31, (In millions) 2019 2018 2017 Retirement Services $ 5,062 $ 4,188 $ 3,241 Corporate and Other 117 44 182 Adjustments to net investment income Reinsurance embedded derivative impacts (680 ) (301 ) (191 ) Net VIE earnings (80 ) (37 ) (77 ) Alternative income (gains) losses (1 ) 34 20 Noncontrolling interests 61 — — Held for trading amortization 43 76 94 Net investment income $ 4,522 $ 4,004 $ 3,269 Adjusted operating income available to common shareholders excludes the income tax impact of the taxable non-operating adjustments presented above. The income tax expense of non-operating income adjustments is comprised of the appropriate jurisdiction’s tax rate applied to the non-operating adjustments subject to income tax, as well as the amount recorded for the change in the U.S. statutory rate resulting from the Tax Act. The table below reconciles segment provision for income taxes – operating to income tax expense presented on the consolidated statements of income: Years ended December 31, (In millions) 2019 2018 2017 Retirement Services $ 117 $ 100 $ 83 Corporate and Other — — (2 ) Income tax (expense) benefit – non-operating — 22 25 Income tax expense (benefit) $ 117 $ 122 $ 106 The following represents total assets by segment: December 31, (In millions) 2019 2018 Retirement Services $ 143,881 $ 123,498 Corporate and Other 2,994 2,007 Total assets $ 146,875 $ 125,505 We market annuity products, primarily fixed rate and fixed indexed annuities. Deposits, which are generally not included in revenues on the consolidated statements of income, and premiums collected are as follows: Years ended December 31, (In millions) 2019 2018 2017 Fixed indexed annuities $ 7,304 $ 29,973 $ 5,480 Fixed rate annuities 3,192 5,501 873 Payouts without life contingencies 341 535 106 Funding agreements 1,301 650 3,054 Life and other deposits (13 ) 4 33 Total deposits 12,125 36,663 9,546 Payouts with life contingencies 6,332 3,408 2,272 Life and other premiums 50 54 254 Total premiums 6,382 3,462 2,526 Total premiums and deposits, net of ceded $ 18,507 $ 40,125 $ 12,072 Deposits and premiums collected by the geographical location are as follows: Years ended December 31, (In millions) 2019 2018 2017 United States $ 17,159 $ 16,421 $ 11,217 Bermuda 1,348 23,704 652 Germany — — 203 Total premiums and deposits, net of ceded $ 18,507 $ 40,125 $ 12,072

Quarterly Results of Operations

Quarterly Results of Operations (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Text Block]	17. Quarterly Results of Operations (Unaudited) The unaudited quarterly results of operations for the years ended December 31, 2019 and 2018 are summarized in the table below: Three months ended (In millions, except per share data) March 31 June 30 September 30 December 31 2019 Total revenues $ 4,995 $ 3,423 $ 4,584 $ 3,256 Total benefits and expenses 4,255 2,673 4,305 2,723 Net income 708 720 293 464 Less: Net income attributable to noncontrolling interests — — — 13 Net income attributable to Athene Holding Ltd. shareholders 708 720 293 451 Less: Preferred stock dividends — — 17 19 Net income available to Athene Holding Ltd. common shareholders 708 720 276 432 Earnings per share Basic – All classes $ 3.65 $ 3.76 $ 1.50 $ 2.43 Diluted – Class A 3.64 3.75 1.50 2.42 Diluted – Class B 3.65 3.76 1.50 2.43 Diluted – Class M-1 3.65 3.76 1.50 2.43 Diluted – Class M-2 3.65 3.76 1.50 2.43 Diluted – Class M-3 3.65 3.76 1.50 2.43 Diluted – Class M-4 3.15 3.28 1.29 2.13 2018 Total revenues $ 1,023 $ 1,850 $ 2,586 $ 1,178 Total benefits and expenses 701 1,529 1,907 1,325 Net income (loss) 277 257 623 (104 ) Net income (loss) attributable to Athene Holding Ltd. shareholders 277 257 623 (104 ) Net income (loss) available to Athene Holding Ltd. common shareholders 277 257 623 (104 ) Earnings (loss) per share Basic – All classes $ 1.40 $ 1.30 $ 3.16 $ (0.53 ) Diluted – Class A 1.40 1.30 3.15 (0.53 ) Diluted – Class B 1.40 1.30 3.16 (0.53 ) Diluted – Class M-1 1.40 1.30 3.16 (0.53 ) Diluted – Class M-2 1.39 1.29 3.16 (0.53 ) Diluted – Class M-3 1.38 1.30 3.16 (0.53 ) Diluted – Class M-4 0.97 1.02 2.42 (0.53 )

Schedule I Summary of Investmen

Schedule I Summary of Investments - Other Than Investments in Related Parties (Notes)	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Text Block]	December 31, 2019 (In millions) Cost or Amortized Cost Fair Value Amount Shown on Consolidated Balance Sheet AFS securities U.S government and agencies $ 35 $ 36 $ 36 U.S. state, municipal and political subdivisions 1,322 1,541 1,541 Foreign governments 298 327 327 Public utilities 701 731 731 Redeemable preferred stock 106 114 114 Other corporate 43,299 46,383 46,383 CLO 7,524 7,349 7,349 ABS 5,018 5,118 5,118 CMBS 2,304 2,400 2,400 RMBS 6,872 7,375 7,375 Trading securities 1,890 2,054 2,054 Total fixed maturity securities 69,369 73,428 73,428 Equity securities Public utilities — 1 1 Industrial, miscellaneous and all other common stock 50 48 48 Nonredeemable preferred stocks 188 198 198 Total equity securities 238 247 247 Mortgage loans, net of allowances 14,304 14,306 Investment funds 664 731 Policy loans 417 417 Funds withheld at interest 15,181 15,181 Derivative assets 1,588 2,888 Short-term investments 596 596 Other investments 158 158 Total investments $ 102,515 $ 107,952

Schedule II - Condensed Financi

Schedule II - Condensed Financial Information of Registrant Condensed Financial Information of Parent (Notes)	12 Months Ended
	Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]
Condensed Financial Information of Parent Company Only Disclosure [Text Block]	December 31, (In millions, except per share data) 2019 2018 Assets Investments Available-for-sale securities, at fair value (amortized cost: 2019 – $56 and 2018 – $46) $ 61 $ 45 Cash and cash equivalents 171 112 Investments in related parties Available-for-sale securities, at fair value (amortized cost: 2019 – $2 and 2018 – $0) 2 — Investment funds 132 105 Other assets 6 24 Intercompany receivable 13 21 Investments in subsidiaries 14,085 9,108 Total assets $ 14,470 $ 9,415 Liabilities and Equity Liabilities Long-term debt $ 992 $ 991 Note payable to subsidiary 38 105 Other liabilities 40 35 Intercompany payable 9 8 Total liabilities 1,079 1,139 Equity Preferred stock Series A – par value $1 per share; $863 aggregate liquidation preference; authorized, issued and outstanding: 2019 and 2018 – 0.0 shares — — Series B – par value $1 per share; $345 aggregate liquidation preference; authorized, issued and outstanding: 2019 and 2018 – 0.0 shares — — Common stock Class A – par value $0.001 per share; authorized: 2019 and 2018 – 425.0 shares; issued and outstanding: 2019 – 143.2 and 2018 – 162.4 shares — — Class B – par value $0.001 per share; convertible to Class A; authorized: 2019 and 2018 – 325.0 shares; issued and outstanding: 2019 – 25.4 and 2018 – 25.4 shares — — Class M-1 – par value $0.001 per share; convertible to Class A; authorized: 2019 and 2018 – 7.1 shares; issued and outstanding: 2019 – 3.3 and 2018 – 3.4 shares — — Class M-2 – par value $0.001 per share; convertible to Class A; authorized: 2019 and 2018 – 5.0 shares; issued and outstanding: 2019 – 0.8 and 2018 – 0.8 shares — — Class M-3 – par value $0.001 per share; convertible to Class A; authorized: 2019 and 2018 – 7.5 shares; issued and outstanding: 2019 – 1.0 and 2018 – 1.0 shares — — Class M-4 – par value $0.001 per share; convertible to Class A; authorized: 2019 and 2018 – 7.5 shares; issued and outstanding: 2019 – 4.0 and 2018 – 4.1 shares — — Additional paid-in capital 4,171 3,462 Retained earnings 6,939 5,286 Accumulated other comprehensive income (loss) 2,281 (472 ) Total Athene Holding Ltd. shareholders’ equity 13,391 8,276 Total liabilities and equity $ 14,470 $ 9,415 See accompanying notes to condensed financial information of registrant (parent company only) Years ended December 31, (In millions) 2019 2018 2017 Revenue Net investment income (related party: 2019 – $8, 2018 – $(3) and 2017 – $3) $ 15 $ 17 $ 5 Investment related gains (losses) (related party: 2019 – $1, 2018 – $24 and 2017 – $0) 6 14 (7 ) Other revenues — 20 — Total revenues 21 51 (2 ) Benefits and Expenses Operating expenses (related party: 2019 – $11, 2018 – $7 and 2017 – $8) 142 124 142 Total benefits and expenses 142 124 142 Loss before income taxes and equity earnings in subsidiaries (121 ) (73 ) (144 ) Equity earnings in subsidiaries 2,293 1,126 1,502 Net income available to Athene Holding Ltd. shareholders 2,172 1,053 1,358 Less: Preferred stock dividends 36 — — Net income available to Athene Holding Ltd. common shareholders $ 2,136 $ 1,053 $ 1,358 Net income available to Athene Holding Ltd. shareholders $ 2,172 $ 1,053 $ 1,358 Other comprehensive income (loss) 2,787 (1,879 ) 896 Comprehensive income (loss) $ 4,959 $ (826 ) $ 2,254 See accompanying notes to condensed financial information of registrant (parent company only) Years ended December 31, (In millions) 2019 2018 2017 Net cash used in operating activities $ (106 ) $ (66 ) $ (54 ) Cash flows from investing activities Capital contributions to subsidiary (70 ) (95 ) — Receipts on loans to subsidiaries — 64 — Issuances of loans to subsidiaries — (20 ) (44 ) Sales, maturities, and repayments of: Available-for-sale securities 4 178 9 Investment funds – related party 1 — — Short-term investments — 64 — Purchases of: Fixed maturity securities, available-for-sale (related party: 2019 – $(2), 2018 – $0, and 2017 – $0) (16 ) (994 ) (17 ) Investment funds – related party (20 ) — — Short-term investments — (64 ) — Other investing activities, net 27 (90 ) 74 Net cash (used in) provided by investing activities (74 ) (957 ) 22 Cash flows from financing activities Proceeds from long-term debt — 998 — Proceeds from note payable with subsidiary 108 105 — Repayment of note payable with subsidiary (174 ) — — Issuance of preferred stock, net of expenses 1,172 — — Preferred stock dividends (36 ) — — Repurchase of common stock (832 ) (105 ) (10 ) Other financing activities, net 1 (5 ) (5 ) Net cash provided by (used in) financing activities 239 993 (15 ) Net increase (decrease) in cash and cash equivalents 59 (30 ) (47 ) Cash and cash equivalents at beginning of year 112 142 189 Cash and cash equivalents at end of year $ 171 $ 112 $ 142 Supplementary information Cash paid for interest $ 46 $ 23 $ — Non-cash transactions Non-cash capital contributions to subsidiaries — 803 — Investment in Athora Holding Ltd. received upon deconsolidation — 108 — See accompanying notes to condensed financial information of registrant (parent company only) 1. Basis of Presentation The accompanying condensed financial statements of Athene Holding Ltd. (AHL) should be read in conjunction with the consolidated financial statements and notes of AHL and its subsidiaries (consolidated financial statements). For purposes of these condensed financial statements, AHL’s wholly owned and majority owned subsidiaries are presented under the equity method of accounting. Under this method, the assets and liabilities of subsidiaries are not consolidated. The investments in subsidiaries are recorded on the condensed balance sheets. The income from subsidiaries is reported on a net basis as equity earnings of subsidiaries on the condensed statements of income. 2. Intercompany Transactions Unsecured Revolving Notes Receivable — AHL has unsecured revolving notes receivable from subsidiaries Athene USA Corporation (Athene USA) and Athene Life Re Ltd. (ALRe). The unsecured revolving notes receivable from Athene USA has a borrowing capacity of $250 million and had no outstanding balance as of December 31, 2019 and 2018 . Interest accrues at the U.S. short-term applicable federal rate per year, and the balance is due on June 1, 2020 , or earlier at AHL’s request. The unsecured revolving notes receivable from ALRe has a borrowing capacity of $1 billion and had no outstanding balance as of December 31, 2019 and 2018 . Interest accrues at a fixed rate of 1.25% and has a maturity date of March 31, 2024 , or earlier at AHL’s request. Unsecured Revolving Note Payable — In addition to the unsecured revolving notes receivable described above, AHL has an unsecured revolving note payable with ALRe, which permits AHL to borrow up to $1 billion with a fixed interest rate of 1.25% and a maturity date of March 31, 2024 . As of December 31, 2019 and 2018 , the revolving note payable had an outstanding balance of $38 million and $105 million , respectively. Funds in Trust (Restricted Assets)— AHL has agreed to maintain the authorized control level risk-based capital (RBC) of its subsidiary, Athene Life Insurance Company of New York (ALICNY), at an amount not less than 450% . As a result, AHL has established a separate backstop trust account with a fair value of $44 million and $37 million as of December 31, 2019 and 2018 , respectively, consisting of available-for-sale investments and cash. If ALICNY’s authorized control level RBC falls below 450% , the funds in the backstop trust account would be used to replenish ALICNY’s authorized control level RBC to at least 450% . 3. Debt and Guarantees AHL has guaranteed certain of the obligations of Athene USA, ALRe, and Athene Annuity Re Ltd. in connection with its revolving credit facility. Additionally, AHL issued senior notes in the first quarter of 2018. See Note 9 – Debt to the consolidated financial statements for further discussion on the credit facility and senior notes. AHL has entered into capital maintenance agreements with each of its material U.S. insurance subsidiaries, pursuant to which AHL agrees to provide capital to the subsidiary to the extent that the capital of the subsidiary falls below a specified threshold as set with the applicable subsidiary’s domestic regulator. In addition, on December 17, 2018, AHL entered into a capital maintenance agreement with its indirect subsidiary Athene London Assignment Corporation (Athene London) pursuant to which AHL agreed to contribute cash, cash equivalents, marketable securities, or other liquid assets so as to maintain capital in Athene London to ensure that it has the necessary funds to timely satisfy any obligations it has under any assumed settlement agreement. AHL does not anticipate making any capital infusions in Athene London pursuant to the capital maintenance agreement. 4. Dividends, Return of Capital and Capital Contributions During the years ended December 31, 2019 and 2018 , AHL received $3 million and $50 million , respectively, of dividends from subsidiaries. During the years ended December 31, 2019 and 2018 , AHL contributed $70 million and $898 million , respectively, to subsidiaries. There were no dividends received or contributions made to subsidiaries during the year ended December 31, 2017 . See Note 13 – Statutory Requirements to the consolidated financial statements for additional information on subsidiary dividend restrictions. 5. Income Taxes AHL is a tax resident of the United Kingdom (UK). See Note 12 – Income Taxes to the consolidated financial statements for additional information on UK income taxes.

Schedule III - Supplementary In

Schedule III - Supplementary Insurance Information (Notes)	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
Supplementary Insurance Information	(In millions) DAC, DSI, and VOBA Future policy benefits, losses, claims and loss expenses 1 Other policy claims and benefits Premiums Net investment income Benefits, claims, losses, and settlement expenses 2 Amortization of DAC and VOBA Policy and other operating expenses 2019 Retirement Services $ 5,008 $ 126,075 $ 138 $ 6,382 $ 4,405 $ 12,254 $ 958 $ 599 Corporate and other — — — — 117 — — 145 Total $ 5,008 $ 126,075 $ 138 $ 6,382 $ 4,522 $ 12,254 $ 958 $ 744 2018 Retirement Services $ 5,907 $ 113,314 $ 142 $ 3,462 $ 3,960 $ 4,662 $ 174 $ 496 Corporate and other — — — — 44 — — 130 Total $ 5,907 $ 113,314 $ 142 $ 3,462 $ 4,004 $ 4,662 $ 174 $ 626 2017 Retirement Services $ 2,972 $ 80,818 $ 137 $ 2,347 $ 3,087 $ 5,969 $ 344 $ 444 Corporate and other — 4,838 74 179 182 339 — 228 Total $ 2,972 $ 85,656 $ 211 $ 2,526 $ 3,269 $ 6,308 $ 344 $ 672 1 Represents interest sensitive contract liabilities and future policy benefits on the consolidated balance sheets. 2 Represents interest sensitive contract benefits, amortization of deferred sales inducements, future policy and other policy benefits, and dividends to policyholders on the consolidated statements of income.

Schedule IV - Reinsurance (Note

Schedule IV - Reinsurance (Notes)	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Reinsurance	(In millions, except for percentages) Gross amount Ceded to other companies Assumed from other companies Net amount Percentage of amount assumed to net Year ended December 31, 2019 Life insurance in force at end of year $ 33,221 $ 39,145 $ 7,317 $ 1,393 525.3 % Premiums 5,449 159 1,092 6,382 17.1 % Year ended December 31, 2018 Life insurance in force at end of year 39,941 45,957 7,857 1,841 426.8 % Premiums 2,813 417 1,066 3,462 30.8 % Year ended December 31, 2017 Life insurance in force at end of year 43,267 49,860 8,551 1,958 436.7 % Premiums 2,700 195 21 2,526 0.8 %

Schedule V - Valuation and Qual

Schedule V - Valuation and Qualifying Accounts (Notes)	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts	(In millions) Additions Description Balance at beginning of year Charged to costs and expenses Assumed through acquisitions Deductions Balance at end of year Reserves deducted from assets to which they apply Year ended December 31, 2019 Valuation allowance on deferred tax assets $ 52 $ 31 $ — $ (20 ) $ 63 Valuation allowance on mortgage loans 2 10 — (1 ) 11 Year ended December 31, 2018 Valuation allowance on deferred tax assets 96 9 — (53 ) 52 Valuation allowance on mortgage loans 2 1 — (1 ) 2 Year ended December 31, 2017 Valuation allowance on deferred tax assets 94 19 — (17 ) 96 Valuation allowance on mortgage loans 2 — — — 2

Business, Basis of Presentati_2

Business, Basis of Presentation, and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Share Repurchases [Policy Text Block]	When shares are repurchased, we can choose to record treasury shares or account for the repurchase as a constructive retirement. We have accounted for share repurchases as constructive retirement, whereby we reduce common stock and additional paid-in capital by the amount of the original issuance, with any excess purchase price recorded as a reduction to retained earnings. Under this method, issued and outstanding shares are reduced by the shares repurchased, and no treasury stock is recognized on the consolidated balance sheets.
Policyholders' Dividend [Policy Text Block]	Participating policies entitle the policyholders to receive dividends based on actual interest, mortality, morbidity and expense experience for the year. Dividends are distributed to the policyholders through annual or terminal dividends which the board of directors of the applicable insurance subsidiary approves. As of December 31, 2019 and 2018 , 10% and 10% , respectively, of life policies, inclusive of ceded policies, were participating, and the related liability is recorded in dividends payable to policyholders on the consolidated balance sheets. Premiums related to participating policies represented 30% , 26% and 52% of total life insurance direct premiums and deposits for the years ended December 31, 2019 , 2018 and 2017 , respectively. Policyholder dividend liabilities are recorded in dividends payable to policyholders on the consolidated balance sheets and policyholder dividends are recorded in dividends to policyholders on the consolidated statements of income. For participating policies issued by our previously consolidated German subsidiaries, dividends payable to policyholders includes an adjustment to recognize timing differences between GAAP and local statutory earnings that reverse and enter into future calculations of dividends to policyholders. Except for changes due to unrealized gains or losses on AFS securities, the change in this adjustment is recorded in dividends to policyholders on the consolidated statements of income. Changes in this adjustment due to unrealized gains or losses on AFS securities are recorded in OCI.
Other Policy Claims and Benefits, Policy [Policy Text Block]	Other policy claims and benefits include amounts payable relating to in course of settlements (ICOS) and incurred but not reported (IBNR) liabilities associated with interest sensitive contract liabilities and future policy benefits. For traditional life and universal life policies, ICOS claim liabilities are established when we are notified of the death of the policyholder but the claim has not been paid as of the reporting date. For immediate annuities and supplemental contracts, ICOS claim liabilities are established to accrue suspended benefit payments between the date of notification of death and the date of verification of death. We determine IBNR claim liabilities using studies of past experience. The time that elapses from the death or claim date to when the claim is reported to us can vary significantly by product type, but generally ranges between one to six months for life business. We estimate IBNR claims on an undiscounted basis, using actuarial estimates of historical claims expense, adjusted for current trends and conditions. These estimates are continually reviewed and the ultimate liability may vary significantly from the amount recognized.
Closed Block Accounting Policy [Policy Text Block]	Two closed blocks of policies were established in connection with the reorganization of two
Interest Sensitive Contract Liabilities, Policy [Policy Text Block]	life-type policies and investment contracts include fixed indexed and traditional fixed annuities in the accumulation phase, funding agreements, universal life insurance, fixed indexed universal life insurance and immediate annuities without significant mortality risk (which includes pension risk transfer (PRT) annuities without life contingencies). We carry liabilities for fixed annuities, universal life insurance and funding agreements at the account balances without reduction for potential surrender or withdrawal charges, except for a block of universal life business ceded to Global Atlantic Financial Group Limited (together with its subsidiaries, Global Atlantic) which we carry at fair value. Liabilities for immediate annuities without significant mortality risk are calculated as the present value of future liability cash flows and policy maintenance expenses discounted at contractual interest rates. For a discussion regarding our indexed products, refer above to the embedded derivative discussion.
Derivatives, Policy [Policy Text Block]	We invest in derivatives to hedge the risks experienced in our ongoing operations, such as equity, interest rate and cash flow risks, or for other risk management purposes, which primarily involve managing liability risks associated with our indexed annuity products and reinsurance agreements. Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices or other underlying notional amounts. Derivative assets and liabilities are carried at fair value on the consolidated balance sheets. We elect to present any derivatives subject to master netting provisions as a gross asset or liability and gross of collateral. Disclosures regarding balance sheet presentation of derivatives subject to master netting agreements are discussed in Note 3 – Derivative Instruments . We may designate derivatives as cash flow or fair value hedges. Hedge Documentation and Hedge Effectiveness – To qualify for hedge accounting, at the inception of the hedging relationship, we formally document our designation of the hedge as a cash flow or fair value hedge and our risk management objective and strategy for undertaking the hedging transaction. In this documentation, we identify how the hedging instrument is expected to hedge the designated risks related to the hedged item, the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method which will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship. For a cash flow hedge, all changes in the fair value of the hedging derivative are reported within AOCI beginning January 1, 2018, and the related gains or losses on the derivative are reclassified into the consolidated statements of income when the cash flows of the hedged item affect earnings. Prior to January 1, 2018, any portion deemed to be ineffective was reported in investment related gains (losses) on the consolidated statements of income each reporting period as effectiveness was assessed. For a fair value hedge, changes in the fair value of the hedging derivative and changes in the fair value of the hedged item related to the designated risk being hedged, are reported on the consolidated statements of income according to the nature of the risk being hedged. Additionally, changes in the fair value of amounts excluded from the assessment of effectiveness are recorded in earnings. We discontinue hedge accounting prospectively when: (1) we determine the derivative is no longer highly effective in offsetting changes in the estimated cash flows or fair value of a hedged item; (2) the derivative expires, is sold, terminated, or exercised; or (3) the derivative is de-designated as a hedging instrument. When hedge accounting is discontinued, the derivative continues to be carried on the consolidated balance sheets at fair value, with changes in fair value recognized in investment related gains (losses) on the consolidated statements of income. For a derivative not designated as a hedge, changes in the derivative’s fair value and any income received or paid on derivatives at the settlement date are included in investment related gains (losses) on the consolidated statements of income. Embedded Derivatives – We issue and reinsure products, primarily fixed indexed annuity products, or purchase investments that contain embedded derivatives. If we determine the embedded derivative has economic characteristics not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract and accounted for separately, unless the fair value option is elected on the host contract. Under the fair value option, bifurcation of the embedded derivative is not necessary as the entire contract is carried at fair value with all related gains and losses recognized in investment related gains (losses) on the consolidated statements of income. Embedded derivatives are carried on the consolidated balance sheets at fair value in the same line item as the host contract. Fixed indexed annuity and indexed universal life insurance contracts allow the policyholder to elect a fixed interest rate return or an equity market component for which interest credited is based on the performance of certain stock market indices. The equity market option is an embedded derivative, similar to a call option. The benefit reserve is equal to the sum of the fair value of the embedded derivative and the host (or guaranteed) component of the contracts. The fair value of the embedded derivatives is computed as the present value of benefits attributable to the excess of the projected policy contract values over the projected minimum guaranteed contract values. The projections of policy contract values are based on assumptions for future policy growth, which include assumptions for expected index credits on the next policy anniversary date, future equity option costs, volatility, interest rates and policyholder behavior assumptions including lapses and the use of benefit riders. The projections of minimum guaranteed contract values include the same assumptions for policyholder behavior as were used to project policy contract values. The embedded derivative cash flows are discounted using a rate that reflects our own credit rating. The host contract is established at contract inception as the initial account value less the initial fair value of the embedded derivative and accreted over the policy’s life. The host contract accretion rate is updated each quarter so that the present value of actual and expected guaranteed cash flows is equal to the initial host value. Changes in the fair value of embedded derivatives associated with fixed indexed annuities and indexed universal life insurance contracts are included in interest sensitive contract benefits on the consolidated statements of income. Additionally, reinsurance agreements written on a funds withheld or modco basis contain embedded derivatives. The right to receive or obligation to pay the total return on the assets supporting the funds withheld at interest or funds withheld liability, respectively, represents a total return swap with a floating rate leg. The fair value of embedded derivatives on funds withheld and modco agreements is computed as the unrealized gain (loss) on the underlying assets and is included in the funds withheld at interest and funds withheld liability lines on the consolidated balance sheets for assumed and ceded agreements, respectively. The change in the fair value of the embedded derivatives is recorded in investment related gains (losses) on the consolidated statements of income. Assumed and ceded earnings from funds withheld at interest, funds withheld liability and changes in the fair value of embedded derivatives are reported in operating activities on the consolidated statements of cash flows. Contributions to and withdrawals from funds withheld at interest and funds withheld liability are reported in operating activities on the consolidated statements of cash flows.
Basis of Presentation	We have prepared the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period.
Use of Estimates	We have prepared the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual experience could materially differ from these estimates and assumptions. Our principal estimates impact: • fair value of investments; • impairment of investments and valuation allowances; • derivatives valuation, including embedded derivatives; • deferred acquisition costs (DAC), deferred sales inducements (DSI) and value of business acquired (VOBA); • future policy benefit reserves; • valuation allowances on deferred tax assets; and • stock-based compensation. Additional details around these principal estimates and assumptions are discussed in the significant accounting policies that follow and the related footnote disclosures.
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 adopt this update effective January 1, 2020 with a cumulative-effect adjustment that will decrease retained earnings by approximately $216 million on a pre-tax basis, excluding the offsetting impacts to DAC, DSI, VOBA and the SOP 03-1 reserve, as a result of further refinement of our models and assumptions. The adjustment to retained earnings primarily relates to the establishment of an allowance on our commercial mortgage loan portfolio, which will represent approximately 1.72% of the amortized cost of the portfolio, but also includes immaterial impacts relating to other assets in scope, including residential mortgage loans, funds withheld at interest, and reinsurance recoverable. 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. We do not expect the adoption of this update will have a material effect 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. We do not expect the adoption of this update will have a material effect 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. The update is effective January 1, 2020 and will be adopted prospectively. We do not expect the adoption of this update will have a material effect 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 early adopted the removal and modification of certain disclosures as permitted. The additional disclosures in the update are effective January 1, 2020. 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 2019-09, ASU 2018-12) These updates amend 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. The amendments in ASU 2018-12 were originally effective January 1, 2021; however, with the issuance of ASU 2019-09, we will not be required to adopt the amendments until January 1, 2022. 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. The update is effective January 1, 2020 and will be adopted prospectively. We do not expect the adoption of this update will have a material effect on our consolidated financial statements.
Consolidation, Policy [Policy Text Block]	Our consolidated financial statements include our wholly owned subsidiaries, investees we control and any variable interest entities (VIEs) where we are the primary beneficiary. Investments in entities that we do not control, but have the ability to exercise significant influence over operating and financing decisions, other than investments for which we have elected the fair value option, are accounted for under the equity method. Intercompany balances and transactions have been eliminated. For entities that are consolidated, but not 100% owned, we allocate a portion of the income or loss and corresponding equity to the owners other than us. We include the aggregate of the income or loss and corresponding equity that is not owned by us in noncontrolling interests in the consolidated financial statements. We report investments in related parties and assets and liabilities of consolidated VIEs separately, as further described in the accounting policies that follow. We have prepared the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual experience could materially differ from these estimates and assumptions. Our principal estimates impact: • fair value of investments; • impairment of investments and valuation allowances; • derivatives valuation, including embedded derivatives; • deferred acquisition costs (DAC), deferred sales inducements (DSI) and value of business acquired (VOBA); • future policy benefit reserves; • valuation allowances on deferred tax assets; and • stock-based compensation. Additional details around these principal estimates and assumptions are discussed in the significant accounting policies that follow and the related footnote disclosures. Deconsolidation
Investment, Policy [Policy Text Block]	Fixed Maturity Securities – Fixed maturity securities includes bonds, collateralized loan obligations (CLO), asset-backed securities (ABS), residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS) and redeemable preferred stock. We classify fixed maturity securities as available-for-sale (AFS) or trading at the time of purchase and subsequently carry them at fair value. Fair value hierarchy and valuation methodologies are discussed in Note 5 – Fair Value . Classification is dependent on a variety of factors including our expected holding period, election of the fair value option and asset and liability matching. AFS Securities – Unrealized gains and losses on AFS securities, net of tax and adjustments to DAC, DSI, VOBA and future policy benefits, if applicable, are generally reflected in accumulated other comprehensive income (loss) (AOCI) on the consolidated balance sheets. Unrealized gains or losses relating to identified risks within AFS securities in fair value hedging relationships are reflected in investment related gains (losses) on the consolidated statements of income. Trading Securities – We elected the fair value option for certain fixed maturity securities. These fixed maturity securities are classified as trading, with changes to fair value included in investment related gains (losses) on the consolidated statements of income. Although the securities are classified as trading, the trading activity related to these investments is primarily focused on asset and liability matching activities and is not intended to be an income strategy based on active trading. As such, the activity related to these investments on the consolidated statements of cash flows is classified as investing activities. We generally record security transactions on a trade date basis, with any unsettled trades recorded in other assets or other liabilities on the consolidated balance sheets. Bank loans, private placements and investment funds are recorded on settlement date basis. Equity Securities – Equity securities includes common stock, mutual funds and non-redeemable preferred stock. Equity securities are carried at fair value with subsequent changes in fair value recognized in net income effective January 1, 2018. Prior to January 1, 2018, the accounting for subsequent changes in the fair value of an equity security was dependent on its classification as AFS or trading as discussed previously. Purchased Credit Impaired (PCI) Investments – We purchase certain structured securities, primarily RMBS, and re-performing mortgage loans having experienced deterioration in credit quality since their issuance which meet the definition of PCI investments. We determined, based on our expectations as to the timing and amount of cash flows expected to be received, that it was probable at acquisition that we would not collect all contractually required payments, including both principal and interest, while also considering the effects of any prepayments for these PCI investments. Based on these assumptions, the difference between the undiscounted expected future cash flows of the PCI investment and the recorded investment represents the initial accretable yield, which is accreted into investment income, net of related expenses, over its remaining life on a level-yield basis. The difference between the contractually required payments on the PCI investment and the undiscounted expected future cash flows represents the non-accretable difference at acquisition. Over time, based on actual payments received and changes in estimates of undiscounted expected future cash flows, the accretable yield and the non-accretable difference can change. PCI investments are presented on the consolidated financial statements consistent with AFS securities or mortgage loans depending on the underlying investment. Quarterly, we evaluate the undiscounted expected future cash flows associated with PCI investments based on updates to key assumptions. Changes to undiscounted expected future cash flows due solely to the changes in the contractual benchmark interest rates on variable rate PCI investments will change the accretable yield prospectively. Declines in undiscounted expected future cash flows due to further credit deterioration, as well as changes in the expected timing of the cash flows, can result in the recognition of an other-than-temporary impairment (OTTI) charge for PCI securities or a valuation allowance for PCI loans. Significant increases in undiscounted expected future cash flows are recognized prospectively as an adjustment to the accretable yield. Mortgage Loans – Mortgage loans are primarily stated at unpaid principal balance, adjusted for any unamortized premium or discount, and net of valuation allowances. Interest income is accrued on the principal amount of the loan based on its contractual interest rate. We record amortization of premiums and discounts using the effective yield method and contractual cash flows on the underlying loan. We accrue interest on loans until it is probable we will not receive interest or the loan is 90 days past due. Interest income, amortization of premiums and discounts, and prepayment fees are reported in net investment income on the consolidated statements of income. We have also elected the fair value option on a portion of our mortgage loans. Investment Funds – We invest in certain non-fixed income, alternative investments in the form of limited partnerships or similar legal structures (investment funds). For investment funds in which we have determined we are not the primary beneficiary, and therefore not required to consolidate, we typically record these investments using the equity method of accounting, where the cost is recorded as an investment in the fund, or we have elected the fair value option. Adjustments to the carrying amount reflect our pro rata ownership percentage of the operating results as indicated by net asset value (NAV) in the investment fund financial statements, which can be on a lag of up to three months when investee information is not received in a timely manner. We record our proportionate share of investment fund income within net investment income on the consolidated statements of income. Contributions paid or distributions received by us are recorded directly to the investment fund balance as an increase to carrying value or as a return of capital, respectively. Policy Loans – Policy loans are funds provided to policyholders in return for a claim on the policyholder’s account value. The funds provided are limited to a specified percentage of the account balance. The majority of policy loans do not have a stated maturity and the balances and accrued interest are repaid with proceeds from the policyholder’s account balance. Policy loans are reported at the unpaid principal balance. Interest income is recorded as earned using the contract interest rate and is reported in net investment income on the consolidated statements of income. Funds Withheld at Interest – Funds withheld at interest represents a receivable for amounts contractually withheld by ceding companies in accordance with funds withheld coinsurance (funds withheld) and modified coinsurance (modco) reinsurance agreements in which we act as reinsurer. Generally, assets equal to statutory reserves are withheld and legally owned by the ceding company, and any excess or shortfall is settled periodically. The underlying agreements contain embedded derivatives as discussed below. Securities Repurchase and Reverse Repurchase Agreements – Securities repurchase and reverse repurchase transactions involve the temporary exchange of securities for cash or other collateral of equivalent value, with agreement to redeliver a like quantity of the same or similar securities at a future date prior to maturity at a fixed and determinable price. We evaluate transfers of securities under these agreements to repurchase or resell to determine whether they satisfy the criteria for accounting treatment as secured borrowing or lending arrangements. Agreements not meeting the criteria would require recognition of the transferred securities as sales or purchases, with related forward repurchase or resale commitments. All of our securities repurchase transactions are accounted for as collateralized borrowings and are included in payables for collateral on derivatives and securities to repurchase on the consolidated balance sheets. Earnings from investing activities related to the cash received under our securities repurchase arrangements are included in net investment income on the consolidated statements of income. The associated borrowing cost is included in policy and other operating expenses on the consolidated statements of income. Short-term Investments – Short-term investments consists of financial instruments with maturities of greater than three months but less than twelve months when purchased. Short-term debt securities are accounted for as trading or AFS consistent with our policies for those investments. Short-term loans are carried at amortized cost. Fair values are determined consistent with methodologies described in Note 5 – Fair Value for the respective investment type. Investment Income – We recognize investment income as it accrues or is legally due, net of investment management and custody fees. Investment income on fixed maturity securities includes coupon interest, as well as the amortization of any premium and the accretion of any discount. Investment income on equity securities represents dividend income and preferred coupons interest. Realized gains and losses on sales of investments are included in investment related gains (losses) on the consolidated statements of income. Realized gains and losses on investments sold are determined based on a first-in first-out method. Other-Than-Temporary Impairment – We identify securities that could potentially have impairments that are other-than-temporary by monitoring market events for changes in market interest rates, credit issues, changes in business climate, management changes, litigation, government actions and other similar factors. Indicators of impairment may include changes in the issuers’ credit ratings and outlook, frequency of late payments, pricing levels, key financial ratios, financial statements, revenue forecasts and cash flow projections. We review securities on a case-by-case basis to determine whether an other-than-temporary decline in value exists and whether losses should be recognized. We consider relevant facts and circumstances in evaluating whether a credit or interest rate-related impairment of a security is other-than-temporary. Relevant facts and circumstances include: (1) the extent and length of time the fair value has been below cost; (2) the reasons for the decline in fair value; (3) the issuer’s financial position and access to capital; and (4) for fixed maturity securities, our intent to sell a security or whether it is more likely than not that we will be required to sell the security before the recovery of its cost or amortized cost which, in some cases, may extend to maturity and for equity securities prior to January 1, 2018, our ability and intent to hold the security for a period of time that allows for the recovery in value. To the extent we determine that a security is other-than-temporarily impaired, an impairment loss is recognized. The recognition of impairment losses on fixed maturity securities is dependent upon the facts and circumstances related to the specific security. If we intend to sell a security or it is more likely than not that we would be required to sell a security before the recovery of its cost or amortized cost, less any recorded credit loss, we recognize a loss in other-than-temporary impairment losses on the consolidated statements of income for the difference between cost or amortized cost and fair value. If neither of these two conditions exists, then the recognition of the loss is bifurcated and we recognize the credit loss portion in other-than-temporary impairment losses on the consolidated statements of income and the non-credit loss portion in AOCI on the consolidated balance sheets. Impairment losses on equity securities were recognized in investment related gains (losses) on the consolidated statements of income prior to January 1, 2018. Effective January 1, 2018, equity securities are no longer evaluated for impairment as all changes in fair value are recognized in net income. We estimate the amount of the credit loss component of a fixed maturity security impairment as the difference between amortized cost and the present value of the expected cash flows of the security. The present value is determined using the estimated cash flows discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete an asset-backed or floating rate security. The techniques and assumptions for establishing the estimated cash flows vary depending on the type of security. A structured security’s cash flow estimates are based on security-specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity, prepayments and structural support, including subordination and guarantees. A non-structured security’s cash flow estimates are derived from scenario-based outcomes of expected corporate restructurings or the disposition of assets using security-specific facts and circumstances including timing, security interests and loss severity. In periods after an OTTI is recognized on a fixed maturity security, we report the impaired security as if it had been purchased on the date it was impaired and continue to estimate the present value of the estimated cash flows of the security. Accordingly, the discount (or reduced premium) based on the new cost basis is accreted into net investment income over the remaining term of the fixed maturity security in a prospective manner based on the amount and timing of estimated future cash flows. We impair a mortgage loan when it is probable we will not collect all amounts due under the agreement. We establish a general valuation allowance on mortgage loans based on loss history. Additionally, we establish a valuation allowance on individual loans based on expected losses from future dispositions or settlement, including foreclosures. We calculate the allowance based on how much the carrying value exceeds one of these values: • the present value of expected future cash flows discounted at the loan’s original effective interest rate; • the value of the loan’s collateral if it is in the process of foreclosure or otherwise collateral dependent; or • the loan’s fair value if the loan is being sold. We first apply any interest accrued or received on the net carrying amount of the impaired loan to the principal of the loan, and once the principal is repaid, we include amounts received in net investment income. We limit accrued interest income on impaired loans to 90 days of interest. Once accrued interest on the impaired loan is received, we recognize interest income on a cash basis. Loans deemed uncollectible or in foreclosure are charged off against the valuation allowances, and subsequent recoveries, if any, are credited to the valuation allowances. Changes in valuation allowances are reported in investment related gains (losses) on the consolidated statements of income. The cost of other invested assets is adjusted for impairments in value deemed to be other-than-temporary in the period in which the determination is made. These impairments are included within other-than-temporary impairment losses on the consolidated statements of income, and the cost basis of the investment securities is reduced accordingly. We do not change the revised cost basis for subsequent recoveries in value.
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	An entity that does not have sufficient equity to finance its activities without additional financial support, or in which the equity investors, as a group, do not have the characteristics typically afforded to common shareholders is a VIE. The determination as to whether an entity qualifies as a VIE depends on the facts and circumstances surrounding each entity and may require significant judgment. Our investment funds generally qualify as VIEs and are evaluated for consolidation under the VIE model. We are required to consolidate a VIE if we are the primary beneficiary, defined as the variable interest holder with both the power to direct the activities that most significantly impact the VIE’s economic performance and rights to receive benefits or obligations to absorb losses that could be potentially significant to the VIE. We determine whether we are the primary beneficiary of an entity based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose and our relative exposure to the related risks of the VIE. Since affiliates of Apollo Global Management, Inc. (AGM and, together with its subsidiaries, Apollo), a related party, are the decision makers in certain of the investment funds, we and a member of our related party group may together have the characteristics of the primary beneficiary of an investment fund. In this situation, we have concluded we are not under common control, as defined by GAAP, with the related party, and therefore consolidate in the circumstances when substantially all of the activities of the VIE are conducted on our behalf. We reassess the VIE and primary beneficiary determinations on an ongoing basis. For entities that we do not consolidate but have significant influence over the entities’ operations, we record our investment under the equity method of accounting. If we do not consolidate and do not have significant influence, generally on investment funds in which we own a less than a 3% interest, we elect the fair value option.
Reinsurance Accounting Policy [Policy Text Block]	We assume and cede insurance and investment contracts under coinsurance, funds withheld and modco. We follow reinsurance accounting for transactions that provide indemnification against loss or liability relating to insurance risk (risk transfer). To meet risk transfer requirements, a reinsurance agreement must transfer insurance risk arising from uncertainties about both underwriting and timing risks. Cessions under reinsurance do not discharge our obligations as the primary insurer, unless the requirements of assumption reinsurance have been met. We generally have the right of offset on reinsurance contracts, but have elected to present reinsurance settlement amounts due to and from the Company on a gross basis. Assets and liabilities assumed or ceded under coinsurance, funds withheld, or modco are presented gross on the consolidated balance sheets. For investment contracts, the change in assumed and ceded reserves are presented net in interest sensitive contract benefits on the consolidated statements of income. For insurance contracts, the change in assumed and ceded reserves and benefits are presented net in future policy and other policy benefits on the consolidated statements of income. Assumed or ceded premiums are included in premiums on the consolidated statements of income. Accounting for reinsurance requires the use of assumptions, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. We attempt to minimize our counterparty credit risk through the structuring of the terms of our reinsurance agreements, including the use of trusts, and we monitor credit ratings of counterparties for signs of declining credit quality. When a ceding company does not report information on a timely basis, we record accruals based on the best available information at the time, which includes the reinsurance agreement terms and historical experience. We periodically compare actual and anticipated experience to the assumptions used to establish reinsurance assets and liabilities. See Note 6 – Reinsurance for more information. Funds Withheld and ModCo – For business assumed or ceded on a funds withheld or modco basis, a funds withheld segregated portfolio, comprised of invested assets and other assets is maintained by the ceding entity, which is sufficient to support the current balance of statutory reserves. The fair value of the funds withheld is recorded as a funds withheld asset or liability and any excess or shortfall in relation to statutory reserves is settled periodically.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and cash equivalents include deposits and short-term highly liquid investments with a maturity of less than 90 days from the date of acquisition. Amounts included are readily convertible to known amounts of cash and are subject to an insignificant risk of change in value.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted cash primarily consists of cash and cash equivalents held in funds in trust as part of certain coinsurance agreements to secure statutory reserves and liabilities of the coinsured parties. Restricted cash is reported separately on the consolidated balance sheets, but is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the consolidated statements of cash flows.
Investments in Related Parties, Policy [Policy Text Block]	Investments in related parties and associated earnings, other comprehensive income and cash flows are separately identified on the consolidated financial statements and accounted for consistently with the policies described above for each category of investment.
Deferred Policy Acquisition Costs, Policy [Policy Text Block]	Costs related directly to the successful acquisition of new, or renewal of, insurance or investment contracts are deferred to the extent they are recoverable from future premiums or gross profits. These costs consist of commissions and policy issuance costs, as well as sales inducements credited to policyholder account balances, and are included in deferred acquisition costs, deferred sales inducements and value of business acquired on the consolidated balance sheets. We perform periodic tests, including at issuance, to determine if the deferred costs are recoverable. If we determine that the deferred costs are not recoverable, we record a cumulative charge to the current period. Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds are amortized over the lives of the policies, based upon the proportion of the present value of actual and expected deferred costs to the present value of actual and expected gross profits to be earned over the life of the policies. Gross profits include investment spread margins, surrender charge income, policy administration, changes in the guaranteed lifetime withdrawal benefit (GLWB) and guaranteed minimum death benefit (GMDB) reserves and realized gains and losses on investments. Current period gross profits for fixed indexed annuities also include the change in fair value of both freestanding and embedded derivatives. Estimates of the expected gross profits and margins are based on assumptions using accepted actuarial methods related to policyholder behavior, including lapses and the use of benefit riders, mortality, yields on investments supporting the liabilities, future interest credited amounts (including indexed related credited amounts on fixed indexed annuity products), and other policy changes as applicable, and the level of expenses necessary to maintain the policies over their expected lives . Each reporting period, we update estimated gross profits with actual gross profits as part of the amortization process and adjust the DAC and DSI balances due to the other comprehensive income (OCI) effects of unrealized investment gains and losses on AFS securities. We also periodically revise the key assumptions used in the amortization calculation, which results in revisions to the estimated future gross profits. The effects of changes in assumptions are recorded as unlocking in the period in which the changes are made.
Sales Inducements to Contract Holders, Policy [Policy Text Block]	Costs related directly to the successful acquisition of new, or renewal of, insurance or investment contracts are deferred to the extent they are recoverable from future premiums or gross profits. These costs consist of commissions and policy issuance costs, as well as sales inducements credited to policyholder account balances, and are included in deferred acquisition costs, deferred sales inducements and value of business acquired on the consolidated balance sheets. We perform periodic tests, including at issuance, to determine if the deferred costs are recoverable. If we determine that the deferred costs are not recoverable, we record a cumulative charge to the current period. Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds are amortized over the lives of the policies, based upon the proportion of the present value of actual and expected deferred costs to the present value of actual and expected gross profits to be earned over the life of the policies. Gross profits include investment spread margins, surrender charge income, policy administration, changes in the guaranteed lifetime withdrawal benefit (GLWB) and guaranteed minimum death benefit (GMDB) reserves and realized gains and losses on investments. Current period gross profits for fixed indexed annuities also include the change in fair value of both freestanding and embedded derivatives. Estimates of the expected gross profits and margins are based on assumptions using accepted actuarial methods related to policyholder behavior, including lapses and the use of benefit riders, mortality, yields on investments supporting the liabilities, future interest credited amounts (including indexed related credited amounts on fixed indexed annuity products), and other policy changes as applicable, and the level of expenses necessary to maintain the policies over their expected lives . Each reporting period, we update estimated gross profits with actual gross profits as part of the amortization process and adjust the DAC and DSI balances due to the other comprehensive income (OCI) effects of unrealized investment gains and losses on AFS securities. We also periodically revise the key assumptions used in the amortization calculation, which results in revisions to the estimated future gross profits. The effects of changes in assumptions are recorded as unlocking in the period in which the changes are made.
Present Value of Future Insurance Profits, Policy [Policy Text Block]	We establish VOBA for blocks of insurance contracts acquired through the acquisition of insurance entities. We record the fair value of the liabilities assumed in two components: reserves and VOBA. Reserves are established using our best estimate assumptions consistent with the policies described below for future policy benefits and interest sensitive contract liabilities. VOBA is the difference between the fair value of the liabilities and the reserves. VOBA can be either positive or negative. Any negative VOBA is recorded to the same financial statement line on the consolidated balance sheets as the associated reserves. Positive VOBA is recorded in deferred acquisition costs, deferred sales inducements and value of business acquired on the consolidated balance sheets. We perform periodic tests to determine if the VOBA remains recoverable. If we determine that VOBA is not recoverable, we record a cumulative charge to the current period. VOBA associated with investment contracts without significant revenue streams from sources other than investment of the policyholder funds is amortized using the effective interest method. VOBA associated with immediate annuity contracts classified as long duration contracts is amortized at a constant rate in relation to net policyholder liabilities. For universal life-type policies and investment contracts with significant revenue streams from sources other than investment of policyholder funds, VOBA is amortized in relation to the present value of estimated gross profits using methods consistent with those used to amortize DAC and DSI. Negative VOBA is amortized at a constant rate in relation to applicable net policyholder liabilities.
Liability for Future Policy Benefit [Policy Text Block]	We issue contracts classified as long-duration, which includes term and whole life, accident and health, disability, and deferred and immediate annuities with life contingencies (which includes PRT annuities with life contingencies). Liabilities for non-participating long-duration contracts are established using accepted actuarial valuation methods which require the use of assumptions related to expenses, investment yields, mortality, morbidity and persistency, with a provision for adverse deviation, at the date of issue or acquisition. As of December 31, 2019 , the reserve investment yield assumptions for non-participating contracts range from 3.31% to 5.44% and are specific to our expected earned rate on the asset portfolio supporting the reserves. We base other key assumptions, such as mortality and morbidity, on industry standard data adjusted to align with actual company experience, if necessary. For long-duration contracts, the assumptions are locked in at contract inception and only modified if we deem the reserves to be inadequate. We periodically review actual and anticipated experience compared to the assumptions used to establish policy benefits. If the net GAAP liability (gross reserves less DAC, DSI and VOBA) is less than the gross premium liability, impairment is deemed to have occurred, and the DAC, DSI and VOBA asset balances are reduced until the net GAAP liability is equal to the gross premium liability. If the DAC, DSI and VOBA asset balances are completely written off and the net GAAP liability is still less than the gross premium liability, then an additional liability is recorded to arrive at the gross premium liability. We issue and reinsure deferred annuity contracts which contain GLWB and GMDB riders. We establish future policy benefits for GLWB and GMDB riders by estimating the expected value of withdrawal and death benefits in excess of the projected account balance. We recognize the excess proportionally over the accumulation period based on total actual and expected assessments. The methods we use to estimate the liabilities have assumptions about policyholder behavior, which includes lapses, withdrawals and use of benefit riders; mortality, expected yield on investments supporting the liability; and market conditions affecting the account balance growth. Future policy benefits includes liabilities for no-lapse guarantees on universal life insurance and fixed indexed universal life insurance. We establish future policy benefits for no-lapse guarantees by estimating the expected value of death benefits paid after policyholder account balances have been exhausted. We recognize these benefits proportionally over the life of the contracts based on total actual and expected assessments. The methods we use to estimate the liabilities have assumptions about policyholder behavior, mortality, expected yield on investments supporting the liability, and market conditions affecting the account balance growth. For the liabilities associated with GLWB and GMDB riders and no-lapse guarantees, each reporting period, we update expected excess benefits and assessments with actual excess benefits and assessments and adjust the liability balances due to the OCI effects of unrealized investment gains and losses on AFS securities. We also periodically revise the key assumptions used in the calculation of the liabilities which results in revisions to the expected excess benefits and assessments. The effects of changes in assumptions are recorded as unlocking in the period in which the changes are made.
Earnings Per Share, Policy [Policy Text Block]	We compute basic earnings per share (EPS) by dividing unrounded net income available to Athene Holding Ltd. shareholders by the weighted average number of common shares eligible for earnings and outstanding for the period. As a result, it may not be possible to recalculate EPS as presented in our consolidated financial statements. Diluted earnings per share includes the effect of all potentially dilutive instruments, such as common shares, options and restricted stock units (RSUs), outstanding during the period.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	The accounts of foreign-based subsidiaries and equity method investments are measured using their functional currency. Revenue and expenses of these subsidiaries are translated into U.S. dollars at the average exchange rate for the period. Assets and liabilities are translated at the exchange rate as of the end of the reporting period. For the equity method investments, our proportionate share of the investee’s income is translated into U.S. dollars at the average exchange rate for the period and our investment is translated using the exchange rate as of the end of the reporting period. The resulting translation adjustments are included in equity as a component of AOCI. Gains or losses arising from transactions denominated in a currency other than the functional currency of the entity that is party to the transaction are included in net income.
Revenue [Policy Text Block]	Revenues for universal life-type policies and investment contracts, including surrender and market value adjustments, costs of insurance, policy administration, GMDB, GLWB and no-lapse guarantee charges, are earned when assessed against policyholder account balances during the period. Interest credited to policyholder account balances and the change in fair value of embedded derivatives within fixed indexed annuity contracts is included in interest sensitive contract benefits on the consolidated statements of income. Premiums for long-duration contracts, including products with fixed and guaranteed premiums and benefits, are recognized as revenue when due from policyholders. When premiums are due over a significantly shorter period than the period over which benefits are provided, such as immediate annuities with life contingencies (which includes PRT annuities), a deferred profit liability is established equal to the excess of the gross premium over the net premium. The deferred profit liability is recognized in future policy benefits on the consolidated balance sheets and amortized into income in a constant relationship to the benefit reserve through future policy and other policy benefits on the consolidated statements of income. All insurance related revenue is reported net of reinsurance ceded.
Income Tax, Policy [Policy Text Block]	We compute income taxes using the asset and liability method, under which deferred income taxes are provided for the temporary differences between the financial statement carrying amounts and the tax basis of our assets and liabilities using estimated tax rates expected to be in effect for the year in which the differences are expected to reverse. Such temporary differences are primarily due to the tax basis of reserves, DAC, VOBA, unrealized investment gains/losses, reinsurance related differences, embedded derivatives and net operating loss carryforwards. Changes in deferred income tax assets and liabilities associated with components of OCI are recorded directly to OCI. We evaluate the likelihood of realizing the benefit of our deferred tax assets and may record a valuation allowance if, based on all available evidence, we determine that it is more likely than not that some portion of the tax benefit will not be realized. We adjust the valuation allowance if, based on our evaluation, there is a change in the amount of deferred income tax assets that are deemed more-likely-than-not to be realized. Changes in deferred tax assets and liabilities attributable to changes in enacted income tax rates are recorded through net income in the period of enactment. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the relevant taxing authorities, based on the technical merits of our position. For those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. We recognize any income tax interest and penalties in income tax expense.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2019
Investments Schedule [Abstract]
Schedule of Repurchase Agreements [Table Text Block]	Repurchase Agreements —The following table summarizes the maturities of our repurchase agreements: December 31, 2019 Remaining Contractual Maturity (In millions) Overnight and continuous Up to 30 days 30–90 days Greater than 90 days Total Payables for repurchase agreements 1 $ — $ 102 $ 200 $ 210 $ 512 1 Included in payables for collateral on derivatives and securities to repurchase on the consolidated balance sheets. The following table summarizes the securities pledged as collateral for repurchase agreements: December 31, 2019 (In millions) Amortized Cost Fair Value AFS securities – Corporate $ 498 $ 534 Total securities pledged under repurchase agreements $ 498 $ 534
Available-for-sale Securities	The following table represents the amortized cost, gross unrealized gains and losses, fair value and OTTI in AOCI of our AFS investments by asset type: December 31, 2019 (In millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCI AFS securities U.S. government and agencies $ 35 $ 1 $ — $ 36 $ — U.S. state, municipal and political subdivisions 1,322 220 (1 ) 1,541 — Foreign governments 298 29 — 327 — Corporate 44,106 3,332 (210 ) 47,228 1 CLO 7,524 21 (196 ) 7,349 — ABS 5,018 124 (24 ) 5,118 4 CMBS 2,304 104 (8 ) 2,400 1 RMBS 6,872 513 (10 ) 7,375 19 Total AFS securities 67,479 4,344 (449 ) 71,374 25 AFS securities – related party Corporate 18 1 — 19 — CLO 951 3 (18 ) 936 — ABS 2,814 37 (2 ) 2,849 — Total AFS securities – related party 3,783 41 (20 ) 3,804 — Total AFS securities including related party $ 71,262 $ 4,385 $ (469 ) $ 75,178 $ 25 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: December 31, 2019 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 1,108 $ 1,113 Due after one year through five years 9,175 9,479 Due after five years through ten years 11,274 11,931 Due after ten years 24,204 26,609 CLO, ABS, CMBS and RMBS 21,718 22,242 Total AFS securities 67,479 71,374 AFS securities – related party Due after one year through five years 18 19 CLO and ABS 3,765 3,785 Total AFS securities – related party 3,783 3,804 Total AFS securities including related party $ 71,262 $ 75,178
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: December 31, 2019 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Fair Value Gross AFS securities U.S. government and agencies $ 3 $ — $ — $ — $ 3 $ — U.S. state, municipal and political subdivisions 78 (1 ) 10 — 88 (1 ) Corporate 2,898 (140 ) 902 (70 ) 3,800 (210 ) CLO 1,959 (38 ) 3,241 (158 ) 5,200 (196 ) ABS 642 (6 ) 255 (18 ) 897 (24 ) CMBS 220 (4 ) 41 (4 ) 261 (8 ) RMBS 445 (6 ) 163 (4 ) 608 (10 ) Total AFS securities 6,245 (195 ) 4,612 (254 ) 10,857 (449 ) AFS securities – related party CLO 362 (7 ) 242 (11 ) 604 (18 ) ABS 357 (2 ) — — 357 (2 ) Total AFS securities – related party 719 (9 ) 242 (11 ) 961 (20 ) Total AFS securities including related party $ 6,964 $ (204 ) $ 4,854 $ (265 ) $ 11,818 $ (469 ) 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 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: Years ended December 31, (In millions) 2019 2018 2017 Beginning balance $ 10 $ 14 $ 16 Initial impairments – credit loss OTTI recognized on securities not previously impaired 11 3 17 Additional impairments – credit loss OTTI recognized on securities previously impaired 2 2 — Reduction in impairments from securities sold, matured or repaid — (9 ) (13 ) Reduction for credit loss that no longer has a portion of the OTTI loss recognized in AOCI — — (6 ) Ending balance $ 23 $ 10 $ 14
Net Investment Income	Net investment income by asset class consists of the following: Years ended December 31, (In millions) 2019 2018 2017 AFS securities $ 3,088 $ 2,855 $ 2,579 Trading securities 189 200 200 Equity securities 16 12 14 Mortgage loans 670 457 371 Investment funds 308 231 211 Funds withheld at interest 527 492 148 Other 159 112 78 Investment revenue 4,957 4,359 3,601 Investment expenses (435 ) (355 ) (332 ) Net investment income $ 4,522 $ 4,004 $ 3,269
Investment Related Gains (Losses)	Investment related gains (losses) by asset class consists of the following: Years ended December 31, (In millions) 2019 2018 2017 AFS securities Gross realized gains on investment activity $ 178 $ 165 $ 169 Gross realized losses on investment activity (56 ) (151 ) (72 ) Net realized investment gains on AFS securities 122 14 97 Net recognized investment gains (losses) on trading securities 152 (255 ) 29 Net recognized investment gains (losses) on equity securities 17 (19 ) 88 Derivative gains (losses) 4,443 (1,099 ) 2,377 Other gains (losses) 18 35 (19 ) Investment related gains (losses) $ 4,752 $ (1,324 ) $ 2,572
Unrealized Gain (Loss) on Investments	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 year end: Years ended December 31, (In millions) 2019 2018 2017 Trading securities $ 193 $ (143 ) $ 107 Trading securities – related party (21 ) (25 ) (3 ) VIE trading securities – related party 3 — 4 Equity securities 19 (18 ) 32 Equity securities – related party (17 ) — — VIE equity securities – related party (1 ) 24 25
Purchased Credit Impaired (PCI) Investments	The following table summarizes our PCI investments: Fixed maturity securities Mortgage loans December 31, December 31, (In millions) 2019 2018 2019 2018 Contractually required payments receivable $ 6,772 $ 8,179 $ 3,647 $ 2,675 Less: Cash flows expected to be collected 1 (6,064 ) (7,195 ) (3,606 ) (2,628 ) Non-accretable difference $ 708 $ 984 $ 41 $ 47 Cash flows expected to be collected 1 $ 6,064 $ 7,195 $ 3,606 $ 2,628 Less: Amortized cost (4,603 ) (5,518 ) (2,575 ) (1,931 ) Accretable difference $ 1,461 $ 1,677 $ 1,031 $ 697 Fair value $ 5,007 $ 5,828 $ 2,756 $ 1,933 Outstanding balance 5,740 6,773 2,925 2,210 1 Represents the undiscounted principal and interest cash flows expected. During the respective years ended December 31, we acquired PCI investments with the following amounts at the time of purchase: Fixed maturity securities Mortgage loans (In millions) 2019 2018 2019 2018 Contractually required payments receivable $ 176 $ 623 $ 1,198 $ 1,625 Cash flows expected to be collected 146 562 1,179 1,601 Fair value 124 454 910 1,178 The following table summarizes the activity for the accretable yield on PCI investments: Fixed maturity securities Mortgage loans (In millions) 2019 2018 2019 2018 Beginning balance at January 1 $ 1,677 $ 2,020 $ 697 $ 273 Purchases of PCI investments, net of sales 1 65 191 407 Accretion (307 ) (405 ) (115 ) (48 ) Net reclassification from (to) non-accretable difference 90 (3 ) 258 65 Ending balance at December 31 $ 1,461 $ 1,677 $ 1,031 $ 697
Mortgage Loans, Net	The distribution of commercial mortgage loans, including those under development, net of valuation allowances, by property type and geographic region, is as follows: December 31, 2019 2018 (In millions, except for percentages) Net Carrying Value Percentage of Total Net Carrying Value Percentage of Total Property type Office building $ 2,899 27.6 % $ 2,221 30.5 % Retail 2,182 20.8 % 1,660 22.7 % Apartment 2,142 20.4 % 791 10.8 % Hotels 1,104 10.5 % 1,040 14.3 % Industrial 1,448 13.8 % 1,196 16.4 % Other commercial 730 6.9 % 389 5.3 % Total commercial mortgage loans $ 10,505 100.0 % $ 7,297 100.0 % U.S. Region East North Central $ 1,036 9.9 % $ 855 11.7 % East South Central 428 4.1 % 295 4.0 % Middle Atlantic 2,580 24.6 % 1,131 15.5 % Mountain 528 5.0 % 616 8.4 % New England 340 3.2 % 374 5.1 % Pacific 2,502 23.8 % 1,540 21.1 % South Atlantic 1,920 18.3 % 1,468 20.2 % West North Central 146 1.4 % 173 2.4 % West South Central 791 7.5 % 845 11.6 % Total U.S. Region 10,271 97.8 % 7,297 100.0 % International Region 234 2.2 % — — % Total commercial mortgage loans $ 10,505 100.0 % $ 7,297 100.0 % December 31, (In millions) 2019 2018 Commercial mortgage loans $ 10,412 $ 7,217 Commercial mortgage loans under development 93 80 Total commercial mortgage loans 10,505 7,297 Residential mortgage loans 4,454 3,334 Mortgage loans, net of allowances $ 14,959 $ 10,631 Our residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties and is summarized in the following table: December 31, 2019 2018 U.S. States California 27.0 % 30.3 % Florida 12.7 % 16.3 % Texas 6.2 % 3.3 % New York 3.3 % 7.7 % Other 1 38.4 % 42.4 % Total U.S. percentage 87.6 % 100.0 % International percentage – Ireland 12.4 % — % Total residential mortgage loan percentage 100.0 % 100.0 % 1 Represents all other states, with each individual state comprising less than 5% of the portfolio.
Credit Quality Indicators of the Commercial Mortgage Portfolio	The following represents the loan-to-value ratio of the commercial mortgage loan portfolio, excluding those under development, net of valuation allowances: December 31, (In millions) 2019 2018 Less than 50% $ 2,640 $ 1,883 50% to 60% 2,486 1,988 61% to 70% 4,093 2,394 71% to 80% 1,162 898 81% to 100% 31 54 Commercial mortgage loans $ 10,412 $ 7,217 December 31, (In millions) 2019 2018 Greater than 1.20x $ 9,212 $ 6,576 1.00x – 1.20x 1,166 474 Less than 1.00x 34 167 Commercial mortgage loans $ 10,412 $ 7,217
Summary of Investment Funds	The following summarizes our investment funds, including related party and those owned by consolidated VIEs: December 31, 2019 December 31, 2018 1 (In millions, except for percentages and years) Carrying Value Percent of Total Carrying Value Percent of Total Investment funds Real estate $ 277 37.9 % $ 215 30.6 % Credit funds 153 20.9 % 172 24.5 % Private equity 236 32.3 % 253 36.0 % Real assets 64 8.8 % 56 7.9 % Natural resources 1 0.1 % 4 0.6 % Other — — % 3 0.4 % Total investment funds 731 100.0 % 703 100.0 % Investment funds – related parties Differentiated investments AmeriHome Mortgage Company, LLC (AmeriHome) 2 487 16.9 % 463 20.7 % Catalina Holdings Ltd. (Catalina) 271 9.4 % 233 10.4 % Athora Holding Ltd. (Athora) 2 132 4.6 % 105 4.7 % Venerable Holdings, Inc. (Venerable) 2 99 3.4 % 92 4.1 % Other 222 7.7 % 196 8.8 % Total differentiated investments 1,211 42.0 % 1,089 48.7 % Real estate 736 25.6 % 497 22.3 % Credit funds 370 12.8 % 316 14.2 % Private equity 105 3.6 % 18 0.8 % Real assets 182 6.3 % 145 6.5 % Natural resources 163 5.6 % 104 4.7 % Public equities 119 4.1 % 63 2.8 % Total investment funds – related parties 2,886 100.0 % 2,232 100.0 % Investment funds owned by consolidated VIEs MidCap FinCo Designated Activity Company (MidCap) 2 547 80.1 % 553 88.6 % Real estate 117 17.1 % 30 4.8 % Real assets 19 2.8 % 41 6.6 % Total investment funds owned by consolidated VIEs 683 100.0 % 624 100.0 % Total investment funds including related parties and funds owned by consolidated VIEs $ 4,300 $ 3,559 1 Certain reclassifications have been made to conform with current year presentation. 2 See further discussion on AmeriHome, Athora, Venerable and MidCap in Note 14 – Related Parties. The following table presents the carrying value by ownership percentage of investment funds held at fair value, either due to election of the fair value option or requirement, including related party investment funds and investment funds owned by consolidated VIEs: December 31, (In millions) 2019 2018 Ownership Percentage 50% – 99% $ 28 $ — 3% – 49% 772 687 Less than 3% 173 194 Fair value investment funds $ 973 $ 881 December 31, (In millions) 2019 2018 Assets $ 50,563 $ 40,630 Liabilities 31,821 24,241 Equity 18,742 16,389 Years ended December 31, (In millions) 2019 2018 2017 Net income $ 817 $ 1,159 $ 1,587 The following table presents the carrying value by ownership percentage of equity method investment funds, including related party investment funds and investment funds owned by consolidated VIEs: December 31, (In millions) 2019 2018 Ownership Percentage 100% $ 11 $ 17 50% – 99% 1,378 1,044 3% – 49% 1,938 1,617 Equity method investment funds $ 3,327 $ 2,678
Schedule of Variable Interest Entities	The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: December 31, 2019 2018 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 731 $ 1,246 $ 703 $ 1,329 Investment in related parties – investment funds 2,886 5,113 2,232 4,331 Assets of consolidated VIEs – investment funds 683 861 624 727 Investment in fixed maturity securities 22,694 22,170 21,188 21,139 Investment in related parties – fixed maturity securities 4,570 4,878 1,686 1,788 Investment in related parties – equity securities 58 58 120 120 Total non-consolidated investments $ 31,622 $ 34,326 $ 26,553 $ 29,434
Schedule of Resale Agreements [Table Text Block]	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 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 December 31, 2019 and 2018 , amounts loaned under reverse repurchase agreements were $190 million and $0 million , respectively, and collateral received was $630 million and $0 million , respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional Amount and Fair Value of Derivative Instruments	The following table presents the notional amount and fair value of derivative instruments: December 31, 2019 2018 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency swaps 3,158 $ 113 $ 56 2,041 $ 83 $ 55 Foreign currency forwards 717 1 9 85 — 1 Foreign currency forwards on net investments 139 — 2 — — — Total derivatives designated as hedges 114 67 83 56 Derivatives not designated as hedges Equity options 49,549 2,746 5 49,821 942 11 Futures 8 10 1 4 9 3 Total return swaps 106 6 — 62 — 3 Foreign currency swaps 35 2 1 38 3 2 Interest rate swaps 776 3 4 326 — 1 Credit default swaps 10 — 3 10 — 4 Foreign currency forwards 1,924 7 16 646 6 5 Embedded derivatives Funds withheld including related party 1,395 31 (53 ) (1 ) Interest sensitive contract liabilities — 10,942 — 7,969 Total derivatives not designated as hedges 4,169 11,003 907 7,997 Total derivatives $ 4,283 $ 11,070 $ 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: Years ended December 31, (In millions) 2019 2018 2017 Equity options $ 2,169 $ (877 ) $ 1,939 Futures (13 ) 2 (24 ) Swaps 43 (8 ) 27 Foreign currency forwards (2 ) 16 28 Embedded derivatives on funds withheld 2,246 (232 ) 407 Amounts recognized in investment related gains (losses) 4,443 (1,099 ) 2,377 Embedded derivatives in indexed annuity products 1 (2,526 ) 923 (1,744 ) Total gains (losses) on derivatives not designated as hedges $ 1,917 $ (176 ) $ 633 1 Included in interest sensitive contract benefits on the 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 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 December 31, 2019 Derivative assets $ 2,888 $ (67 ) $ (2,743 ) $ 78 $ (145 ) $ (67 ) Derivative liabilities (97 ) 67 31 1 — 1 December 31, 2018 Derivative assets $ 1,043 $ (52 ) $ (969 ) $ 22 $ (4 ) $ 18 Derivative liabilities (85 ) 52 24 (9 ) — (9 ) 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the consolidated balance sheets. As of December 31, 2019 and 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 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 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 December 31, 2019 Derivative assets $ 2,888 $ (67 ) $ (2,743 ) $ 78 $ (145 ) $ (67 ) Derivative liabilities (97 ) 67 31 1 — 1 December 31, 2018 Derivative assets $ 1,043 $ (52 ) $ (969 ) $ 22 $ (4 ) $ 18 Derivative liabilities (85 ) 52 24 (9 ) — (9 ) 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the consolidated balance sheets. As of December 31, 2019 and 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 consolidated balance sheets. 3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: December 31, 2019 2018 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 731 $ 1,246 $ 703 $ 1,329 Investment in related parties – investment funds 2,886 5,113 2,232 4,331 Assets of consolidated VIEs – investment funds 683 861 624 727 Investment in fixed maturity securities 22,694 22,170 21,188 21,139 Investment in related parties – fixed maturity securities 4,570 4,878 1,686 1,788 Investment in related parties – equity securities 58 58 120 120 Total non-consolidated investments $ 31,622 $ 34,326 $ 26,553 $ 29,434

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	The following represents the hierarchy for our assets and liabilities measured at fair value on a recurring basis: December 31, 2019 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities U.S. government and agencies $ 36 $ — $ 36 $ — $ — U.S. state, municipal and political subdivisions 1,541 — — 1,501 40 Foreign governments 327 — — 327 — Corporate 47,228 — — 46,503 725 CLO 7,349 — — 7,228 121 ABS 5,118 — — 3,744 1,374 CMBS 2,400 — — 2,354 46 RMBS 7,375 — — 7,375 — Total AFS securities 71,374 — 36 69,032 2,306 Trading securities U.S. government and agencies 11 — 8 3 — U.S. state, municipal and political subdivisions 135 — — 135 — Corporate 1,456 — — 1,456 — CLO 6 — — — 6 ABS 92 — — 92 — CMBS 51 — — 51 — RMBS 303 — — 251 52 Total trading securities 2,054 — 8 1,988 58 Equity securities 247 — 43 201 3 Mortgage loans 27 — — — 27 Investment funds 154 132 — — 22 Funds withheld at interest – embedded derivative 801 — — — 801 Derivative assets 2,888 — 10 2,878 — Short-term investments 406 — 46 319 41 Other investments 93 — — 93 — Cash and cash equivalents 4,237 — 4,237 — — Restricted cash 402 — 402 — — Investments in related parties AFS securities Corporate 19 — — 19 — CLO 936 — — 936 — ABS 2,849 — — 525 2,324 Total AFS securities – related party 3,804 — — 1,480 2,324 Trading securities CLO 74 — — 36 38 ABS 711 — — — 711 Total trading securities – related party 785 — — 36 749 Equity securities 58 — — — 58 Investment funds 252 120 — — 132 Funds withheld at interest – embedded derivative 594 — — — 594 Reinsurance recoverable 1,821 — — — 1,821 Assets of consolidated VIEs Trading securities 16 — — — 16 Equity securities 6 — — — 6 Investment funds 567 567 — — — Cash and cash equivalents 3 — 3 — — Total assets measured at fair value $ 90,589 $ 819 $ 4,785 $ 76,027 $ 8,958 (Continued) December 31, 2019 (In millions) Total NAV Level 1 Level 2 Level 3 Liabilities Interest sensitive contract liabilities Embedded derivative $ 10,942 $ — $ — $ — $ 10,942 Universal life benefits 1,050 — — — 1,050 Future policy benefits AmerUs Closed Block 1,546 — — — 1,546 ILICO Closed Block and life benefits 755 — — — 755 Derivative liabilities 97 — 1 93 3 Funds withheld liability – embedded derivative 31 — — 31 — Total liabilities measured at fair value $ 14,421 $ — $ 1 $ 124 $ 14,296 (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: Years ended December 31, (In millions) 2019 2018 2017 Trading securities $ 152 $ (255 ) $ 30 Mortgage loans — — (1 ) Investment funds (3 ) 37 35 Future policy benefits (103 ) 182 (19 ) Total gains (losses) $ 46 $ (36 ) $ 45 The following summarizes information for fair value option mortgage loans: December 31, (In millions) 2019 2018 Unpaid principal balance $ 25 $ 30 Mark to fair value 2 2 Fair value $ 27 $ 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 Year ended December 31, 2019 Total realized and unrealized gains (losses) Transfers (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements In Out Ending balance Total gains (losses) included in earnings 1 Assets AFS securities U.S. state, municipal and political subdivisions $ — $ — $ — $ 40 $ — $ — $ 40 $ — Corporate 898 14 12 (61 ) 5 (143 ) 725 — CLO 107 — 3 50 — (39 ) 121 — ABS 1,615 7 32 120 30 (430 ) 1,374 — CMBS 187 2 7 (131 ) — (19 ) 46 — RMBS 56 2 2 (13 ) — (47 ) — — Trading securities CLO 1 — — — 5 — 6 6 RMBS 134 (21 ) — 10 4 (75 ) 52 1 Equity securities 3 — — — — — 3 — Mortgage loans 32 — — (5 ) — — 27 — Investment funds 29 (3 ) — (4 ) — — 22 (3 ) Funds withheld at interest – embedded derivative 57 744 — — — — 801 — Short-term investments — — — 41 — — 41 — Investments in related parties AFS securities, ABS 328 2 22 2,076 — (104 ) 2,324 — Trading securities CLO 78 (7 ) — (14 ) 17 (36 ) 38 2 ABS 149 (14 ) — 473 103 — 711 (6 ) Equity securities 120 — — (62 ) — — 58 — Investment funds 105 8 — 19 — — 132 8 Funds withheld at interest – embedded derivative (110 ) 704 — — — — 594 — Reinsurance recoverable 1,676 145 — — — — 1,821 — Investments of consolidated VIEs Trading securities 35 — — (44 ) 25 — 16 1 Equity securities 13 (2 ) — (5 ) — — 6 (1 ) Investment funds 15 (1 ) — — — (14 ) — (1 ) Total Level 3 assets $ 5,528 $ 1,580 $ 78 $ 2,490 $ 189 $ (907 ) $ 8,958 $ 7 Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,969 ) $ (2,526 ) $ — $ (447 ) $ — $ — $ (10,942 ) $ — Universal life benefits (932 ) (118 ) — — — — (1,050 ) — Future policy benefits AmerUs Closed Block (1,443 ) (103 ) — — — — (1,546 ) — ILICO Closed Block and life benefits (730 ) (25 ) — — — — (755 ) — Derivative liabilities (4 ) 1 — — — — (3 ) 1 Total Level 3 liabilities $ (11,078 ) $ (2,771 ) $ — $ (447 ) $ — $ — $ (14,296 ) $ 1 1 Related to instruments held at end of period. Year ended December 31, 2018 Total realized and unrealized gains (losses) Transfers (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements In Out Ending balance Total gains (losses) included in earnings 1 Assets AFS securities Corporate $ 578 $ (16 ) $ (6 ) $ 249 $ 97 $ (4 ) $ 898 $ — CLO 64 2 (2 ) 36 7 — 107 — ABS 1,457 8 (11 ) 252 — (91 ) 1,615 — CMBS 137 1 — 132 15 (98 ) 187 — RMBS 301 4 (11 ) 21 — (259 ) 56 — Trading securities U.S. state, municipal and political subdivisions 17 1 — — — (18 ) — 1 CLO 17 (9 ) — — — (7 ) 1 (6 ) ABS 77 (6 ) — — — (71 ) — (2 ) RMBS 342 (65 ) — — — (143 ) 134 5 Equity securities 8 2 — (7 ) — — 3 2 Mortgage loans 41 — — (9 ) — — 32 — Investment funds 41 (3 ) — (9 ) — — 29 (3 ) Funds withheld at interest – embedded derivative 312 (255 ) — — — — 57 — Investments in related parties AFS securities, ABS 4 — (2 ) 326 — — 328 — Trading securities CLO 105 (13 ) — (18 ) 25 (21 ) 78 (5 ) ABS — — — — 149 — 149 — Equity securities — — — 120 — — 120 — Investment funds — (3 ) — 108 — — 105 (3 ) Funds withheld at interest – embedded derivative — (110 ) — — — — (110 ) — Reinsurance recoverable 1,824 (148 ) — — — — 1,676 — Investments of consolidated VIEs Trading securities 48 — — (13 ) — — 35 — Equity securities 28 (12 ) — (3 ) — — 13 — Investment funds 21 (3 ) — (3 ) — — 15 — Total Level 3 assets $ 5,422 $ (625 ) $ (32 ) $ 1,182 $ 293 $ (712 ) $ 5,528 $ (11 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,411 ) $ 923 $ — $ (1,481 ) $ — $ — $ (7,969 ) $ — Universal life benefits (1,005 ) 73 — — — — (932 ) — Future policy benefits AmerUs Closed Block (1,625 ) 182 — — — — (1,443 ) — ILICO Closed Block and life benefits (803 ) 73 — — — — (730 ) — Derivative liabilities (5 ) 1 — — — — (4 ) 1 Total Level 3 liabilities $ (10,849 ) $ 1,252 $ — $ (1,481 ) $ — $ — $ (11,078 ) $ 1 1 Related to instruments held at end of period. The following represents the gross components of purchases, issuances, sales and settlements, net, shown above: Year ended December 31, 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 116 — (3 ) (174 ) (61 ) CLO 94 — — (44 ) 50 ABS 409 — (172 ) (117 ) 120 CMBS — — (4 ) (127 ) (131 ) RMBS 1 — — (14 ) (13 ) Trading securities, RMBS 10 — — — 10 Mortgage loans — — — (5 ) (5 ) Investment funds — — (4 ) — (4 ) Short-term investments 74 — — (33 ) 41 Investments in related parties AFS securities, ABS 2,207 — — (131 ) 2,076 Trading securities CLO — — (14 ) — (14 ) ABS 511 — — (38 ) 473 Equity securities 75 — — (137 ) (62 ) Investment funds 20 — (1 ) — 19 Investments of consolidated VIEs Trading securities — — (44 ) — (44 ) Equity securities — — (5 ) — (5 ) Total Level 3 assets $ 3,557 $ — $ (247 ) $ (820 ) $ 2,490 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (937 ) $ — $ 490 $ (447 ) Total Level 3 liabilities $ — $ (937 ) $ — $ 490 $ (447 )
Reconciliation of Level 3 Liabilities Measured on a Recurring Basis	The following is a reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis Year ended December 31, 2019 Total realized and unrealized gains (losses) Transfers (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements In Out Ending balance Total gains (losses) included in earnings 1 Assets AFS securities U.S. state, municipal and political subdivisions $ — $ — $ — $ 40 $ — $ — $ 40 $ — Corporate 898 14 12 (61 ) 5 (143 ) 725 — CLO 107 — 3 50 — (39 ) 121 — ABS 1,615 7 32 120 30 (430 ) 1,374 — CMBS 187 2 7 (131 ) — (19 ) 46 — RMBS 56 2 2 (13 ) — (47 ) — — Trading securities CLO 1 — — — 5 — 6 6 RMBS 134 (21 ) — 10 4 (75 ) 52 1 Equity securities 3 — — — — — 3 — Mortgage loans 32 — — (5 ) — — 27 — Investment funds 29 (3 ) — (4 ) — — 22 (3 ) Funds withheld at interest – embedded derivative 57 744 — — — — 801 — Short-term investments — — — 41 — — 41 — Investments in related parties AFS securities, ABS 328 2 22 2,076 — (104 ) 2,324 — Trading securities CLO 78 (7 ) — (14 ) 17 (36 ) 38 2 ABS 149 (14 ) — 473 103 — 711 (6 ) Equity securities 120 — — (62 ) — — 58 — Investment funds 105 8 — 19 — — 132 8 Funds withheld at interest – embedded derivative (110 ) 704 — — — — 594 — Reinsurance recoverable 1,676 145 — — — — 1,821 — Investments of consolidated VIEs Trading securities 35 — — (44 ) 25 — 16 1 Equity securities 13 (2 ) — (5 ) — — 6 (1 ) Investment funds 15 (1 ) — — — (14 ) — (1 ) Total Level 3 assets $ 5,528 $ 1,580 $ 78 $ 2,490 $ 189 $ (907 ) $ 8,958 $ 7 Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,969 ) $ (2,526 ) $ — $ (447 ) $ — $ — $ (10,942 ) $ — Universal life benefits (932 ) (118 ) — — — — (1,050 ) — Future policy benefits AmerUs Closed Block (1,443 ) (103 ) — — — — (1,546 ) — ILICO Closed Block and life benefits (730 ) (25 ) — — — — (755 ) — Derivative liabilities (4 ) 1 — — — — (3 ) 1 Total Level 3 liabilities $ (11,078 ) $ (2,771 ) $ — $ (447 ) $ — $ — $ (14,296 ) $ 1 1 Related to instruments held at end of period. Year ended December 31, 2018 Total realized and unrealized gains (losses) Transfers (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements In Out Ending balance Total gains (losses) included in earnings 1 Assets AFS securities Corporate $ 578 $ (16 ) $ (6 ) $ 249 $ 97 $ (4 ) $ 898 $ — CLO 64 2 (2 ) 36 7 — 107 — ABS 1,457 8 (11 ) 252 — (91 ) 1,615 — CMBS 137 1 — 132 15 (98 ) 187 — RMBS 301 4 (11 ) 21 — (259 ) 56 — Trading securities U.S. state, municipal and political subdivisions 17 1 — — — (18 ) — 1 CLO 17 (9 ) — — — (7 ) 1 (6 ) ABS 77 (6 ) — — — (71 ) — (2 ) RMBS 342 (65 ) — — — (143 ) 134 5 Equity securities 8 2 — (7 ) — — 3 2 Mortgage loans 41 — — (9 ) — — 32 — Investment funds 41 (3 ) — (9 ) — — 29 (3 ) Funds withheld at interest – embedded derivative 312 (255 ) — — — — 57 — Investments in related parties AFS securities, ABS 4 — (2 ) 326 — — 328 — Trading securities CLO 105 (13 ) — (18 ) 25 (21 ) 78 (5 ) ABS — — — — 149 — 149 — Equity securities — — — 120 — — 120 — Investment funds — (3 ) — 108 — — 105 (3 ) Funds withheld at interest – embedded derivative — (110 ) — — — — (110 ) — Reinsurance recoverable 1,824 (148 ) — — — — 1,676 — Investments of consolidated VIEs Trading securities 48 — — (13 ) — — 35 — Equity securities 28 (12 ) — (3 ) — — 13 — Investment funds 21 (3 ) — (3 ) — — 15 — Total Level 3 assets $ 5,422 $ (625 ) $ (32 ) $ 1,182 $ 293 $ (712 ) $ 5,528 $ (11 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,411 ) $ 923 $ — $ (1,481 ) $ — $ — $ (7,969 ) $ — Universal life benefits (1,005 ) 73 — — — — (932 ) — Future policy benefits AmerUs Closed Block (1,625 ) 182 — — — — (1,443 ) — ILICO Closed Block and life benefits (803 ) 73 — — — — (730 ) — Derivative liabilities (5 ) 1 — — — — (4 ) 1 Total Level 3 liabilities $ (10,849 ) $ 1,252 $ — $ (1,481 ) $ — $ — $ (11,078 ) $ 1 1 Related to instruments held at end of period. The following represents the gross components of purchases, issuances, sales and settlements, net, shown above: Year ended December 31, 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 116 — (3 ) (174 ) (61 ) CLO 94 — — (44 ) 50 ABS 409 — (172 ) (117 ) 120 CMBS — — (4 ) (127 ) (131 ) RMBS 1 — — (14 ) (13 ) Trading securities, RMBS 10 — — — 10 Mortgage loans — — — (5 ) (5 ) Investment funds — — (4 ) — (4 ) Short-term investments 74 — — (33 ) 41 Investments in related parties AFS securities, ABS 2,207 — — (131 ) 2,076 Trading securities CLO — — (14 ) — (14 ) ABS 511 — — (38 ) 473 Equity securities 75 — — (137 ) (62 ) Investment funds 20 — (1 ) — 19 Investments of consolidated VIEs Trading securities — — (44 ) — (44 ) Equity securities — — (5 ) — (5 ) Total Level 3 assets $ 3,557 $ — $ (247 ) $ (820 ) $ 2,490 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (937 ) $ — $ 490 $ (447 ) Total Level 3 liabilities $ — $ (937 ) $ — $ 490 $ (447 )
Gross Components of Purchases, Sales, Issuances and Settlements, net	Year ended December 31, 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 116 — (3 ) (174 ) (61 ) CLO 94 — — (44 ) 50 ABS 409 — (172 ) (117 ) 120 CMBS — — (4 ) (127 ) (131 ) RMBS 1 — — (14 ) (13 ) Trading securities, RMBS 10 — — — 10 Mortgage loans — — — (5 ) (5 ) Investment funds — — (4 ) — (4 ) Short-term investments 74 — — (33 ) 41 Investments in related parties AFS securities, ABS 2,207 — — (131 ) 2,076 Trading securities CLO — — (14 ) — (14 ) ABS 511 — — (38 ) 473 Equity securities 75 — — (137 ) (62 ) Investment funds 20 — (1 ) — 19 Investments of consolidated VIEs Trading securities — — (44 ) — (44 ) Equity securities — — (5 ) — (5 ) Total Level 3 assets $ 3,557 $ — $ (247 ) $ (820 ) $ 2,490 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (937 ) $ — $ 490 $ (447 ) Total Level 3 liabilities $ — $ (937 ) $ — $ 490 $ (447 ) Year ended December 31, 2018 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Assets AFS securities Corporate $ 351 $ — $ (29 ) $ (73 ) $ 249 CLO 67 — — (31 ) 36 ABS 599 — (35 ) (312 ) 252 CMBS 151 — (3 ) (16 ) 132 RMBS 56 — — (35 ) 21 Trading securities, CLO 7 — (7 ) — — Equity securities 1 — (8 ) — (7 ) Mortgage loans — — — (9 ) (9 ) Investment funds — — — (9 ) (9 ) Investments in related parties AFS securities, ABS 326 — — — 326 Trading securities, CLO 30 — (48 ) — (18 ) Equity securities 120 — — — 120 Investment funds 108 — — — 108 Investments of consolidated VIEs Trading securities — — (13 ) — (13 ) Equity securities 1 — (4 ) — (3 ) Investment funds 14 — (17 ) — (3 ) Total Level 3 assets $ 1,831 $ — $ (164 ) $ (485 ) $ 1,182 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (1,888 ) $ — $ 407 $ (1,481 ) Total Level 3 liabilities $ — $ (1,888 ) $ — $ 407 $ (1,481 )
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: December 31, 2019 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Input/range of Impact of an increase in the input on fair value Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives $ 10,942 Option budget method Nonperformance risk 0.2 % – 1.1% Decrease Option budget 0.7 % – 3.7% Increase Surrender rate 3.5 % – 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 consolidated balance sheets: December 31, 2019 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Mortgage loans $ 14,279 $ 14,719 $ — $ — $ — $ 14,719 Investment funds 577 577 577 — — — Policy loans 417 417 — — 417 — Funds withheld at interest 14,380 14,380 — — — 14,380 Short-term investments 190 190 — — — 190 Other investments 65 65 — — — 65 Investments in related parties Mortgage loans 653 641 — — — 641 Investment funds 2,634 2,634 2,634 — — — Funds withheld at interest 12,626 12,626 — — — 12,626 Other investments 487 537 — — — 537 Assets of consolidated VIEs Investment funds 116 116 116 — — — Total financial assets not carried at fair value $ 46,424 $ 46,902 $ 3,327 $ — $ 417 $ 43,158 Financial liabilities Interest sensitive contract liabilities $ 57,272 $ 58,027 $ — $ — $ — $ 58,027 Short-term debt 475 475 — — 475 — Long-term debt 992 1,036 — — 1,036 — Securities to repurchase 512 512 — — 512 — Funds withheld liability 377 377 — — 377 — Total financial liabilities not carried at fair value $ 59,628 $ 60,427 $ — $ — $ 2,400 $ 58,027 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

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2019
Effects of Reinsurance [Line Items]
Ceded Credit Risk [Table Text Block]	The following summarizes our reinsurance recoverable from the following: December 31, (In millions) 2019 2018 Global Atlantic $ 2,981 $ 3,166 Protective 1,605 1,652 ARE — 337 Other 1 277 379 Reinsurance recoverable $ 4,863 $ 5,534 1 Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of total recoverable.
Schedule of Novated Balances [Table Text Block]	The below table summarizes the decreases in amounts on the consolidated balance sheets as a result of the novations. Novations during the year ended December 31, 2018 did not have a material effect on the consolidated balance sheets. (In millions) Year ended December 31, 2019 Interest sensitive contract liabilities $ 407 Future policy benefits 305 Funds withheld liability 347 Investments 320 Policy loans 38 Reinsurance recoverable 674 Other assets and liabilities 27
Effects of Reinsurance [Table Text Block]	The following summarizes those agreements at inception: Years ended December 31, (In millions) 2019 2018 Liabilities assumed $ 791 $ 27,238 Less: Assets received 818 26,255 Ceding commission (paid) received — (660 ) Net cost of reinsurance $ (27 ) $ 1,643 DAC $ — $ 1,777 Unearned revenue reserve 1 — (69 ) Deferred profit liability 2 (27 ) (65 ) Net cost of reinsurance $ (27 ) $ 1,643 1 Included within interest sensitive contract liabilities on the consolidated balance sheets. 2 Included within future policy benefits on the consolidated balance sheets. The following summarizes the effect of reinsurance on premiums and future policy and other policy benefits on the consolidated statements of income: Years ended December 31, (In millions) 2019 2018 2017 Premiums Direct $ 5,449 $ 2,813 $ 2,700 Reinsurance assumed 1,092 1,066 21 Reinsurance ceded (159 ) (417 ) (195 ) Total premiums $ 6,382 $ 3,462 $ 2,526 Future policy and other policy benefits Direct $ 6,697 $ 3,739 $ 3,537 Reinsurance assumed 1,223 1,093 37 Reinsurance ceded (333 ) (551 ) (313 ) Total future policy and other policy benefits $ 7,587 $ 4,281 $ 3,261

Deferred Acquisition Costs, D_2

Deferred Acquisition Costs, Deferred Sales Inducements, and Value of Business Acquired (Tables)	12 Months Ended
	Dec. 31, 2019
Insurance [Abstract]
Deferred Acquisition Costs	The following represents a rollforward of DAC, DSI and VOBA: (In millions) DAC DSI VOBA Total Balance at December 31, 2016 $ 1,145 $ 462 $ 1,352 $ 2,959 Additions 493 161 — 654 Unlocking 13 4 (1 ) 16 Amortization (194 ) (67 ) (162 ) (423 ) Impact of unrealized investment (gains) losses (82 ) (40 ) (112 ) (234 ) Balance at December 31, 2017 1,375 520 1,077 2,972 Additions 2,481 264 — 2,745 Unlocking 21 7 54 82 Amortization (108 ) (61 ) (141 ) (310 ) Impact of unrealized investment (gains) losses 152 69 197 418 Balance at December 31, 2018 3,921 799 1,187 5,907 Additions 645 226 — 871 Unlocking (117 ) (9 ) (24 ) (150 ) Amortization (749 ) (65 ) (68 ) (882 ) Impact of unrealized investment (gains) losses (426 ) (131 ) (181 ) (738 ) Balance at December 31, 2019 $ 3,274 $ 820 $ 914 $ 5,008 The expected amortization of VOBA for the next five years is as follows: (In millions) Expected Amortization 2020 $ 94 2021 85 2022 75 2023 71 2024 66
Deferred Sales Inducements	The following represents a rollforward of DAC, DSI and VOBA: (In millions) DAC DSI VOBA Total Balance at December 31, 2016 $ 1,145 $ 462 $ 1,352 $ 2,959 Additions 493 161 — 654 Unlocking 13 4 (1 ) 16 Amortization (194 ) (67 ) (162 ) (423 ) Impact of unrealized investment (gains) losses (82 ) (40 ) (112 ) (234 ) Balance at December 31, 2017 1,375 520 1,077 2,972 Additions 2,481 264 — 2,745 Unlocking 21 7 54 82 Amortization (108 ) (61 ) (141 ) (310 ) Impact of unrealized investment (gains) losses 152 69 197 418 Balance at December 31, 2018 3,921 799 1,187 5,907 Additions 645 226 — 871 Unlocking (117 ) (9 ) (24 ) (150 ) Amortization (749 ) (65 ) (68 ) (882 ) Impact of unrealized investment (gains) losses (426 ) (131 ) (181 ) (738 ) Balance at December 31, 2019 $ 3,274 $ 820 $ 914 $ 5,008 The expected amortization of VOBA for the next five years is as follows: (In millions) Expected Amortization 2020 $ 94 2021 85 2022 75 2023 71 2024 66

Closed Block (Tables)

Closed Block (Tables)	12 Months Ended
	Dec. 31, 2019
Insurance [Abstract]
Schedule of Closed Block Assets and Liabilities [Table Text Block]	Summarized financial information of the AmerUs Closed Block is presented below. December 31, (In millions) 2019 2018 Liabilities Future policy benefits $ 1,546 $ 1,443 Other policy claims and benefits 18 14 Dividends payable to policyholders 87 89 Total liabilities 1,651 1,546 Assets Trading securities 1,353 1,228 Mortgage loans, net of allowances 27 32 Policy loans 139 154 Total investments 1,519 1,414 Cash and cash equivalents 30 31 Accrued investment income 44 41 Reinsurance recoverable 19 22 Other assets 9 2 Total assets 1,621 1,510 Maximum future earnings to be recognized from AmerUs Closed Block $ 30 $ 36
Closed Block Operations, Net Results [Table Text Block]	The following represents the contribution from AmerUs Closed Block. Years ended December 31, (In millions) 2019 2018 2017 Revenues Premiums $ 54 $ 48 $ 58 Net investment income 74 77 79 Investment related gains (losses) 147 (118 ) 61 Total revenues 275 7 198 Benefits and Expenses Future policy and other policy benefits 234 (49 ) 144 Dividends to policyholders 36 36 51 Total benefits and expenses 270 (13 ) 195 Contribution from AmerUs Closed Block before income taxes 5 20 3 Income tax benefit (1 ) — (5 ) Contribution from AmerUs Closed Block, net of income taxes $ 6 $ 20 $ 8

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Schedule of Stock by Class [Table Text Block]	The table below shows the changes in each class of shares issued and outstanding: Years ended December 31, (In millions) 2019 2018 2017 Class A Beginning balance 162.4 142.4 77.3 Issued shares 0.7 0.6 0.7 Forfeited shares (0.1 ) — — Repurchased shares (19.8 ) (2.6 ) — Converted from Class B shares — 22.0 64.4 Ending balance 143.2 162.4 142.4 Class B Beginning balance 25.4 47.4 111.8 Converted to Class A shares — (22.0 ) (64.4 ) Ending balance 25.4 25.4 47.4 Class M-1 Beginning balance 3.4 3.4 3.5 Converted to Class A shares (0.1 ) — (0.1 ) Ending balance 3.3 3.4 3.4 Class M-2 Beginning balance 0.8 0.9 1.1 Converted to Class A shares — (0.1 ) (0.2 ) Ending balance 0.8 0.8 0.9 Class M-3 Beginning balance 1.0 1.1 1.3 Converted to Class A shares — (0.1 ) (0.2 ) Ending balance 1.0 1.0 1.1 Class M-4 Beginning balance 4.1 4.7 5.4 Converted to Class A shares (0.1 ) (0.5 ) (0.2 ) Forfeited shares — — (0.1 ) Repurchased shares — (0.1 ) (0.4 ) Ending balance 4.0 4.1 4.7
Accumulated Other Comprehensive Income	(In millions) Unrealized investment gains (losses) on AFS securities DAC, DSI, VOBA, future policy benefits and dividends payable to policyholders adjustments on AFS securities Noncredit component of OTTI losses on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2016 $ 684 $ (298 ) $ (11 ) $ 6 $ (15 ) $ 366 Adoption of accounting standards 273 (72 ) (2 ) (12 ) — 187 Other comprehensive income (loss) before reclassifications 1,680 (319 ) (5 ) (105 ) 19 1,270 Less: Reclassification adjustments for gains (losses) realized in net income 1 75 (26 ) (9 ) — — 40 Less: Income tax expense (benefit) 463 (95 ) 1 (35 ) — 334 Balance at December 31, 2017 2,099 (568 ) (10 ) (76 ) 4 1,449 Adoption of accounting standards (46 ) 4 — — — (42 ) Other comprehensive income (loss) before reclassifications (3,291 ) 852 (9 ) 146 (8 ) (2,310 ) Less: Reclassification adjustments for gains (losses) realized in net income 1 4 (1 ) (3 ) — — — Less: Income tax expense (benefit) (629 ) 168 (1 ) 31 — (431 ) Balance at December 31, 2018 (613 ) 121 (15 ) 39 (4 ) (472 ) Other comprehensive income (loss) before reclassifications 4,928 (1,322 ) 1 29 1 3,637 Less: Reclassification adjustments for gains (losses) realized in net income 1 218 (56 ) 7 — — 169 Less: Income tax expense (benefit) 959 (266 ) (1 ) 6 — 698 Less: Other comprehensive income attributable to NCI, net of subsidiary issuance of equity interests and tax 16 — — 1 — 17 Balance at December 31, 2019 $ 3,122 $ (879 ) $ (20 ) $ 61 $ (3 ) $ 2,281 1 Recognized in investment related gains (losses) on the consolidated statements of income.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	The following represents our basic and diluted EPS calculations: Year ended December 31, 2019 (In millions, except per share data) Class A Class B Class M-1 Class M-2 Class M-3 Class M-4 Net income available to Athene Holding Ltd. common shareholders – basic and diluted $ 1,760 $ 291 $ 38 $ 10 $ 11 $ 26 Basic weighted average shares outstanding 153.9 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 154.3 25.4 3.3 0.8 1.0 2.5 Earnings per share Basic $ 11.44 $ 11.44 $ 11.44 $ 11.44 $ 11.44 $ 11.44 Diluted $ 11.41 $ 11.44 $ 11.44 $ 11.44 $ 11.44 $ 9.94 Year ended December 31, 2018 (In millions, except per share data) Class A Class B Class M-1 Class M-2 Class M-3 Class M-4 Net income available to Athene Holding Ltd. common shareholders – basic and diluted $ 857 $ 157 $ 18 $ 5 $ 5 $ 11 Basic weighted average shares outstanding 160.5 29.3 3.4 0.8 1.0 2.1 Dilutive effect of stock compensation plans 0.6 — — — — 0.6 Diluted weighted average shares outstanding 161.1 29.3 3.4 0.8 1.0 2.7 Earnings per share Basic $ 5.34 $ 5.34 $ 5.34 $ 5.34 $ 5.34 $ 5.34 Diluted $ 5.32 $ 5.34 $ 5.34 $ 5.31 $ 5.31 $ 4.11 Year ended December 31, 2017 (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 $ 749 $ 567 $ 24 $ 4 $ 5 $ 9 Effect of stock compensation plans on allocated net income 18 — — — — — Net income available to Athene Holding Ltd. common shareholders – diluted $ 767 $ 567 $ 24 $ 4 $ 5 $ 9 Basic weighted average shares outstanding 107.7 81.6 3.4 0.6 0.7 1.3 Dilutive effect of stock compensation plans 3.3 — — 0.3 0.5 1.6 Diluted weighted average shares outstanding 111.0 81.6 3.4 0.9 1.2 2.9 Earnings per share Basic $ 6.95 $ 6.95 $ 6.95 $ 6.95 $ 6.95 $ 6.95 Diluted $ 6.91 $ 6.95 $ 6.95 $ 5.05 $ 3.86 $ 3.10
Shares Excluded from Dilutive Earnings Per Share	ilutive shares are calculated using the treasury stock method. For Class A shares, this method takes into account shares that can be settled into Class A shares, net of a conversion price. The diluted EPS calculations for Class A shares excluded 31.9 million , 34.9 million and 52.3 million shares, RSUs and options as of December 31, 2019 , 2018 and 2017 , respectively.

Income Taxes Income Tax Expense

Income Taxes Income Tax Expense (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Components of Income Tax Expense (Benefit)	Total income taxes were as follows: Years ended December 31, (In millions) 2019 2018 2017 Income tax expense $ 117 $ 122 $ 106 Income tax expense (benefit) from OCI 698 (431 ) 334 Total income taxes $ 815 $ (309 ) $ 440 Income tax expense consists of the following: Years ended December 31, (In millions) 2019 2018 2017 Current $ 53 $ 78 $ 5 Deferred 64 44 101 Income tax expense (benefit) $ 117 $ 122 $ 106
Schedule of Income before Income Tax	Income tax expense was calculated based on the following components of income before income taxes: Years ended December 31, (In millions) 2019 2018 2017 Income before income taxes – Bermuda $ 1,895 $ 641 $ 1,165 Income before income taxes – U.S. 528 534 274 Income before income taxes – United Kingdom (121 ) — — Income before income taxes – Germany — — 25 Income before income taxes $ 2,302 $ 1,175 $ 1,464
Schedule of Effective Income Tax Rate Reconciliation	The expected tax provision computed on pre-tax income at the weighted average tax rate has been calculated as the sum of the pre-tax income in each jurisdiction multiplied by that jurisdiction’s applicable statutory tax rate. Statutory tax rates of 0% , 21% , and 19% have been used for Bermuda, the U.S. and the United Kingdom (UK), respectively, for the year ended December 31, 2019 . Statutory rates of 0% and 21% have been used for Bermuda and the U.S. for the year ended December 31, 2018 . Statutory tax rates of 0% , 31% and 35% have been used for Bermuda, Germany and the U.S., respectively, for the year ended December 31, 2017 . A reconciliation of the difference between the expected tax provision at the weighted average tax rate and income tax expense (benefit) is as follows: Years ended December 31, (In millions, except for percentages) 2019 2018 2017 Expected tax provision computed on pre-tax income at weighted average income tax rate $ 88 $ 112 $ 104 Increase in income taxes resulting from: Deferred tax valuation allowance 16 — (5 ) Non-deductible expenses 17 — — Prior year true-up 2 11 8 Corporate owned life insurance (6 ) (3 ) (8 ) Stock compensation expense 2 1 5 Change in statutory tax rates — — (7 ) State taxes and other (2 ) 1 9 Income tax expense (benefit) $ 117 $ 122 $ 106 Effective tax rate 5 % 10 % 7 %
Schedule of Gross Current and Deferred Tax Assets and Liabilities	Current income tax recoverable and deferred tax assets are included in other assets on the consolidated balance sheets, and current income tax payable and deferred tax liabilities are included in other liabilities on the consolidated balance sheets. Current and deferred income tax assets and liabilities were as follows: December 31, (In millions) 2019 2018 Current income tax recoverable $ — $ 36 Current income tax payable 14 33 Net current income tax recoverable (payable) $ (14 ) $ 3 Deferred tax assets $ — $ 340 Deferred tax liabilities 423 — Net deferred tax assets (liabilities) $ (423 ) $ 340
Schedule of Deferred Tax Assets and Liabilities	Deferred income tax assets and liabilities consisted of the following: December 31, (In millions) 2019 2018 Deferred tax assets Insurance liabilities $ 1,753 $ 1,186 Net unrealized losses on AFS — 112 Net operating and capital loss carryforwards 133 78 Tax credits 2 — Fixed assets — 43 Employee benefits 21 24 Other 16 38 Total deferred tax assets 1,925 1,481 Valuation allowance (63 ) (52 ) Deferred tax assets, after valuation allowance 1,862 1,429 Deferred tax liabilities Investments, including derivatives 928 296 Net unrealized gains on AFS 585 — DAC, DSI and VOBA 758 790 Other 14 3 Total deferred tax liabilities 2,285 1,089 Net deferred tax assets (liabilities) $ (423 ) $ 340
Summary of Valuation Allowance	The valuation allowance consists of the following: December 31, (In millions) 2019 2018 U.S. federal and state net operating losses and other deferred tax assets $ 47 $ 52 UK net operating losses and other deferred tax assets 16 — Total valuation allowance $ 63 $ 52

Statutory Requirements (Tables)

Statutory Requirements (Tables)	12 Months Ended
	Dec. 31, 2019
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices Disclosure [Table Text Block]	The following represents the effect of the permitted practices to the statutory financial statements: December 31, 2019 (In millions) ALRe AARe 1 ACRA 1A Increase (decrease) to capital and surplus due to permitted practices $ (3,765 ) $ (5,047 ) $ (311 ) Increase (decrease) to statutory net income due to permitted practices (1,035 ) (4,988 ) (43 ) 1 AARe has permission to use amortized cost instead of fair value as the basis for certain investments but does not produce GAAP financial statements. The effect of the permitted practices to the AARe statutory financial statements reflects the impact of the difference between amortized cost and fair value for certain investments. Statutory capital and surplus and net income (loss) —The following table presents, for each of our primary insurance subsidiaries, the statutory capital and surplus and the statutory net income (loss), based on the most recent statutory financial statements to be filed with insurance regulators: Statutory capital & surplus Statutory net income (loss) December 31, Years ended December 31, (In millions) 2019 2018 2019 2018 2017 ALRe $ 11,000 $ 9,659 $ 1,247 $ 418 $ 828 AARe 2,343 2,095 248 997 — ACRA 1A 808 393 265 (287 ) — AADE 1,526 1,544 (86 ) 18 24 AAIA 1,209 1,234 241 81 239 AANY 318 282 33 6 29 December 31, (In millions) 2019 2018 ALRe $ 8,141 $ 5,942 AARe 1,216 997 ACRA 1A 59 — EBS capital & surplus BSCR ratio December 31, December 31, (In millions) 2019 2018 2019 2018 ALRe $ 14,073 $ 12,000 310 % 340 % AARe 2,898 3,029 257 % 176 % ACRA 1A 1,237 575 341 % 295 %

Related Parties (Tables)

Related Parties (Tables)	12 Months Ended
	Dec. 31, 2019
Related Party Transaction [Line Items]
Schedule of Related Party Transactions	The following represents assets based on the above sub-allocation structure: (In millions, except percentages) December 31, 2019 Percent of Total Core $ 32,474 25.5 % Core Plus 30,155 23.6 % Yield 48,557 38.0 % High Alpha 5,062 4.0 % Other 11,302 8.9 % Total sub-allocation assets $ 127,550 100.0 % The MSAAs covered services rendered by Apollo-affiliated sub-advisors relating to the following investments: (In millions, except for percentages) December 31, 2018 AFS securities Foreign governments $ 153 Corporate 3,398 CLO 5,703 ABS 663 CMBS 880 Trading securities 87 Equity securities 2 Mortgage loans 3,507 Investment funds 157 Funds withheld at interest 4,126 Other investments 70 Total assets sub-advised by Apollo affiliates $ 18,746 Percent of assets sub-advised by Apollo affiliates to total AAM-managed assets 18 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Restricted Pledged Assets and Funds in Trust	The total restricted assets included on the consolidated balance sheets are as follows: December 31, (In millions) 2019 2018 AFS securities $ 9,369 $ 5,439 Trading securities 45 68 Equity securities 22 2 Mortgage loans 2,535 1,830 Investment funds 84 53 Derivative assets 105 24 Short-term investments 92 77 Other investments 88 47 Restricted cash 402 492 Total restricted assets $ 12,742 $ 8,032

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Reconciliation of Segment Operating Revenues to Consolidation	The table below reconciles segment adjusted operating revenues to total revenues presented on the consolidated statements of income: Years ended December 31, (In millions) 2019 2018 2017 Retirement Services $ 11,460 $ 8,118 $ 5,960 Corporate and Other 117 44 368 Non-operating adjustments Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets 2,346 (1,020 ) 1,990 Investment gains (losses), net of offsets 1,685 (515 ) 461 VIE expenses and noncontrolling interests 637 1 — Other adjustments to revenues 13 9 9 Total revenues $ 16,258 $ 6,637 $ 8,788
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 consolidated statements of income: Years ended December 31, (In millions) 2019 2018 2017 Retirement Services $ 1,322 $ 1,201 $ 1,038 Corporate and Other (33 ) (61 ) 17 Non-operating adjustments Investment gains (losses), net of offsets 994 (274 ) 199 Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets (65 ) 242 230 Integration, restructuring and other non-operating expenses (70 ) (22 ) (68 ) Stock-based compensation, excluding LTIP (12 ) (11 ) (33 ) Income tax (expense) benefit – non-operating — (22 ) (25 ) Net income available to Athene Holding Ltd. common shareholders $ 2,136 $ 1,053 $ 1,358
Reconciliation of Segment Net Investment Income	The table below reconciles segment provision for income taxes – operating to income tax expense presented on the consolidated statements of income: Years ended December 31, (In millions) 2019 2018 2017 Retirement Services $ 117 $ 100 $ 83 Corporate and Other — — (2 ) Income tax (expense) benefit – non-operating — 22 25 Income tax expense (benefit) $ 117 $ 122 $ 106 The table below reconciles segment net investment earnings to net investment income presented on the consolidated statements of income: Years ended December 31, (In millions) 2019 2018 2017 Retirement Services $ 5,062 $ 4,188 $ 3,241 Corporate and Other 117 44 182 Adjustments to net investment income Reinsurance embedded derivative impacts (680 ) (301 ) (191 ) Net VIE earnings (80 ) (37 ) (77 ) Alternative income (gains) losses (1 ) 34 20 Noncontrolling interests 61 — — Held for trading amortization 43 76 94 Net investment income $ 4,522 $ 4,004 $ 3,269
Total Assets by Segment	The following represents total assets by segment: December 31, (In millions) 2019 2018 Retirement Services $ 143,881 $ 123,498 Corporate and Other 2,994 2,007 Total assets $ 146,875 $ 125,505

Quarterly Results of Operatio_2

Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Table Text Block]	The unaudited quarterly results of operations for the years ended December 31, 2019 and 2018 are summarized in the table below: Three months ended (In millions, except per share data) March 31 June 30 September 30 December 31 2019 Total revenues $ 4,995 $ 3,423 $ 4,584 $ 3,256 Total benefits and expenses 4,255 2,673 4,305 2,723 Net income 708 720 293 464 Less: Net income attributable to noncontrolling interests — — — 13 Net income attributable to Athene Holding Ltd. shareholders 708 720 293 451 Less: Preferred stock dividends — — 17 19 Net income available to Athene Holding Ltd. common shareholders 708 720 276 432 Earnings per share Basic – All classes $ 3.65 $ 3.76 $ 1.50 $ 2.43 Diluted – Class A 3.64 3.75 1.50 2.42 Diluted – Class B 3.65 3.76 1.50 2.43 Diluted – Class M-1 3.65 3.76 1.50 2.43 Diluted – Class M-2 3.65 3.76 1.50 2.43 Diluted – Class M-3 3.65 3.76 1.50 2.43 Diluted – Class M-4 3.15 3.28 1.29 2.13 2018 Total revenues $ 1,023 $ 1,850 $ 2,586 $ 1,178 Total benefits and expenses 701 1,529 1,907 1,325 Net income (loss) 277 257 623 (104 ) Net income (loss) attributable to Athene Holding Ltd. shareholders 277 257 623 (104 ) Net income (loss) available to Athene Holding Ltd. common shareholders 277 257 623 (104 ) Earnings (loss) per share Basic – All classes $ 1.40 $ 1.30 $ 3.16 $ (0.53 ) Diluted – Class A 1.40 1.30 3.15 (0.53 ) Diluted – Class B 1.40 1.30 3.16 (0.53 ) Diluted – Class M-1 1.40 1.30 3.16 (0.53 ) Diluted – Class M-2 1.39 1.29 3.16 (0.53 ) Diluted – Class M-3 1.38 1.30 3.16 (0.53 ) Diluted – Class M-4 0.97 1.02 2.42 (0.53 )

Business, Basis of Presentati_3

Business, Basis of Presentation, and Significant Accounting Policies (Details) - USD ($) $ in Millions	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Significant Accounting Policies [Line Items]
Number of Days Interest is Past Due for Nonaccrual Status		90 days
Maximum Period Interest is Accrued		90 days
Variable Interest Entity, Qualitative or Quantitative Information, Election of Fair Value Option, Ownership Percentage		3.00%
Closed Block, Number of Predecessor Entities Reorganized		2
Number of Closed Block Policies		2
Nonparticipating Life Insurance Policy | Minimum
Significant Accounting Policies [Line Items]
Liability for Future Policy Benefits, Interest Rate		3.31%
Nonparticipating Life Insurance Policy | Maximum
Significant Accounting Policies [Line Items]
Liability for Future Policy Benefits, Interest Rate		5.44%
Life Insurance Product Line
Significant Accounting Policies [Line Items]
Percentage of Participating Policies Paying Dividends		10.00%	10.00%
Participating Insurance, Percentage of Premium Income		30.00%	26.00%	52.00%
Forecast [Member] | Accounting Standards Update 2016-13 [Member] | Retained earnings
Significant Accounting Policies [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 216
Commercial mortgage loans | Forecast [Member] | Accounting Standards Update 2016-13 [Member]
Significant Accounting Policies [Line Items]
New accounting pronouncement effect, percentage	1.72%

Investments - Schedule of AFS S

Investments - Schedule of AFS Securities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Related Party
Debt Securities, Available-for-sale [Line Items]
AFS securities		$ 0
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 67,479	60,025
Gross Unrealized Gains	4,344	1,008
Gross Unrealized Losses	(449)	(1,768)
AFS securities	71,374	59,265
OTTI in AOCI	25	19
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | U.S. government and agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	35	57
Gross Unrealized Gains	1	0
Gross Unrealized Losses	0	0
AFS securities	36	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	1,322	1,183
Gross Unrealized Gains	220	117
Gross Unrealized Losses	(1)	(7)
AFS securities	1,541	1,293
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Foreign governments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	298	162
Gross Unrealized Gains	29	2
Gross Unrealized Losses	0	(3)
AFS securities	327	161
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	44,106	38,018
Gross Unrealized Gains	3,332	394
Gross Unrealized Losses	(210)	(1,315)
AFS securities	47,228	37,097
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | CLO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,524	5,658
Gross Unrealized Gains	21	2
Gross Unrealized Losses	(196)	(299)
AFS securities	7,349	5,361
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,018	4,915
Gross Unrealized Gains	124	53
Gross Unrealized Losses	(24)	(48)
AFS securities	5,118	4,920
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,304	2,390
Gross Unrealized Gains	104	27
Gross Unrealized Losses	(8)	(60)
AFS securities	2,400	2,357
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | RMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,872	7,642
Gross Unrealized Gains	513	413
Gross Unrealized Losses	(10)	(36)
AFS securities	7,375	8,019
Consolidated Entity Excluding Variable Interest Entities (VIE)
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	71,262	61,487
Gross Unrealized Gains	4,385	1,012
Gross Unrealized Losses	(469)	(1,797)
AFS securities	75,178	60,702
OTTI in AOCI	25	19
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,783	1,462
Gross Unrealized Gains	41	4
Gross Unrealized Losses	(20)	(29)
AFS securities	3,804	1,437
OTTI in AOCI	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	18
Gross Unrealized Gains	1
Gross Unrealized Losses	0
AFS securities	19
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | CLO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	951	587
Gross Unrealized Gains	3	0
Gross Unrealized Losses	(18)	(25)
AFS securities	936	562
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,814	875
Gross Unrealized Gains	37	4
Gross Unrealized Losses	(2)	(4)
AFS securities	2,849	875
Noncredit component of OTTI losses on AFS securities | 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
Noncredit component of OTTI losses on AFS securities | 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
Noncredit component of OTTI losses on AFS securities | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Foreign governments
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	0	0
Noncredit component of OTTI losses on AFS securities | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Corporate
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	1	1
Noncredit component of OTTI losses on AFS securities | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | CLO
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	0	0
Noncredit component of OTTI losses on AFS securities | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ABS
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	4	0
Noncredit component of OTTI losses on AFS securities | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | CMBS
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	1	7
Noncredit component of OTTI losses on AFS securities | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | RMBS
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	19	11
Noncredit component of OTTI losses on AFS securities | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Corporate
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	0
Noncredit component of OTTI losses on AFS securities | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | CLO
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	0	0
Noncredit component of OTTI losses on AFS securities | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | ABS
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI	$ 0	$ 0

Investments - Maturities of AFS

Investments - Maturities of AFS Securities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Related Party
Fair Value
Total AFS securities		$ 0
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Amortized Cost
Due in one year or less	$ 1,108
Due after one year through five years	9,175
Due after five years through ten years	11,274
Due after ten years	24,204
CLO, ABS, CMBS and RMBS	21,718
Amortized Cost	67,479	60,025
Fair Value
Due in one year or less	1,113
Due after one year through five years	9,479
Due after five years through ten years	11,931
Due after ten years	26,609
CLO, ABS, CMBS and RMBS	22,242
Total AFS securities	71,374	59,265
Consolidated Entity Excluding Variable Interest Entities (VIE)
Amortized Cost
Amortized Cost	71,262	61,487
Fair Value
Total AFS securities	75,178	60,702
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Amortized Cost
Due after five years through ten years	18
CLO, ABS, CMBS and RMBS	3,765
Amortized Cost	3,783	1,462
Fair Value
Due after five years through ten years	19
CLO, ABS, CMBS and RMBS	3,785
Total AFS securities	$ 3,804	$ 1,437

Investments - Unrealized Losses

Investments - Unrealized Losses on AFS Securities (Details) $ in Millions	Dec. 31, 2019USD ($)security	Dec. 31, 2018USD ($)
Debt Securities, Available-for-sale [Line Items]
Nonperforming mortgage loans	$ 67	$ 48
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Debt Securities, Available-for-sale [Line Items]
Total	10,857	34,670
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	4,612	5,450
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	6,245	29,220
Gross Unrealized Losses
Less than 12 months	(195)	(1,324)
12 months or more	(254)	(444)
Total	$ (449)	(1,768)
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security	1,239
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security	493
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | U.S. government and agencies
Debt Securities, Available-for-sale [Line Items]
Total	$ 3	34
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	0	2
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	3	32
Gross Unrealized Losses
Less than 12 months	0	0
12 months or more	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]
Total	88	221
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	10	82
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	78	139
Gross Unrealized Losses
Less than 12 months	(1)	(2)
12 months or more	0	(5)
Total	(1)	(7)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Foreign governments
Debt Securities, Available-for-sale [Line Items]
Total		112
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		15
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		97
Gross Unrealized Losses
Less than 12 months		(2)
12 months or more		(1)
Total		(3)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Corporate
Debt Securities, Available-for-sale [Line Items]
Total	3,800	24,331
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	902	4,118
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	2,898	20,213
Gross Unrealized Losses
Less than 12 months	(140)	(942)
12 months or more	(70)	(373)
Total	(210)	(1,315)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | CLO
Debt Securities, Available-for-sale [Line Items]
Total	5,200	5,144
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	3,241	90
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	1,959	5,054
Gross Unrealized Losses
Less than 12 months	(38)	(297)
12 months or more	(158)	(2)
Total	(196)	(299)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ABS
Debt Securities, Available-for-sale [Line Items]
Total	897	1,842
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	255	506
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	642	1,336
Gross Unrealized Losses
Less than 12 months	(6)	(23)
12 months or more	(18)	(25)
Total	(24)	(48)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | CMBS
Debt Securities, Available-for-sale [Line Items]
Total	261	1,429
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	41	497
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	220	932
Gross Unrealized Losses
Less than 12 months	(4)	(27)
12 months or more	(4)	(33)
Total	(8)	(60)
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | RMBS
Debt Securities, Available-for-sale [Line Items]
Total	608	1,557
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	163	140
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	445	1,417
Gross Unrealized Losses
Less than 12 months	(6)	(31)
12 months or more	(4)	(5)
Total	(10)	(36)
Consolidated Entity Excluding Variable Interest Entities (VIE)
Debt Securities, Available-for-sale [Line Items]
Total	11,818	35,626
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	4,854	5,566
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	6,964	30,060
Gross Unrealized Losses
Less than 12 months	(204)	(1,351)
12 months or more	(265)	(446)
Total	(469)	(1,797)
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Debt Securities, Available-for-sale [Line Items]
Total	961	956
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	242	116
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	719	840
Gross Unrealized Losses
Less than 12 months	(9)	(27)
12 months or more	(11)	(2)
Total	$ (20)	(29)
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security	47
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security	15
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | CLO
Debt Securities, Available-for-sale [Line Items]
Total	$ 604	534
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	242	0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	362	534
Gross Unrealized Losses
Less than 12 months	(7)	(25)
12 months or more	(11)	0
Total	(18)	(25)
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | ABS
Debt Securities, Available-for-sale [Line Items]
Total	357	422
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	0	116
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	357	306
Gross Unrealized Losses
Less than 12 months	(2)	(2)
12 months or more	0	(2)
Total	$ (2)	$ (4)

Investments - OTTI AFS Securiti

Investments - OTTI AFS Securities (Details) - Consolidated Entity Excluding Variable Interest Entities (VIE) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Net other-than-temporary impairment losses	$ 38	$ 18	$ 33
Net other-than-temporary-impairment, Portion Recognized in Earnings, Net Intent to Sell	25
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	10	14	16
Initial impairments – credit loss OTTI recognized on securities not previously impaired	11	3	17
Additional impairments – credit loss OTTI recognized on securities previously impaired	2	2	0
Reduction in impairments from securities sold, matured or repaid	0	(9)	(13)
Ending balance	23	10	14
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Change in Status	$ 0	$ 0	$ (6)

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net Investment Income [Line Items]
Net investment income	$ 4,522	$ 4,004	$ 3,269
Consolidated Entity Excluding Variable Interest Entities (VIE)
Net Investment Income [Line Items]
Investment revenue	4,957	4,359	3,601
Investment expenses	(435)	(355)	(332)
Net investment income	4,522	4,004	3,269
Consolidated Entity Excluding Variable Interest Entities (VIE) | AFS securities
Net Investment Income [Line Items]
Investment revenue	3,088	2,855	2,579
Consolidated Entity Excluding Variable Interest Entities (VIE) | Trading securities
Net Investment Income [Line Items]
Investment revenue	189	200	200
Consolidated Entity Excluding Variable Interest Entities (VIE) | Equity securities
Net Investment Income [Line Items]
Investment revenue	16	12	14
Consolidated Entity Excluding Variable Interest Entities (VIE) | Mortgage loans, net of allowances
Net Investment Income [Line Items]
Investment revenue	670	457	371
Consolidated Entity Excluding Variable Interest Entities (VIE) | Investment funds
Net Investment Income [Line Items]
Investment revenue	308	231	211
Consolidated Entity Excluding Variable Interest Entities (VIE) | Funds withheld at interest
Net Investment Income [Line Items]
Investment revenue	527	492	148
Consolidated Entity Excluding Variable Interest Entities (VIE) | Other
Net Investment Income [Line Items]
Investment revenue	$ 159	$ 112	$ 78

Investments - Investment Relate

Investments - Investment Related Gains (Losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated Entity Excluding Variable Interest Entities (VIE)
Gain (Loss) on Securities [Line Items]
Proceeds from Sale of Debt Securities, Available-for-sale	$ 6,886	$ 6,547
AFS securities
Gross realized gains on investment activity	178	165	$ 169
Gross realized losses on investment activity	(56)	(151)	(72)
Net realized investment gains on AFS securities	122	14	97
Net recognized investment gains (losses) on trading securities	152	(255)	29
Net recognized investment gains (losses) on equity securities	17	(19)	88
Derivative gains (losses)	4,443	(1,099)	2,377
Other gains (losses)	18	35	(19)
Investment related gains (losses)	4,752	(1,324)	2,572
Proceeds from sale of available-for-sale securities			5,720
Debt Securities, Trading, Unrealized Gain (Loss)	193	(143)	107
Equity Securities, FV-NI, Unrealized Gain (Loss)	19	(18)	32
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
AFS securities
Debt Securities, Trading, Unrealized Gain (Loss)	(21)	(25)	(3)
Equity Securities, FV-NI, Unrealized Gain (Loss)	(17)	0	0
Variable Interest Entities | Related Party
AFS securities
Debt Securities, Trading, Unrealized Gain (Loss)	3	0	4
Equity Securities, FV-NI, Unrealized Gain (Loss)	$ (1)	$ 24	$ 25

Investments - Purchase Credit I

Investments - Purchase Credit Impaired (PCI) Investments (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fixed maturity securities
Contractually required payments receivable	$ 6,772	$ 8,179
Expected cash flows	6,064	7,195
Less: Amortized cost	(4,603)	(5,518)
Accretable difference	1,461	1,677	$ 2,020
Fair value	5,007	5,828
Outstanding balance	5,740	6,773
Mortgage loans
Contractually required payments receivable	3,647	2,675
Expected cash flows	3,606	2,628
Carrying value	2,575	1,931
Accretable difference	1,031	697	$ 273
Fair value	2,756	1,933
Outstanding balance	2,925	2,210
Fixed Maturities
Certain Loans Acquired in Transfer, Period End Summary [Line Items]
Non-accretable difference	708	984
Mortgages loans
Certain Loans Acquired in Transfer, Period End Summary [Line Items]
Non-accretable difference	$ 41	$ 47

Investments - PCI Securities Ac

Investments - PCI Securities Acquired During the Period (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Fixed maturity securities
Contractually required payments receivable	$ 176	$ 623
Cash flows expected to be collected	146	562
Fair value	124	454
Mortgage loans
Contractually required payments receivable	1,198	1,625
Cash flows expected to be collected	1,179	1,601
Fair value	$ 910	$ 1,178

Investments - PCI Securities _2

Investments - PCI Securities Accretable Yield (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fixed Maturity Securities Accretable Yield Activity
Beginning balance at January 1	$ 1,677	$ 2,020
Purchases of PCI investments, net of sales	1	65
Accretion	(307)	(405)
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference	90
Ending balance at December 31	1,461	1,677
Mortgage Loans Accretable Yield Activity
Beginning balance at January 1	697	273
Purchases of PCI investments, net of sales	191	407
Accretion	(115)	(48)
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications (to) from Nonaccretable Difference	258	65
Ending balance at December 31	$ 1,031	697
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Reclassifications to Nonaccretable Difference		$ (3)

Investments - Mortgage Loans, N

Investments - Mortgage Loans, Net (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 14,959	$ 10,631
Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	10,505	7,297
Commercial mortgage loans | Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	10,412	7,217
Commercial mortgage loans | Commercial mortgage loans under development
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	93	80
Residential mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 4,454	$ 3,334

Investments - Mortgage Loans,_2

Investments - Mortgage Loans, Net by Property Type and Geographic Region (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 14,959	$ 10,631
Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 10,505	$ 7,297
Commercial mortgage loans | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	100.00%	100.00%
Commercial mortgage loans | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	100.00%	100.00%
Commercial mortgage loans | Total U.S. Region
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 10,271	$ 7,297
Commercial mortgage loans | Total U.S. Region | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	97.80%	100.00%
Commercial mortgage loans | East North Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,036	$ 855
Commercial mortgage loans | East North Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	9.90%	11.70%
Commercial mortgage loans | East South Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 428	$ 295
Commercial mortgage loans | East South Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	4.10%	4.00%
Commercial mortgage loans | Middle Atlantic
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 2,580	$ 1,131
Commercial mortgage loans | Middle Atlantic | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	24.60%	15.50%
Commercial mortgage loans | Mountain
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 528	$ 616
Commercial mortgage loans | Mountain | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	5.00%	8.40%
Commercial mortgage loans | New England
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 340	$ 374
Commercial mortgage loans | New England | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	3.20%	5.10%
Commercial mortgage loans | Pacific
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 2,502	$ 1,540
Commercial mortgage loans | Pacific | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	23.80%	21.10%
Commercial mortgage loans | South Atlantic
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,920	$ 1,468
Commercial mortgage loans | South Atlantic | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	18.30%	20.20%
Commercial mortgage loans | West North Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 146	$ 173
Commercial mortgage loans | West North Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	1.40%	2.40%
Commercial mortgage loans | West South Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 791	$ 845
Commercial mortgage loans | West South Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	7.50%	11.60%
Commercial mortgage loans | International Region
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 234	$ 0
Commercial mortgage loans | International Region | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	2.20%	0.00%
Commercial mortgage loans | Office building
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 2,899	$ 2,221
Commercial mortgage loans | Office building | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	27.60%	30.50%
Commercial mortgage loans | Retail
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 2,182	$ 1,660
Commercial mortgage loans | Retail | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	20.80%	22.70%
Commercial mortgage loans | Apartment
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 2,142	$ 791
Commercial mortgage loans | Apartment | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	20.40%	10.80%
Commercial mortgage loans | Hotels
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,104	$ 1,040
Commercial mortgage loans | Hotels | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	10.50%	14.30%
Commercial mortgage loans | Industrial
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,448	$ 1,196
Commercial mortgage loans | Industrial | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	13.80%	16.40%
Commercial mortgage loans | Other commercial
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 730	$ 389
Commercial mortgage loans | Other commercial | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	6.90%	5.30%
Residential mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 4,454	$ 3,334
Residential mortgage loans | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	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 of Total	87.60%	100.00%
Residential mortgage loans | California | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	27.00%	30.30%
Residential mortgage loans | Florida | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	12.70%	16.30%
Residential mortgage loans | TEXAS | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	6.20%	3.30%
Residential mortgage loans | New York | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	3.30%	7.70%
Residential mortgage loans | Other U.S. States | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	38.40%	42.40%
Residential mortgage loans | IRELAND | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage of Total	12.40%	0.00%

Investments - Mortgage Loans,_3

Investments - Mortgage Loans, Net Past Due (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Investments Schedule [Abstract]
Mortgage loan valuation allowance	$ 11	$ 2
Nonperforming mortgage loans	67	48
Financing Receivable, Past Due [Line Items]
Mortgage loans, net of allowances	14,959	10,631
Commercial mortgage loans
Financing Receivable, Past Due [Line Items]
Current (less than 30 days past due)	10,505	7,297
Mortgage loans, net of allowances	$ 10,505	$ 7,297

Investments - Mortgage Loans, L

Investments - Mortgage Loans, Loan to Value Ratio (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net of allowances	$ 14,959	$ 10,631
Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net of allowances	10,505	7,297
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net of allowances	10,412	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	2,640	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	2,486	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	4,093	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	1,162	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	$ 31	$ 54

Investments - Mortgage Loans, D

Investments - Mortgage Loans, Debt Service Coverage Ratio (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 14,959	$ 10,631
Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	10,505	7,297
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	10,412	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	9,212	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	1,166	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	$ 34	$ 167

Investments - Investment Funds

Investments - Investment Funds Summary (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 4,300	$ 3,559
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 731	$ 703
Carrying Amount, Assets, Percent of Total	100.00%	100.00%
Private Equity Funds [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 236	$ 253
Carrying Amount, Assets, Percent of Total	32.30%	36.00%
Real Assets [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 64	$ 56
Carrying Amount, Assets, Percent of Total	8.80%	7.90%
Real Estate Funds [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 277	$ 215
Carrying Amount, Assets, Percent of Total	37.90%	30.60%
Commodities Investment [Member] | 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%
Other Fund [Member] | 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%
Credit Funds [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 153	$ 172
Carrying Amount, Assets, Percent of Total	20.90%	24.50%
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 2,886	$ 2,232
Carrying Amount, Assets, Percent of Total	100.00%	100.00%
Related Party | Differentiated Investments [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 1,211	$ 1,089
Carrying Amount, Assets, Percent of Total	42.00%	48.70%
Related Party | Private Equity Funds [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 105	$ 18
Carrying Amount, Assets, Percent of Total	3.60%	0.80%
Related Party | Real Assets [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 182	$ 145
Carrying Amount, Assets, Percent of Total	6.30%	6.50%
Related Party | Real Estate Funds [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 736	$ 497
Carrying Amount, Assets, Percent of Total	25.60%	22.30%
Related Party | Commodities Investment [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 163	$ 104
Carrying Amount, Assets, Percent of Total	5.60%	4.70%
Related Party | Other Fund [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 222	$ 196
Carrying Amount, Assets, Percent of Total	7.70%	8.80%
Related Party | Credit Funds [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 370	$ 316
Carrying Amount, Assets, Percent of Total	12.80%	14.20%
Related Party | Equity securities | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 119	$ 63
Carrying Amount, Assets, Percent of Total	4.10%	2.80%
AmeriHome [Member] | Related Party | Private Equity Funds [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 487	$ 463
Carrying Amount, Assets, Percent of Total	16.90%	20.70%
Catalina Holdings (Bermuda) Ltd [Member] | Related Party | Private Equity Funds [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 271	$ 233
Carrying Amount, Assets, Percent of Total	9.40%	10.40%
Athora Holding Ltd. [Member] | Related Party | Private Equity Funds [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 132	$ 105
Carrying Amount, Assets, Percent of Total	4.60%	4.70%
Venerable Holdings, Inc. | Related Party | Private Equity Funds [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 99	$ 92
Carrying Amount, Assets, Percent of Total	3.40%	4.10%
Variable Interest Entities
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 683	$ 624
Carrying Amount, Assets, Percent of Total	100.00%	100.00%
Variable Interest Entities | Real Assets [Member]
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 19	$ 41
Carrying Amount, Assets, Percent of Total	2.80%	6.60%
Variable Interest Entities | Real Estate Funds [Member]
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 117	$ 30
Carrying Amount, Assets, Percent of Total	17.10%	4.80%
Variable Interest Entities | Credit Funds [Member]
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 547	$ 553
Carrying Amount, Assets, Percent of Total	80.10%	88.60%
Variable Interest Entities | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 664	$ 583

Investments - Equity Method Inv

Investments - Equity Method Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Assets	$ 50,563	$ 40,630
Liabilities	31,821	24,241
Equity	18,742	16,389
Net income	$ 817	$ 1,159	$ 1,587

Investments - Equity Method I_2

Investments - Equity Method Investment Ownership (Details) - Investment funds - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Fair Value, Option, Fair Value Carrying Amount, Assets	$ 973	$ 881
Equity Method Investments	3,327	2,678
Ownership Percentage, One Hundred Percent [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	11	17
Ownership Percentage, Greater than Three Percent and Less than or Equal to Forty Nine Percent [Member]
Schedule of Equity Method Investments [Line Items]
Fair Value, Option, Fair Value Carrying Amount, Assets	772	687
Equity Method Investments	1,938	1,617
Ownership Percentage, Greater than or Equal to Fifty Percentage and Less than or Equal to Ninety Nine Percent [Member]
Schedule of Equity Method Investments [Line Items]
Fair Value, Option, Fair Value Carrying Amount, Assets	28	0
Equity Method Investments	1,378	1,044
Ownership Percentage, Less than Three Percent [Member]
Schedule of Equity Method Investments [Line Items]
Fair Value, Option, Fair Value Carrying Amount, Assets	$ 173	$ 194

Investments - Summary of Maximu

Investments - Summary of Maximum Loss Exposure (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 34,326	$ 29,434
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	31,622	26,553
Investment funds
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	861	727
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	683	624
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Investment funds | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	1,246	1,329
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	731	703
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Investment funds
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	5,113	4,331
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	2,886	2,232
Fixed Maturity Securities | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	22,170	21,139
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	22,694	21,188
Fixed Maturity Securities | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	4,878	1,788
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	4,570	1,686
Equity securities | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	58	120
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	$ 58	$ 120

Investments - Repurchase Agreem

Investments - Repurchase Agreements (Details) $ in Millions	Dec. 31, 2019USD ($)
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Pledged Financial Instruments, Not Separately Reported, Securities for Repurchase Agreements, Amortized Cost	$ 498
Pledged Financial Instruments, Not Separately Reported, Securities for Repurchase Agreements	534
Secured Debt, Repurchase Agreements	512
Maturity Overnight and on Demand [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Secured Debt, Repurchase Agreements	0
Maturity Less than 30 Days [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Secured Debt, Repurchase Agreements	102
Maturity 30 to 90 Days [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Secured Debt, Repurchase Agreements	200
Maturity Greater than 90 Days [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Secured Debt, Repurchase Agreements	210
Available-for-sale Securities [Member] | Corporate
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Pledged Financial Instruments, Not Separately Reported, Securities for Repurchase Agreements, Amortized Cost	498
Pledged Financial Instruments, Not Separately Reported, Securities for Repurchase Agreements	$ 534

Investments - Reverse Repurchas

Investments - Reverse Repurchase Agreements (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Schedule of Resale Agreements [Line Items]
Securities Purchased under Agreements to Resell		$ 0
Securities Purchased under Agreements to Resell, Fair Value of Collateral	$ 630	$ 0
Consolidated Entity Excluding Variable Interest Entities (VIE)
Schedule of Resale Agreements [Line Items]
Securities Purchased under Agreements to Resell	$ 190

Derivative Instruments - Summar

Derivative Instruments - Summary of Notional and Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Total derivative assets, including embedded derivatives, fair value	$ 4,283	$ 990
Total derivative liabilities, including embedded derivatives, fair value	11,070	8,053
Derivatives designated as hedges
Derivative [Line Items]
Derivative assets, fair value	114	83
Derivative liabilities, fair value	67	56
Derivatives designated as hedges | Foreign currency swaps
Derivative [Line Items]
Derivative assets, fair value	113	83
Derivative liabilities, fair value	$ 56	$ 55
Notional Amount	3,158	2,041
Derivatives designated as hedges | Foreign currency forwards
Derivative [Line Items]
Derivative assets, fair value	$ 1	$ 0
Derivative liabilities, fair value	$ 9	$ 1
Notional Amount	717	85
Derivatives not designated as hedges
Derivative [Line Items]
Total derivative assets, including embedded derivatives, fair value	$ 4,169	$ 907
Total derivative liabilities, including embedded derivatives, fair value	11,003	7,997
Derivatives not designated as hedges | Foreign currency swaps
Derivative [Line Items]
Derivative assets, fair value	2	3
Derivative liabilities, fair value	$ 1	$ 2
Notional Amount	35	38
Derivatives not designated as hedges | Interest rate swaps
Derivative [Line Items]
Derivative assets, fair value	$ 3	$ 0
Derivative liabilities, fair value	$ 4	$ 1
Notional Amount	776	326
Derivatives not designated as hedges | Equity options
Derivative [Line Items]
Derivative assets, fair value	$ 2,746	$ 942
Derivative liabilities, fair value	$ 5	$ 11
Notional Amount	49,549	49,821
Derivatives not designated as hedges | Futures
Derivative [Line Items]
Derivative assets, fair value	$ 10	$ 9
Derivative liabilities, fair value	$ 1	$ 3
Notional Amount	8	4
Derivatives not designated as hedges | Total return swaps
Derivative [Line Items]
Derivative assets, fair value	$ 6	$ 0
Derivative liabilities, fair value	$ 0	$ 3
Notional Amount	106	62
Derivatives not designated as hedges | Credit default swaps
Derivative [Line Items]
Derivative assets, fair value	$ 0	$ 0
Derivative liabilities, fair value	$ 3	$ 4
Notional Amount	10	10
Derivatives not designated as hedges | Foreign currency forwards
Derivative [Line Items]
Derivative assets, fair value	$ 7	$ 6
Derivative liabilities, fair value	$ 16	$ 5
Notional Amount	1,924	646
Derivatives not designated as hedges | Embedded derivatives | Funds withheld including related party
Derivative [Line Items]
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]
Embedded derivative assets, fair value	$ 0	0
Embedded derivative liabilities, fair value	10,942	7,969
Net Investment Hedging [Member] | Derivatives designated as hedges | Foreign currency forwards
Derivative [Line Items]
Derivative assets, fair value	0	0
Derivative liabilities, fair value	$ 2	$ 0
Notional Amount	139	0
Consolidated Entity Excluding Variable Interest Entities (VIE)
Derivative [Line Items]
Derivative liabilities, fair value	$ 97	$ 85
Funds withheld liability	408	$ 721
Consolidated Entity Excluding Variable Interest Entities (VIE) | Derivatives not designated as hedges | Embedded derivatives | Funds withheld including related party
Derivative [Line Items]
Funds withheld at interest	1,395
Funds withheld liability	$ 31

Derivative Instruments - Gains

Derivative Instruments - Gains (Losses) on Derivatives Not Designated as Hedging (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Total gains (losses) on derivatives not designated as hedges	$ 1,917	$ (176)	$ 633
Investment related gains (losses)
Derivative [Line Items]
Total gains (losses) on derivatives not designated as hedges	4,443	(1,099)	2,377
Investment related gains (losses) | Equity options
Derivative [Line Items]
Total gains (losses) on derivatives not designated as hedges	2,169	(877)	1,939
Investment related gains (losses) | Futures
Derivative [Line Items]
Total gains (losses) on derivatives not designated as hedges	(13)	2	(24)
Investment related gains (losses) | Swap
Derivative [Line Items]
Total gains (losses) on derivatives not designated as hedges	43	(8)	27
Investment related gains (losses) | Foreign currency forwards
Derivative [Line Items]
Total gains (losses) on derivatives not designated as hedges	(2)	16	28
Investment related gains (losses) | Embedded derivatives
Derivative [Line Items]
Total gains (losses) on derivatives not designated as hedges	2,246	(232)	407
Interest sensitive contract benefits | Embedded derivatives
Derivative [Line Items]
Total gains (losses) on derivatives not designated as hedges	$ (2,526)	$ 923	$ (1,744)

Derivative Instruments - Offset

Derivative Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Offsetting Derivative Assets
Gross amount recognized	$ 2,888	$ 1,043
Gross amounts not offset on the consolidated balance sheets, financial instruments	(67)	(52)
Gross amounts not offset on the consolidated balance sheets, collateral received/pledged	(2,743)	(969)
Net amount	78	22
Off-balance sheet securities collateral	(145)	(4)
Net amount after securities collateral	(67)	18
Offsetting Derivative Liabilities
Gross amount recognized	(97)	(85)
Gross amounts not offset on the consolidated balance sheets, financial instruments	67	52
Gross amounts not offset on the consolidated balance sheets, collateral received/pledged	31	24
Net amount	1	(9)
Off-balance sheet securities collateral	0	0
Net amount after securities collateral	$ 1	$ (9)

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Credit Risk Derivative Liabilities, at Fair Value	$ 3,000,000	$ 4,000,000
Credit Derivative, Maximum Exposure, Undiscounted	10,000,000	10,000,000
Additional Collateral, Aggregate Fair Value	0	0
Other Comprehensive Income (Loss), before Tax	3,468,000,000	(2,310,000,000)	$ 1,230,000,000
Derivatives used in Net Investment Hedge, Net of Tax	(2,000,000)
Amount of Ineffectiveness on Net Investment Hedges	0
Cash flow hedges | Derivatives designated as hedges | Foreign currency swaps
Derivative [Line Items]
Foreign currency swap gains (losses)	29,000,000	146,000,000	(105,000,000)
Foreign currency swap gain (loss) reclassified to income	0	0	0
Gain (loss) on cash flow hedge ineffectiveness	0	0	$ 0
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	0
Fair Value Hedging [Member] | Derivatives designated as hedges | Foreign currency forwards
Derivative [Line Items]
Derivative, Amount of Hedged Item	456,000,000	88,000,000
Fair Value Hedging Adjustment, Hedged Item	1,000,000	1,000,000
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	2,000,000	(1,000,000)
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	$ 1,000,000
Fair Value Hedging [Member] | Derivatives designated as hedges | Net Investment Hedging [Member]
Derivative [Line Items]
Other Comprehensive Income (Loss), before Tax	$ (2,000,000)

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Assets
Mortgage loans	$ 14,959	$ 10,631
Restricted cash	402	492
Reinsurance recoverable	4,863	5,534
Related Party
Assets
AFS securities		0
Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets
AFS securities	75,178	60,702
Reinsurance recoverable	4,863	5,534
Liabilities
Interest sensitive contract liabilities	102,745	96,610
Future policy benefits	23,330	16,704
Derivative liabilities	97	85
Funds withheld liability	408	721
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Assets
AFS securities	3,804	1,437
Trading securities	785	249
Equity securities	58	120
Mortgage loans	653	291
Funds withheld at interest	13,220	13,577
Other investments	487	386
Reinsurance recoverable	0	344
Liabilities
Interest sensitive contract liabilities	15,285	16,850
Future policy benefits	1,302	1,259
Funds withheld liability	0	337
Consolidated Entity Excluding Variable Interest Entities (VIE) | Corporate | Related Party
Assets
AFS securities	19
Consolidated Entity Excluding Variable Interest Entities (VIE) | CLO | Related Party
Assets
AFS securities	936	562
Consolidated Entity Excluding Variable Interest Entities (VIE) | ABS | Related Party
Assets
AFS securities	2,849	875
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring
Assets
Investment funds	819	801
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1
Assets
AFS securities	36	54
Trading securities	8	3
Equity securities	43	40
Mortgage loans	0	0
Investment funds	0	0
Derivative assets	10	9
Short-term investments	46	66
Other investments	0	0
Cash and cash equivalents	4,237	2,911
Restricted cash	402	492
Reinsurance recoverable	0	0
Total assets not carried at fair value	4,785	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
AFS securities	0	0
Trading securities	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
AFS securities	36	54
Trading securities	8	3
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | U.S. state, municipal and political subdivisions
Assets
AFS securities	0	0
Trading securities	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | Foreign governments
Assets
AFS securities	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | Corporate
Assets
AFS securities	0	0
Trading securities	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | CLO
Assets
AFS securities	0	0
Trading securities	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | CLO | Related Party
Assets
AFS securities	0	0
Trading securities	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | ABS
Assets
AFS securities	0	0
Trading securities	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | ABS | Related Party
Assets
AFS securities	0	0
Trading securities	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | CMBS
Assets
AFS securities	0	0
Trading securities	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 1 | RMBS
Assets
AFS securities	0	0
Trading securities	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2
Assets
AFS securities	69,032	56,348
Trading securities	1,988	1,811
Equity securities	201	173
Mortgage loans	0	0
Investment funds	0	0
Derivative assets	2,878	1,034
Short-term investments	319	125
Other investments	93	52
Cash and cash equivalents	0	0
Restricted cash	0	0
Reinsurance recoverable	0	0
Total assets not carried at fair value	76,027	60,674
Liabilities
Derivative liabilities	31	78
Total liabilities measured at fair value	124	77
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Related Party
Assets
AFS securities	1,480	1,109
Trading securities	36	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	93	(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
AFS securities	0	3
Trading securities	3	2
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | U.S. state, municipal and political subdivisions
Assets
AFS securities	1,501	1,293
Trading securities	135	126
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Foreign governments
Assets
AFS securities	327	161
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | Corporate
Assets
AFS securities	46,503	36,199
Trading securities	1,456	1,287
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | CLO
Assets
AFS securities	7,228	5,254
Trading securities	0	8
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | CLO | Related Party
Assets
AFS securities	936	562
Trading securities	36	22
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | ABS
Assets
AFS securities	3,744	3,305
Trading securities	92	87
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | ABS | Related Party
Assets
AFS securities	525	547
Trading securities	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | CMBS
Assets
AFS securities	2,354	2,170
Trading securities	51	49
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 2 | RMBS
Assets
AFS securities	7,375	7,963
Trading securities	251	252
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3
Assets
AFS securities	2,306	2,863
Trading securities	58	135
Equity securities	3	3
Mortgage loans	27	32
Investment funds	22	29
Derivative assets	0	0
Short-term investments	41	0
Other investments	0	0
Cash and cash equivalents	0	0
Restricted cash	0	0
Reinsurance recoverable	1,821	1,676
Total assets not carried at fair value	8,958	5,528
Liabilities
Derivative liabilities	0	4
Total liabilities measured at fair value	14,296	11,078
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Related Party
Assets
AFS securities	2,324	328
Trading securities	749	227
Equity securities	58	120
Investment funds	132	105
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Universal life
Liabilities
Interest sensitive contract liabilities	1,050	932
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | AmerUs Closed Block
Liabilities
Future policy benefits	1,546	1,443
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | ILICO Closed Block and life benefits
Liabilities
Future policy benefits	755	730
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Embedded derivatives
Assets
Funds withheld at interest	801	57
Liabilities
Interest sensitive contract liabilities	10,942	7,969
Funds withheld liability	3	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Embedded derivatives | Related Party
Assets
Funds withheld at interest	594	(110)
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | U.S. government and agencies
Assets
AFS securities	0	0
Trading securities	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | U.S. state, municipal and political subdivisions
Assets
AFS securities	40	0
Trading securities	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Foreign governments
Assets
AFS securities	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | Corporate
Assets
AFS securities	725	898
Trading securities	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | CLO
Assets
AFS securities	121	107
Trading securities	6	1
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | CLO | Related Party
Assets
AFS securities	0	0
Trading securities	38	78
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | ABS
Assets
AFS securities	1,374	1,615
Trading securities	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | ABS | Related Party
Assets
AFS securities	2,324	328
Trading securities	711	149
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | CMBS
Assets
AFS securities	46	187
Trading securities	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Level 3 | RMBS
Assets
AFS securities	0	56
Trading securities	52	134
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | NAV
Assets
Investment funds	132	153
Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | NAV | Related Party
Assets
Investment funds	120	96
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets
Mortgage loans	14,719	10,424
Investment funds	577	521
Funds withheld at interest	14,380	14,966
Short-term investments	190
Other investments	65	70
Total assets not carried at fair value	46,902	42,895
Liabilities
Interest sensitive contract liabilities	58,027	51,655
Funds withheld liability	377	722
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Assets
Mortgage loans	641	290
Investment funds	2,634	2,031
Funds withheld at interest	12,626	13,687
Other investments	537	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
Short-term investments	0
Other investments	0	0
Total assets not carried 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
Short-term investments	0
Other investments	0	0
Total assets not carried at fair value	417	488
Liabilities
Interest sensitive contract liabilities	0	0
Funds withheld liability	377	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	14,719	10,424
Investment funds	0	0
Funds withheld at interest	14,380	14,966
Short-term investments	190
Other investments	65	70
Total assets not carried at fair value	43,158	39,798
Liabilities
Interest sensitive contract liabilities	58,027	51,655
Funds withheld liability	0	0
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 3 | Related Party
Assets
Mortgage loans	641	290
Investment funds	0	0
Funds withheld at interest	12,626	13,687
Other investments	537	361
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | NAV
Assets
Investment funds	577	521
Total assets not carried at fair value	3,327	2,609
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | NAV | Related Party
Assets
Investment funds	2,634	2,031
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring
Assets
AFS securities	71,374	59,265
Trading securities	2,054	1,949
Equity securities	247	216
Mortgage loans	27	32
Investment funds	154	182
Derivative assets	2,888	1,043
Short-term investments	406	191
Other investments	93	52
Cash and cash equivalents	4,237	2,911
Restricted cash	402	492
Reinsurance recoverable	1,821	1,676
Total assets not carried at fair value	90,589	70,617
Liabilities
Interest sensitive contract liabilities	11,992	8,901
Future policy benefits	2,301	2,173
Derivative liabilities	97	85
Funds withheld liability	31	(1)
Total liabilities measured at fair value	14,421	11,158
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Related Party
Assets
AFS securities	3,804	1,437
Trading securities	785	249
Equity securities	58	120
Investment funds	252	201
Funds withheld at interest	594	(110)
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Universal life
Liabilities
Interest sensitive contract liabilities	1,050	932
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | AmerUs Closed Block
Liabilities
Future policy benefits	1,546	1,443
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | ILICO Closed Block and life benefits
Liabilities
Future policy benefits	755	730
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Embedded derivatives
Assets
Funds withheld at interest	801	57
Liabilities
Interest sensitive contract liabilities	10,942	7,969
Funds withheld liability	31	(1)
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Embedded derivatives | Related Party
Assets
Funds withheld at interest	594	(110)
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | U.S. government and agencies
Assets
AFS securities	36	57
Trading securities	11	5
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | U.S. state, municipal and political subdivisions
Assets
AFS securities	1,541	1,293
Trading securities	135	126
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Foreign governments
Assets
AFS securities	327	161
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Corporate
Assets
AFS securities	47,228	37,097
Trading securities	1,456	1,287
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | Corporate | Related Party
Assets
AFS securities	19
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | CLO
Assets
AFS securities	7,349	5,361
Trading securities	6	9
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | CLO | Related Party
Assets
AFS securities	936	562
Trading securities	74	100
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | ABS
Assets
AFS securities	5,118	4,920
Trading securities	92	87
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | ABS | Related Party
Assets
AFS securities	2,849	875
Trading securities	711	149
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | CMBS
Assets
AFS securities	2,400	2,357
Trading securities	51	49
Fair Value | Consolidated Entity Excluding Variable Interest Entities (VIE) | Recurring | RMBS
Assets
AFS securities	7,375	8,019
Trading securities	303	386
Variable Interest Entities
Assets
Trading securities	16	35
Variable Interest Entities | Related Party
Assets
Trading securities	0	35
Equity securities	6	50
Variable Interest Entities | Recurring | Level 1
Assets
Trading securities		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	0
Equity securities	0
Variable Interest Entities | Recurring | Level 2
Assets
Trading securities		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	0
Equity securities	0
Variable Interest Entities | Recurring | Level 3
Assets
Trading securities	16	35
Equity securities		13
Investment funds	0	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	567
Variable Interest Entities | Fair Value | Related Party
Assets
Investment funds	116	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	116	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	16	35
Equity securities	6	50
Investment funds	$ 567	$ 567

Fair Value - Fair Value Option

Fair Value - Fair Value Option (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	$ 46	$ (36)	$ 45
Mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	0	0	(1)
Unpaid principal balance	25	30
Mark to fair value	2	2
Fair value	27	32
Investment Income [Member] | Investment funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	(3)	37	35
Investment related gains (losses) | Trading securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	152	(255)	30
Future policy benefits | Insurance Contract, Rights and Obligations [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	$ (103)	$ 182	$ (19)

Fair Value - Reconciliation of

Fair Value - Reconciliation of Level 3 Financial Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Consolidated Entity Excluding Variable Interest Entities (VIE)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 5,528	$ 5,422
Total realized and unrealized gains (losses) included in income	1,580	(625)
Total realized and unrealized gains (losses), Included in OCI	78	(32)
Purchases, (Sales), Issuances, (Settlements)	2,490	1,182
Transfer In	189	293
Transfers (Out)	(907)	(712)
Ending Balance	8,958	5,528
Total gains (losses) included in earnings	7	(11)
Beginning Balance	(11,078)	(10,849)
Total realized and unrealized gains (losses), Included in income	(2,771)	1,252
Total realized and unrealized gains (losses), Included in OCI	0	0
Purchases, (Sales), Issuances, (Settlements), Liabilities	(447)	(1,481)
Transfers In	0	0
Transfers (Out)	0	0
Ending Balance	(14,296)	(11,078)
Total gains (losses) included in earnings	1	1
Consolidated Entity Excluding Variable Interest Entities (VIE) | AFS securities | Related Party
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Purchases, (Sales), Issuances, (Settlements)		326
Consolidated Entity Excluding Variable Interest Entities (VIE) | Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	3	8
Total realized and unrealized gains (losses) included in income	0	2
Total realized and unrealized gains (losses), Included in OCI	0	0
Purchases, (Sales), Issuances, (Settlements)	0	(7)
Transfer In	0	0
Transfers (Out)	0	0
Ending Balance	3	3
Total gains (losses) included in earnings	0	2
Consolidated Entity Excluding Variable Interest Entities (VIE) | Equity securities | Related Party
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	120	0
Total realized and unrealized gains (losses) included in income	0	0
Total realized and unrealized gains (losses), Included in OCI	0	0
Purchases, (Sales), Issuances, (Settlements)	(62)	120
Transfer In	0	0
Transfers (Out)	0	0
Ending Balance	58	120
Total gains (losses) included in earnings	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | U.S. state, municipal and political subdivisions | AFS securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0
Total realized and unrealized gains (losses) included in income	0
Total realized and unrealized gains (losses), Included in OCI	0
Purchases, (Sales), Issuances, (Settlements)	40
Transfer In	0
Transfers (Out)	0
Ending Balance	40	0
Total gains (losses) included in earnings	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | U.S. state, municipal and political subdivisions | Trading securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0	17
Total realized and unrealized gains (losses) included in income		1
Total realized and unrealized gains (losses), Included in OCI		0
Purchases, (Sales), Issuances, (Settlements)		0
Transfer In		0
Transfers (Out)		(18)
Ending Balance		0
Total gains (losses) included in earnings		1
Consolidated Entity Excluding Variable Interest Entities (VIE) | Corporate | AFS securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	898	578
Total realized and unrealized gains (losses) included in income	14	(16)
Total realized and unrealized gains (losses), Included in OCI	12	(6)
Purchases, (Sales), Issuances, (Settlements)	(61)	249
Transfer In	5	97
Transfers (Out)	(143)	(4)
Ending Balance	725	898
Total gains (losses) included in earnings	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | CLO | AFS securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	107	64
Total realized and unrealized gains (losses) included in income	0	2
Total realized and unrealized gains (losses), Included in OCI	3	(2)
Purchases, (Sales), Issuances, (Settlements)	50	36
Transfer In	0	7
Transfers (Out)	(39)	0
Ending Balance	121	107
Total gains (losses) included in earnings	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | CLO | Trading securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1	17
Total realized and unrealized gains (losses) included in income	0	(9)
Total realized and unrealized gains (losses), Included in OCI	0	0
Purchases, (Sales), Issuances, (Settlements)	0	0
Transfer In	5	0
Transfers (Out)	0	(7)
Ending Balance	6	1
Total gains (losses) included in earnings	6	(6)
Consolidated Entity Excluding Variable Interest Entities (VIE) | CLO | Trading securities | Related Party
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	78	105
Total realized and unrealized gains (losses) included in income	(7)	(13)
Total realized and unrealized gains (losses), Included in OCI	0	0
Purchases, (Sales), Issuances, (Settlements)	(14)	(18)
Transfer In	17	25
Transfers (Out)	(36)	(21)
Ending Balance	38	78
Total gains (losses) included in earnings	2	(5)
Consolidated Entity Excluding Variable Interest Entities (VIE) | ABS | AFS securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,615	1,457
Total realized and unrealized gains (losses) included in income	7	8
Total realized and unrealized gains (losses), Included in OCI	32	(11)
Purchases, (Sales), Issuances, (Settlements)	120	252
Transfer In	30	0
Transfers (Out)	(430)	(91)
Ending Balance	1,374	1,615
Total gains (losses) included in earnings	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | ABS | AFS securities | Related Party
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	328	4
Total realized and unrealized gains (losses) included in income	2	0
Total realized and unrealized gains (losses), Included in OCI	22	(2)
Purchases, (Sales), Issuances, (Settlements)	2,076	326
Transfer In	0	0
Transfers (Out)	(104)	0
Ending Balance	2,324	328
Total gains (losses) included in earnings	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | ABS | Trading securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0	77
Total realized and unrealized gains (losses) included in income		(6)
Total realized and unrealized gains (losses), Included in OCI		0
Purchases, (Sales), Issuances, (Settlements)		0
Transfer In		0
Transfers (Out)		(71)
Ending Balance		0
Total gains (losses) included in earnings		(2)
Consolidated Entity Excluding Variable Interest Entities (VIE) | ABS | Trading securities | Related Party
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	149	0
Total realized and unrealized gains (losses) included in income	(14)	0
Total realized and unrealized gains (losses), Included in OCI	0	0
Purchases, (Sales), Issuances, (Settlements)	473	0
Transfer In	103	149
Transfers (Out)	0	0
Ending Balance	711	149
Total gains (losses) included in earnings	(6)	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | CMBS | AFS securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	187	137
Total realized and unrealized gains (losses) included in income	2	1
Total realized and unrealized gains (losses), Included in OCI	7	0
Purchases, (Sales), Issuances, (Settlements)	(131)	132
Transfer In	0	15
Transfers (Out)	(19)	(98)
Ending Balance	46	187
Total gains (losses) included in earnings	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | RMBS | AFS securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	56	301
Total realized and unrealized gains (losses) included in income	2	4
Total realized and unrealized gains (losses), Included in OCI	2	(11)
Purchases, (Sales), Issuances, (Settlements)	(13)	21
Transfer In	0	0
Transfers (Out)	(47)	(259)
Ending Balance	0	56
Total gains (losses) included in earnings	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | RMBS | Trading securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	134	342
Total realized and unrealized gains (losses) included in income	(21)	(65)
Total realized and unrealized gains (losses), Included in OCI	0	0
Purchases, (Sales), Issuances, (Settlements)	10	0
Transfer In	4	0
Transfers (Out)	(75)	(143)
Ending Balance	52	134
Total gains (losses) included in earnings	1	5
Consolidated Entity Excluding Variable Interest Entities (VIE) | Investment funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	29	41
Total realized and unrealized gains (losses) included in income	(3)	(3)
Total realized and unrealized gains (losses), Included in OCI	0	0
Purchases, (Sales), Issuances, (Settlements)	(4)	(9)
Transfer In	0	0
Transfers (Out)	0	0
Ending Balance	22	29
Total gains (losses) included in earnings	(3)	(3)
Consolidated Entity Excluding Variable Interest Entities (VIE) | Investment funds | Related Party
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	105	0
Total realized and unrealized gains (losses) included in income	8	(3)
Total realized and unrealized gains (losses), Included in OCI	0	0
Purchases, (Sales), Issuances, (Settlements)	19	108
Transfer In	0	0
Transfers (Out)	0	0
Ending Balance	132	105
Total gains (losses) included in earnings	8	(3)
Consolidated Entity Excluding Variable Interest Entities (VIE) | Mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	32	41
Total realized and unrealized gains (losses) included in income	0	0
Total realized and unrealized gains (losses), Included in OCI	0	0
Purchases, (Sales), Issuances, (Settlements)	(5)	(9)
Transfer In	0	0
Transfers (Out)	0	0
Ending Balance	27	32
Total gains (losses) included in earnings	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Reinsurance recoverable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,676	1,824
Total realized and unrealized gains (losses) included in income	145	(148)
Total realized and unrealized gains (losses), Included in OCI	0	0
Purchases, (Sales), Issuances, (Settlements)	0	0
Transfer In	0	0
Transfers (Out)	0	0
Ending Balance	1,821	1,676
Total gains (losses) included in earnings	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Short-term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0
Total realized and unrealized gains (losses) included in income	0
Total realized and unrealized gains (losses), Included in OCI	0
Purchases, (Sales), Issuances, (Settlements)	41
Transfer In	0
Transfers (Out)	0
Ending Balance	41	0
Total gains (losses) included in earnings	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Embedded derivatives | Funds withheld at interest
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	57	312
Total realized and unrealized gains (losses) included in income	744	(255)
Total realized and unrealized gains (losses), Included in OCI	0	0
Purchases, (Sales), Issuances, (Settlements)	0	0
Transfer In	0	0
Transfers (Out)	0	0
Ending Balance	801	57
Total gains (losses) included in earnings	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Embedded derivatives | Funds withheld at interest | Related Party
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(110)	0
Total realized and unrealized gains (losses) included in income	704	(110)
Total realized and unrealized gains (losses), Included in OCI	0	0
Purchases, (Sales), Issuances, (Settlements)	0	0
Transfer In	0	0
Transfers (Out)	0	0
Ending Balance	594	(110)
Total gains (losses) included in earnings	0	0
Interest sensitive contract liabilities | Consolidated Entity Excluding Variable Interest Entities (VIE) | Universal life
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(932)	(1,005)
Total realized and unrealized gains (losses), Included in income	(118)	73
Total realized and unrealized gains (losses), Included in OCI	0	0
Purchases, (Sales), Issuances, (Settlements), Liabilities	0	0
Transfers In	0	0
Transfers (Out)	0	0
Ending Balance	(1,050)	(932)
Total gains (losses) included in earnings	0	0
Interest sensitive contract liabilities | Consolidated Entity Excluding Variable Interest Entities (VIE) | Embedded derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(7,969)	(7,411)
Total realized and unrealized gains (losses), Included in income	(2,526)	923
Total realized and unrealized gains (losses), Included in OCI	0	0
Purchases, (Sales), Issuances, (Settlements), Liabilities	(447)	(1,481)
Transfers In	0	0
Transfers (Out)	0	0
Ending Balance	(10,942)	(7,969)
Total gains (losses) included in earnings	0	0
Future policy benefits | Consolidated Entity Excluding Variable Interest Entities (VIE) | AmerUs Closed Block
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(1,443)	(1,625)
Total realized and unrealized gains (losses), Included in income	(103)	182
Total realized and unrealized gains (losses), Included in OCI	0	0
Purchases, (Sales), Issuances, (Settlements), Liabilities	0	0
Transfers In	0	0
Transfers (Out)	0	0
Ending Balance	(1,546)	(1,443)
Total gains (losses) included in earnings	0	0
Future policy benefits | Consolidated Entity Excluding Variable Interest Entities (VIE) | ILICO Closed Block and life benefits
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(730)	(803)
Total realized and unrealized gains (losses), Included in income	(25)	73
Total realized and unrealized gains (losses), Included in OCI	0	0
Purchases, (Sales), Issuances, (Settlements), Liabilities	0	0
Transfers In	0	0
Transfers (Out)	0	0
Ending Balance	(755)	(730)
Total gains (losses) included in earnings	0	0
Derivative liabilities | Consolidated Entity Excluding Variable Interest Entities (VIE)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(4)	(5)
Total realized and unrealized gains (losses), Included in income	1	1
Total realized and unrealized gains (losses), Included in OCI	0	0
Purchases, (Sales), Issuances, (Settlements), Liabilities	0	0
Transfers In	0	0
Transfers (Out)	0	0
Ending Balance	(3)	(4)
Total gains (losses) included in earnings	1	1
Variable Interest Entities | Trading securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	35	48
Total realized and unrealized gains (losses) included in income	0	0
Total realized and unrealized gains (losses), Included in OCI	0	0
Purchases, (Sales), Issuances, (Settlements)	(44)	(13)
Transfer In	25	0
Transfers (Out)	0	0
Ending Balance	16	35
Total gains (losses) included in earnings	1	0
Variable Interest Entities | Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	13	28
Total realized and unrealized gains (losses) included in income	(2)	(12)
Total realized and unrealized gains (losses), Included in OCI	0	0
Purchases, (Sales), Issuances, (Settlements)	(5)	(3)
Transfer In	0	0
Transfers (Out)	0	0
Ending Balance	6	13
Total gains (losses) included in earnings	(1)	0
Variable Interest Entities | Investment funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	15	21
Total realized and unrealized gains (losses) included in income	(1)	(3)
Total realized and unrealized gains (losses), Included in OCI	0	0
Purchases, (Sales), Issuances, (Settlements)	0	(3)
Transfer In	0	0
Transfers (Out)	(14)	0
Ending Balance	0	15
Total gains (losses) included in earnings	$ (1)	$ 0

Fair Value - Gross Components o

Fair Value - Gross Components of Purchases, Sales, Issuances and Settlements, net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Consolidated Entity Excluding Variable Interest Entities (VIE)
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	$ 3,557	$ 1,831
Sales	(247)	(164)
Settlements	(820)	(485)
Purchases, (Sales), Issuances, (Settlements)	2,490	1,182
Purchases	0	0
Issuances	(937)	(1,888)
Sales	0	0
Settlements	490	407
Purchases, (Sales), Issuances, (Settlements), Liabilities	(447)	(1,481)
Consolidated Entity Excluding Variable Interest Entities (VIE) | AFS securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)		326
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	(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	75	120
Sales	0	0
Settlements	(137)	0
Purchases, (Sales), Issuances, (Settlements)	(62)	120
Consolidated Entity Excluding Variable Interest Entities (VIE) | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Sales	(4)
Settlements	0	(9)
Purchases, (Sales), Issuances, (Settlements)	(4)	(9)
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	20	108
Sales	(1)	0
Purchases, (Sales), Issuances, (Settlements)	19	108
Consolidated Entity Excluding Variable Interest Entities (VIE) | Short-term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	74
Sales	0
Settlements	(33)
Purchases, (Sales), Issuances, (Settlements)	41
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		326
Sales		0
Settlements		0
Consolidated Entity Excluding Variable Interest Entities (VIE) | U.S. state, municipal and political subdivisions | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	40
Sales	0
Settlements	0
Purchases, (Sales), Issuances, (Settlements)	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
Consolidated Entity Excluding Variable Interest Entities (VIE) | Corporate | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	116	351
Sales	(3)	(29)
Settlements	(174)	(73)
Purchases, (Sales), Issuances, (Settlements)	(61)	249
Consolidated Entity Excluding Variable Interest Entities (VIE) | CLO | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	94	67
Sales	0	0
Settlements	(44)	(31)
Purchases, (Sales), Issuances, (Settlements)	50	36
Consolidated Entity Excluding Variable Interest Entities (VIE) | CLO | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		7
Sales		(7)
Settlements		0
Purchases, (Sales), Issuances, (Settlements)	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | CLO | Trading securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	30
Sales	(14)	(48)
Settlements	0	0
Purchases, (Sales), Issuances, (Settlements)	(14)	(18)
Consolidated Entity Excluding Variable Interest Entities (VIE) | ABS | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	409	599
Sales	(172)	(35)
Settlements	(117)	(312)
Purchases, (Sales), Issuances, (Settlements)	120	252
Consolidated Entity Excluding Variable Interest Entities (VIE) | ABS | AFS securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	2,207
Sales	0
Settlements	(131)
Purchases, (Sales), Issuances, (Settlements)	2,076	326
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, (Sales), Issuances, (Settlements)		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	511
Sales	0
Settlements	(38)
Purchases, (Sales), Issuances, (Settlements)	473	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | RMBS
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Sales		0
Consolidated Entity Excluding Variable Interest Entities (VIE) | RMBS | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	1	56
Settlements	(14)	(35)
Purchases, (Sales), Issuances, (Settlements)	(13)	21
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	10
Sales	0
Settlements	0
Purchases, (Sales), Issuances, (Settlements)	10	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | CMBS | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	151
Sales	(4)	(3)
Settlements	(127)	(16)
Purchases, (Sales), Issuances, (Settlements)	(131)	132
Consolidated Entity Excluding Variable Interest Entities (VIE) | Mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Settlements	(5)	(9)
Purchases, (Sales), Issuances, (Settlements)	(5)	(9)
Interest sensitive contract liabilities | Consolidated Entity Excluding Variable Interest Entities (VIE) | Embedded derivatives
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	0
Issuances	(937)	(1,888)
Sales	0	0
Settlements	490	407
Purchases, (Sales), Issuances, (Settlements), Liabilities	(447)	(1,481)
Variable Interest Entities | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	0
Sales	(44)	(13)
Settlements	0	0
Purchases, (Sales), Issuances, (Settlements)	(44)	(13)
Variable Interest Entities | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	1
Sales	(5)	(4)
Settlements	0	0
Purchases, (Sales), Issuances, (Settlements)	$ (5)	(3)
Variable Interest Entities | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		14
Sales		(17)
Settlements		0
Purchases, (Sales), Issuances, (Settlements)		$ (3)

Fair Value - Summary of Unobser

Fair Value - Summary of Unobservable Inputs for the Embedded Derivatives of Interest Sensitive Contract Liabilities (Details) $ in Millions	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Interest sensitive contract liabilities | Embedded derivatives | Level 3
Fair Value Unobservable Inputs
Total liabilities measured at fair value	$ 10,942	$ 7,969
Nonperformance risk | Minimum
Fair Value Unobservable Inputs
Embedded Derivative Liability, Measurement Input	0.002	0.003
Nonperformance risk | Maximum
Fair Value Unobservable Inputs
Embedded Derivative Liability, Measurement Input	0.011	0.015
Option budget | Minimum
Fair Value Unobservable Inputs
Embedded Derivative Liability, Measurement Input	0.007	0.007
Option budget | Maximum
Fair Value Unobservable Inputs
Embedded Derivative Liability, Measurement Input	0.037	0.037
Surrender rate | Minimum
Fair Value Unobservable Inputs
Embedded Derivative Liability, Measurement Input	0.035	0.036
Surrender rate | Maximum
Fair Value Unobservable Inputs
Embedded Derivative Liability, Measurement Input	0.081	0.073

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Assets
Mortgage loans	$ 14,959	$ 10,631
Investment funds	4,300	3,559
Consolidated Entity Excluding Variable Interest Entities (VIE)
Liabilities
Interest sensitive contract liabilities	102,745	96,610
Short-term Debt	475	0
Long-term debt	992	991
Funds withheld liability	408	721
Consolidated Entity Excluding Variable Interest Entities (VIE) | Carrying Value
Assets
Mortgage loans	14,279	10,308
Investment funds	577	521
Policy loans	417	488
Funds withheld at interest	14,380	14,966
Other investments	65	70
Short-term investments	190
Total assets not carried at fair value	46,424	42,805
Liabilities
Interest sensitive contract liabilities	57,272	54,655
Short-term Debt	475
Long-term debt	992	991
Payables for collateral on derivatives and securities to repurchase	512
Funds withheld liability	377	722
Total liabilities not carried at fair value	59,628	56,368
Consolidated Entity Excluding Variable Interest Entities (VIE) | Fair Value
Assets
Mortgage loans	14,719	10,424
Investment funds	577	521
Policy loans	417	488
Funds withheld at interest	14,380	14,966
Other investments	65	70
Short-term investments	190
Total assets not carried at fair value	46,902	42,895
Liabilities
Interest sensitive contract liabilities	58,027	51,655
Short-term Debt	475
Long-term debt	1,036	910
Payables for collateral on derivatives and securities to repurchase	512
Funds withheld liability	377	722
Total liabilities not carried at fair value	60,427	53,287
Consolidated Entity Excluding Variable Interest Entities (VIE) | NAV | Fair Value
Assets
Investment funds	577	521
Total assets not carried at fair value	3,327	2,609
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
Short-term investments	0
Total assets not carried at fair value	0	0
Liabilities
Interest sensitive contract liabilities	0	0
Short-term Debt	0
Long-term debt	0	0
Payables for collateral on derivatives and securities to repurchase	0
Funds withheld liability	0	0
Total liabilities not carried at fair value	0	0
Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 2 | Fair Value
Assets
Mortgage loans	0	0
Investment funds	0	0
Policy loans	417	488
Funds withheld at interest	0	0
Other investments	0	0
Short-term investments	0
Total assets not carried at fair value	417	488
Liabilities
Interest sensitive contract liabilities	0	0
Short-term Debt	475
Long-term debt	1,036	910
Payables for collateral on derivatives and securities to repurchase	512
Funds withheld liability	377	722
Total liabilities not carried at fair value	2,400	1,632
Consolidated Entity Excluding Variable Interest Entities (VIE) | Level 3 | Fair Value
Assets
Mortgage loans	14,719	10,424
Investment funds	0	0
Policy loans	0	0
Funds withheld at interest	14,380	14,966
Other investments	65	70
Short-term investments	190
Total assets not carried at fair value	43,158	39,798
Liabilities
Interest sensitive contract liabilities	58,027	51,655
Short-term Debt	0
Long-term debt	0	0
Payables for collateral on derivatives and securities to repurchase	0
Funds withheld liability	0	0
Total liabilities not carried at fair value	58,027	51,655
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Assets
Mortgage loans	653	291
Investment funds	2,886	2,232
Funds withheld at interest	13,220	13,577
Other investments	487	386
Liabilities
Interest sensitive contract liabilities	15,285	16,850
Funds withheld liability	0	337
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Carrying Value
Assets
Mortgage loans	653	291
Investment funds	2,634	2,031
Funds withheld at interest	12,626	13,687
Other investments	487	386
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | Fair Value
Assets
Mortgage loans	641	290
Investment funds	2,634	2,031
Funds withheld at interest	12,626	13,687
Other investments	537	361
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party | NAV | Fair Value
Assets
Investment funds	2,634	2,031
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 2 | 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	641	290
Investment funds	0	0
Funds withheld at interest	12,626	13,687
Other investments	537	361
Variable Interest Entities
Assets
Investment funds	683	624
Variable Interest Entities | Related Party
Assets
Investment funds	664	583
Variable Interest Entities | Related Party | Carrying Value
Assets
Investment funds	116	57
Variable Interest Entities | Related Party | Fair Value
Assets
Investment funds	116	57
Variable Interest Entities | Related Party | NAV | Fair Value
Assets
Investment funds	116	57
Variable Interest Entities | Related Party | Level 1 | Fair Value
Assets
Investment funds	0	0
Variable Interest Entities | Related Party | Level 2 | Fair Value
Assets
Investment funds	0	0
Variable Interest Entities | Related Party | Level 3 | Fair Value
Assets
Investment funds	$ 0	$ 0

Fair Value - Narrative (Details

Fair Value - Narrative (Details)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Mortgage loans
Fair Value Measurement Inputs
Fair value option, loans, 90 days or more past due	$ 0	$ 0
Discount rate | Minimum
Fair Value Measurement Inputs
Debt Securities, Available-for-sale, Measurement Input	0.03	0.05
Discount rate | Maximum
Fair Value Measurement Inputs
Debt Securities, Available-for-sale, Measurement Input	0.09	0.09

Reinsurance Reinsurance - Premi

Reinsurance Reinsurance - Premiums and future policy benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Summary of Reinsurance Effect on the Statements of Income [Abstract]
Direct Premiums Earned	$ 5,449	$ 2,813	$ 2,700
Assumed Premiums Earned	1,092	1,066	21
Ceded Premiums Earned	(159)	(417)	(195)
Premiums	6,382	3,462	2,526
Policyholder Benefits and Claims Incurred, Direct	6,697	3,739	3,537
Policyholder Benefits and Claims Incurred, Assumed	1,223	1,093	37
Policyholder Benefits and Claims Incurred, Ceded	(333)	(551)	(313)
Future policy and other policy benefits	$ 7,587	$ 4,281	$ 3,261

Reinsurance Reinsurance - Trans

Reinsurance Reinsurance - Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effects of Reinsurance [Line Items]
Liabilities	$ 132,734	$ 117,229
Deferred Policy Acquisition Cost	3,274	3,921	$ 1,375	$ 1,145
Assets	146,875	125,505
Reinsurance agreement
Effects of Reinsurance [Line Items]
Liabilities	791	27,238
Deferred Policy Acquisition Cost	0	1,777
Assets	818	26,255
Reinsurance Agreement Payments	0	(660)
Net Cost of Reinsurance	(27)	1,643
Interest sensitive contract liabilities	0	69
Future policy benefits	$ (27)	$ (65)

Reinsurance - Schedule of Novat

Reinsurance - Schedule of Novated Balances (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Schedule of Novated Balances [Line Items]
Reinsurance recoverable	$ 4,863	$ 5,534
Novation [Member]
Schedule of Novated Balances [Line Items]
Interest sensitive contract liabilities	407
Future policy benefits	305
Funds withheld liability	347
Investments	320
Policy loans	38
Reinsurance recoverable	674
Other assets	$ 27

Reinsurance - Ceded Credit Risk

Reinsurance - Ceded Credit Risk (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 4,863	$ 5,534
Global Atlantic
Ceded Credit Risk [Line Items]
Reinsurance recoverable	2,981	3,166
Protective Life [Member]
Ceded Credit Risk [Line Items]
Reinsurance recoverable	1,605	1,652
Athora Life Re Ltd. [Member]
Ceded Credit Risk [Line Items]
Reinsurance recoverable	0	337
Other Reinsurer [Member]
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 277	$ 379

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Protective Life [Member]
Effects of Reinsurance [Line Items]
Assets Held-in-trust	$ 1,640	$ 1,525
Minimum
Effects of Reinsurance [Line Items]
Assets Held-in-trust	8,377	5,719
Minimum | Global Atlantic
Effects of Reinsurance [Line Items]
Assets Held-in-trust	$ 3,478	$ 3,967

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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
DAC
Beginning balance	$ 3,921	$ 1,375	$ 1,145
Additions	645	2,481	493
Unlocking	(117)	21	13
Amortization	(749)	(108)	(194)
Impact of unrealized investment (gains) losses	(426)	152	(82)
Ending balance	3,274	3,921	1,375
Deferred sales inducement amortization expense excluding unlocking	65	61	67
DSI
Beginning balance	799	520	462
Additions	226	264	161
Unlocking	(9)	7	4
Impact of unrealized investment (gains) losses	(131)	69	(40)
Ending balance	820	799	520
VOBA
Beginning balance	1,187	1,077	1,352
Additions	0	0	0
Unlocking	(24)	54	(1)
Amortization	(68)	(141)	(162)
Impact of unrealized investment (gains) losses	(181)	197	(112)
Ending balance	914	1,187	1,077
Total
Beginning balance	5,907	2,972	2,959
Additions	871	2,745	654
Unlocking	(150)	82	16
Amortization	(882)	(310)	(423)
Impact of unrealized investment (gains) losses	(738)	418	(234)
Ending balance	$ 5,008	$ 5,907	$ 2,972

Deferred Acquisition Costs, D_4

Deferred Acquisition Costs, Deferred Sales Inducements, and Value of Business Acquired - Expected Amortization of VOBA (Details) $ in Millions	Dec. 31, 2019USD ($)
Insurance [Abstract]
Present Value of Future Insurance Profits, Amortization Expense, Year One	$ 94
Present Value of Future Insurance Profits, Amortization Expense, Year Two	85
Present Value of Future Insurance Profits, Amortization Expense, Year Three	75
Present Value of Future Insurance Profits, Amortization Expense, Year Four	71
Present Value of Future Insurance Profits, Amortization Expense, Year Five	$ 66

Closed Block - Schedule of Clos

Closed Block - Schedule of Closed Block Assets and Liabilities (Details) - AmerUs Closed Block - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Closed Block [Line Items]
Closed Block Liabilities, Future Policy Benefits and Policyholder Account Balances	$ 1,546	$ 1,443
Closed Block Liabilities, Other Policyholder Funds	18	14
Closed Block Liabilities, Policyholder Dividends Payable	87	89
Closed Block Liabilities	1,651	1,546
Assets Designated to Closed Block, Trading Securities, Debt	1,353	1,228
Assets Designated to Closed Block, Mortgage Loans on Real Estate	27	32
Assets Designated to Closed Block, Policy Loans	139	154
Assets Designated to Closed Block, Investments	1,519	1,414
Assets Designated to Closed Block, Cash and Cash Equivalents	30	31
Assets Designated to Closed Block, Accrued Investment Income	44	41
Assets Designated to Closed Block, Reinsurance Recoverable	19	22
Assets Designated to Closed Block, Other Closed Block Assets	9	2
Assets Designated to Closed Block	1,621	1,510
Excess of Reported Closed Block Liabilities over Assets Designated to Closed Block	$ 30	$ 36

Closed Block - Results of Opera

Closed Block - Results of Operations (Details) - AmerUs Closed Block - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Closed Block [Line Items]
Closed Block Operations, Premiums	$ 54	$ 48	$ 58
Closed Block Operations, Net Investment Income	74	77	79
Closed Block Operations, Realized Investment Gains (Losses)	147	(118)	61
Closed Block Operations, Revenue	275	7	198
Closed Block Operations, Policyholder Benefits	234	(49)	144
Closed Block Operations, Policyholder Dividends	36	36	51
Closed Block Operations, Benefits and Expense	270	(13)	195
Closed Block Operations, Results before Income Taxes	5	20	3
Closed Block Operations, Income Taxes	(1)	0	(5)
Closed Block Operations, Net Results	$ 6	$ 20	$ 8

Debt (Details)

Debt (Details) - Revolving Credit Facility - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2019
Line of Credit Facility [Line Items]
Debt Instrument, Term			5 years
Line of Credit Facility, Current Borrowing Capacity	$ 1,250		$ 1,250	$ 1,250
Maximum borrowing capacity	1,750		1,750	$ 1,750
Line of Credit Facility, Covenant Terms, Maximum Consolidated Debt to Capitalization Ratio				35.00%
Line of Credit Facility, Covenant Terms, Consolidated Net Worth Requirement, Amount	7,300		7,300	$ 7,300
Long-term Line of Credit	$ 0		$ 0	$ 0
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.15%	0.225%
Minimum
Line of Credit Facility [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage				0.10%
Maximum
Line of Credit Facility [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage				0.30%

Debt - Senior Note Issuance (De

Debt - Senior Note Issuance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Jan. 09, 2018
Line of Credit Facility [Line Items]
Interest Expense, Long-term Debt	$ 42	$ 41
Senior Notes
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount			$ 1,000
Interest rate			4.125%

Debt - Short-term debt (Details

Debt - Short-term debt (Details) - Federal Home Loan Bank of Des Moines [Member] - Federal Home Loan Bank Advances [Member] - Short-term Debt [Member] $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Short-term Debt [Line Items]
Short-term Debt, Weighted Average Interest Rate, at Point in Time	1.79%
Short-term Debt	$ 475
Debt Instrument, Maturity Date Range, Start	Feb. 10, 2020
Debt Instrument, Maturity Date Range, End	May 11, 2020

Equity - Schedule of Stock by C

Equity - Schedule of Stock by Class (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Common Class A
Class of Stock [Line Items]
Common stock outstanding (in shares)	143.2	162.4	142.4	77.3
Stock Issued During Period, Shares, New Issues	0.7	0.6	0.7
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited	(0.1)	0	0
Stock Repurchased During Period, Shares	(19.8)	(2.6)	0
Stock Issued During Period, Shares, Conversion of Convertible Securities	0	(22)	(64.4)
Common Class B
Class of Stock [Line Items]
Common stock outstanding (in shares)	25.4	25.4	47.4	111.8
Stock Issued During Period, Shares, Conversion of Convertible Securities	0	(22)	(64.4)
Common Class M-1
Class of Stock [Line Items]
Common stock outstanding (in shares)	3.3	3.4	3.4	3.5
Stock Issued During Period, Shares, Conversion of Convertible Securities	(0.1)	0	(0.1)
Common Class M-2
Class of Stock [Line Items]
Common stock outstanding (in shares)	0.8	0.8	0.9	1.1
Stock Issued During Period, Shares, Conversion of Convertible Securities	0	(0.1)	(0.2)
Common Class M-3
Class of Stock [Line Items]
Common stock outstanding (in shares)	1	1	1.1	1.3
Stock Issued During Period, Shares, Conversion of Convertible Securities	0	(0.1)	(0.2)
Common Class M-4
Class of Stock [Line Items]
Common stock outstanding (in shares)	4	4.1	4.7	5.4
Stock Repurchased During Period, Shares	0	(0.1)	(0.4)
Stock Issued During Period, Shares, Conversion of Convertible Securities	0.1	0.5	0.2
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares	0	0	(0.1)

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Millions	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)shares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017shares	Sep. 19, 2019shares	Jun. 10, 2019shares
Class of Stock [Line Items]
Number of Classes of Common Stock			6
Common Stock, Voting Rights, Percent of Total Voting Power			35.00%
Common Stock, Voting Rights, Maximum Voting Power for Single Shareholder			9.90%
Common Stock, Voting Rights, Maximum Voting Power for Related Party Group			3.00%
Capital Stock Authorized Undesignated	150,000,000		150,000,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage	6.35%
Preferred Stock, Liquidation Preference Per Share | $ / shares	$ 25,000		$ 25,000
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 1		1
Preferred Stock, Dividends, Per Share, Cash Paid | $ / shares			$ 881.95
Dividends, Preferred Stock, Cash | $			$ 31
Preferred Stock, Shares Issued							34,500
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage	5.625%
Preferred Stock, Liquidation Preference Per Share | $ / shares	$ 25,000		$ 25,000
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 1		1
Preferred Stock, Dividends, Per Share, Cash Paid | $ / shares			$ 394.53
Dividends, Preferred Stock, Cash | $			$ 5
Preferred Stock, Shares Issued						13,800
Common Class B
Class of Stock [Line Items]
Common Stock, Voting Rights, Percent of Total Voting Power			45.00%
Shares issued from conversion of securities (in shares)			0	22,000,000	64,400,000
Common Class M
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	9,100,000		9,100,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares	$ 18.63		$ 18.63
Common Class A
Class of Stock [Line Items]
Common Stock, Voting Rights, Percent of Total Voting Power			55.00%
Shares issued from conversion of securities (in shares)			0	22,000,000	64,400,000
Stock Repurchase Program, Authorized Amount | $	$ 1,567	$ 250	$ 1,567	$ 250
Stock Repurchased During Period, Shares			19,800,000	2,600,000	0
Stock Repurchased During Period, Value | $		100	$ 827
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $	640	$ 150	$ 640	$ 150
Shares Sold by Existing Shareholders, Follow on Offering				50,300,000
Stock Issued During Period, Shares, New Issues			700,000	600,000	700,000
AP Alternative Assets, L.P. [Member] | Common Class A
Class of Stock [Line Items]
Shares issued from conversion of securities (in shares)		21,400,000	21,900,000
Follow-on Offerings [Member] | Common Class A
Class of Stock [Line Items]
Shares issued from conversion of securities (in shares)				41,700,000
Lockup Releases [Member] | Common Class A
Class of Stock [Line Items]
Shares issued from conversion of securities (in shares)				1,300,000
Repurchase Authorizations 2019 [Member] | Common Class A
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount | $	$ 1,317		$ 1,317

Equity - AOCI (Details)

Equity - AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2018	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	$ 3,637	$ (2,310)	$ 1,270
Reclassification adjustments for gains (losses) realized in net income	169	0	40
Income tax expense (benefit) related to other comprehensive income (loss)	698	(431)	334
Adoption of accounting standards				$ (3)
Other comprehensive income attributable to NCI, net of tax	17
Accumulated other comprehensive income (loss)	2,281	(472)	1,449		$ 366
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	3,122	(613)	2,099		684
Deferred Acquisition Costs, Deferred Value of Business Acquired and Future Policy Benefit Adjustment on Available-for-sale Securities Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income attributable to NCI, net of tax	0
Accumulated Other-than-Temporary Impairment Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income attributable to NCI, net of tax	0
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income attributable to NCI, net of tax	1
Unrealized gains (losses) on AFS securities, including DAC, DSI, VOBA, and future policy benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	(1,322)	852	(319)
Reclassification adjustments for gains (losses) realized in net income	(56)	(1)	(26)
Income tax expense (benefit) related to other comprehensive income (loss)	(266)	168	(95)
Accumulated Other-than-Temporary Impairment Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	1	(9)	(5)
Reclassification adjustments for gains (losses) realized in net income	7	(3)	(9)
Income tax expense (benefit) related to other comprehensive income (loss)	(1)	(1)	1
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	29	146	(105)
Reclassification adjustments for gains (losses) realized in net income	0	0	0
Income tax expense (benefit) related to other comprehensive income (loss)	6	31	(35)
Deferred Acquisition Costs, Deferred Sales Inducements, Deferred Value of Business Acquired and Future Policy Benefit Adjustment on Available-for-sale Securities Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	(879)	121	(568)		(298)
Accumulated Other-than-Temporary Impairment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	(20)	(15)	(10)		(11)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	61	39	(76)		6
Accumulated Foreign Currency Adjustment and Other Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	(3)	(4)	4		$ (15)
Accumulated Foreign Currency Adjustment and Other Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income attributable to NCI, net of tax	0
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	1	(8)	19
Reclassification adjustments for gains (losses) realized in net income	0	0	0
Income tax expense (benefit) related to other comprehensive income (loss)	0	0	0
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income attributable to NCI, net of tax	16
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	4,928	(3,291)	1,680
Reclassification adjustments for gains (losses) realized in net income	218	4	75
Income tax expense (benefit) related to other comprehensive income (loss)	$ 959	$ (629)	463
Accounting Standards Update 2016-01 [Member] | Unrealized gains (losses) on AFS securities, including DAC, DSI, VOBA, and future policy benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Adoption of accounting standards				4
Accounting Standards Update 2016-01 [Member] | Accumulated Other-than-Temporary Impairment Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Adoption of accounting standards				0
Accounting Standards Update 2016-01 [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Adoption of accounting standards				0
Accounting Standards Update 2016-01 [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Adoption of accounting standards				0
Accounting Standards Update 2016-01 [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Adoption of accounting standards				(46)
Accounting Standards Update 2016-01 [Member] | AOCI Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Adoption of accounting standards				$ (42)
Accounting Standards Update 2018-02 [Member] | Unrealized gains (losses) on AFS securities, including DAC, DSI, VOBA, and future policy benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Adoption of accounting standards			(72)
Accounting Standards Update 2018-02 [Member] | Accumulated Other-than-Temporary Impairment Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Adoption of accounting standards			(2)
Accounting Standards Update 2018-02 [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Adoption of accounting standards			(12)
Accounting Standards Update 2018-02 [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Adoption of accounting standards			0
Accounting Standards Update 2018-02 [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Adoption of accounting standards			273
Accounting Standards Update 2018-02 [Member] | AOCI Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Adoption of accounting standards			$ 187

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income available to Athene Holding Ltd. common shareholders – basic and diluted	$ 432	$ 276	$ 720	$ 708	$ (104)	$ 623	$ 257	$ 277	$ 2,136	$ 1,053	$ 1,358
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 – basic and diluted									1,760	857	749
Effect of stock compensation plans on allocated net income											18
Net income available to AHL shareholders – diluted									$ 1,760	$ 857	$ 767
Basic weighted average shares outstanding (in shares)									153.9	160.5	107.7
Dilutive effect of stock compensation plans (in shares)									0.4	0.6	3.3
Diluted weighted average shares outstanding (in shares)									154.3	161.1	111
Earnings per share
Basic (in USD per share)	$ 2.43	$ 1.50	$ 3.76	$ 3.65	$ (0.53)	$ 3.16	$ 1.30	$ 1.40	$ 11.44	$ 5.34	$ 6.95
Diluted (in USD per share)	2.42	1.50	3.75	3.64	(0.53)	3.15	1.30	1.40	$ 11.41	$ 5.32	$ 6.91
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 – basic and diluted									$ 291	$ 157	$ 567
Effect of stock compensation plans on allocated net income											0
Net income available to AHL shareholders – diluted									$ 291	$ 157	$ 567
Basic weighted average shares outstanding (in shares)									25.4	29.3	81.6
Dilutive effect of stock compensation plans (in shares)									0	0	0
Diluted weighted average shares outstanding (in shares)									25.4	29.3	81.6
Earnings per share
Basic (in USD per share)	2.43	1.50	3.76	3.65	(0.53)	3.16	1.30	1.40	$ 11.44	$ 5.34	$ 6.95
Diluted (in USD per share)	2.43	1.50	3.76	3.65	(0.53)	3.16	1.30	1.40	$ 11.44	$ 5.34	$ 6.95
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 – basic and diluted									$ 38	$ 18	$ 24
Effect of stock compensation plans on allocated net income											0
Net income available to AHL shareholders – diluted									$ 38	$ 18	$ 24
Basic weighted average shares outstanding (in shares)									3.3	3.4	3.4
Dilutive effect of stock compensation plans (in shares)									0	0	0
Diluted weighted average shares outstanding (in shares)									3.3	3.4	3.4
Earnings per share
Basic (in USD per share)	2.43	1.50	3.76	3.65	(0.53)	3.16	1.30	1.40	$ 11.44	$ 5.34	$ 6.95
Diluted (in USD per share)	2.43	1.50	3.76	3.65	(0.53)	3.16	1.30	1.40	$ 11.44	$ 5.34	$ 6.95
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 – basic and diluted									$ 10	$ 5	$ 4
Effect of stock compensation plans on allocated net income											0
Net income available to AHL shareholders – diluted									$ 10	$ 5	$ 4
Basic weighted average shares outstanding (in shares)									0.8	0.8	0.6
Dilutive effect of stock compensation plans (in shares)									0	0	0.3
Diluted weighted average shares outstanding (in shares)									0.8	0.8	0.9
Earnings per share
Basic (in USD per share)	2.43	1.50	3.76	3.65	(0.53)	3.16	1.30	1.40	$ 11.44	$ 5.34	$ 6.95
Diluted (in USD per share)	2.43	1.50	3.76	3.65	(0.53)	3.16	1.29	1.39	$ 11.44	$ 5.31	$ 5.05
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 – basic and diluted									$ 11	$ 5	$ 5
Effect of stock compensation plans on allocated net income											0
Net income available to AHL shareholders – diluted									$ 11	$ 5	$ 5
Basic weighted average shares outstanding (in shares)									1	1	0.7
Dilutive effect of stock compensation plans (in shares)									0	0	0.5
Diluted weighted average shares outstanding (in shares)									1	1	1.2
Earnings per share
Basic (in USD per share)	2.43	1.50	3.76	3.65	(0.53)	3.16	1.30	1.40	$ 11.44	$ 5.34	$ 6.95
Diluted (in USD per share)	2.43	1.50	3.76	3.65	(0.53)	3.16	1.30	1.38	$ 11.44	$ 5.31	$ 3.86
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 – basic and diluted									$ 26	$ 11	$ 9
Effect of stock compensation plans on allocated net income											0
Net income available to AHL shareholders – diluted									$ 26	$ 11	$ 9
Basic weighted average shares outstanding (in shares)									2.2	2.1	1.3
Dilutive effect of stock compensation plans (in shares)									0.3	0.6	1.6
Diluted weighted average shares outstanding (in shares)									2.5	2.7	2.9
Earnings per share
Basic (in USD per share)	2.43	1.50	3.76	3.65	(0.53)	3.16	1.30	1.40	$ 11.44	$ 5.34	$ 6.95
Diluted (in USD per share)	$ 2.13	$ 1.29	$ 3.28	$ 3.15	$ (0.53)	$ 2.42	$ 1.02	$ 0.97	$ 9.94	$ 4.11	$ 3.10

Earnings Per Share - Shares Exc

Earnings Per Share - Shares Excluded from Dilutive Calculation (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	31.9	34.9	52.3

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Current Income Tax Expense (Benefit)	$ 53	$ 78	$ 5
Deferred income tax expense (benefit)	64	44	101
Income tax expense (benefit)	$ 117	$ 122	$ 106

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Before Income Tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Holiday [Line Items]
Income before income taxes	$ 2,302	$ 1,175	$ 1,464
Domestic Tax Authority [Member] | Office of the Tax Commissioner, Bermuda [Member]
Income Tax Holiday [Line Items]
Income before income taxes	1,895	641	1,165
Foreign Tax Authority [Member] | Federal Ministry of Finance, Germany [Member]
Income Tax Holiday [Line Items]
Income before income taxes	0	0	25
Foreign Tax Authority [Member] | Internal Revenue Service (IRS)
Income Tax Holiday [Line Items]
Income before income taxes	528	534	274
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member]
Income Tax Holiday [Line Items]
Income before income taxes	$ (121)	$ 0	$ 0

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	$ 88	$ 112	$ 104
Increase (decrease) in income taxes resulting from:
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	16	0	(5)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount	17	0	0
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount	2	11	8
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount	(6)	(3)	(8)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount	2	1	5
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount	0	0	(7)
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	(2)	1	9
Income tax expense (benefit)	$ 117	$ 122	$ 106
Effective Tax Rate	5.00%	10.00%	7.00%
Domestic Tax Authority [Member] | Office of the Tax Commissioner, Bermuda [Member]
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	0.00%	0.00%	0.00%
Foreign Tax Authority [Member] | Internal Revenue Service (IRS)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	35.00%
Foreign Tax Authority [Member] | Federal Ministry of Finance, Germany [Member]
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			31.00%

Income Taxes - Schedule of In_2

Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax expense	$ 117	$ 122	$ 106
Income tax expense (benefit) related to other comprehensive income (loss)	698	(431)	334
Income Tax Expense (Benefit), Intraperiod Tax Allocation	$ 815	$ (309)	$ 440

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Deferred Tax Assets, Gross
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Policyholder Liabilities	$ 1,753	$ 1,186
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross	0	112
Deferred Tax Assets, Operating Loss Carryforwards	133	78
Deferred Tax Assets, Tax Credit Carryforwards	2	0
Deferred Tax Assets, Property, Plant and Equipment	0	43
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation	21	24
Deferred Tax Assets, Other	16	38
Deferred Tax Assets, Gross	1,925	1,481
Deferred Tax Assets, Valuation Allowance	(63)	(52)
Deferred Tax Assets, Net of Valuation Allowance	1,862	1,429
Deferred Tax Liabilities, Gross [Abstract]
Deferred Tax Liabilities, Investments	928	296
Deferred Tax Liabilities, Other Comprehensive Income	585	0
Deferred Tax Liabilities, Deferred Expense, Deferred Policy Acquisition Cost	758	790
Deferred Tax Liabilities, Other	14	3
Deferred Tax Liabilities, Gross	2,285	1,089
Deferred Tax Liabilities, Net	$ 423
Deferred Tax Assets, Net		$ 340

Income Taxes - Summary of Valua

Income Taxes - Summary of Valuation Allowance (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Valuation Allowance [Line Items]
Deferred Tax Assets, Valuation Allowance	$ 63	$ 52
United States Federal and State Net Operating Losses [Member]
Valuation Allowance [Line Items]
Deferred Tax Assets, Valuation Allowance	47	52
German Other Deferred Tax Assets [Member]
Valuation Allowance [Line Items]
Deferred Tax Assets, Valuation Allowance	$ 16	$ 0

Income Taxes - Schedule of Gros

Income Taxes - Schedule of Gross Current and Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Income Tax Assets and Liabilities [Line Items]
Income Taxes Receivable		$ 3
Deferred Tax Assets, Net		340
Deferred Tax Liabilities, Net	$ (423)
Taxes Payable	(14)
Other Assets [Member]
Income Tax Assets and Liabilities [Line Items]
Income Taxes Receivable	0	36
Deferred Tax Assets, Net	0	340
Other Liabilities [Member]
Income Tax Assets and Liabilities [Line Items]
Deferred Tax Liabilities, Net	(423)	0
Taxes Payable	$ (14)	$ (33)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Valuation Allowance [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	$ 793
Effective Tax Rate	5.00%	10.00%	7.00%
Office of the Tax Commissioner, Bermuda [Member] | Domestic Tax Authority [Member]
Valuation Allowance [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	0.00%	0.00%	0.00%
Internal Revenue Service (IRS) | Foreign Tax Authority [Member]
Valuation Allowance [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	35.00%
Her Majesty's Revenue and Customs (HMRC) [Member] | Foreign Tax Authority [Member]
Valuation Allowance [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	19.00%

Statutory Requirements - Statut

Statutory Requirements - Statutory EBS and BSCR (Details) - Bermuda - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
ALRe
Statutory Accounting Practices [Line Items]
EBS Capital and Surplus	$ 14,073	$ 12,000
BSCR ratio	310.00%	340.00%
AARe
Statutory Accounting Practices [Line Items]
EBS Capital and Surplus	$ 2,898	$ 3,029
BSCR ratio	257.00%	176.00%
ACRA
Statutory Accounting Practices [Line Items]
EBS Capital and Surplus	$ 1,237	$ 575
BSCR ratio	341.00%	295.00%

Statutory Requirements - Narrat

Statutory Requirements - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
ACRA | Bermuda
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Minimum Solvency Margin, Assets Threshold	$ 500,000
Statutory Accounting Practices, Minimum Solvency Margin, Percentage of Assets In Excess of Threshold	1.50%
ALRe | Bermuda
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Minimum Solvency Margin Required	$ 8,000,000
Statutory Accounting Practices, Minimum Solvency Margin, Percentage of Assets Threshold	2.00%
Statutory Accounting Practices, Minimum Solvency Margin, Assets Threshold	$ 500,000,000
Statutory Accounting Practices, Minimum Solvency Margin, Percentage of Assets In Excess of Threshold	1.50%
Statutory Accounting Practices, Permitted Practice, Increase (Decrease) To Capital And Surplus	$ (3,765,000,000)
Statutory Accounting Practices, Permitted Practice, Increase (Decrease) To Statutory Net Income	(1,035,000,000)
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval	8,141,000,000	$ 5,942,000,000
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	11,000,000,000	9,659,000,000
EBS Capital and Surplus	$ 14,073,000,000	$ 12,000,000,000
BSCR ratio	310.00%	340.00%
AARe | Bermuda
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Permitted Practice, Increase (Decrease) To Capital And Surplus	$ (5,047,000,000)
Statutory Accounting Practices, Permitted Practice, Increase (Decrease) To Statutory Net Income	(4,988,000,000)
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval	1,216,000,000	$ 997,000,000
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	2,343,000,000	2,095,000,000
EBS Capital and Surplus	$ 2,898,000,000	$ 3,029,000,000
BSCR ratio	257.00%	176.00%
AADE | Delaware
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval	$ 152,000,000	$ 154,000,000
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	1,526,000,000	1,544,000,000
AAIA | Iowa
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Permitted Practice, Amount	(80,000,000)	39,000,000
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	1,209,000,000	1,234,000,000
Line of Credit [Member] | Athene Re USA IV | Vermont
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Permitted Practice, Amount	$ 137,000,000	$ 153,000,000

Statutory Requirements - Stat_2

Statutory Requirements - Statutory Permitted Practices (Details) - Bermuda $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
ALRe
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Permitted Practice, Increase (Decrease) To Capital And Surplus	$ (3,765)
Statutory Accounting Practices, Permitted Practice, Increase (Decrease) To Statutory Net Income	(1,035)
AARe
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Permitted Practice, Increase (Decrease) To Capital And Surplus	(5,047)
Statutory Accounting Practices, Permitted Practice, Increase (Decrease) To Statutory Net Income	(4,988)
ACRA
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Permitted Practice, Increase (Decrease) To Capital And Surplus	(311)
Statutory Accounting Practices, Permitted Practice, Increase (Decrease) To Statutory Net Income	$ (43)

Statutory Requirements - Stat_3

Statutory Requirements - Statutory Maximum Dividends (Details) - Bermuda - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
AARe
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval	$ 1,216	$ 997
ACRA
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval	$ 59	$ 0

Statutory Requirements - Stat_4

Statutory Requirements - Statutory Capital and Surplus and Net Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
ALRe | Bermuda
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	$ 11,000	$ 9,659
Statutory Accounting Practices, Statutory Net Income Amount	1,247	418	$ 828
AARe | Bermuda
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	2,343	2,095
Statutory Accounting Practices, Statutory Net Income Amount	248	997	0
ACRA | Bermuda
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	808
Statutory Accounting Practices, Statutory Net Income Amount	265	(287)	0
AADE | Delaware
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	1,526	1,544
Statutory Accounting Practices, Statutory Net Income Amount	(86)	18	24
AANY | New York
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	318	282
Statutory Accounting Practices, Statutory Net Income Amount	33	6	29
AAIA | Iowa
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	1,209	1,234
Statutory Accounting Practices, Statutory Net Income Amount	$ 241	$ 81	$ 239

Related Parties - Summary of Su

Related Parties - Summary of Sub-allocation assets (Details) - Apollo - Related Party - Sub-allocated assets [Member] $ in Millions	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 127,550
Percentage of Sub-allocation Assets	100.00%
Core
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 32,474
Percentage of Sub-allocation Assets	25.50%
Core Plus
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 30,155
Percentage of Sub-allocation Assets	23.60%
Yield
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 48,557
Percentage of Sub-allocation Assets	38.00%
High Alpha
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 5,062
Percentage of Sub-allocation Assets	4.00%
Other
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 11,302
Percentage of Sub-allocation Assets	8.90%

Related Parties - Narrative (De

Related Parties - Narrative (Details) - Related Party - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Management Fees Associated with Investment Funds [Member]
Related Party Transaction [Line Items]
Management fees	$ 426	$ 349	$ 318
Due to related parties	$ 42	$ 54
Athene Asset Management | Portfolio Management Agreement [Member]
Related Party Transaction [Line Items]
Management fee payable, percentage		0.40%
Amended Management Fee, Threshold		$ 65,846
Related Party Transactions, Asset Management Fee Payable on Excess Asset Threshold, Percentage		0.30%
Apollo | Sub-allocated assets [Member]
Related Party Transaction [Line Items]
Base Management Fee	0.225%
Backbook Value		$ 103,400
Incremental Fee	0.15%
Incremental Fee Adjustment	0.025%
Incremental Fee Percent Decrease	0.025%
Incremental Fee Percent Increase	0.025%
Apollo | Sub-Advisory Fees Associated with Investment Fund Management [Member]
Related Party Transaction [Line Items]
Related Party Transactions, Sub-advisory Fee Payable, Asset Threshold One		$ 10,000
Related Party Transactions, Sub-advisory Fee Payable, Tier One, Percentage		0.40%
Related Party Transactions, Sub-advisory Fee Payable, Asset Threshold Two		$ 12,441
Related Party Transactions, Sub-advisory Fee Payable, Tier Two, Percentage		0.35%
Related Party Transactions, Sub-advisory Fee Payable, Tier Three, Percentage		0.40%
Related Party Transactions, Sub-advisory Fee Payable, Asset Threshold Three		$ 16,000
Related Party Transactions, Sub-advisory Fee Payable, Tier Four, Percentage		0.35%
Core | Apollo | Sub-allocated assets [Member]
Related Party Transaction [Line Items]
Sub-allocation fee percentage	0.065%
Sub-allocation Fee Tier Plus	60.00%
Sub-allocation Fee Tier Minus	50.00%
Core Plus | Apollo | Sub-allocated assets [Member]
Related Party Transaction [Line Items]
Sub-allocation fee percentage	0.13%
Yield | Apollo | Sub-allocated assets [Member]
Related Party Transaction [Line Items]
Sub-allocation fee percentage	0.375%
High Alpha | Apollo | Sub-allocated assets [Member]
Related Party Transaction [Line Items]
Sub-allocation fee percentage	0.70%
Other | Apollo | Sub-allocated assets [Member]
Related Party Transaction [Line Items]
Sub-allocation fee percentage	0.00%

Related Parties - Summary of As

Related Parties - Summary of Assets Sub-Advised by Affiliates (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Mortgage loans	$ 14,959	$ 10,631
Investment funds	4,300	3,559
Total assets	$ 146,875	125,505
Related party
Related Party Transaction [Line Items]
AFS securities		0
Apollo | Related party | Assets sub-advised
Related Party Transaction [Line Items]
Trading securities		87
Equity securities		2
Mortgage loans		3,507
Investment funds		157
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 | Foreign governments | Related party | Assets sub-advised
Related Party Transaction [Line Items]
AFS securities		$ 153
Apollo | Corporate | Related party | Assets sub-advised
Related Party Transaction [Line Items]
AFS securities		3,398
Apollo | CLO | Related party | Assets sub-advised
Related Party Transaction [Line Items]
AFS securities		5,703
Apollo | ABS | Related party | Assets sub-advised
Related Party Transaction [Line Items]
AFS securities		663
Apollo | CMBS | Related party | Assets sub-advised
Related Party Transaction [Line Items]
AFS securities		$ 880

Related Parties - Other Related

Related Parties - Other Related Party Transactions (Details) - USD ($) $ in Millions	Oct. 27, 2019	Oct. 01, 2019	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Oct. 25, 2019	Oct. 24, 2018
Related Party Transaction [Line Items]
Subsidiary issuance of equity interests		$ 575
Investment funds			$ 4,300	$ 4,300	$ 3,559
Common Stock, Voting Rights, Percent of Total Voting Power				35.00%
Liabilities			132,734	$ 132,734	117,229
Related Party
Related Party Transaction [Line Items]
AFS securities					0
Related Party | MidCap
Related Party Transaction [Line Items]
AFS securities			624	624	226
Apollo Athene Strategic Partnership Advisors, LLC [Member] | Related Party
Related Party Transaction [Line Items]
Strategic Partnership Capacity								$ 2,500
Venerable Holdings, Inc. | Related Party
Related Party Transaction [Line Items]
Investment Owned, Balance, Principal Amount			$ 148	$ 148
Interest rate			6.257%	6.257%
Athene Dedicated Investment Program | Related Party
Related Party Transaction [Line Items]
Ownership Interest, Divested		67.00%
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Issuance of Equity by Subsidiary to Noncontrolling Interests		$ 575
AmeriHome [Member] | Related Party | Purchase of Residential Mortgage Loans Under Agreement
Related Party Transaction [Line Items]
Related party purchases				$ 411	722	$ 57
MidCap | Related Party
Related Party Transaction [Line Items]
Investment Owned, Balance, Principal Amount			$ 345	345	245
Equity Method Investments, Including Credit Facility Advances			$ 886	$ 886	792
Apollo Operating Group | Related Party
Related Party Transaction [Line Items]
Investment Owned, Balance, Shares	29,154,519
Investment Owned, at Fair Value	$ 1,200
Premium On Closing Price	2.30%
Common Stock, Voting Rights, Percent of Total Voting Power				45.00%
Ownership Interest Held			17.00%	17.00%
Novation [Member]
Related Party Transaction [Line Items]
Funds withheld liability			$ 347	$ 347
Interest sensitive contract liabilities			407	407
Novation [Member] | Athora Lebensversicherung AG | Related Party
Related Party Transaction [Line Items]
Liabilities					325
Novation [Member] | Athora Life Re Ltd. [Member] | Related Party
Related Party Transaction [Line Items]
Liabilities			663	663
Funds withheld liability			337	337
Reinsurance agreement
Related Party Transaction [Line Items]
Liabilities			791	791	27,238
Interest sensitive contract liabilities			0	0	69
Reinsurance agreement | Voya Insurance and Annuity Company [Member] | Related Party
Related Party Transaction [Line Items]
Liabilities			$ 18,578	$ 18,578
Common Class A
Related Party Transaction [Line Items]
Common Stock, Voting Rights, Percent of Total Voting Power				55.00%
Common Class A | Apollo Operating Group | Related Party
Related Party Transaction [Line Items]
Minimum Ownership, Proxy			7.50%	7.50%
Common Stock, Shares Subscribed but Unissued	7,575,758
Proceeds from Issuance of Common Stock	$ 350
Exchange of stock [Member] | Common Class A | Apollo Operating Group | Related Party
Related Party Transaction [Line Items]
Premium On Closing Price							10.00%
Percent Limitation On Ownership							35.00%
Common Stock, Shares Subscribed but Unissued	27,959,184
Consolidated Entity Excluding Variable Interest Entities (VIE)
Related Party Transaction [Line Items]
Funds withheld liability			$ 408	$ 408	721
AFS securities			75,178	75,178	60,702
Interest sensitive contract liabilities			102,745	102,745	96,610
Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Related Party Transaction [Line Items]
Investment funds			2,886	2,886	2,232
Funds withheld liability			0	0	337
AFS securities			3,804	3,804	1,437
Interest sensitive contract liabilities			15,285	15,285	16,850
Equity securities			58	58	120
Trading securities			785	785	249
Consolidated Entity Excluding Variable Interest Entities (VIE) | AA Infrastructure | Related Party
Related Party Transaction [Line Items]
Equity securities			58	58	120
Trading securities			267	267
Consolidated Entity Excluding Variable Interest Entities (VIE) | Dividend Paid [Member] | AA Infrastructure | Related Party
Related Party Transaction [Line Items]
Dividends			267
Variable Interest Entities | Apollo Athene Strategic Partnership Advisors, LLC [Member] | Related Party
Related Party Transaction [Line Items]
Investment funds			97	97	16
Investments [Member]
Related Party Transaction [Line Items]
Other Commitment			4,793	4,793	3,036
Investments [Member] | A-A Mortgage | Related Party
Related Party Transaction [Line Items]
Other Commitment			169	169
Investments [Member] | AA Infrastructure | Related Party
Related Party Transaction [Line Items]
Other Commitment			42	42
Investments [Member] | Athora Holding Ltd. [Member] | Related Party
Related Party Transaction [Line Items]
Other Commitment			454	454
Private Equity Funds [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Related Party Transaction [Line Items]
Investment funds			105	105	18
Private Equity Funds [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE) | Venerable Holdings, Inc. | Related Party
Related Party Transaction [Line Items]
Investment funds			99	99	92
Private Equity Funds [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE) | AmeriHome [Member] | Related Party
Related Party Transaction [Line Items]
Investment funds			487	487	463
Private Equity Funds [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE) | Athora Holding Ltd. [Member] | Related Party
Related Party Transaction [Line Items]
Investment funds			132	132	105
ABS | Related Party | AmeriHome [Member]
Related Party Transaction [Line Items]
AFS securities			170	170	121
ABS | Consolidated Entity Excluding Variable Interest Entities (VIE) | Related Party
Related Party Transaction [Line Items]
AFS securities			2,849	2,849	875
Additional paid-in capital
Related Party Transaction [Line Items]
Subsidiary issuance of equity interests		(145)
Accumulated other comprehensive income (loss)
Related Party Transaction [Line Items]
Subsidiary issuance of equity interests		(34)
Noncontrolling interests
Related Party Transaction [Line Items]
Subsidiary issuance of equity interests		$ 754
Funding Agreements | Athora Holding Ltd. [Member] | Related Party
Related Party Transaction [Line Items]
Interest sensitive contract liabilities			$ 146	$ 146	$ 166

Commitments and Contingencies -

Commitments and Contingencies - Pledged Assets and Funds in Trust (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Financial Instruments Owned and Pledged as Collateral [Line Items]
Debt Securities, Available-for-sale, Restricted	$ 9,369	$ 5,439
Debt Securities, Trading, Restricted	45	68
Equity Securities, FV-NI, Restricted	22	2
Investment funds	84	53
Derivative assets pledged as collateral	105	24
Mortgage loans	2,535	1,830
Short-term investments	92	77
Other Investments Pledged as Collateral	88	47
Restricted cash	402	492
Total restricted assets	$ 12,742	$ 8,032

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Other Commitments [Line Items]
Letters of Credit Outstanding, Amount	$ 198,000,000
Advances from FHLB	1,226,000,000	$ 926,000,000
COLI asset value	387,000,000
Value of guarantees on COLI	188,000,000
Athene Global Funding | Senior Notes
Other Commitments [Line Items]
Maximum borrowing capacity	6,000,000,000
Athene Global Funding | Funding Agreements
Other Commitments [Line Items]
Interest sensitive contract liabilities	3,700,000,000	$ 2,700,000,000
Pending Litigation | Caldera
Other Commitments [Line Items]
Loss Contingency, Damages Sought, Value	$ 1,500,000,000

Segment Information - Reconcili

Segment Information - Reconciliation of Segment Adjusted Operating Revenues to Consolidation (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total revenues	$ 3,256	$ 4,584	$ 3,423	$ 4,995	$ 1,178	$ 2,586	$ 1,850	$ 1,023	$ 16,258	$ 6,637	$ 8,788
Operating Segments | Retirement Services
Segment Reporting Information [Line Items]
Total revenues									11,460	8,118	5,960
Operating Segments | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues									117	44	368
Non-operating adjustments
Segment Reporting Information [Line Items]
Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets									2,346	(1,020)	1,990
Investment gains (losses), net of offsets									1,685	(515)	461
VIE expenses and noncontrolling interests									637	1	0
Other Nonoperating Income									$ 13	$ 9	$ 9

Segment Information - Reconci_2

Segment Information - Reconciliation of Segment Adjusted Operating Income to Consolidation (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income tax (expense) benefit – non-operating									$ (117)	$ (122)	$ (106)
Net income available to Athene Holding Ltd. common shareholders – basic and diluted	$ 432	$ 276	$ 720	$ 708	$ (104)	$ 623	$ 257	$ 277	2,136	1,053	1,358
Net income available to Athene Holding Ltd. shareholders	$ 451	$ 293	$ 720	$ 708	$ (104)	$ 623	$ 257	$ 277	2,172	1,053	1,358
Operating Segments | Retirement Services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income tax (expense) benefit – non-operating									(117)	(100)	(83)
Net income available to Athene Holding Ltd. common shareholders – basic and diluted									1,322	1,201
Net income available to Athene Holding Ltd. shareholders											1,038
Operating Segments | Corporate and Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income tax (expense) benefit – non-operating									0	0	2
Net income available to Athene Holding Ltd. common shareholders – basic and diluted									(33)	(61)
Net income available to Athene Holding Ltd. shareholders											17
Non-operating adjustments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Investment gains (losses), net of offsets									994	(274)	199
Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets									2,346	(1,020)	1,990
Loss on Derivative Instruments, Net of Expenses, Pretax									(65)	242	230
Integration, restructuring and other non-operating expenses									(70)	(22)	(68)
Stock-based compensation, excluding LTIP									(12)	(11)	(33)
Income tax (expense) benefit – non-operating									$ 0	$ (22)	$ (25)

Segment Information - Reconci_3

Segment Information - Reconciliation of Segment Net Investment Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Net investment income	$ 4,522	$ 4,004	$ 3,269
Operating Segments | Retirement Services
Segment Reporting Information [Line Items]
Net investment income	5,062	4,188	3,241
Operating Segments | Corporate and Other
Segment Reporting Information [Line Items]
Net investment income	117	44	182
Non-operating adjustments
Segment Reporting Information [Line Items]
Reinsurance Embedded Derivative Gain (Loss)	(680)	(301)	(191)
Income (Loss) from Variable Interest Entities, Net	(80)	(37)	(77)
Alternative Income Gain (Loss)	(1)	34	20
Noncontrolling interests	61	0	0
Other Adjustment to Net Investment Income	$ 43	$ 76	$ 94

Segment Information - Reconci_4

Segment Information - Reconciliation of Segment Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting, Other Significant Reconciling Item [Line Items]
Income tax expense	$ 117	$ 122	$ 106
Non-operating adjustments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Income tax expense	0	22	25
Retirement Services | Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Income tax expense	117	100	83
Corporate and Other | Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Income tax expense	$ 0	$ 0	$ (2)

Segment Information - Assets by

Segment Information - Assets by Segment (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 146,875	$ 125,505
Retirement Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	143,881	123,498
Corporate and Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 2,994	$ 2,007

Segment Information - Narrative

Segment Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2019segment
Segment Reporting [Abstract]
Number of reportable segments	1

Segment Information - Premiums

Segment Information - Premiums and Deposits by Product (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Annuity Deposit Revenue, Gross	$ 12,125	$ 36,663	$ 9,546
Premiums	6,382	3,462	2,526
Premiums and Annuity Deposits	18,507	40,125	12,072
Fixed Indexed Annuity [Member]
Segment Reporting Information [Line Items]
Annuity Deposit Revenue, Gross	7,304	29,973	5,480
Fixed Rate Annuity [Member]
Segment Reporting Information [Line Items]
Annuity Deposit Revenue, Gross	3,192	5,501	873
Payouts Without Life Contingency [Member]
Segment Reporting Information [Line Items]
Annuity Deposit Revenue, Gross	341	535	106
Funding Agreements
Segment Reporting Information [Line Items]
Annuity Deposit Revenue, Gross	1,301	650	3,054
Life Insurance Product Line
Segment Reporting Information [Line Items]
Annuity Deposit Revenue, Gross	(13)	4	33
Premiums	50	54	254
Payouts With Life Contingency [Member]
Segment Reporting Information [Line Items]
Premiums	$ 6,332	$ 3,408	$ 2,272

Segment Information - Premium_2

Segment Information - Premiums and Deposits by Geographic Location (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Premiums and Annuity Deposits	$ 18,507	$ 40,125	$ 12,072
Total U.S. Region
Segment Reporting Information [Line Items]
Premiums and Annuity Deposits	17,159	16,421	11,217
Bermuda
Segment Reporting Information [Line Items]
Premiums and Annuity Deposits	1,348	23,704	652
GERMANY
Segment Reporting Information [Line Items]
Premiums and Annuity Deposits	$ 0	$ 0	$ 203

Quarterly Results of Operatio_3

Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Results of Operations [Line Items]
Revenues	$ 3,256	$ 4,584	$ 3,423	$ 4,995	$ 1,178	$ 2,586	$ 1,850	$ 1,023	$ 16,258	$ 6,637	$ 8,788
Total benefits and expenses	2,723	4,305	2,673	4,255	1,325	1,907	1,529	701	13,956	5,462	7,324
Net Income (Loss) Attributable to Parent	451	293	720	708	(104)	623	257	277	2,172	1,053	1,358
Less: Preferred stock dividends	19	17	0	0					36	0	0
Net income available to Athene Holding Ltd. common shareholders – basic and diluted	432	276	720	708	(104)	623	257	277	2,136	1,053	1,358
Net income	464	293	720	708	$ (104)	$ 623	$ 257	$ 277	2,185	1,053	1,358
Less: Net income attributable to noncontrolling interests	$ 13	$ 0	$ 0	$ 0					$ 13	$ 0	$ 0
Common Class B
Quarterly Results of Operations [Line Items]
Diluted (in USD per share)	$ 2.43	$ 1.50	$ 3.76	$ 3.65	$ (0.53)	$ 3.16	$ 1.30	$ 1.40	$ 11.44	$ 5.34	$ 6.95
Net income available to Athene Holding Ltd. common shareholders – basic and diluted									$ 291	$ 157	$ 567
Basic (in USD per share)	2.43	1.50	3.76	3.65	(0.53)	3.16	1.30	1.40	$ 11.44	$ 5.34	$ 6.95
Common Class M-1
Quarterly Results of Operations [Line Items]
Diluted (in USD per share)	2.43	1.50	3.76	3.65	(0.53)	3.16	1.30	1.40	$ 11.44	$ 5.34	$ 6.95
Net income available to Athene Holding Ltd. common shareholders – basic and diluted									$ 38	$ 18	$ 24
Basic (in USD per share)	2.43	1.50	3.76	3.65	(0.53)	3.16	1.30	1.40	$ 11.44	$ 5.34	$ 6.95
Common Class M-2
Quarterly Results of Operations [Line Items]
Diluted (in USD per share)	2.43	1.50	3.76	3.65	(0.53)	3.16	1.29	1.39	$ 11.44	$ 5.31	$ 5.05
Net income available to Athene Holding Ltd. common shareholders – basic and diluted									$ 10	$ 5	$ 4
Basic (in USD per share)	2.43	1.50	3.76	3.65	(0.53)	3.16	1.30	1.40	$ 11.44	$ 5.34	$ 6.95
Common Class M-3
Quarterly Results of Operations [Line Items]
Diluted (in USD per share)	2.43	1.50	3.76	3.65	(0.53)	3.16	1.30	1.38	$ 11.44	$ 5.31	$ 3.86
Net income available to Athene Holding Ltd. common shareholders – basic and diluted									$ 11	$ 5	$ 5
Basic (in USD per share)	2.43	1.50	3.76	3.65	(0.53)	3.16	1.30	1.40	$ 11.44	$ 5.34	$ 6.95
Common Class M-4
Quarterly Results of Operations [Line Items]
Diluted (in USD per share)	2.13	1.29	3.28	3.15	(0.53)	2.42	1.02	0.97	$ 9.94	$ 4.11	$ 3.10
Net income available to Athene Holding Ltd. common shareholders – basic and diluted									$ 26	$ 11	$ 9
Basic (in USD per share)	2.43	1.50	3.76	3.65	(0.53)	3.16	1.30	1.40	$ 11.44	$ 5.34	$ 6.95
Common Class A
Quarterly Results of Operations [Line Items]
Diluted (in USD per share)	2.42	1.50	3.75	3.64	(0.53)	3.15	1.30	1.40	$ 11.41	$ 5.32	$ 6.91
Net income available to Athene Holding Ltd. common shareholders – basic and diluted									$ 1,760	$ 857	$ 749
Basic (in USD per share)	$ 2.43	$ 1.50	$ 3.76	$ 3.65	$ (0.53)	$ 3.16	$ 1.30	$ 1.40	$ 11.44	$ 5.34	$ 6.95

Schedule I Summary of Investm_2

Schedule I Summary of Investments - Other Than Investments in Related Parties (Details) $ in Millions	Dec. 31, 2019USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	$ 102,515
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	107,952
Trading securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	1,890
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	2,054
Fixed Maturities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	69,369
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value	73,428
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	73,428
Equity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	238
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value	247
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	247
Mortgage loans, net of allowances
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	14,304
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	14,306
Investment funds
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	664
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	731
Policy loans
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	417
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	417
Funds withheld at interest
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	15,181
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	15,181
Derivative
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	1,588
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	2,888
Short-term Investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	596
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	596
Other investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	158
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	158
U.S. government and agencies | AFS securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	35
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value	36
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	36
U.S. state, municipal and political subdivisions | AFS securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	1,322
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value	1,541
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	1,541
Foreign governments | AFS securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	298
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value	327
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	327
Public utilities | AFS securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	701
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value	731
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	731
Redeemable Preferred Stock [Member] | AFS securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	106
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value	114
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	114
Other corporate | AFS securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	43,299
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value	46,383
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	46,383
CLO | AFS securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	7,524
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value	7,349
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	7,349
ABS | AFS securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	5,018
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value	5,118
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	5,118
CMBS | AFS securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	2,304
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value	2,400
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	2,400
RMBS | AFS securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	6,872
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value	7,375
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	7,375
Industrial, miscellaneous and all other common stock | Equity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	50
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value	48
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	48
Nonredeemable preferred stocks | Equity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	188
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value	198
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	198
Public Utilities [Member] | Equity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost	0
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value	1
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount	$ 1

Schedule II - Condensed Finan_2

Schedule II - Condensed Financial Information of Registrant - Condensed Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2019	Sep. 19, 2019	Jun. 10, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Financial Statements, Captions [Line Items]
Accumulated other comprehensive income (loss)	$ 2,281			$ (472)	$ 1,449	$ 366
Investment funds	4,300			3,559
Total assets	146,875			125,505
Total liabilities	132,734			117,229
Additional paid-in capital	4,171			3,462
Retained earnings	6,939			5,286
Total Athene Holding Ltd. shareholders’ equity	13,391			8,276
Total liabilities and equity	146,875			125,505
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
AFS securities	61			45
Debt Securities, Available-for-sale, Amortized Cost	56			46
Accumulated other comprehensive income (loss)	2,281			(472)
Cash and cash equivalents	171			112	$ 142	$ 189
Investment funds	132			105
Other assets	6			24
Intercompany Receivable	13			21
Intercompany Investments	14,085			9,108
Total assets	14,470			9,415
Long-term debt	992			991
Notes Payable, Related Parties	38			105
Other Liabilities	40			35
Intercompany Payable	9			8
Total liabilities	1,079			1,139
Additional paid-in capital	4,171			3,462
Retained earnings	6,939			5,286
Total Athene Holding Ltd. shareholders’ equity	13,391			8,276
Total liabilities and equity	14,470			9,415
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party
Condensed Financial Statements, Captions [Line Items]
AFS securities	71,374			59,265
Debt Securities, Available-for-sale, Amortized Cost	67,479			60,025
Cash and cash equivalents	4,237			2,911
Investment funds	$ 731			703
Series A Preferred Stock [Member]
Condensed Financial Statements, Captions [Line Items]
Preferred Stock, Par or Stated Value Per Share	$ 1
Preferred Stock, Shares Issued			34,500
Preferred Stock, Value, Outstanding	$ 0			$ 0
Series A Preferred Stock [Member] | Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Preferred Stock, Par or Stated Value Per Share	$ 1			$ 0
Preferred Stock, Liquidation Preference, Value	$ 863			$ 0
Preferred Stock, Shares Authorized	34,500			0
Preferred Stock, Shares Issued	0			0
Preferred Stock, Shares Outstanding	0			0
Series B Preferred Stock [Member]
Condensed Financial Statements, Captions [Line Items]
Preferred Stock, Par or Stated Value Per Share	$ 1
Preferred Stock, Shares Issued		13,800
Preferred Stock, Value, Outstanding	$ 0			$ 0
Series B Preferred Stock [Member] | Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Preferred Stock, Par or Stated Value Per Share	$ 1			$ 0
Preferred Stock, Liquidation Preference, Value	$ 345			$ 0
Preferred Stock, Shares Authorized	13,800			0
Preferred Stock, Shares Issued	0			0
Preferred Stock, Shares Outstanding	0			0
Common Class A
Condensed Financial Statements, Captions [Line Items]
Common stock outstanding (in shares)	143,200,000			162,400,000	142,400,000	77,300,000
Common stock	$ 0			$ 0
Common Class A | Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Common stock issued (in shares)	143,200,000			162,400,000
Common stock, par value (in USD per share)	$ 0.001			$ 0.001
Common stock outstanding (in shares)	143,200,000			162,400,000
Common stock authorized (in shares)	425,000,000			425,000,000
Common stock	$ 0			$ 0
Common Class B
Condensed Financial Statements, Captions [Line Items]
Common stock outstanding (in shares)	25,400,000			25,400,000	47,400,000	111,800,000
Common stock	$ 0			$ 0
Common Class B | Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Common stock issued (in shares)	25,400,000			25,400,000
Common stock, par value (in USD per share)	$ 0.001			$ 0.001
Common stock outstanding (in shares)	25,400,000			25,400,000
Common stock authorized (in shares)	325,000,000			325,000,000
Common stock	$ 0			$ 0
Common Class M-1
Condensed Financial Statements, Captions [Line Items]
Common stock outstanding (in shares)	3,300,000			3,400,000	3,400,000	3,500,000
Common stock	$ 0			$ 0
Common Class M-1 | Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Common stock issued (in shares)	3,300,000			3,400,000
Common stock, par value (in USD per share)	$ 0.001			$ 0.001
Common stock outstanding (in shares)	3,300,000			3,400,000
Common stock authorized (in shares)	7,100,000			7,100,000
Common stock	$ 0			$ 0
Common Class M-2
Condensed Financial Statements, Captions [Line Items]
Common stock outstanding (in shares)	800,000			800,000	900,000	1,100,000
Common stock	$ 0			$ 0
Common Class M-2 | Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Common stock issued (in shares)	800,000			800,000
Common stock, par value (in USD per share)	$ 0.001			$ 0.001
Common stock outstanding (in shares)	800,000			800,000
Common stock authorized (in shares)	5,000,000			5,000,000
Common stock	$ 0			$ 0
Common Class M-3
Condensed Financial Statements, Captions [Line Items]
Common stock outstanding (in shares)	1,000,000			1,000,000	1,100,000	1,300,000
Common stock	$ 0			$ 0
Common Class M-3 | Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Common stock issued (in shares)	1,000,000			1,000,000
Common stock, par value (in USD per share)	$ 0.001			$ 0.001
Common stock outstanding (in shares)	1,000,000			1,000,000
Common stock authorized (in shares)	7,500,000			7,500,000
Common stock	$ 0			$ 0
Common Class M-4
Condensed Financial Statements, Captions [Line Items]
Common stock outstanding (in shares)	4,000,000			4,100,000	4,700,000	5,400,000
Common stock	$ 0			$ 0
Common Class M-4 | Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Common stock issued (in shares)	4,000,000			4,100,000
Common stock, par value (in USD per share)	$ 0.001			$ 0.001
Common stock outstanding (in shares)	4,000,000			4,100,000
Common stock authorized (in shares)	7,500,000			7,500,000
Common stock	$ 0			$ 0
Related Party
Condensed Financial Statements, Captions [Line Items]
AFS securities				0
Accumulated other comprehensive income (loss)	17			(25)
Related Party | Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
AFS securities	2
Debt Securities, Available-for-sale, Amortized Cost	$ 2			$ 0

Schedule II - Condensed Finan_3

Schedule II - Condensed Financial Information of Registrant - Condensed Income Statement (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Net investment income									$ 4,522	$ 4,004	$ 3,269
Total revenues	$ 3,256	$ 4,584	$ 3,423	$ 4,995	$ 1,178	$ 2,586	$ 1,850	$ 1,023	16,258	6,637	8,788
Policy and other operating expenses									744	626	672
Total benefits and expenses	2,723	4,305	2,673	4,255	1,325	1,907	1,529	701	13,956	5,462	7,324
Income tax expense									117	122	106
Net income available to Athene Holding Ltd. shareholders	451	293	720	708	(104)	623	257	277	2,172	1,053	1,358
Less: Preferred stock dividends	19	17	0	0					36	0	0
Net income available to Athene Holding Ltd. common shareholders – basic and diluted	$ 432	$ 276	$ 720	$ 708	$ (104)	$ 623	$ 257	$ 277	2,136	1,053	1,358
Comprehensive income (loss) available to Athene Holding Ltd. shareholders									4,959	(826)	2,254
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Net investment income									15	17	5
Investment related gains (losses)									6	14	(7)
Other revenues									0	20	0
Total revenues									21	51	(2)
Policy and other operating expenses									142	124	142
Total benefits and expenses									142	124	142
Income (Loss) from Continuing Operations before Income Taxes, Equity Earnings in Subsidiaries									(121)	(73)	(144)
Income (Loss) from Subsidiaries, Net of Tax									2,293	1,126	1,502
Net income available to Athene Holding Ltd. shareholders									2,172	1,053	1,358
Less: Preferred stock dividends									36	0	0
Net income available to Athene Holding Ltd. common shareholders – basic and diluted									2,136	1,053	1,358
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent									2,787	(1,879)	896
Comprehensive income (loss) available to Athene Holding Ltd. shareholders									4,959	(826)	2,254
Parent Company [Member] | Related Party
Condensed Financial Statements, Captions [Line Items]
Net investment income									8	(3)	3
Investment related gains (losses)									1	24	0
Policy and other operating expenses									$ 11	$ 7	$ 8

Schedule II - Condensed Finan_4

Schedule II - Condensed Financial Information of Registrant - Condensed Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Financial Statements, Captions [Line Items]
Net Investment Income	$ 2,656	$ 2,874	$ 3,170
Net cash provided by (used in) investing activities	(9,956)	(8,173)	(5,769)
Proceeds from long-term debt	0	998	0
Net cash provided by financing activities	8,537	3,707	5,048
Cash paid for interest	49	26	0
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Net Investment Income	(106)	(66)	(54)
Payments to Acquire Additional Interest in Subsidiaries	(70)	(95)	0
Intercompany Receipts on Loans to Subsidiary	0	64	0
Intercompany Payments to Fund Loans to Subsidiary	0	(20)	(44)
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale	4	178	9
Investment funds (related party: 2019 – $291, 2018 – $305 and 2017 – $349)	1	0	0
Short-term investments	0	64	0
Available-for-sale securities	(16)	(994)	(17)
Investment funds (related party: 2019 – $(746), 2018 – $(1,140) and 2017 – $(509))	(20)	0	0
Payments to Acquire Short-term Investments	0	64	0
Other investing activities, net	27	(90)	74
Net cash provided by (used in) investing activities	(74)	(957)	22
Proceeds from long-term debt	0	998	0
Repayment of short-term debt	(174)	0	0
Proceeds from Related Party Debt	108	105	0
Proceeds from Issuance of Preferred Stock and Preference Stock	1,172	0	0
Payments of Ordinary Dividends, Preferred Stock and Preference Stock	(36)	0	0
Repurchase of common stock	(832)	(105)	(10)
Other financing activities, net	1	(5)	(5)
Net cash provided by financing activities	239	993	(15)
Net increase (decrease) in cash and cash equivalents	59	(30)	(47)
Cash and cash equivalents	171	112	142	$ 189
Cash paid for interest	46	23	0
Non-cash Capital Contribution to Related Party	0	803	0
Capital Issued as Payment of Liabilities	$ 0	$ 108	$ 0

Schedule II - Condensed Finan_5

Schedule II - Condensed Financial Information of Registrant - Condensed Footnotes of Parent (Details) - Parent Company [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Capital Required to be Well Capitalized to Risk Weighted Assets	450.00%
Assets Held-in-trust	$ 44	$ 37
Contribution of Property	70	898
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees	3	50	$ 0
ALRe
Condensed Financial Statements, Captions [Line Items]
Intercompany Note Receivable	$ 0	0
Intercompany Note Receivable Interest Rate	1.25%
Maximum borrowing capacity	$ 1,000
Line of Credit Facility, Interest Rate at Period End	1.25%
Revolving note receivable, borrowing capacity	$ 1,000	250
Long-term Line of Credit	(38)	105
Athene USA Corporation [Member]
Condensed Financial Statements, Captions [Line Items]
Intercompany Note Receivable	0	0
Revolving note receivable, borrowing capacity	$ 250	$ 250

Schedule III - Supplementary _2

Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs, Deferred Sales Inducements, and Present Value of Future Profits	$ 5,008	$ 5,907	$ 2,972
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Liability for Future Policy Benefit, Loss, Claim and Loss Expense	126,075	113,314	85,656
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Policy Claim and Benefit Payable	138	142	211
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Premium Revenue	6,382	3,462	2,526
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Net Investment Income	4,522	4,004	3,269
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Benefit, Claim, Loss and Settlement Expenses	12,254	4,662	6,308
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs and Value of Business Acquired	958	174	344
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Operating Expense	744	626	672
Retirement Services
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs, Deferred Sales Inducements, and Present Value of Future Profits	5,008	5,907	2,972
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Liability for Future Policy Benefit, Loss, Claim and Loss Expense	126,075	113,314	80,818
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Policy Claim and Benefit Payable	138	142	137
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Premium Revenue	6,382	3,462	2,347
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Net Investment Income	4,405	3,960	3,087
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Benefit, Claim, Loss and Settlement Expenses	12,254	4,662	5,969
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs and Value of Business Acquired	958	174	344
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Operating Expense	599	496	444
Corporate and Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs, Deferred Sales Inducements, and Present Value of Future Profits	0	0	0
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Liability for Future Policy Benefit, Loss, Claim and Loss Expense	0	0	4,838
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Policy Claim and Benefit Payable	0	0	74
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Premium Revenue	0	0	179
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Net Investment Income	117	44	182
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Benefit, Claim, Loss and Settlement Expenses	0	0	339
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs and Value of Business Acquired	0	0	0
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Operating Expense	$ 145	$ 130	$ 228

Schedule IV - Reinsurance (Deta

Schedule IV - Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Life Insurance in Force, Gross	$ 33,221	$ 39,941	$ 43,267
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Life Insurance in Force, Ceded	39,145	45,957	49,860
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Life Insurance in Force, Assumed	7,317	7,857	8,551
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Life Insurance in Force, Net	$ 1,393	$ 1,841	$ 1,958
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Life Insurance in Force, Percentage Assumed to Net	525.30%	426.80%	436.70%
Direct Premiums Earned	$ 5,449	$ 2,813	$ 2,700
Ceded Premiums Earned	159	417	195
Assumed Premiums Earned	1,092	1,066	21
Premiums	$ 6,382	$ 3,462	$ 2,526
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Premium, Percentage Assumed to Net	17.10%	30.80%	0.80%

Schedule V - Valuation and Qu_2

Schedule V - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount	$ 63	$ 52	$ 96	$ 94
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense	31	9	19
SEC Schedule, 12-09, Valuation Allowances and Reserves, Business Acquired	0	0	0
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction	(20)	(53)	(17)
SEC Schedule, 12-09, Allowance, Loan and Lease Loss [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount	11	2	2	$ 2
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense	10	1	0
SEC Schedule, 12-09, Valuation Allowances and Reserves, Business Acquired	0	0	0
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction	$ (1)	$ (1)	$ 0

Uncategorized Items - ath10k201

Label	Element	Value
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (42,000,000)
Parent [Member]
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance	(179,000,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(3,000,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 39,000,000