Athene Holding (ATH-PD) 10-Q 5 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Document Information [Line Items]
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0630022
Entity Registrant Name	ATHENE HOLDING LTD
Entity Address, Address Line One	96 Pitts Bay Road
Entity Address, City or Town	Pembroke
Entity Address, Postal Zip Code	HM 08
Entity Address, Country	BM
Entity Central Index Key	0001527469
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2020
Entity File Number	001-37963
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Common Stock, Shares Outstanding		194,250,720
City Area Code	441
Local Phone Number	279-8400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Class A common shares, par value $0.001 per share
Trading Symbol	ATH
Security Exchange Name	NYSE
Preference Share, Series A
Document Information [Line Items]
Title of 12(b) Security	6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Share, Series A
Trading Symbol	ATHPrA
Security Exchange Name	NYSE
Preference Share, Series B
Document Information [Line Items]
Title of 12(b) Security	5.625% Fixed Rate Perpetual Non-Cumulative Preference Share, Series B
Trading Symbol	ATHPrB
Security Exchange Name	NYSE
Preference Share, Series C
Document Information [Line Items]
Title of 12(b) Security	6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preference Share, Series C
Trading Symbol	ATHPrC
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Fixed maturity securities, at fair value
Available-for-sale securities	$ 74,735	$ 71,374
Trading securities, at fair value (consolidated variable interest entities: 2020 – $0 and 2019 – $16)	2,075	2,070
Equity securities	237	247
Mortgage loans (allowance for credit losses: 2020 – $352 and 2019 – $11; portion at fair value: 2020 – $25 and 2019 – $27; consolidated variable interest entities: 2020 – $1,856 and 2019 – $0)	15,203	14,306
Investment funds	682	750
Policy loans	393	417
Funds withheld at interest (portion at fair value: 2020 – $763 and 2019 – $801)	42,269	15,181
Derivative assets	2,379	2,888
Other Short-term Investments	364	596
Other investments	359	158
Total investments	138,696	107,987
Cash and cash equivalents	6,240	4,240
Restricted cash	1,281	402
Accrued investment income (related party: 2020 – $53 and 2019 – $27)	836	807
Reinsurance recoverable (portion at fair value: 2020 – $2,099 and 2019 – $1,821)	5,310	4,863
Deferred acquisition costs, deferred sales inducements and value of business acquired	5,468	5,008
Other assets	1,067	1,005
Total assets	183,241	146,875
Liabilities
Interest sensitive contract liabilities (related party: 2020 – $14,609 and 2019 – $15,285; portion at fair value: 2020 – $12,463 and 2019 – $11,992)	135,537	102,745
Future policy benefits (related party: 2020 – $1,446 and 2019 – $1,302; portion at fair value: 2020 – $2,334 and 2019 – $2,301)	24,596	23,330
Other policy claims and benefits	124	138
Dividends payable to policyholders	112	113
Short-term Debt	0	475
Long-term debt	1,486	992
Derivative liabilities	118	97
Payables for collateral on derivatives and securities to repurchase	3,716	3,255
Funds withheld liability (portion at fair value: 2020 – $46 and 2019 – $31)	427	408
Other liabilities	1,486	1,181
Total liabilities	167,602	132,734
Equity
Additional paid-in capital	6,090	4,171
Retained earnings	6,437	6,939
Accumulated other comprehensive income (related party: 2020 – $(106) and 2019 – $17)	2,184	2,281
Stockholders' Equity Attributable to Parent	14,711	13,391
Noncontrolling interests	928	750
Total equity	15,639	14,141
Total liabilities and equity	183,241	146,875
Related Party
Fixed maturity securities, at fair value
Available-for-sale securities	4,070	3,804
Trading securities, at fair value (consolidated variable interest entities: 2020 – $0 and 2019 – $16)	872	785
Equity securities	52	64
Mortgage loans (allowance for credit losses: 2020 – $352 and 2019 – $11; portion at fair value: 2020 – $25 and 2019 – $27; consolidated variable interest entities: 2020 – $1,856 and 2019 – $0)	626	653
Investment funds	5,278	3,550
Funds withheld at interest (portion at fair value: 2020 – $763 and 2019 – $801)	12,971	13,220
Other investments	474	487
Accrued investment income (related party: 2020 – $53 and 2019 – $27)	53	27
Other assets	0	0
Liabilities
Interest sensitive contract liabilities (related party: 2020 – $14,609 and 2019 – $15,285; portion at fair value: 2020 – $12,463 and 2019 – $11,992)	14,609	15,285
Future policy benefits (related party: 2020 – $1,446 and 2019 – $1,302; portion at fair value: 2020 – $2,334 and 2019 – $2,301)	1,446	1,302
Other policy claims and benefits	0	13
Funds withheld liability (portion at fair value: 2020 – $46 and 2019 – $31)	0	0
Other liabilities	70	79
Equity
Accumulated other comprehensive income (related party: 2020 – $(106) and 2019 – $17)	(106)	17
Preference Share, Series A
Liabilities
Preferred Stock, Value, Outstanding	0	0
Preference Share, Series B
Liabilities
Preferred Stock, Value, Outstanding	0	0
Preference Share, Series C
Liabilities
Preferred Stock, Value, Outstanding	0	0
Common Class A
Equity
Common stock	0	0
Common Class B
Equity
Common stock	0	0
Common Class M-1
Equity
Common stock	0	0
Common Class M-2
Equity
Common stock	0	0
Common Class M-3
Equity
Common stock	0	0
Common Class M-4
Equity
Common stock	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Available-for-sale securities
Available-for-sale securities	$ 71,215	$ 67,479
AFS securities allowance for credit losses	173	0
Equity securities	237	247
Mortgage loans allowance for credit losses	352	11
Mortgage loans	15,203	14,306
Investment funds	682	750
Funds withheld at interest	42,269	15,181
Other Investments allowance for credit losses	6	0
Short-term investments	364	596
Other investments	359	158
Cash and cash equivalents	6,240	4,240
Accrued investment income	836	807
Reinsurance recoverable	5,310	4,863
Other assets	1,067	1,005
Trading securities, at fair value (consolidated variable interest entities: 2020 – $0 and 2019 – $16)	2,075	2,070
Deferred acquisition costs, deferred sales inducements and value of business acquired	5,468	5,008
Interest sensitive contract liabilities	135,537	102,745
Future policy benefits	24,596	23,330
Other policy claims and benefits	124	138
Funds withheld liability	427	408
Other liabilities	1,486	1,181
Accumulated other comprehensive income	2,184	2,281
Related Party
Available-for-sale securities
Available-for-sale securities	4,173	3,783
AFS securities allowance for credit losses	2	0
Equity securities	52	64
Mortgage loans allowance for credit losses	27	0
Mortgage loans	626	653
Investment funds	5,278	3,550
Funds withheld at interest	12,971	13,220
Other Investments allowance for credit losses	14	0
Other investments	474	487
Accrued investment income	53	27
Other assets	0	0
Trading securities, at fair value (consolidated variable interest entities: 2020 – $0 and 2019 – $16)	872	785
Interest sensitive contract liabilities	14,609	15,285
Future policy benefits	1,446	1,302
Other policy claims and benefits	0	13
Funds withheld liability	0	0
Other liabilities	70	79
Accumulated other comprehensive income	(106)	17
Variable Interest Entities
Available-for-sale securities
Investment funds	0	19
Cash and cash equivalents	0	3
Other assets	6	20
Trading securities, at fair value (consolidated variable interest entities: 2020 – $0 and 2019 – $16)	0	16
Other liabilities	28	0
Variable Interest Entities | Related Party
Available-for-sale securities
Equity securities	0	6
Investment funds	0	664
Fair Value
Available-for-sale securities
Mortgage loans	15,636	14,719
Funds withheld at interest	41,506	14,380
Other investments	256	65
Interest sensitive contract liabilities	90,369	58,027
Funds withheld liability	381	377
Fair Value | Related Party
Available-for-sale securities
Mortgage loans	617	641
Funds withheld at interest	12,411	12,626
Other investments	$ 476	$ 537
Preference Share, Series A
Available-for-sale securities
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1
Preferred Stock, Liquidation Preference, Value	$ 863	$ 863
Preferred Stock, Shares Authorized	34,500	34,500
Preferred Stock, Shares Issued	34,500	0
Preferred Stock, Shares Outstanding	34,500	0
Preference Share, Series B
Available-for-sale securities
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1
Preferred Stock, Liquidation Preference, Value	$ 345	$ 345
Preferred Stock, Shares Authorized	13,800	13,800
Preferred Stock, Shares Issued	13,800	0
Preferred Stock, Shares Outstanding	13,800	0
Preference Share, Series C
Available-for-sale securities
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 0
Preferred Stock, Liquidation Preference, Value	$ 600	$ 0
Preferred Stock, Shares Authorized	24,000	0
Preferred Stock, Shares Issued	24,000	0
Preferred Stock, Shares Outstanding	24,000	0
Common Class A
Available-for-sale securities
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	425,000,000	425,000,000
Common stock issued (in shares)	194,300,000	143,200,000
Common stock outstanding (in shares)	194,300,000	143,200,000
Common Class B
Available-for-sale securities
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	0	325,000,000
Common stock issued (in shares)	0	25,400,000
Common stock outstanding (in shares)	0	25,400,000
Common Class M-1
Available-for-sale securities
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	0	7,100,000
Common stock issued (in shares)	0	3,300,000
Common stock outstanding (in shares)	0	3,300,000
Common Class M-2
Available-for-sale securities
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	0	5,000,000
Common stock issued (in shares)	0	800,000
Common stock outstanding (in shares)	0	800,000
Common Class M-3
Available-for-sale securities
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	0	7,500,000
Common stock issued (in shares)	0	1,000,000
Common stock outstanding (in shares)	0	1,000,000
Common Class M-4
Available-for-sale securities
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	0	7,500,000
Common stock issued (in shares)	0	4,000,000
Common stock outstanding (in shares)	0	4,000,000
Recurring | Fair Value
Available-for-sale securities
Equity securities	$ 237	$ 247
Mortgage loans	25	27
Investment funds	146	154
Funds withheld at interest	763	801
Short-term investments	364	406
Other investments	109	93
Reinsurance recoverable	2,099	1,821
Trading securities, at fair value (consolidated variable interest entities: 2020 – $0 and 2019 – $16)	2,075	2,070
Interest sensitive contract liabilities	12,463	11,992
Future policy benefits	2,334	2,301
Funds withheld liability	46	31
Recurring | Fair Value | Related Party
Available-for-sale securities
Equity securities	52	64
Investment funds	1,885	819
Funds withheld at interest	560	594
Trading securities, at fair value (consolidated variable interest entities: 2020 – $0 and 2019 – $16)	$ 872	$ 785

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Premiums	$ 355	$ 787	$ 1,495	$ 2,787
Product charges	141	132	281	257
Net investment income	1,336	1,182	2,081	2,264
Investment related gains (losses)	2,548	1,313	(1,024)	3,089
Other revenues	18	9	16	21
Total revenues	4,398	3,423	2,849	8,418
Benefits and Expenses
Interest sensitive contract benefits	2,076	1,094	757	2,610
Amortization of deferred sales inducements	(21)	13	(11)	18
Future policy and other policy benefits	674	1,111	2,030	3,440
Amortization of deferred acquisition costs and value of business acquired	361	261	(52)	492
Dividends to policyholders	9	9	20	18
Policy and other operating expenses (related party of $11 and $12 for the three months ended and $27 and $20 for the six months ended June 30, 2020 and 2019, respectively)	218	185	406	350
Total benefits and expenses	3,317	2,673	3,150	6,928
Income before income taxes	1,081	750	(301)	1,490
Income tax expense (benefit)	150	30	(16)	62
Net income (loss)	931	720	(285)	1,428
Less: Net income (loss) attributable to noncontrolling interests	88	0	(81)	0
Net income (loss) attributable to Athene Holding Ltd. shareholders	843	720	(204)	1,428
Less: Preferred stock dividends	19	0	37	0
Net income (loss) available to Athene Holding Ltd. common shareholders	824	720	(241)	1,428
Consolidated Entity Excluding Variable Interest Entities (VIE)
Revenues
Net investment income	1,336	1,182
Common Class A
Benefits and Expenses
Net income (loss) available to Athene Holding Ltd. common shareholders	$ 824	$ 596	$ (114)	$ 1,184
Earnings per share
Basic (in USD per share)	$ 4.25	$ 3.76	$ (0.64)	$ 7.43
Diluted (in USD per share)	$ 4.19	$ 3.75	$ (0.64)	$ 7.41
Common Class B
Benefits and Expenses
Net income (loss) available to Athene Holding Ltd. common shareholders		$ 96	$ (98)	$ 189
Earnings per share
Basic (in USD per share)		$ 3.76	$ (3.87)	$ 7.43
Diluted (in USD per share)		$ 3.76	$ (3.87)	$ 7.43
Common Class M-1
Benefits and Expenses
Net income (loss) available to Athene Holding Ltd. common shareholders		$ 13	$ (13)	$ 25
Earnings per share
Basic (in USD per share)		$ 3.76	$ (3.87)	$ 7.43
Diluted (in USD per share)		$ 3.76	$ (3.87)	$ 7.43
Common Class M-2
Benefits and Expenses
Net income (loss) available to Athene Holding Ltd. common shareholders		$ 3	$ (3)	$ 6
Earnings per share
Basic (in USD per share)		$ 3.76	$ (3.87)	$ 7.43
Diluted (in USD per share)		$ 3.76	$ (3.87)	$ 7.43
Common Class M-3
Benefits and Expenses
Net income (loss) available to Athene Holding Ltd. common shareholders		$ 4	$ (4)	$ 8
Earnings per share
Basic (in USD per share)		$ 3.76	$ (3.87)	$ 7.43
Diluted (in USD per share)		$ 3.76	$ (3.87)	$ 7.43
Common Class M-4
Benefits and Expenses
Net income (loss) available to Athene Holding Ltd. common shareholders		$ 8	$ (9)	$ 16
Earnings per share
Basic (in USD per share)		$ 3.76	$ (3.87)	$ 7.43
Diluted (in USD per share)		$ 3.28	$ (3.87)	$ 6.45

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Premiums	$ 355	$ 787	$ 1,495	$ 2,787
Product charges	141	132	281	257
Investment income			2,337	2,454
Investment expense			256	190
Investment related gains (losses)	2,548	1,313	(1,024)	3,089
Interest sensitive contract benefits	2,076	1,094	757	2,610
Future policy and other policy benefits	674	1,111	2,030	3,440
Amortization of deferred acquisition costs and value of business acquired	361	261	(52)	492
Net investment income	1,336	1,182	2,081	2,264
Policy and other operating expenses	218	185	406	350
Related Party
Premiums	94	56	163	122
Product charges	12	14	28	28
Investment income	490	154	276	353
Investment expense	123	94	251	186
Investment related gains (losses)	761	431	130	752
Interest sensitive contract benefits	197	114	100	297
Future policy and other policy benefits	142	91	192	197
Policy and other operating expenses	11	$ 12	$ 27	$ 20
Common Class B
Basic (in USD per share)		$ 3.76	$ (3.87)	$ 7.43
Common Class M-1
Basic (in USD per share)		3.76	(3.87)	7.43
Common Class M-2
Basic (in USD per share)		3.76	(3.87)	7.43
Common Class M-3
Basic (in USD per share)		3.76	(3.87)	7.43
Common Class M-4
Basic (in USD per share)		$ 3.76	$ (3.87)	$ 7.43
Variable Interest Entities
Investment related gains (losses)	(7)	$ 3	$ (6)	$ 8
Net investment income	$ 16	$ 21	$ 16	$ 37

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 931	$ 720	$ (285)	$ 1,428
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities, net of offsets	4,506	1,261	(333)	2,738
Unrealized gains (losses) on hedging instruments	(83)	55	318	47
Foreign currency translation and other adjustments	(10)	(1)	(1)	(1)
Other comprehensive income (loss), before tax	4,413	1,315	(16)	2,784
Income tax expense related to other comprehensive income (loss)	805	261	8	552
Other comprehensive income (loss)	3,608	1,054	(24)	2,232
Comprehensive income (loss)	4,539	1,774	(309)	3,660
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	338	0	(14)	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 4,201	$ 1,774	$ (295)	$ 3,660

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Preferred Stock	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Parent	Noncontrolling interest	Preferred Stock	Preferred StockAdditional paid-in capital	Preferred StockParent	Common stock	Common stockAdditional paid-in capital	Common stockParent	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, AdjustmentRetained earnings	Cumulative Effect, Period of Adoption, AdjustmentAccumulated other comprehensive income (loss)	Cumulative Effect, Period of Adoption, AdjustmentParent	Cumulative Effect, Period of Adoption, AdjustmentNoncontrolling interest
Beginning Balance at Dec. 31, 2018	$ 8,276	$ 0	$ 0	$ 3,462	$ 5,286	$ (472)	$ 8,276	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,428				1,428		1,428	0
Other comprehensive income (loss)	2,232					2,232	2,232
Issuance of shares, net of expenses									$ 839	$ 839	$ 839	$ 2	$ 2	$ 2
Stock-based compensation	15			15			15
Retirement or repurchase of shares	(427)			(174)	(253)		(427)
Ending Balance at Jun. 30, 2019	12,365	0	0	4,144	6,461	1,760	12,365	0
Beginning Balance at Mar. 31, 2019	10,117	0	0	3,448	5,963	706	10,117	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	720				720		720	0
Other comprehensive income (loss)	1,054					1,054	1,054	0
Issuance of shares, net of expenses									839	839	$ 839	1	1	$ 1
Stock-based compensation	10			10			10
Retirement or repurchase of shares	(376)			(154)	(222)		(376)
Ending Balance at Jun. 30, 2019	12,365	0	0	4,144	6,461	1,760	12,365	0
Beginning Balance at Dec. 31, 2019	14,141	0	0	4,171	6,939	2,281	13,391	750							$ (125)	$ (117)	$ (6)	$ (123)	$ (2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(285)				(204)		(204)	(81)
Other comprehensive income (loss)	(24)					(91)	(91)	67
Issuance of shares, net of expenses							1,509		583	583		$ 1,509	$ 1,509
Stock-based compensation	11			11			11
Retirement or repurchase of shares	(328)			(184)	(144)		(328)
Dividends, Preferred Stock	(37)				(37)		(37)
Contributions from noncontrolling interests	240							240
Distributions to noncontrolling interests	(46)							(46)
Ending Balance at Jun. 30, 2020	15,639	0	0	6,090	6,437	2,184	14,711	928
Beginning Balance at Mar. 31, 2020	10,530	0	0	5,501	5,613	(1,174)	9,940	590
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	931				843		843	88
Other comprehensive income (loss)	3,608					3,358	3,358	250
Issuance of shares, net of expenses									$ 583	$ 583
Stock-based compensation	6			6			6
Dividends, Preferred Stock	(19)				(19)		(19)
Ending Balance at Jun. 30, 2020	$ 15,639	$ 0	$ 0	$ 6,090	$ 6,437	$ 2,184	$ 14,711	$ 928

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities
Net income		$ (285)	$ 1,428
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred acquisition costs and value of business acquired		(52)	492
Amortization of deferred sales inducements		(11)	18
Accretion of net investment premiums, discounts and other		(91)	(54)
Net investment income (related party: 2020 – $(12) and 2019 – $(52); consolidated variable interest entities: 2020 – $(5), 2019 – $0)		(1)	(47)
Net recognized (gains) losses on investments and derivatives (related party: 2020 – $75 and 2019 – $(15); consolidated variable interest entities: 2020 – $7 and 2019 – $(8))		(1,214)	1,526
Policy acquisition costs deferred		(281)	(354)
Changes in operating assets and liabilities:
Accrued investment income		(29)	(76)
Interest sensitive contract liabilities		611	2,397
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable		39	921
Funds withheld assets and liabilities		375	(1,886)
Other assets and liabilities		(87)	270
Net cash provided by operating activities		1,402	1,583
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2020 – $209 and 2019 – $73)		6,425	5,567
Trading securities (related party: 2020 – $31 and 2019 – $60; consolidated variable interest entities: 2020 – $10 and 2019 – $33)		85	143
Equity securities (related party: 2020 – $3 and 2019 – $51; consolidated variable interest entities: 2020 – $0 and 2019 – $51)		3	70
Mortgage loans		1,136	994
Investment funds (related party: 2020 – $241 and 2019 – $116; consolidated variable interest entities: 2020 – $20 and 2019 – $5)		313	186
Derivative instruments and other invested assets		765	653
Short-term investments (related party: 2020 – $28 and 2019 – $0)		650	163
Purchases of:
Available-for-sale securities (related party: 2020 – $(611) and 2019 – $(436))		(9,624)	(7,813)
Trading securities (related party: 2020 – $(150) and 2019 – $(6))		(152)	(382)
Equity securities		(16)	(332)
Mortgage loans		(2,317)	(2,558)
Investment funds (related party: 2020 – $(807) and 2019 – $(402); consolidated variable interest entities: 2020 – $0 and 2019 – $(21))		(831)	(500)
Derivative instruments and other invested assets		(1,034)	(581)
Short-term investments (related party: 2020 – $(28) and 2019 – $0)		(412)	(259)
Cash Divested from Deconsolidation		3	0
Other investing activities, net		276	631
Net cash used in investing activities		(4,736)	(4,018)
Cash flows from financing activities
Issuance of common stock		350	0
Repayment of short-term debt		75	0
Proceeds from long-term debt		499	0
Deposits on investment-type policies and contracts		8,398	5,972
Withdrawals on investment-type policies and contracts		(3,871)	(3,275)
Payments for coinsurance agreements on investment-type contracts, net		(11)	(31)
Capital contributions from noncontrolling interests		240	0
Capital distributions to noncontrolling interests		(46)	0
Net change in cash collateral posted for derivative transactions and securities to repurchase		(461)	(1,214)
Issuance of preferred stock, net of expenses		583	839
Preferred stock dividends		37	0
Repurchase of common stock		(328)	(427)
Other financing activities, net		71	(23)
Net cash provided by financing activities		6,234	4,269
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents		(21)	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect		2,879	1,834
Cash and cash equivalents at beginning of year	[1]	4,642	3,405
Cash and cash equivalents at end of period	[1]	7,521	5,239
Non-cash transactions
Deposits on investment-type policies and contracts through reinsurance agreements		28,077	423
Withdrawals on investment-type policies and contracts through reinsurance agreements		1,895	1,873
Reinsurance Settlements [Member]
Non-cash transactions
Transfer to Investments		53	31
Pension Risk Transfer Premiums [Member]
Non-cash transactions
Transfer to Investments		829	1,918
Related Party
Adjustments to reconcile net income to net cash provided by operating activities:
Net investment income (related party: 2020 – $(12) and 2019 – $(52); consolidated variable interest entities: 2020 – $(5), 2019 – $0)		(12)	(52)
Net recognized (gains) losses on investments and derivatives (related party: 2020 – $75 and 2019 – $(15); consolidated variable interest entities: 2020 – $7 and 2019 – $(8))		(75)	15
Changes in operating assets and liabilities:
Accrued investment income		(26)	3
Interest sensitive contract liabilities		102	264
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable		140	162
Funds withheld assets and liabilities		(325)	(953)
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2020 – $209 and 2019 – $73)		209	73
Trading securities (related party: 2020 – $31 and 2019 – $60; consolidated variable interest entities: 2020 – $10 and 2019 – $33)		31	60
Mortgage loans		0	4
Investment funds (related party: 2020 – $241 and 2019 – $116; consolidated variable interest entities: 2020 – $20 and 2019 – $5)		241	116
Short-term investments (related party: 2020 – $28 and 2019 – $0)		28	0
Purchases of:
Available-for-sale securities (related party: 2020 – $(611) and 2019 – $(436))		(611)	(436)
Trading securities (related party: 2020 – $(150) and 2019 – $(6))		(150)	(6)
Investment funds (related party: 2020 – $(807) and 2019 – $(402); consolidated variable interest entities: 2020 – $0 and 2019 – $(21))		(807)	(402)
Short-term investments (related party: 2020 – $(28) and 2019 – $0)		(28)	0
Cash flows from financing activities
Deposits on investment-type policies and contracts		39	117
Withdrawals on investment-type policies and contracts		(210)	(225)
Non-cash transactions
Deposits on investment-type policies and contracts through reinsurance agreements		156	108
Withdrawals on investment-type policies and contracts through reinsurance agreements		730	$ 910
Related Party | Investment funds
Non-cash transactions
Transfer to Investments		$ 1,147
[1]	Includes cash and cash equivalents, restricted cash, and cash and cash equivalents of consolidated variable interest entities.

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Amortization of deferred acquisition costs and value of business acquired	$ (52)	$ 492
Net investments (income) loss	(1)	(47)
Net recognized (gains) losses on investments and derivatives (related party: 2018 – $0 and 2017 – $10)	1,214	(1,526)
Accrued investment income	(29)	(76)
Policy acquisition costs deferred	(281)	(354)
Interest sensitive contract liabilities	611	2,397
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable	39	921
Funds withheld assets and liabilities	375	(1,886)
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2020 – $209 and 2019 – $73)	6,425	5,567
Trading securities	85	143
Mortgage loans	1,136	994
Investment funds	313	186
Derivative instruments and other invested assets	765	653
Short-term investments	650	163
Purchases of:
Available-for-sale securities (related party: 2020 – $(611) and 2019 – $(436))	(9,624)	(7,813)
Mortgage loans	(2,317)	(2,558)
Trading securities	(152)	(382)
Investment funds	(831)	(500)
Derivative instruments and other invested assets	(1,034)	(581)
Short-term investments	(412)	(259)
Deposits on investment-type policies and contracts	8,398	5,972
Repayments of Annuities and Investment Certificates	(3,871)	(3,275)
Payments for coinsurance agreements on investment-type contracts, net	(11)	(31)
Deposits on investment-type policies and contracts through reinsurance agreements	28,077	423
Withdrawals on investment-type policies and contracts through reinsurance agreements	1,895	1,873
Variable Interest Entities
Net investments (income) loss	(5)	0
Net recognized (gains) losses on investments and derivatives (related party: 2018 – $0 and 2017 – $10)	7	(8)
Sales, maturities and repayments of:
Trading securities	10	33
Equity securities (related party: 2020 – $3 and 2019 – $51; consolidated variable interest entities: 2020 – $0 and 2019 – $51)	0	51
Investment funds	20	5
Purchases of:
Investment funds	0	(21)
Related Party
Net investments (income) loss	(12)	(52)
Net recognized (gains) losses on investments and derivatives (related party: 2018 – $0 and 2017 – $10)	75	(15)
Accrued investment income	(26)	3
Interest sensitive contract liabilities	102	264
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable	140	162
Funds withheld assets and liabilities	(325)	(953)
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2020 – $209 and 2019 – $73)	209	73
Trading securities	31	60
Mortgage loans	0	4
Investment funds	241	116
Short-term investments	28	0
Purchases of:
Available-for-sale securities (related party: 2020 – $(611) and 2019 – $(436))	(611)	(436)
Trading securities	(150)	(6)
Investment funds	(807)	(402)
Short-term investments	(28)	0
Deposits on investment-type policies and contracts	39	117
Repayments of Annuities and Investment Certificates	(210)	(225)
Deposits on investment-type policies and contracts through reinsurance agreements	156	108
Withdrawals on investment-type policies and contracts through reinsurance agreements	730	910
Equity securities | Related Party
Sales, maturities and repayments of:
Equity securities (related party: 2020 – $3 and 2019 – $51; consolidated variable interest entities: 2020 – $0 and 2019 – $51)	3	51
Purchases of:
Equity securities	(3)	(213)
Reinsurance Settlements [Member]
Purchases of:
Transfer to Investments	$ 53	$ 31

Business, Basis of Presentation

Business, Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
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, and the United Kingdom (UK). 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. (ALReI); and • Athene USA Corporation, an Iowa corporation (together with its subsidiaries, Athene USA). In addition, we consolidate certain variable interest entities (VIEs) for which we determined we are the primary beneficiary. See Note 4 – Variable Interest Entities for further information on VIEs. Consolidation and Basis of Presentation —We have prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the United States Securities and Exchange Commission’s rules and regulations for Form 10-Q and Article 10 of Regulation S-X. The accompanying condensed consolidated financial statements are unaudited and reflect all adjustments, consisting only of normal recurring items, considered necessary for fair statement of the results for the interim periods presented. All intercompany accounts and transactions have been eliminated. Interim operating results are not necessarily indicative of the results expected for the entire year, particularly in light of the material risks and uncertainties surrounding the spread of the Coronavirus Disease of 2019 (COVID-19), which has resulted in significant volatility in the financial markets. 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. The condensed consolidated balance sheet as of December 31, 2019 has been derived from the audited financial statements, but does not include all of the information and footnotes required by GAAP for complete financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019 . The preparation of financial statements requires the use of management estimates. Our estimates may vary as more information about the extent to which COVID-19 and the resulting impact on economic conditions and the financial markets become known. Actual results may differ from estimates used in preparing the condensed consolidated financial statements. Summary of Significant Accounting Policies The following accounting policies have been updated for the adoption of Accounting Standards Update (ASU) 2016-13 and related ASUs, and apply for reporting periods beginning January 1, 2020. Investments Purchased Credit Deteriorated (PCD) Investments – We purchase certain structured securities, primarily residential mortgage backed securities (RMBS), and re-performing mortgage loans having experienced a more-than-insignificant deterioration in credit quality since their origination which upon our assessment have been determined to meet the definition of PCD investments. Additionally, structured securities classified as beneficial interests follow the initial measurement guidance for PCD investments if there is a significant difference between contractual cash flows adjusted for expected prepayments and expected cash flows at the date of recognition. The initial allowance for credit losses for PCD investments is recorded through a gross-up adjustment to the initial amortized cost. For mortgage loans, the initial allowance is determined using the methodology described in the Credit Losses – Assets Held at Amortized Cost and Off-Balance Sheet Credit Exposures section. For structured securities classified as beneficial interests, the initial allowance is calculated as the present value of the difference between contractual cash flows adjusted for expected prepayments and expected cash flows at the date of recognition. The non-credit purchase discount or premium is amortized into investment income using the effective interest method. The credit discount, represented by the allowance for expected credit losses, is remeasured each period following the policies for measuring credit losses described in the Credit Losses – Assets Held at Amortized Cost and Off-Balance Sheet Credit Exposures and Credit Losses – Available-for-Sale Securities sections below. Credit Losses – Assets Held at Amortized Cost and Off-Balance Sheet Credit Exposures – We establish an allowance for expected credit losses at the time of purchase for assets held at amortized cost, which primarily includes our residential and commercial mortgage loan portfolios, but also includes certain other loans and reinsurance assets. The allowance for expected credit losses represents the portion of the asset's amortized cost basis that we do not expect to collect due to credit losses over the asset's contractual life, considering past events, current conditions, and reasonable and supportable forecasts of future economic conditions or macroeconomic forecasts. We use a quantitative probability of default and loss given default methodology to develop our estimate of expected credit loss. We develop the estimate on a collective basis factoring in the risk characteristics of the assets in the portfolio. If an asset does not share similar risk characteristics with other assets, the asset is individually assessed. Allowance estimates are highly dependent on expectations of future economic conditions and macroeconomic forecasts, which involve significant judgment and subjectivity. We use quantitative modeling to develop the allowance for expected credit losses. Key inputs into the model include data pertaining to the characteristics of the assets, historical losses and current market conditions. Additionally, the model incorporates management’s expectations around future economic conditions and macroeconomic forecasts over a reasonable and supportable forecast period, after which the model reverts to historical averages. These inputs, the reasonable and supportable forecast period, and reversion to historical average technique are subject to a formal governance and review process by management. Additionally, management considers qualitative adjustments to the model output to the extent that any relevant information regarding the collectability of the asset is available and not already considered in the quantitative model. If we determine that a financial asset has become collateral dependent, which we determine to be when foreclosure is probable, the allowance is measured as the difference between amortized cost and the fair value of the collateral, less any expected costs to sell. The initial allowance for invested assets held at amortized cost other than for PCD investments, and subsequent changes in the allowance including PCD investments, are recorded through a charge to credit loss expense within investment related gains (losses) on the condensed consolidated statements of income (loss). Credit loss expense for reinsurance assets held at amortized cost is recorded through policy and other operating expenses on the condensed consolidated statements of income (loss). We limit accrued interest income on loans to 90 days of interest. Once a loan becomes 90 days past due, the loan is put on non-accrual status and any accrued interest is written off. Once a loan is on non-accrual status, we first apply any payments received to the principal of the loan, and once the principal is repaid, we include amounts received in net investment income. We have elected to present accrued interest receivable separately in accrued investment income on the condensed consolidated balance sheets. We have also elected the practical expedient to exclude the accrued interest receivable from the amortized cost balance used to calculate the allowance given our policy to write off such balances in a timely manner. Any write-off of accrued interest is recorded through a reversal of net investment income on the condensed consolidated statements of income (loss). Upon determining that all or a portion of the amortized cost of an asset is uncollectible, which is generally when all efforts for collection are exhausted, the amortized cost is written off against the existing allowance. Any write off in excess of the existing allowance is recorded through credit loss expense within investment related gains (losses) on the condensed consolidated statements of income (loss). We also have certain off-balance sheet credit exposures for which we establish a liability for expected future credit losses. These exposures primarily relate to commitments to fund commercial or residential mortgage loans that are not unconditionally cancelable. The methodology for estimating the liability for these credit exposures is consistent with that described above, with the additional consideration pertaining to the probability of funding. At the time the commitment expires or is funded, the liability is reversed and an allowance for expected credit losses is established, as applicable. The liability for off-balance sheet credit exposures is included in other liabilities on the condensed consolidated balance sheets. The establishment of the initial liability and all subsequent changes are recorded through credit loss expense within investment related gains (losses) on the condensed consolidated statements of income (loss). Credit Losses – Available-for-Sale Securities – We evaluate available-for-sale (AFS) securities with a fair value that has declined below amortized cost to determine how the decline in fair value should be recognized. If we determine, based on the facts and circumstances related to the specific security, that 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 amortized cost, any existing allowance for credit losses is reversed and the amortized cost of the security is written down to fair value. If neither of these conditions exist, we evaluate whether the decline in fair value has resulted from a credit loss or other factors. For non-structured AFS securities, we qualitatively consider relevant facts and circumstances in evaluating whether a decline below fair value is credit-related. Relevant facts and circumstances include but are not limited to: (1) the extent to which the fair value is less than amortized cost; (2) changes in agency credit ratings, (3) adverse conditions related to the security’s industry or geographical area, (4) failure to make scheduled payments, and (5) other known changes in the financial condition of the issuer or quality of any underlying collateral or credit enhancements. For structured AFS securities meeting the definition of beneficial interests, the qualitative assessment is bypassed, and any securities having experienced a decline in fair value below amortized cost move directly to a quantitative analysis. If upon completion of this analysis it is determined that a potential credit loss exists, an allowance for expected credit losses is established equal to the amount by which the present value of expected cash flows is less than amortized cost, limited by the amount by which fair value is less than amortized cost. 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. 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. The expected cash flows are discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete a structured security. For securities with a contractual interest rate that varies based on changes in an independent factor, such as an index or rate, the effective interest rate is calculated based on the factor as it changes over the life of the security. Inherently under the discounted cash flow model, both the timing and amount of cash flows affect the measurement of the allowance for expected credit losses. The allowance for expected credit losses is remeasured each period for the passage of time, any change in expected cash flows, and changes in the fair value of the security. All impairments, whether intent or requirement to sell or credit-related, are recorded through a charge to credit loss expense within investment related gains (losses) on the condensed consolidated statements of income (loss). All changes in the allowance for expected credit losses are recorded through credit loss expense within investment related gains (losses) on the condensed consolidated statements of income (loss). We have elected to present accrued interest receivable separately in accrued investment income on the condensed consolidated balance sheets. We have also elected the practical expedient to exclude the accrued interest receivable from the amortized cost balance used to calculate the allowance for expected credit losses, as we have a policy to write off such balances in a timely manner, when they become 90 days past due. Any write-off of accrued interest is recorded through a reversal of net investment income on the condensed consolidated statements of income (loss). Upon determining that all or a portion of the amortized cost of an asset is uncollectible, which is generally when all efforts for collection are exhausted, the amortized cost is written off against the existing allowance. Any write off in excess of the existing allowance is recorded through credit loss expense within investment related gains (losses) on the condensed consolidated statements of income (loss). Adopted Accounting Pronouncements Financial Instruments – Credit Losses (ASU 2019-05, ASU 2019-04, ASU 2018-19 and ASU 2016-13) This update limits the number of credit impairment models used for different assets and results in accelerated credit loss recognition on assets held at amortized cost, which primarily includes our commercial and residential mortgage loans, but also includes certain other loans and reinsurance assets. The identification of PCD financial assets includes 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 are recognized immediately in the income statement. AFS securities are not in scope of the new credit loss model, but were subject to targeted improvements including the establishment of a valuation allowance for credit losses versus the previous direct write down approach. We adopted this update effective January 1, 2020 with a cumulative-effect adjustment that decreased retained earnings by $117 million net of tax and offsetting impacts to DAC, DSI, VOBA and the SOP 03-1 reserve. The adjustment to retained earnings primarily relates to the establishment of an allowance on our commercial mortgage loan portfolio, which represented 1.59% 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. Additionally, the update requires investments previously considered purchased credit impaired (PCI), which includes certain of our residential mortgage loans and RMBS to become subject to a modified PCD framework at the transition date. Any required allowance at transition for these assets is to be recorded through a gross-up of the amortized cost, rather than a charge to retained earnings. Additionally, under the AFS impairment model, the recording of an allowance is prohibited in instances where fair value exceeds amortized cost as such securities are not considered impaired under the AFS impairment model. Therefore, no allowance was recorded at transition for PCI RMBS that were in an unrealized gain position. The transition increase of amortized cost and corresponding valuation allowance for residential mortgage loans and RMBS was $36 million and $17 million , respectively. 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. We adopted this update effective January 1, 2020. This update did not 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 adopted this update effective January 1, 2020. The adoption of this update did not 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. We adopted this update on a prospective basis effective January 1, 2020. This update did not 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. On October 1, 2018, we early adopted the removal and modification of certain disclosures as permitted. The additional disclosures in the update were adopted effective January 1, 2020. The adoption of this update did not have a material effect 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 is 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 continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. We do not have material goodwill and adopted this update on a prospective basis effective January 1, 2020. The adoption of this update did not have a material effect on our consolidated financial statements. Recently Issued Accounting Pronouncements 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 used 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 our 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. While we are currently required to adopt these updates on January 1, 2022, the Financial Accounting Standards Board has proposed a deferral to the adoption date, which, if codified, would require adoption on January 1, 2023. 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. Income Taxes – Simplifying the Accounting for Income Taxes (ASU 2019-12) The amendments in this update simplify the accounting for income taxes by eliminating certain exceptions to the tax accounting guidance related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities related to foreign investment ownership changes. It also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill and allocating consolidated income taxes to separate financial statements of entities not subject to income tax. We will be required to adopt this update January 1, 2021 and apply certain aspects of the update retrospectively while other aspects will be applied on a modified retrospective basis. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.

Investments

Investments	6 Months Ended
	Jun. 30, 2020security
Schedule of Investments [Abstract]
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions	2,316
Investments	2. Investments AFS Securities — Our AFS investment portfolio includes bonds, collateralized loan obligations (CLO), asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), RMBS and redeemable preferred stock. Our AFS investment portfolio includes related party investments that are primarily comprised of investments over which Apollo can exercise significant influence. These investments are presented as investments in related parties on the condensed consolidated balance sheets, and are separately disclosed below. The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of our AFS investments by asset type: June 30, 2020 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agencies $ 71 $ — $ 3 $ — $ 74 U.S. state, municipal and political subdivisions 799 — 146 (2 ) 943 Foreign governments 318 — 20 (1 ) 337 Corporate 47,251 (31 ) 4,608 (629 ) 51,199 CLO 8,441 (1 ) 19 (507 ) 7,952 ABS 4,923 (2 ) 110 (258 ) 4,773 CMBS 2,402 (10 ) 53 (148 ) 2,297 RMBS 7,010 (129 ) 343 (64 ) 7,160 Total AFS securities 71,215 (173 ) 5,302 (1,609 ) 74,735 AFS securities – related party Corporate 18 — 2 — 20 CLO 1,297 (2 ) 5 (61 ) 1,239 ABS 2,858 — 26 (73 ) 2,811 Total AFS securities – related party 4,173 (2 ) 33 (134 ) 4,070 Total AFS securities including related party $ 75,388 $ (175 ) $ 5,335 $ (1,743 ) $ 78,805 The following table represents the amortized cost, gross unrealized gains and losses, fair value and other than temporary impairments (OTTI) in accumulated other comprehensive income (AOCI) of our AFS investments by asset type: 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 The amortized cost and fair value of AFS securities, including related party, are shown by contractual maturity below: June 30, 2020 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 1,203 $ 1,210 Due after one year through five years 9,089 9,467 Due after five years through ten years 11,247 11,958 Due after ten years 26,900 29,918 CLO, ABS, CMBS and RMBS 22,776 22,182 Total AFS securities 71,215 74,735 AFS securities – related party Due after one year through five years 18 20 CLO and ABS 4,155 4,050 Total AFS securities – related party 4,173 4,070 Total AFS securities including related party $ 75,388 $ 78,805 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, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost: June 30, 2020 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 $ 11 $ — $ — $ — $ 11 $ — U.S. state, municipal and political subdivisions 43 (1 ) 10 (1 ) 53 (2 ) Foreign governments 76 (1 ) — — 76 (1 ) Corporate 7,217 (451 ) 398 (84 ) 7,615 (535 ) CLO 4,063 (189 ) 2,782 (305 ) 6,845 (494 ) ABS 2,161 (211 ) 159 (23 ) 2,320 (234 ) CMBS 878 (123 ) 30 (10 ) 908 (133 ) RMBS 817 (36 ) 32 (2 ) 849 (38 ) Total AFS securities 15,266 (1,012 ) 3,411 (425 ) 18,677 (1,437 ) AFS securities – related party CLO 937 (44 ) 172 (17 ) 1,109 (61 ) ABS 1,930 (73 ) — — 1,930 (73 ) Total AFS securities – related party 2,867 (117 ) 172 (17 ) 3,039 (134 ) Total AFS securities including related party $ 18,133 $ (1,129 ) $ 3,583 $ (442 ) $ 21,716 $ (1,571 ) The following summarizes the fair value and gross unrealized losses for AFS securities, including related party, aggregated by asset type 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 Unrealized Losses Fair Value Gross Unrealized Losses 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 ) As of June 30, 2020 , we held 2,316 AFS securities that were in an unrealized loss position. Of this total, 365 were in an unrealized loss position 12 months or more. As of June 30, 2020 , we held 152 related party AFS securities that were in an unrealized loss position. Of this total, 18 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. Allowance for Credit Losses — The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type: Three months ended June 30, 2020 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS securities Corporate $ 15 $ 16 $ — $ — $ — $ 31 CLO — 1 — — — 1 ABS 5 — — — (3 ) 2 CMBS 4 5 — — 1 10 RMBS 54 13 60 (1 ) 3 129 Total AFS securities 78 35 60 (1 ) 1 173 AFS securities – related party CLO — 1 — — 1 2 Total AFS securities including related party $ 78 $ 36 $ 60 $ (1 ) $ 2 $ 175 Six months ended June 30, 2020 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS securities Corporate $ — $ 31 $ — $ — $ — $ 31 CLO — 1 — — — 1 ABS — 5 — — (3 ) 2 CMBS — 9 — — 1 10 RMBS 17 48 61 (2 ) 5 129 Total AFS securities 17 94 61 (2 ) 3 173 AFS securities – related party CLO — 1 — — 1 2 Total AFS securities including related party $ 17 $ 95 $ 61 $ (2 ) $ 4 $ 175 Net Investment Income —Net investment income by asset class consists of the following: Three months ended June 30, Six months ended June 30, (In millions) 2020 2019 2020 2019 AFS securities $ 790 $ 763 $ 1,627 $ 1,516 Trading securities 42 49 90 91 Equity securities 2 4 6 7 Mortgage loans 175 159 361 310 Investment funds 372 123 94 149 Funds withheld at interest 43 134 84 297 Other 38 45 75 84 Investment revenue 1,462 1,277 2,337 2,454 Investment expenses (126 ) (95 ) (256 ) (190 ) Net investment income $ 1,336 $ 1,182 $ 2,081 $ 2,264 Investment Related Gains (Losses) —Investment related gains (losses) by asset class consists of the following: Three months ended June 30, Six months ended June 30, (In millions) 2020 2019 2020 2019 AFS securities Gross realized gains on investment activity $ 68 $ 56 $ 232 $ 73 Gross realized losses on investment activity (66 ) (4 ) (200 ) (17 ) Net realized investment gains on AFS securities 2 52 32 56 Net recognized investment gains (losses) on trading securities 191 79 (32 ) 135 Net recognized investment gains (losses) on equity securities 30 1 (20 ) 19 Derivative gains (losses) 2,330 1,181 (689 ) 2,873 Provision for credit losses (5 ) — (289 ) — Other gains (losses) — — (26 ) 6 Investment related gains (losses) $ 2,548 $ 1,313 $ (1,024 ) $ 3,089 Proceeds from sales of AFS securities were $1,778 million and $1,958 million for the three months ended June 30, 2020 and 2019 , respectively, and $3,585 million and $3,211 million for the six months ended June 30, 2020 and 2019 , respectively. The following table summarizes the change in unrealized gains (losses) on trading and equity securities we held as of the respective period end: Three months ended June 30, Six months ended June 30, (In millions) 2020 2019 2020 2019 Trading securities $ 135 $ 98 $ 62 $ 169 Trading securities – related party 66 (13 ) (43 ) (15 ) Equity securities 17 2 (20 ) 20 Equity securities – related party — (5 ) — (2 ) Purchased Financial Assets with Credit Deterioration —The following table summarizes our PCD investment purchases with the following amounts at the time of purchase: Three months ended June 30, 2020 Six months ended June 30, 2020 (In millions) Fixed maturity securities Mortgage loans Fixed maturity securities Mortgage loans Purchase price $ 225 $ — $ 239 $ — Allowance for credit losses at acquisition 60 — 61 — Discount (premiums) attributable to other factors 33 — 34 — Par value $ 318 $ — $ 334 $ — Repurchase Agreements— The following table summarizes the maturities of our repurchase agreements: June 30, 2020 Remaining Contractual Maturity (In millions) Overnight and continuous Less than 30 days 30-90 days 91 days – 1 year Greater than 1 year Total Payables for repurchase agreements 1 $ — $ — $ 501 $ 500 $ 598 $ 1,599 1 Included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets. December 31, 2019 Remaining Contractual Maturity (In millions) Overnight and continuous Less than 30 days 30-90 days 91 days – 1 year Greater than 1 year Total Payables for repurchase agreements 1 $ — $ 102 $ 200 $ 210 $ — $ 512 1 Included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets. The following table summarizes the securities pledged as collateral for repurchase agreements: June 30, 2020 December 31, 2019 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities – Corporate $ 1,595 $ 1,829 $ 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 condensed consolidated balance sheets; however, the secured lending arrangement is recorded as a short-term investment for the principal amount loaned under the agreement. As of June 30, 2020 and December 31, 2019 , amounts loaned under reverse repurchase agreements were $0 million and $190 million , respectively, and collateral backing the agreement was $0 million and $630 million , respectively. Mortgage Loans, including related party —Mortgage loans, net of allowances, consists of the following: (In millions) June 30, 2020 December 31, 2019 Commercial mortgage loans $ 11,339 $ 10,422 Commercial mortgage loans under development 186 93 Total commercial mortgage loans 11,525 10,515 Allowance for credit losses on commercial mortgage loans (294 ) (10 ) Commercial mortgage loans, net of allowances 11,231 10,505 Residential mortgage loans 4,683 4,455 Allowance for credit losses on residential mortgage loans (85 ) (1 ) Residential mortgage loans, net of allowances 4,598 4,454 Mortgage loans, net of allowances $ 15,829 $ 14,959 We primarily invest in commercial mortgage loans on income producing properties including office and retail buildings, apartments, hotels and industrial properties. 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 allowances, by property type and geographic region, is as follows: June 30, 2020 December 31, 2019 (In millions, except for percentages) Net Carrying Value Percentage of Total Net Carrying Value Percentage of Total Property type Office building $ 3,545 31.6 % $ 2,899 27.6 % Retail 2,080 18.5 % 2,182 20.8 % Apartment 2,401 21.4 % 2,142 20.4 % Hotels 1,131 10.1 % 1,104 10.5 % Industrial 1,385 12.3 % 1,448 13.8 % Other commercial 689 6.1 % 730 6.9 % Total commercial mortgage loans $ 11,231 100.0 % $ 10,505 100.0 % U.S. Region East North Central $ 1,202 10.7 % $ 1,036 9.9 % East South Central 417 3.7 % 428 4.1 % Middle Atlantic 3,058 27.3 % 2,580 24.6 % Mountain 508 4.5 % 528 5.0 % New England 336 3.0 % 340 3.2 % Pacific 2,585 23.0 % 2,502 23.8 % South Atlantic 1,988 17.7 % 1,920 18.3 % West North Central 137 1.2 % 146 1.4 % West South Central 765 6.8 % 791 7.5 % Total U.S. Region 10,996 97.9 % 10,271 97.8 % International Region 235 2.1 % 234 2.2 % Total commercial mortgage loans $ 11,231 100.0 % $ 10,505 100.0 % Our residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table: June 30, 2020 December 31, 2019 U.S. States California 36.5 % 27.0 % Florida 11.5 % 12.7 % Texas 4.4 % 6.2 % Other 1 35.5 % 41.7 % Total U.S. residential mortgage loan percentage 87.9 % 87.6 % International – Ireland 11.9 % 12.4 % International – Other 2 0.2 % — % 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. 2 Represents all other countries, with each individual country comprising less than 5% of the portfolio. Loan Valuation Allowance — The allowances for our mortgage loan portfolio and other loans is summarized as follows: Three months ended June 30, 2020 Six months ended June 30, 2020 (In millions) Commercial Mortgage Residential Mortgage Other Investments Total Commercial Mortgage Residential Mortgage Other Investments Total Beginning balance $ 343 $ 81 $ 12 $ 436 $ 10 $ 1 $ — $ 11 Adoption of accounting standard — — — — 167 43 11 221 Provision (reversal) for expected credit losses (49 ) 5 8 (36 ) 117 42 9 168 Loans charged-off — (1 ) — (1 ) — (1 ) — (1 ) Ending balance $ 294 $ 85 $ 20 $ 399 $ 294 $ 85 $ 20 $ 399 Residential mortgage loans – Our allowance model for residential mortgage loans is based on the characteristics of the loans in our portfolio, historical economic data and loss information, and current and forecasted economic conditions. Key loan characteristics affecting the estimate include, among others: time to maturity, delinquency status, original credit scores and loan-to-value ratios. Key macroeconomic variables include unemployment rates and the housing price index. Management reviews and approves forecasted macroeconomic variables, along with the reasonable and supportable forecast period and mean reversion technique. Management also evaluates assumptions from independent third parties and these assumptions have a high degree of subjectivity. The mean reversion technique varies by macroeconomic variable and may vary by geographic location. As of June 30, 2020 , our reasonable and supportable forecast period was one year , after which, we revert to the 30-year or greater historical average over a period of up to one year and then continue at those averages through the contractual life of the loan. Commercial mortgage loans – Our allowance model for commercial mortgage loans is based on the characteristics of the loans in our portfolio, historical economic data and loss information, and current and forecasted economic conditions. Key loan characteristics affecting the estimate include, among others: time to maturity, delinquency status, loan-to-value ratios, debt service coverage ratios, etc. Key macroeconomic variables include unemployment rates, rent growth, capitalization rates, and the housing price index. Management reviews and approves forecasted macroeconomic variables, along with the reasonable and supportable forecast period and mean reversion technique. Management also evaluates assumptions from independent third parties and these assumptions have a high degree of subjectivity. The mean reversion technique varies by macroeconomic variable and may vary by geographic location. As of June 30, 2020 , our reasonable and supportable forecast period ranged from one year to two years , after which, we revert to the 30-year or greater historical average over a period of up to eight years . Other investments – The allowance model for the loans included in other investments and related party other investments derives an estimate based on historical loss data available for similarly rated unsecured corporate debt obligations, while also incorporating management’s expectations around prepayment. See Note 11 – Related Parties for further information on the related party loans. Credit Quality Indicators Residential mortgage loans – The underwriting process for our residential mortgage loans includes an evaluation of relevant credit information including past loan performance, credit scores, loan-to-value and other relevant information. Subsequent to purchase or origination, we closely monitor economic conditions and loan performance to manage and evaluate our exposure to credit risk in our residential mortgage loan portfolio. The primary credit quality indicator monitored for residential mortgage loans is loan performance. Nonperforming residential mortgage loans are 90 days or more past due and/or are in non-accrual status. The following represents our residential loan portfolio by origination year and performance status: June 30, 2020 (In millions) 2020 2019 2018 2017 2016 Prior Total Current (less than 30 days past due) $ 794 $ 959 $ 1,782 $ 467 $ 114 $ 8 $ 4,124 30 to 59 days past due 4 30 85 43 19 — 181 60 to 89 days past due 1 53 122 50 22 — 248 Over 90 days past due — 22 34 48 24 2 130 Total residential mortgages $ 799 $ 1,064 $ 2,023 $ 608 $ 179 $ 10 $ 4,683 As of December 31, 2019 , $67 million of our residential mortgage loans were nonperforming. The following represents our residential loan portfolio in non-accrual status: (In millions) June 30, 2020 Beginning amortized cost of residential mortgage loans in non-accrual status $ 67 Ending amortized cost of residential mortgage loans in non-accrual status 130 Amortized cost of residential mortgage loans in non-accrual status without a related allowance for credit losses 22 During the three months and six months ended June 30, 2020 , we recognized $0 million and $1 million , respectively, of interest income on residential mortgage loans in non-accrual status. Commercial mortgage loans – The following represents our commercial mortgage loan portfolio by origination year and loan performance status: June 30, 2020 (In millions) 2020 2019 2018 2017 2016 Prior Total Current (less than 30 days past due) $ 1,266 $ 4,553 $ 2,860 $ 1,049 $ 146 $ 1,651 $ 11,525 As of December 31, 2019 , none of our commercial loans were 30 days or more past due. The following represents our commercial mortgage loan portfolio in non-accrual status: (In millions) June 30, 2020 Beginning amortized cost of commercial mortgage loans in non-accrual status $ — Ending amortized cost of commercial mortgage loans in non-accrual status 39 Amortized cost of commercial mortgage loans in non-accrual status without a related allowance for credit losses — During the three months and six months ended June 30, 2020 , no interest income was recognized on commercial mortgage loans in non-accrual status. 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 value of the underlying collateral. Loan-to-value information is updated annually as part of the re-underwriting process supporting the NAIC risk based capital rating criteria. The following represents the loan-to-value ratio of the commercial mortgage loan portfolio, excluding those under development, by origination year: June 30, 2020 (In millions) 2020 2019 2018 2017 2016 Prior Total Less than 50% $ 274 $ 631 $ 207 $ 147 $ 60 $ 1,324 $ 2,643 50% to 60% 144 1,268 831 332 40 135 2,750 61% to 70% 442 2,023 1,445 475 46 106 4,537 71% to 80% 342 599 287 95 — 47 1,370 Greater than 100% — — — — — 39 39 Commercial mortgage loans $ 1,202 $ 4,521 $ 2,770 $ 1,049 $ 146 $ 1,651 $ 11,339 The following represents the loan-to-value ratio of the commercial mortgage loan portfolio, excluding those under development, net of valuation allowances: (In millions) December 31, 2019 Less than 50% $ 2,640 50% to 60% 2,486 61% to 70% 4,093 71% to 80% 1,162 81% to 100% 31 Commercial mortgage loans $ 10,412 The debt service coverage ratio 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. Debt service coverage ratios are updated as more recent financial statements become available, at least annually or as frequently as quarterly in some cases. The following represents the debt service coverage ratio of the commercial mortgage loan portfolio, excluding those under development, by origination year: June 30, 2020 (In millions) 2020 2019 2018 2017 2016 Prior Total Greater than 1.20x $ 928 $ 3,501 $ 2,712 $ 994 $ 146 $ 1,564 $ 9,845 1.00x – 1.20x 274 1,020 58 32 — 80 1,464 Less than 1.00x — — — 23 — 7 30 Commercial mortgage loans $ 1,202 $ 4,521 $ 2,770 $ 1,049 $ 146 $ 1,651 $ 11,339 The following represents the debt service coverage ratio of the commercial mortgage loan portfolio, excluding those under development, net of valuation allowances: (In millions) December 31, 2019 Greater than 1.20x $ 9,212 1.00x – 1.20x 1,166 Less than 1.00x 34 Commercial mortgage loans $ 10,412 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. Our investment funds do not specify timing of distributions on the funds’ underlying assets. The following summarizes our investment funds, including related party: June 30, 2020 December 31, 2019 (In millions, except for percentages) Carrying value Percent of total Carrying value Percent of total Investment funds Real estate $ 274 40.2 % $ 277 36.9 % Credit funds 115 16.9 % 153 20.4 % Private equity 232 34.0 % 236 31.5 % Real assets 61 8.9 % 83 11.1 % Natural resources — — % 1 0.1 % Total investment funds 682 100.0 % 750 100.0 % Investment funds – related parties Differentiated investments MidCap FinCo Designated Activity Company (MidCap) 1 517 9.8 % 547 15.4 % AmeriHome Mortgage Company, LLC (AmeriHome) 1 594 11.3 % 487 13.7 % Catalina Holdings Ltd. (Catalina) 295 5.6 % 271 7.6 % Athora Holding Ltd. (Athora) 1 497 9.4 % 132 3.7 % Venerable Holdings, Inc. (Venerable) 1 118 2.2 % 99 2.8 % Other 246 4.7 % 222 6.3 % Total differentiated investments 2,267 43.0 % 1,758 49.5 % Real estate 709 13.4 % 853 24.0 % Credit funds 363 6.9 % 370 10.4 % Private equity 255 4.8 % 105 3.0 % Real assets 233 4.4 % 182 5.1 % Natural resources 95 1.8 % 163 4.6 % Public equities 43 0.8 % 119 3.4 % Investment in Apollo 1 1,313 24.9 % — — % Total investment funds – related parties 5,278 100.0 % 3,550 100.0 % Total investment funds including related party $ 5,960 $ 4,300 1 See further discussion on MidCap, AmeriHome, Athora, Venerable and our investment in Apollo in Note 11 – Related Parties. Non-Consolidated Securities and Investment Funds Fixed maturity securities – We invest in securitization entities as a debt holder or an investor in the residual interest of the securitization vehicle. These entities are deemed VIEs due to insufficient equity within the structure and lack of control by the equity investors over the activities that significantly impact the economics of the entity. In general, we are a debt investor within these entities and, as such, hold a variable interest; however, due to the debt holders’ lack of ability to control the decisions within the trust that significantly impact the entity, and the fact the debt holders are protected from losses due to the subordination of the equity tranche, the debt holders are not deemed the primary beneficiary. Securitization vehicles in which we hold the residual tranche are not consolidated because we do not unilaterally have substantive rights to remove the general partner, or when assessing related party interests, we are not under common control, as defined by GAAP, with the related party, nor are substantially all of the activities conducted on our behalf; therefore, we are not deemed the primary beneficiary. Debt investments and investments in the residual tranche of securitization entities are considered debt instruments and are held at fair value on the balance sheet and classified as AFS or trading. Investment funds – Investment funds include non-fixed income, alternative investments in the form of limited partnerships or similar legal structures. Equity securities – We invest in preferred equity securities issued by entities deemed to be VIEs due to insufficient equity within the structure. Our risk of loss associated with our non-consolidated investments depends on the investment. Investment funds, equity securities and trading securities are limited to the carrying value plus unfunded commitments. AFS securities are limited to amortized cost plus unfunded commitments. The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: June 30, 2020 December 31, 2019 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 682 $ 1,165 $ 750 $ 1,265 Investment in related parties – investment funds 5,278 7,316 3,550 5,955 Investment in fixed maturity securities 22,589 23,183 22,694 22,170 Investment in related parties – fixed maturity securities 4,922 5,393 4,570 4,878 Investment in related parties – equity securities 52 52 58 58 Total non-consolidated investments $ 33,523 $ 37,109 $ 31,622 $ 34,326

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	3. Derivative Instruments We use a variety of derivative instruments to manage risks, primarily equity, interest rate, credit, foreign currency and market volatility. See Note 5 – Fair Value for information about the fair value hierarchy for derivatives. The following table presents the notional amount and fair value of derivative instruments: June 30, 2020 December 31, 2019 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency swaps 3,255 $ 414 $ 38 3,158 $ 113 $ 56 Foreign currency forwards 1,055 4 1 717 1 9 Foreign currency forwards on net investments 132 1 — 139 — 2 Total derivatives designated as hedges 419 39 114 67 Derivatives not designated as hedges Equity options 52,123 1,836 14 49,549 2,746 5 Futures 19 80 — 8 10 1 Total return swaps 516 7 2 106 6 — Foreign currency swaps 511 2 2 35 2 1 Interest rate swaps 887 14 44 776 3 4 Credit default swaps 10 — 5 10 — 3 Foreign currency forwards 2,964 21 12 1,924 7 16 Embedded derivatives Funds withheld including related party 1,323 46 1,395 31 Interest sensitive contract liabilities — 11,140 — 10,942 Total derivatives not designated as hedges 3,283 11,265 4,169 11,003 Total derivatives $ 3,702 $ 11,304 $ 4,283 $ 11,070 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 three months ended June 30, 2020 and 2019 , we had foreign currency swap losses of $83 million and gains of $55 million , respectively, recorded in AOCI. During the six months ended June 30, 2020 and 2019 , we had foreign currency swap gains of $318 million and $47 million , respectively, recorded in AOCI. There were no amounts reclassified to income and no amounts deemed ineffective for the six months ended June 30, 2020 and 2019 . As of June 30, 2020 , 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 June 30, 2020 and December 31, 2019 , the carrying amount of the hedged AFS securities was $1,065 million and $456 million , respectively, and the cumulative amount of fair value hedging adjustments included in the hedged AFS securities included gains of $10 million and $1 million , respectively. The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships, which are included in investment related gains (losses) on the condensed consolidated statements of income (loss): Three months ended June 30, Six months ended June 30, (In millions) 2020 2019 2020 2019 Derivatives $ (20 ) $ (3 ) $ (8 ) $ — Related AFS securities 17 (4 ) 9 (1 ) Total gains (losses) on derivatives and related hedged items $ (3 ) $ (7 ) $ 1 $ (1 ) 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 three months and six months ended June 30, 2020 , these derivatives had losses of $11 million and gains of $2 million , respectively, which are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive income (loss). As of June 30, 2020 and December 31, 2019 , the cumulative foreign currency translation recorded in AOCI related to these net investment hedges were gains of $1 million and losses of $2 million , respectively. During the three and six months ended June 30, 2020 , there were no amounts deemed ineffective. 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 a modified coinsurance (modco) or funds withheld basis and indexed annuity products. The following is a summary of the gains (losses) related to derivatives not designated as hedges: Three months ended June 30, Six months ended June 30, (In millions) 2020 2019 2020 2019 Equity options $ 672 $ 439 $ (909 ) $ 1,288 Futures (3 ) (3 ) 13 (14 ) Swaps 55 11 (20 ) 29 Foreign currency forwards (23 ) (1 ) 44 5 Embedded derivatives on funds withheld 1,629 735 183 1,565 Amounts recognized in investment related gains (losses) 2,330 1,181 (689 ) 2,873 Embedded derivatives in indexed annuity products 1 (1,534 ) (638 ) (357 ) (1,655 ) Total gains (losses) on derivatives not designated as hedges $ 796 $ 543 $ (1,046 ) $ 1,218 1 Included in interest sensitive contract benefits on the condensed consolidated statements of income (loss). Credit Risk —We may be exposed to credit-related losses in the event of counterparty nonperformance on derivative financial instruments. Generally, the current credit exposure of our derivative contracts is the fair value at the reporting date less any collateral received from the counterparty. We manage credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties. Where possible, we maintain collateral arrangements and use master netting agreements that provide for a single net payment from one counterparty to another at each due date and upon termination. We have also established counterparty exposure limits, where possible, in order to evaluate if there is sufficient collateral to support the net exposure. Collateral arrangements typically require the posting of collateral in connection with its derivative instruments. Collateral agreements often contain posting thresholds, some of which may vary depending on the posting party’s financial strength ratings. Additionally, a decrease in our financial strength rating to a specified level can result in settlement of the derivative position. The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated balance sheets (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral June 30, 2020 Derivative assets $ 2,379 $ (32 ) $ (2,117 ) $ 230 $ (93 ) $ 137 Derivative liabilities (118 ) 32 9 (77 ) — (77 ) December 31, 2019 Derivative assets $ 2,888 $ (67 ) $ (2,743 ) $ 78 $ (145 ) $ (67 ) Derivative liabilities (97 ) 67 31 1 — 1 1 T he gross amounts of recognized derivative assets and derivative liabilities are reported on the c ondensed c onsolidated balance sheets. As of June 30, 2020 and December 31, 2019, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated balance sheets. 3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	4. Variable Interest Entities VIE Deconsolidation —During the first quarter 2020, as a result of the Apollo Global Management, Inc. (AGM and, together with its subsidiaries, Apollo) share transaction discussed further in Note 11 – Related Parties , we reassessed the consolidation conclusions for the following VIEs which are managed by Apollo affiliates: • 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); • Entities included under our agreement to purchase funds managed by Apollo entities (Strategic Partnership). Following the share transaction, we determined that we are no longer the primary beneficiary of these entities, as a result of Apollo receiving significant economics of these entities through their increased economic ownership in us. We did not recognize a gain or loss upon deconsolidation, as the deconsolidated VIEs accounted for their assets and liabilities at fair value. The investments remaining from the deconsolidated VIEs are included at net asset value (NAV) in related party investment funds on the condensed consolidated balance sheets after March 31, 2020. Commercial Mortgage Loan Securitization Trust —During the second quarter of 2020, we formed Hamlet Securitization Trust 2020-CRE1 (Hamlet) to securitize a portion of our commercial mortgage loan portfolio as CMBS securities, which are held by AHL subsidiaries and third-party cedant portfolios. Securitization of these commercial mortgage loans allows us to retain the full economics of these assets while being able to pledge these assets as collateral to the Federal Home Loan Bank (FHLB) under the funding agreement program. As substantially all of the activities and economics of Hamlet are conducted on our behalf, we are the primary beneficiary and consolidate Hamlet and the assets are included in mortgage loans on the condensed consolidated balance sheets. Additionally, as Hamlet is in the form of a trust, the commercial mortgage loan assets are included in the pledged assets and funds in trust table in Note 12 – Commitments and Contingencies . ALR Aircraft Investment Ireland Limited (ALR) —ALR was formed to invest in a joint venture that provides airplane lease financing to a major commercial airline. We were the only investor in the profit participating notes and, as substantially all of the activities of ALR were conducted on our behalf, we were the primary beneficiary and consolidated ALR. During the second quarter of 2020, we received final payment on the profit participating notes and no longer consolidate ALR.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2020
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: June 30, 2020 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities U.S. government and agencies $ 74 $ — $ 74 $ — $ — U.S. state, municipal and political subdivisions 943 — — 903 40 Foreign governments 337 — — 337 — Corporate 51,199 — — 50,325 874 CLO 7,952 — — 7,792 160 ABS 4,773 — — 3,905 868 CMBS 2,297 — — 2,248 49 RMBS 7,160 — — 7,144 16 Total AFS securities 74,735 — 74 72,654 2,007 Trading securities U.S. government and agencies 11 — 8 3 — U.S. state, municipal and political subdivisions 114 — — 114 — Corporate 1,543 — — 1,537 6 CLO 3 — — — 3 ABS 81 — — 81 — CMBS 51 — — 51 — RMBS 272 — — 217 55 Total trading securities 2,075 — 8 2,003 64 Equity securities 237 — 28 203 6 Mortgage loans 25 — — — 25 Investment funds 146 129 — — 17 Funds withheld at interest – embedded derivative 763 — — — 763 Derivative assets 2,379 — 81 2,298 — Short-term investments 364 — 43 207 114 Other investments 109 — — 109 — Cash and cash equivalents 6,240 — 6,240 — — Restricted cash 1,281 — 1,281 — — Investments in related parties AFS securities Corporate 20 — — 20 — CLO 1,239 — — 1,239 — ABS 2,811 — — 750 2,061 Total AFS securities – related party 4,070 — — 2,009 2,061 Trading securities CLO 48 — — 3 45 ABS 824 — — — 824 Total trading securities – related party 872 — — 3 869 Equity securities 52 — — — 52 Investment funds 1,885 75 — — 1,810 Funds withheld at interest – embedded derivative 560 — — — 560 Reinsurance recoverable 2,099 — — — 2,099 Total assets measured at fair value $ 97,892 $ 204 $ 7,755 $ 79,486 $ 10,447 (Continued) June 30, 2020 (In millions) Total NAV Level 1 Level 2 Level 3 Liabilities Interest sensitive contract liabilities Embedded derivative $ 11,140 $ — $ — $ — $ 11,140 Universal life benefits 1,323 — — — 1,323 Future policy benefits AmerUs Life Insurance Company (AmerUs) Closed Block 1,573 — — — 1,573 Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits 761 — — — 761 Derivative liabilities 118 — — 113 5 Funds withheld liability – embedded derivative 46 — — 46 — Total liabilities measured at fair value $ 14,961 $ — $ — $ 159 $ 14,802 (Concluded) 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 108 — — 92 16 CMBS 51 — — 51 — RMBS 303 — — 251 52 Total trading securities 2,070 — 8 1,988 74 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 4,240 — 4,240 — — Restricted cash 402 — 402 — — (Continued) December 31, 2019 (In millions) Total NAV Level 1 Level 2 Level 3 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 64 — — — 64 Investment funds 819 687 — — 132 Funds withheld at interest – embedded derivative 594 — — — 594 Reinsurance recoverable 1,821 — — — 1,821 Total assets measured at fair value $ 90,589 $ 819 $ 4,785 $ 76,027 $ 8,958 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) 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: Three months ended June 30, Six months ended June 30, (In millions) 2020 2019 2020 2019 Trading securities $ 191 $ 79 $ (32 ) $ 135 Mortgage loans — 1 — 1 Investment funds 466 4 166 — Future policy benefits (92 ) (52 ) (27 ) (92 ) Total gains (losses) $ 565 $ 32 $ 107 $ 44 Gains and losses on trading securities are recorded in investment related gains (losses) on the condensed consolidated statements of income (loss). For fair valu e option mortgage loans, we record interest income in net investment income and subsequent changes in fair value in investment related gains (losses) on the condensed consolidated statements of income (loss). Gains and losses related to investment funds, including related party investment funds, are recorded in net investment income on the condensed consolidated statements of income (loss). We record the change in fair value of future policy benefits to future policy and other policy benefits on the condensed consolidated statements of income (loss). The following summarizes information for fair value option mortgage loans: (In millions) June 30, 2020 December 31, 2019 Unpaid principal balance $ 23 $ 25 Mark to fair value 2 2 Fair value $ 25 $ 27 There were no fair value option mortgage loans 90 days or more past due as of June 30, 2020 and December 31, 2019 . Level 3 Financial Instruments — The following tables are reconciliations for all Level 3 assets and liabilities measured at fair value on a recurring basis. All transfers in and out of Level 3 are based on changes in the availability of pricing sources, as described in the valuation methods above. Three months ended June 30, 2020 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets AFS securities U.S. state, municipal and political subdivisions $ 37 $ — $ 3 $ — $ — $ 40 $ — $ 3 Corporate 1,233 — 41 (32 ) (368 ) 874 — 41 CLO 122 — 2 39 (3 ) 160 — 2 ABS 917 1 9 (39 ) (20 ) 868 — 10 CMBS 45 (5 ) (1 ) (4 ) 14 49 — (1 ) RMBS 42 — 2 1 (29 ) 16 — — Trading securities Corporate 32 4 — — (30 ) 6 4 — CLO 3 — — — — 3 — — ABS 14 — — (14 ) — — — — RMBS 70 2 — — (17 ) 55 7 — Equity securities 7 (1 ) — — — 6 (1 ) — Mortgage loans 26 — — (1) — 25 (1 ) — Investment funds 21 (4 ) — — — 17 (4 ) — Funds withheld at interest – embedded derivative (374 ) 1,137 — — — 763 — — Short-term investments 67 — (1 ) 53 (5 ) 114 — — Investments in related parties AFS securities, ABS 1,887 4 169 1 — 2,061 — 169 Trading securities CLO 32 5 — — 8 45 4 — ABS 676 74 — 74 — 824 74 — Equity securities 49 4 — (1 ) — 52 4 — Investment funds 979 470 — 361 — 1,810 470 — Funds withheld at interest – embedded derivative (15 ) 575 — — — 560 — — Reinsurance recoverable 2,115 (16 ) — — — 2,099 — — Total Level 3 assets $ 7,985 $ 2,250 $ 224 $ 438 $ (450 ) $ 10,447 $ 557 $ 224 Liabilities Interest sensitive contract liabilities Embedded derivative $ (9,089 ) $ (1,534 ) $ — $ (517 ) $ — $ (11,140 ) $ — $ — Universal life benefits (1,322 ) (1 ) — — — (1,323 ) — — Future policy benefits AmerUs Closed Block (1,481 ) (92 ) — — — (1,573 ) — — ILICO Closed Block and life benefits (778 ) 17 — — — (761 ) — — Derivative liabilities (7 ) 2 — — — (5 ) 2 — Total Level 3 liabilities $ (12,677 ) $ (1,608 ) $ — $ (517 ) $ — $ (14,802 ) $ 2 $ — 1 Related to instruments held at end of period. Three months ended June 30, 2019 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Assets AFS securities U.S. state, municipal and political subdivisions $ — $ — $ — $ 40 $ — $ 40 $ — Corporate 1,035 3 12 32 (261 ) 821 — CLO 110 — — 122 (32 ) 200 — ABS 1,614 2 19 120 (359 ) 1,396 — CMBS 174 — 1 39 (8 ) 206 — RMBS 57 — 3 — (60 ) — — Trading securities Corporate 10 1 — — (5 ) 6 1 CLO 8 (1 ) — — — 7 6 ABS 6 — — — — 6 — RMBS 86 (2 ) — — (38 ) 46 2 Equity securities 3 — — — — 3 1 Mortgage loans 32 1 — (1 ) — 32 — Investment funds 25 2 — (2 ) — 25 2 Funds withheld at interest – embedded derivative 446 258 — — — 704 — Short-term investments — — — 45 — 45 — Investments in related parties AFS securities CLO — — — 37 — 37 — ABS 497 — 13 (8 ) (103 ) 399 — Trading securities CLO 89 (2 ) — (47 ) 55 95 (1 ) ABS 138 (7 ) — (17 ) 104 218 (14 ) Equity securities 307 7 — 36 — 350 (5 ) Investment funds 138 3 — — — 141 2 Funds withheld at interest – embedded derivative 214 287 — — — 501 — Reinsurance recoverable 1,737 97 — — — 1,834 — Total Level 3 assets $ 6,726 $ 649 $ 48 $ 396 $ (707 ) $ 7,112 $ (6 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (9,106 ) $ (638 ) $ — $ (161 ) $ — $ (9,905 ) $ — Universal life benefits (979 ) (72 ) — — — (1,051 ) — Future policy benefits AmerUs Closed Block (1,483 ) (52 ) — — — (1,535 ) — ILICO Closed Block and life benefits (743 ) (26 ) — — — (769 ) — Derivative liabilities (4 ) — — — — (4 ) — Total Level 3 liabilities $ (12,315 ) $ (788 ) $ — $ (161 ) $ — $ (13,264 ) $ — 1 Related to instruments held at end of period. Six months ended June 30, 2020 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in income 1 Total gains (losses) included in OCI 1 Assets AFS securities U.S. state, municipal and political subdivisions $ 40 $ — $ — $ — $ — $ 40 $ — $ — Corporate 725 (4 ) (8 ) (10 ) 171 874 — (8 ) CLO 121 — (4 ) 69 (26 ) 160 — (4 ) ABS 1,374 23 (102 ) (246 ) (181 ) 868 — (101 ) CMBS 46 (4 ) (7 ) (4 ) 18 49 — (6 ) RMBS — — — — 16 16 — — Trading securities Corporate — — — — 6 6 — — CLO 6 (3 ) — — — 3 (1 ) — ABS 16 — — (16 ) — — — — RMBS 52 (1 ) — — 4 55 5 — Equity securities 3 3 — — — 6 3 — Mortgage loans 27 — — (2 ) — 25 — — Investment funds 22 (5 ) — — — 17 (5 ) — Funds withheld at interest – embedded derivative 801 (38 ) — — — 763 — — Short-term investments 41 — (1 ) 74 — 114 — — Investments in related parties AFS securities, ABS 2,324 1 (53 ) (49 ) (162 ) 2,061 — (53 ) Trading securities CLO 38 (17 ) — 14 10 45 (23 ) — ABS 711 (27 ) — 140 — 824 (27 ) — Equity securities 64 (6 ) — — (6 ) 52 (6 ) — Investment funds 132 170 — 1,508 — 1,810 170 — Funds withheld at interest – embedded derivative 594 (34 ) — — — 560 — — Reinsurance recoverable 1,821 278 — — — 2,099 — — Total Level 3 assets $ 8,958 $ 336 $ (175 ) $ 1,478 $ (150 ) $ 10,447 $ 116 $ (172 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (10,942 ) $ (357 ) $ — $ 159 $ — $ (11,140 ) $ — $ — Universal life benefits (1,050 ) (273 ) — — — (1,323 ) — — Future policy benefits AmerUs Closed Block (1,546 ) (27 ) — — — (1,573 ) — — ILICO Closed Block and life benefits (755 ) (6 ) — — — (761 ) — — Derivative liabilities (3 ) (2 ) — — — (5 ) (2 ) — Total Level 3 liabilities $ (14,296 ) $ (665 ) $ — $ 159 $ — $ (14,802 ) $ (2 ) $ — 1 Related to instruments held at end of period. Six months ended June 30, 2019 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Assets AFS securities U.S. state, municipal and political subdivisions $ — $ — $ — $ 40 $ — $ 40 $ — Corporate 898 1 10 47 (135 ) 821 — CLO 107 — 3 121 (31 ) 200 — ABS 1,615 4 36 129 (388 ) 1,396 — CMBS 187 1 4 32 (18 ) 206 — RMBS 56 — 3 1 (60 ) — — Trading securities Corporate — — — — 6 6 — CLO 1 (1 ) — — 7 7 6 ABS — — — 6 — 6 — RMBS 134 (5 ) — — (83 ) 46 5 Equity securities 3 — — — — 3 — Mortgage loans 32 1 — (1 ) — 32 1 Investment funds 29 (1 ) — (3 ) — 25 (2 ) Funds withheld at interest – embedded derivative 57 647 — — — 704 — Short-term investments — — — 45 — 45 — Investments in related parties AFS securities CLO — — — 37 — 37 — ABS 328 — 13 161 (103 ) 399 — Trading securities CLO 113 (3 ) — (48 ) 33 95 2 ABS 149 (18 ) — (17 ) 104 218 (17 ) Equity securities 133 9 — 208 — 350 (2 ) Investment funds 120 2 — 19 — 141 2 Funds withheld at interest – embedded derivative (110 ) 611 — — — 501 — Reinsurance recoverable 1,676 158 — — — 1,834 — Total Level 3 assets $ 5,528 $ 1,406 $ 69 $ 777 $ (668 ) $ 7,112 $ (5 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,969 ) $ (1,655 ) $ — $ (281 ) $ — $ (9,905 ) $ — Universal life benefits (932 ) (119 ) — — — (1,051 ) — Future policy benefits AmerUs Closed Block (1,443 ) (92 ) — — — (1,535 ) — ILICO Closed Block and life benefits (730 ) (39 ) — — — (769 ) — Derivative liabilities (4 ) — — — — (4 ) — Total Level 3 liabilities $ (11,078 ) $ (1,905 ) $ — $ (281 ) $ — $ (13,264 ) $ — 1 Related to instruments held at end of period. The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above: Three months ended June 30, 2020 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities Corporate $ — $ — $ — $ (32 ) $ (32 ) $ 122 $ (490 ) $ (368 ) CLO 44 — — (5 ) 39 — (3 ) (3 ) ABS 1 — — (40 ) (39 ) 31 (51 ) (20 ) CMBS — — (4 ) — (4 ) 18 (4 ) 14 RMBS 1 — — — 1 — (29 ) (29 ) Trading securities Corporate — — — — — 6 (36 ) (30 ) ABS — — (14 ) — (14 ) — — — RMBS — — — — — 4 (21 ) (17 ) Mortgage loans — — — (1 ) (1 ) — — — Short-term investments 53 — — — 53 — (5 ) (5 ) Investments in related parties AFS securities, ABS 1 — — — 1 — — — Trading securities CLO — — — — — 11 (3 ) 8 ABS 88 — — (14 ) 74 — — — Equity securities — — — (1 ) (1 ) — — — Investment funds 361 — — — 361 — — — Total Level 3 assets $ 549 $ — $ (18 ) $ (93 ) $ 438 $ 192 $ (642 ) $ (450 ) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (646 ) $ — $ 129 $ (517 ) $ — $ — $ — Total Level 3 liabilities $ — $ (646 ) $ — $ 129 $ (517 ) $ — $ — $ — Three months ended June 30, 2019 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities U.S. state, municipal and political subdivisions $ 40 $ — $ — $ — $ 40 $ — $ — $ — Corporate 59 — — (27 ) 32 1 (262 ) (261 ) CLO 122 — — — 122 — (32 ) (32 ) ABS 155 — — (35 ) 120 — (359 ) (359 ) CMBS 73 — (2 ) (32 ) 39 — (8 ) (8 ) RMBS — — — — — — (60 ) (60 ) Trading securities Corporate — — — — — — (5 ) (5 ) RMBS — — — — — 1 (39 ) (38 ) Mortgage loans — — — (1 ) (1 ) — — — Investment funds — 1 — (3 ) (2 ) — — — Short-term investments 48 — — (3 ) 45 — — — Investments in related parties AFS securities CLO 37 — — — 37 — — — ABS — — — (8 ) (8 ) — (103 ) (103 ) Trading securities CLO — — (47 ) — (47 ) 55 — 55 ABS — — — (17 ) (17 ) 104 — 104 Equity securities 36 — — — 36 — — — Total Level 3 assets $ 570 $ 1 $ (49 ) $ (126 ) $ 396 $ 161 $ (868 ) $ (707 ) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (301 ) $ — $ 140 $ (161 ) $ — $ — $ — Total Level 3 liabilities $ — $ (301 ) $ — $ 140 $ (161 ) $ — $ — $ — Six months ended June 30, 2020 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities Corporate $ 62 $ — $ (10 ) $ (62 ) $ (10 ) $ 209 $ (38 ) $ 171 CLO 78 — — (9 ) 69 — (26 ) (26 ) ABS 48 — (13 ) (281 ) (246 ) 44 (225 ) (181 ) CMBS — — (4 ) — (4 ) 18 — 18 RMBS — — — — — 16 — 16 Trading securities Corporate — — — — — 6 — 6 ABS — — (16 ) — (16 ) — — — RMBS — — — — — 6 (2 ) 4 Mortgage loans — — — (2 ) (2 ) — — — Short-term investments 89 — — (15 ) 74 — — — Investments in related parties AFS securities, ABS 5 — — (54 ) (49 ) — (162 ) (162 ) Trading securities CLO 27 — (13 ) — 14 13 (3 ) 10 ABS 154 — — (14 ) 140 — — — Equity securities 3 — — (3 ) — — (6 ) (6 ) Investment funds 1,508 — — — 1,508 — — — Total Level 3 assets $ 1,974 $ — $ (56 ) $ (440 ) $ 1,478 $ 312 $ (462 ) $ (150 ) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (762 ) $ — $ 921 $ 159 $ — $ — $ — Total Level 3 liabilities $ — $ (762 ) $ — $ 921 $ 159 $ — $ — $ — Six months ended June 30, 2019 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities U.S. state, municipal and political subdivisions $ 40 $ — $ — $ — $ 40 $ — $ — $ — Corporate 147 — (2 ) (98 ) 47 — (135 ) (135 ) CLO 121 — — — 121 — (31 ) (31 ) ABS 296 — (33 ) (134 ) 129 — (388 ) (388 ) CMBS 73 — (3 ) (38 ) 32 — (18 ) (18 ) RMBS 1 — — — 1 — (60 ) (60 ) Trading securities Corporate — — — — — 6 — 6 CLO — — — — — 7 — 7 ABS 6 — — — 6 — — — RMBS — — — — — 2 (85 ) (83 ) Mortgage loans — — — (1 ) (1 ) — — — Investment funds — — — (3 ) (3 ) — — — Short-term investments 48 — — (3 ) 45 — — — Investments in related parties AFS securities CLO 37 — — — 37 — — — ABS 170 — — (9 ) 161 — (103 ) (103 ) Trading securities CLO — — (48 ) — (48 ) 46 (13 ) 33 ABS — — — (17 ) (17 ) 104 — 104 Equity securities 213 — (5 ) — 208 — — — Investment funds — 20 — (1 ) 19 — — — Total Level 3 assets $ 1,152 $ 20 $ (91 ) $ (304 ) $ 777 $ 165 $ (833 ) $ (668 ) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (534 ) $ — $ 253 $ (281 ) $ — $ — $ — Total Level 3 liabilities $ — $ (534 ) $ — $ 253 $ (281 ) $ — $ — $ — 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. 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 AFS and trading securities and the embedded derivatives of fixed indexed annuities: June 30, 2020 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value AFS and trading securities $ 3,582 Discounted cash flow Discount 2.6 % 22.7 % 6.9 % 1 Decrease Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives $ 11,140 Option budget method Nonperformance risk 0.2 % 1.7 % 1.0 % 2 Decrease Option budget 0.7 % 3.7 % 1.9 % 3 Increase Surrender rate 5.2 % 10.2 % 7.2 % 4 Decrease December 31, 2019 Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value AFS and trading securities $ 1,289 Discounted cash flow Discount 3.0 % 9.0 % 6.6 % 1 Decrease Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives $ 10,942 Option budget method Nonperformance risk 0.2 % 1.1 % 0.6 % 2 Decrease Option budget 0.7 % 3.7 % 1.9 % 3 Increase Surrender rate 3.5 % 8.1 % 7.1 % 4 Decrease 1 The discount weighted average is calculated based on the relative fair values of the securities. 2 The nonperformance risk weighted average is based on the projected excess benefits of reserves used in the calculation of the embedded derivative. 3 The option budget weighted average is calculated based on the indexed account values. 4 The surrender rate weighted average is calculated based on projected account values. Fair Value of Financial Instruments Not Carried at Fair Value — The following represents our financial instruments not carried at fair value on the condensed consolidated balance sheets: June 30, 2020 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Mortgage loans $ 15,178 $ 15,636 $ — $ — $ — $ 15,636 Investment funds 536 536 536 — — — Policy loans 393 393 — — 393 — Funds withheld at interest 41,506 41,506 — — — 41,506 Other investments 250 256 — — — 256 Investments in related parties Mortgage loans 626 617 — — — 617 Investment funds 3,393 3,392 3,392 — — — Funds withheld at interest 12,411 12,411 — — — 12,411 Other investments 474 476 — — — 476 Total financial assets not carried at fair value $ 74,767 $ 75,223 $ 3,928 $ — $ 393 $ 70,902 Financial liabilities Interest sensitive contract liabilities $ 86,829 $ 90,369 $ — $ — $ — $ 90,369 Long-term debt 1,486 1,035 — — 1,035 — Securities to repurchase 1,599 1,599 — — 1,599 — Funds withheld liability 381 381 — — 381 — Total financial liabilities not carried at fair value $ 90,295 $ 93,384 $ —

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 2020
Insurance [Abstract]
Reinsurance	6. Reinsurance Reinsurance transactions —On June 18, 2020, we entered into a funds withheld coinsurance agreement effective June 1, 2020 with Jackson National Life Insurance Company (Jackson) to reinsure a block of fixed and fixed indexed annuities. Additionally, as part of the transaction, we made a $500 million equity investment in an indirect parent of Jackson, which closed on July 17, 2020. The following summarizes the transaction: (In millions) Funds Withheld Liabilities assumed $ 27,439 Less: Net consideration received 28,805 Unearned revenue reserve 1 $ (1,366 ) 1 Included within interest sensitive contract liabilities on the condensed consolidated balance sheets. Unearned revenue reserve balances are amortized over the life of the reinsurance agreements on a basis consistent with our DAC amortization policy. The following summarizes the effect of reinsurance on premiums and future policy and other policy benefits on the condensed consolidated statements of income (loss): Three months ended June 30, Six months ended June 30, (In millions) 2020 2019 2020 2019 Premiums Direct $ 281 $ 765 $ 1,382 $ 2,744 Reinsurance assumed 109 62 183 136 Reinsurance ceded (35 ) (40 ) (70 ) (93 ) Total premiums $ 355 $ 787 $ 1,495 $ 2,787 Future policy and other policy benefits Direct $ 588 $ 1,132 $ 2,019 $ 3,456 Reinsurance assumed 163 112 209 236 Reinsurance ceded (77 ) (133 ) (198 ) (252 ) Total future policy and other policy benefits $ 674 $ 1,111 $ 2,030 $ 3,440

Deferred Acquisition Costs, Def

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired	6 Months Ended
	Jun. 30, 2020
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 deferred acquisition costs (DAC), deferred sales inducements (DSI) and value of business acquired (VOBA): (In millions) DAC DSI VOBA Total Balance at December 31, 2019 $ 3,274 $ 820 $ 914 $ 5,008 Adoption of accounting standard 12 5 5 22 Additions 281 83 — 364 Amortization 56 11 (4 ) 63 Impact of unrealized investment (gains) losses — (4 ) 15 11 Balance at June 30, 2020 $ 3,623 $ 915 $ 930 $ 5,468 (In millions) DAC DSI VOBA Total Balance at December 31, 2018 $ 3,921 $ 799 $ 1,187 $ 5,907 Additions 354 130 — 484 Amortization (472 ) (18 ) (20 ) (510 ) Impact of unrealized investment (gains) losses (300 ) (98 ) (159 ) (557 ) Balance at June 30, 2019 $ 3,503 $ 813 $ 1,008 $ 5,324

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	8. Debt Short-term Borrowing —During the second quarter of 2020, we converted $400 million of short-term debt outstanding with the FHLB to funding agreements . See Note 12 – Commitments and Contingencies for further discussion regarding FHLB funding agreements. Senior Notes —During the second quarter of 2020, we issued $500 million of senior unsecured notes due April 3, 2030. The senior notes have a 6.150% coupon rate, payable semi-annually. We can call the senior notes, in whole or in part, at any time prior to January 3, 2030, 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 second supplemental indenture, dated April 3, 2020) plus 50 basis points, and any accrued and unpaid interest. Thereafter, we can call the notes, in whole or in part, at a price equal to 100% of the principal and any accrued and unpaid interest.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	9. Earnings Per Share The following represents our basic and diluted earnings per share (EPS) calculations, which are calculated using unrounded amounts: Three months ended June 30, 2020 (In millions, except per share data) Class A Net income available to Athene Holding Ltd. common shareholders – basic and diluted $ 824 Basic weighted average shares outstanding 193.9 Dilutive effect of stock compensation plans 3.0 Diluted weighted average shares outstanding 196.9 Earnings per share Basic $ 4.25 Diluted $ 4.19 Three months ended June 30, 2019 (In millions, except share and per share data) Class A Class B Class M-1 Class M-2 Class M-3 Class M-4 Net income available to Athene Holding Ltd. common shareholders – basic and diluted $ 596 $ 96 $ 13 $ 3 $ 4 $ 8 Basic weighted average shares outstanding 158.5 25.4 3.3 0.8 1.0 2.2 Dilutive effect of stock compensation plans 0.3 — — — — 0.3 Diluted weighted average shares outstanding 158.8 25.4 3.3 0.8 1.0 2.5 Earnings per share Basic $ 3.76 $ 3.76 $ 3.76 $ 3.76 $ 3.76 $ 3.76 Diluted $ 3.75 $ 3.76 $ 3.76 $ 3.76 $ 3.76 $ 3.28 Six months ended June 30, 2020 (In millions, except share and per share data) Class A Class B Class M-1 Class M-2 Class M-3 Class M-4 Net loss available to Athene Holding Ltd. common shareholders – basic and diluted $ (114 ) $ (98 ) $ (13 ) $ (3 ) $ (4 ) $ (9 ) Basic weighted average shares outstanding 177.6 25.4 3.3 0.8 1.0 2.4 Dilutive effect of stock compensation plans 1 — — — — — — Diluted weighted average shares outstanding 177.6 25.4 3.3 0.8 1.0 2.4 Earnings per share Basic $ (0.64 ) $ (3.87 ) $ (3.87 ) $ (3.87 ) $ (3.87 ) $ (3.87 ) Diluted $ (0.64 ) $ (3.87 ) $ (3.87 ) $ (3.87 ) $ (3.87 ) $ (3.87 ) 1 The dilutive effect of stock compensation plans is antidilutive as a result of the net loss available to Athene Holding Ltd. common shareholders for the six months ended June 30, 2020. Six months ended June 30, 2019 (In millions, except per share data) Class A Class B Class M-1 Class M-2 Class M-3 Class M-4 Net income available to Athene Holding Ltd. common shareholders – basic and diluted $ 1,184 $ 189 $ 25 $ 6 $ 8 $ 16 Basic weighted average shares outstanding 159.4 25.4 3.3 0.8 1.0 2.2 Dilutive effect of stock compensation plans 0.3 — — — — 0.3 Diluted weighted average shares outstanding 159.7 25.4 3.3 0.8 1.0 2.5 Earnings per share Basic $ 7.43 $ 7.43 $ 7.43 $ 7.43 $ 7.43 $ 7.43 Diluted $ 7.41 $ 7.43 $ 7.43 $ 7.43 $ 7.43 $ 6.45 During the first quarter of 2020, as a result of the closing of the share transaction discussed further in Note 11 – Related Parties , we converted outstanding Class B shares to Class A shares and Class M shares were converted to Class A shares and warrants. As a result, the EPS calculation for the six months ended June 30, 2020 allocates all net income for the second quarter to Class A shares and, for the first quarter, uses only the weighted average shares for the first quarter to allocate first quarter net income for Class B and Class M shares; however, for Class B and Class M shares, the weighted average shares outstanding represents only that period of time that the shares were outstanding. The warrants issued as part of the conversion of the Class M shares are evaluated for dilution within the dilutive effect of stock compensation plans. We use the two-class method for allocating net income available to Athene Holding Ltd. common shareholders to each class of our common stock. Dilutive shares are calculated using the treasury stock method. For Class A shares, this method takes into account shares that can be settled into Class A shares, net of a conversion price. The diluted EPS calculations for Class A shares excluded 3.3 million and 31.6 million shares, restricted stock units, options and warrants as of June 30, 2020 and 2019 , respectively, for the three months ended and excluded 11.2 million and 31.6 million , as of June 30, 2020 and 2019 , respectively, for the six months ended.

Equity

Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Accumulated Other Comprehensive Income	10. Equity Preferred Stock— We have three series of preferred stock: 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares, Series A (Series A); 5.625% Fixed Rate Perpetual Non-Cumulative Preference Shares, Series B (Series B); and 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preference Shares, Series C (Series C) as summarized below: Series A Series B Series C Authorized, issued and outstanding 34,500 13,800 24,000 Liquidation preference per share $ 25,000 $ 25,000 $ 25,000 Dividends declared and paid per share during the six months ended June 30, 2020 $ 793.76 $ 703.12 $ — Aggregate dividends declared and paid during the six months ended June 30, 2020 ( in millions ) $ 27 $ 10 $ — 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— During the first quarter of 2020, shareholders approved amendments to our bye-laws which eliminated our multi-class share structure at closing of the share transaction with Apollo. See Note 11 – Related Parties for further information on this transaction. On February 28, 2020, all Class B shares were converted to Class A shares on a one-to-one basis. Class M shares were converted to Class A shares representing 5% of the Class M value and warrants representing 95% of the Class M value. The warrants were issued with substantially the same terms, including the same economic terms, as the Class M shares. Our bye-laws place certain restrictions on Class A shares such that a holder of Class A shares, except for shareholders permitted by our board of directors, which include members of the Apollo Group, as defined in our bye-laws, 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 such 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. Share Repurchase Authorization 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 authorization: Six months ended June 30, (In millions) 2020 2019 Beginning balance at January 1 $ 640 $ 150 Additional authorization — 367 Repurchases (319 ) (423 ) Ending balance at June 30 $ 321 $ 94 The table below shows the changes in each class of shares issued and outstanding: (In millions) Six months ended June 30, 2020 Class A Beginning balance 143.2 Issued shares 35.9 Forfeited shares (0.1 ) Repurchased shares (10.4 ) Converted from Class B shares 25.4 Converted from Class M shares 0.3 Ending balance 194.3 Class B Beginning balance 25.4 Converted to Class A shares (25.4 ) Ending balance — Class M-1 Beginning balance 3.3 Converted to Class A shares (0.2 ) Converted to warrants (3.1 ) Ending balance — Class M-2 Beginning balance 0.8 Converted to Class A shares 0.0 Converted to warrants (0.8 ) Ending balance — Class M-3 Beginning balance 1.0 Converted to Class A shares 0.0 Converted to warrants (1.0 ) Ending balance — Class M-4 Beginning balance 4.0 Converted to Class A shares (0.1 ) Converted to warrants (3.6 ) Repurchased shares (0.3 ) Ending balance — Acc umulated Other Comprehensive Income (Loss)— The following provides the details of AOCI and changes in AOCI: (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance DAC, DSI, VOBA and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at March 31, 2020 $ (1,540 ) $ (224 ) $ 195 $ 395 $ — $ (1,174 ) Other comprehensive income (loss) before reclassifications 6,519 (611 ) (1,404 ) (83 ) (10 ) 4,411 Less: Reclassification adjustments for gains (losses) realized in net income (loss) 1 50 — (52 ) — — (2 ) Less: Income tax expense (benefit) 1,234 (123 ) (284 ) (22 ) — 805 Less: Other comprehensive income (loss) attributable to NCI 251 (10 ) — 14 (5 ) 250 Balance at June 30, 2020 $ 3,444 $ (702 ) $ (873 ) $ 320 $ (5 ) $ 2,184 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). (In millions) Unrealized investment gains (losses) on AFS securities DAC, DSI, VOBA and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at March 31, 2019 $ 959 $ (282 ) $ 33 $ (4 ) $ 706 Other comprehensive income (loss) before reclassifications 1,776 (490 ) 55 (1 ) 1,340 Less: Reclassification adjustments for gains (losses) realized in net income (loss) 1 35 (10 ) — — 25 Less: Income tax expense (benefit) 351 (101 ) 11 — 261 Balance at June 30, 2019 $ 2,349 $ (661 ) $ 77 $ (5 ) $ 1,760 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance DAC, DSI, VOBA and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2019 $ 3,102 $ — $ (879 ) $ 61 $ (3 ) $ 2,281 Adoption of accounting standards 4 (4 ) (6 ) — — (6 ) Other comprehensive income (loss) before reclassifications 757 (884 ) (52 ) 318 (1 ) 138 Less: Reclassification adjustments for gains (losses) realized in net income (loss) 1 221 — (67 ) — — 154 Less: Income tax expense (benefit) 106 (176 ) 3 75 — 8 Less: Other comprehensive income (loss) attributable to NCI 92 (10 ) — (16 ) 1 67 Balance at June 30, 2020 $ 3,444 $ (702 ) $ (873 ) $ 320 $ (5 ) $ 2,184 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). (In millions) Unrealized investment gains (losses) on AFS securities DAC, DSI, VOBA and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2018 $ (628 ) $ 121 $ 39 $ (4 ) $ (472 ) Other comprehensive income (loss) before reclassifications 3,757 (999 ) 47 (1 ) 2,804 Less: Reclassification adjustments for gains (losses) realized in net income (loss) 1 28 (8 ) — — 20 Less: Income tax expense (benefit) 752 (209 ) 9 — 552 Balance at June 30, 2019 $ 2,349 $ (661 ) $ 77 $ (5 ) $ 1,760 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss).

Related Parties

Related Parties	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Parties	11. 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 subsidiary, Apollo Insurance Solutions Group LP (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) June 30, 2020 Percent of Total December 31, 2019 Percent of Total Core $ 45,163 28.2 % $ 32,474 25.5 % Core Plus 36,148 22.5 % 30,155 23.6 % Yield 55,526 34.6 % 48,557 38.0 % High Alpha 5,799 3.6 % 5,062 4.0 % Other 17,873 11.1 % 11,302 8.9 % Total sub-allocation assets $ 160,509 100.0 % $ 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. During the three months ended June 30, 2020 and 2019 , we incurred management fees, inclusive of the base and sub-allocation fees, of $123 million and $94 million , respectively. During the six months ended June 30, 2020 and 2019 , we incurred management fees, inclusive of the base and sub-allocation fees, of $251 million and $186 million , respectively. Management fees are included within net investment income on the condensed consolidated statements of income (loss). As of June 30, 2020 and December 31, 2019 , management fees payable were $44 million and $42 million , respectively, and are included in other liabilities on the condensed consolidated balance sheets. In addition to the assets on our condensed consolidated balance sheets managed by Apollo, Apollo manages the assets underlying our funds withheld receivable. For these assets, the third-party cedants pay Apollo fees based upon the same fee construct we have with Apollo. Such fees directly reduce the settlement payments that we receive from the third-party cedant and, as such, we indirectly pay those fees. Finally, Apollo charges management fees and carried interest on Apollo-managed funds and other entities in which we invest. Neither the fees paid by such third-party cedants nor the fees or carried interest paid by such Apollo-managed funds or other entities are included in the investment management fee amounts cited above. 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 a member of the Apollo Group (as defined in our bye-laws), 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. Also, James Belardi, our Chief Executive Officer, is 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 $594 million and $487 million as of June 30, 2020 and December 31, 2019 , 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 did not purchase any residential mortgage loans under this agreement during either the three months ended June 30, 2020 or 2019 . We purchased $169 million and $0 million of residential mortgage loans under this agreement during the six months ended June 30, 2020 and 2019 , respectively. Additionally, we hold ABS securities issued by AmeriHome affiliates of $162 million and $170 million as of June 30, 2020 and December 31, 2019 , respectively, which are included in related party AFS securities on the condensed consolidated balances sheets. We also have commitments to make additional equity investments in A-A Mortgage of $169 million as of June 30, 2020 . MidCap – AAA Investment (Co Invest VII), L.P. (CoInvest VII) holds a significant investment in MidCap. CoInvest VII is included in related party investment funds on the condensed consolidated balance sheets and was reflected as a consolidated VIE prior to the first quarter of 2020. We have also advanced amounts under a subordinated debt facility to Midcap. During the second quarter of 2020, we also invested $67 million in MidCap redeemable preferred stock. The subordinated debt facility and redeemable preferred stock are included in related party other investments and related party trading securities, respectively, on the condensed consolidated balance sheets. The following summarizes these investments in MidCap: (In millions) June 30, 2020 December 31, 2019 Investment fund $ 517 $ 547 Subordinated debt facility 329 339 Redeemable preferred stock 77 — Total investment in MidCap $ 923 $ 886 Additionally, we hold ABS and CLO securities issued by MidCap affiliates of $580 million and $624 million as of June 30, 2020 and December 31, 2019 , respectively, which are included in related party AFS securities on the condensed consolidated balance sheets. Athora – We have a cooperation agreement with Athora, pursuant to which, among other things, (1) for a period of 30 days from the receipt of notice of a cession, we have the right of first refusal to reinsure (i) up to 50% of the liabilities ceded from Athora’s reinsurance subsidiaries to Athora Life Re Ltd. and (ii) up to 20% of the liabilities ceded from a third party to any of Athora’s insurance subsidiaries, subject to a limitation in the aggregate of 20% of Athora’s liabilities, (2) Athora agreed to cause its insurance subsidiaries to consider the purchase of certain funding agreements and/or other spread instruments issued by our insurance subsidiaries, subject to a limitation that the fair market value of such funding agreements purchased by any of Athora’s insurance subsidiaries may generally not exceed 3% of the fair market value of such subsidiary’s total assets, (3) we provide Athora with a right of first refusal to pursue acquisition and reinsurance transactions in Europe (other than the 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 June 30, 2020 , we have not exercised our right of first refusal to reinsure liabilities ceded to Athora’s insurance or reinsurance subsidiaries. Our investment in Athora, which is included in related party investment funds on the condensed consolidated balance sheets, was $497 million and $132 million as of June 30, 2020 and December 31, 2019 , respectively. During the second quarter of 2020, we contributed capital of $361 million to Athora. Additionally, as of June 30, 2020 and December 31, 2019 , we had $112 million and $146 million , respectively, of funding agreements outstanding to Athora . We also have commitments to make additional equity investments in Athora of $371 million as of June 30, 2020 . Venerable – We have coinsurance and modco agreements with Venerable Insurance and Annuity Company (VIAC, formerly Voya Insurance and Annuity Company). VIAC is a related party due to our minority equity investment in its holding company’s parent, VA Capital Company LLC (VA Capital) , which was $118 million and $99 million as of June 30, 2020 and December 31, 2019 , respectively. The minority equity investment in VA Capital is included in related party investment funds on the condensed consolidated balance sheets and accounted for as an equity method investment. VA Capital is owned by a consortium of investors, led by affiliates of AGM, Crestview Partners and Reverence Capital Partners, and is the parent of Venerable, which is the parent of VIAC. Additionally, we have a 15-year term loan receivable from Venerable due in 2033, which is included in related party other investments on the condensed consolidated balance sheets. The loan is held at the principal balance less allowances and was $145 million and $148 million as of June 30, 2020 and December 31, 2019 , respectively. While management views the overall transactions with 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 reinsurance transactions. Strategic Partnership – We have 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 June 30, 2020 and December 31, 2019 , we had $124 million and $97 million , respectively, of investments under the Strategic Partnership and these investments are included in related party investment funds on the condensed consolidated balance sheets and were reflected as consolidated VIEs in prior periods. 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. As of June 30, 2020 and December 31, 2019 , our investment in securitizations of loans originated by PK was $1,262 million and $1,282 million , respectively, and are included in related party AFS or trading securities on the condensed consolidated balance sheets. We also have commitments to make additional investment in securitizations of loans originated by PK of $216 million as of June 30, 2020 . 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 are 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) – Our subsidiary, Athene Co-Invest Reinsurance Affiliate 1A Ltd. (together with its subsidiaries, ACRA) is partially owned by ADIP, which is managed by AGM. As of March 31, 2020, ADIP owned 67% of the equity interests, while we retained 100% of the voting power and 33% of the equity interests in ACRA. On April 1, 2020, ALRe purchased 14,000 newly issued ACRA shares for $66 million , which resulted in ALRe holding 36.55% of the economic interests in ACRA. The remaining 63.45% of the economic interests in ACRA are held by ADIP. During the six months ended June 30, 2020 , we received a capital contribution of $240 million from ADIP and paid a dividend of $46 million to ADIP. Apollo Share Exchange and Related Transactions – On February 28, 2020, we closed a strategic transaction with AGM and certain affiliates of AGM which collectively comprise the Apollo Operating Group (AOG), pursuant to which we sold 27,959,184 newly issued Class A common shares to the AOG for an investment in Apollo of 29,154,519 newly issued AOG units valued at $1.1 billion and we sold 7,575,758 newly issued Class A common shares to the AOG for $350 million . Pursuant to the underlying transaction agreements, among other things (1) AGM has the right to purchase additional Class A common shares until August 26, 2020 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 and (2) Apollo Management Holdings, L.P. (AMH) has 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. In connection with the closing of the transaction, we made certain amendments to our bye-laws which, among other things, eliminated our multi-class share structure. Concurrent with our entry into the transaction agreements, AMH, James Belardi, our Chief Executive Officer, and William Wheeler, our President (each an “Other Shareholder”), entered into a 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. 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 June 30, 2020 and December 31, 2019 , we held $52 million and $58 million , respectively, of preferred shares, which are included in related party equity securities on the condensed consolidated balance sheets and also held AA Infrastructure ABS securities of $297 million and $267 million , respectively, which are included in related party trading securities on the condensed consolidated balance sheets. We also have commitments to make additional investments in AA Infrastructure of $52 million as of June 30, 2020 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Contingent Commitments —We had commitments to make investments, primarily capital contributions to investment funds, inclusive of related party commitments discussed previously, of $5,108 million a nd $4,793 million as of June 30, 2020 and December 31, 2019 , 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 June 30, 2020 and December 31, 2019 , we had $2,101 million and $1,226 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 June 30, 2020 and December 31, 2019 , we had $4,887 million and $3,700 million , respectively, of FABN f unding agreements outstanding . We had $4,013 million of FABN capacity remaining as of June 30, 2020 . Pledged Assets and Funds in Trust (Restricted Assets)— The total restricted assets included on the condensed consolidated balance sheets are as follows: (In millions) June 30, 2020 December 31, 2019 AFS securities $ 11,264 $ 9,369 Trading securities 51 45 Equity securities 20 22 Mortgage loans 4,888 2,535 Investment funds 90 84 Derivative assets 96 105 Short-term investments 108 92 Other investments 104 88 Restricted cash 1,281 402 Total restricted assets $ 17,902 $ 12,742 The restricted assets are primarily related to reinsurance trusts established in accordance with coinsurance agreements and the FHLB funding agreements described above. Letters of Credit— We have undrawn letters of credit totaling $1,418 million as of June 30, 2020 . These letters of credit were issued for our reinsurance program and expire between December 10, 2020 and June 19, 2023 . Litigation, Claims and Assessments Corporate-owned Life Insurance (COLI) Matter – In 2000 and 2001, two insurance companies, which were subsequently merged into Athene Annuity and Life Company (AAIA), purchased broad based variable COLI policies from American General Life Insurance Company (American General) that, as of June 30, 2020 , had an asset value of $396 million , and is included in other assets on the condensed consolidated balance sheets. In January 2012, the COLI policy administrator delivered to AAIA a supplement to the existing COLI policies and advised that American General and ZC Resource Investment Trust (ZC Trust) had unilaterally implemented changes set forth in the supplement that, if effective, would: (1) potentially negatively impact the crediting rate for the policies and (2) change the exit and surrender protocols set forth in the policies. In March 2013, AAIA filed suit against American General, ZC Trust, and ZC Resource LLC in Chancery Court in Delaware, seeking, among other relief, a declaration that the changes set forth in the supplement were ineffectual and in breach of the parties’ agreement. The parties filed cross motions for judgment as a matter of law, and the court granted defendants’ motion and dismissed without prejudice on ripeness grounds. The issue that negatively impacts the crediting rate for one of the COLI policies has subsequently been triggered and, on April 3, 2018, we filed suit against the same defendants in Chancery Court in Delaware seeking substantially similar relief. 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 issued an opinion on May 18, 2020 in which it granted in part and denied in part defendants’ motion. The Superior Court denied defendants’ motion with respect to the issue that negatively impacts the crediting rate for one of the COLI policies, which issue will proceed to discovery. The Superior Court granted defendants’ motion and dismissed without prejudice on ripeness grounds claims related to the exit and surrender protocols set forth in the policies, and dismissed defendant ZC Resource LLC. 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 $196 million as of June 30, 2020 . Regulatory Matters – Beginning in 2015, our U.S. insurance subsidiaries have experienced increased 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 third party administration services on such policies. AllianceOne also administers a small block of 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 some similar service and administration issues, but to a lesser degree. 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 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 examinations 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 the life and annuity policies, including the administration of such blocks by AllianceOne. We have entered into consent orders with several states, including the NYSDFS, to resolve underlying matters in those states. All fines and costs, including those associated with remediation plans, paid in connection with the consent orders are subject to indemnification by Global Atlantic or affiliates of Global Atlantic. Global Atlantic is currently finalizing negotiations with the CDI to resolve the pending joint action related to the converted life insurance policies, and we expect to enter into a Stipulation and Waiver with the CDI to resolve that action in the near future. 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 pension risk transfer (PRT) transaction, which expressed concerns with our interpretation and reliance upon certain exemptions from licensing in New York in connection with certain activities performed by employees in our PRT channel, including specific activities performed within New York. On April 13, 2020, we entered into a consent order with the NYSDFS to resolve this matter. Pursuant to the consent order, the NYSDFS imposed a fine of $45 million , which was accrued in other liabilities on the consolidated balance sheets as of December 31, 2019, and paid during the second quarter of 2020. 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. On March 17, 2020, we filed an application for leave to amend the complaint to more broadly assert defendants’ breaches of duties. 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, but failed to timely effectuate the appeal. Unless plaintiffs belatedly try to perfect their appeal, or to extend their time to do so, and are successful in such efforts, we believe that this litigation is concluded.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Information	13. Segment Information We operate our core business strategies out of one reportable segment, Retirement Services . In addition to Retirement Services , we report certain other operations in Corporate and Other. Retirement Services — Retirement Services is comprised of our 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 such as corporate allocated expenses, merger and acquisition costs, debt costs, preferred stock dividends, certain integration and restructuring costs, certain stock-based compensation and intersegment eliminations. In addition, we also hold capital in excess of the level of capital we hold in Retirement Services to support our operating strategy. Financial Measures —Segment adjusted operating income available to common shareholders is an internal measure used by the chief operating decision maker to evaluate and assess the results of our segments. Adjusted operating revenue is a component of adjusted operating income 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; and • VIE expenses, noncontrolling interests and other adjustments to revenues. The table below reconciles segment adjusted operating revenues to total revenues presented on the condensed consolidated statements of income (loss): Three months ended June 30, Six months ended June 30, (In millions) 2020 2019 2020 2019 Retirement Services $ 1,589 $ 2,248 $ 4,058 $ 5,554 Corporate and Other 446 24 116 56 Non-operating adjustments Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets 754 466 (917 ) 1,406 Investment gains (losses), net of offsets 1,246 682 (439 ) 1,395 VIE expenses, noncontrolling interests and other adjustments to revenues 363 3 31 7 Total revenues $ 4,398 $ 3,423 $ 2,849 $ 8,418 Adjusted operating income available to common shareholders is an internal measure used to evaluate our financial performance excluding market volatility and expenses related to integration, restructuring, stock compensation and certain other expenses. Our adjusted operating income available to common shareholders equals net income available to Athene Holding Ltd. common shareholders adjusted to eliminate the impact of the following non-operating adjustments: • Investment gains (losses), net of offsets; • Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets; • Integration, restructuring and other non-operating expenses; • Stock-based compensation, excluding the long-term incentive plan (LTIP); and • Income tax (expense) benefit – non-operating. The table below reconciles segment adjusted operating income available to common shareholders to net income available to Athene Holding Ltd. common shareholders presented on the condensed consolidated statements of income (loss): Three months ended June 30, Six months ended June 30, (In millions) 2020 2019 2020 2019 Retirement Services $ 208 $ 376 $ 412 $ 662 Corporate and Other 282 (6 ) (30 ) (5 ) Non-operating adjustments Investment gains (losses), net of offsets 775 417 (364 ) 875 Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets (405 ) (57 ) (340 ) (84 ) Integration, restructuring and other non-operating expenses (9 ) (11 ) (13 ) (12 ) Stock-based compensation, excluding LTIP — (3 ) (10 ) (6 ) Income tax (expense) benefit – non-operating (27 ) 4 104 (2 ) Net income (loss) available to Athene Holding Ltd. common shareholders $ 824 $ 720 $ (241 ) $ 1,428 The following represents total assets by segment: (In millions) June 30, 2020 December 31, 2019 Retirement Services $ 178,555 $ 143,881 Corporate and Other 4,686 2,994 Total assets $ 183,241 $ 146,875

Business, Basis of Presentati_2

Business, Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —We have prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the United States Securities and Exchange Commission’s rules and regulations for Form 10-Q and Article 10 of Regulation S-X. The accompanying condensed consolidated financial statements are unaudited and reflect all adjustments, consisting only of normal recurring items, considered necessary for fair statement of the results for the interim periods presented. All intercompany accounts and transactions have been eliminated. Interim operating results are not necessarily indicative of the results expected for the entire year, particularly in light of the material risks and uncertainties surrounding the spread of the Coronavirus Disease of 2019 (COVID-19), which has resulted in significant volatility in the financial markets. 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. The condensed consolidated balance sheet as of December 31, 2019 has been derived from the audited financial statements, but does not include all of the information and footnotes required by GAAP for complete financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019
Use of Estimates	The preparation of financial statements requires the use of management estimates. Our estimates may vary as more information about the extent to which COVID-19 and the resulting impact on economic conditions and the financial markets become known. Actual results may differ from estimates used in preparing the condensed consolidated financial statements.
Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Adopted Accounting Pronouncements Financial Instruments – Credit Losses (ASU 2019-05, ASU 2019-04, ASU 2018-19 and ASU 2016-13) This update limits the number of credit impairment models used for different assets and results in accelerated credit loss recognition on assets held at amortized cost, which primarily includes our commercial and residential mortgage loans, but also includes certain other loans and reinsurance assets. The identification of PCD financial assets includes 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 are recognized immediately in the income statement. AFS securities are not in scope of the new credit loss model, but were subject to targeted improvements including the establishment of a valuation allowance for credit losses versus the previous direct write down approach. We adopted this update effective January 1, 2020 with a cumulative-effect adjustment that decreased retained earnings by $117 million net of tax and offsetting impacts to DAC, DSI, VOBA and the SOP 03-1 reserve. The adjustment to retained earnings primarily relates to the establishment of an allowance on our commercial mortgage loan portfolio, which represented 1.59% 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. Additionally, the update requires investments previously considered purchased credit impaired (PCI), which includes certain of our residential mortgage loans and RMBS to become subject to a modified PCD framework at the transition date. Any required allowance at transition for these assets is to be recorded through a gross-up of the amortized cost, rather than a charge to retained earnings. Additionally, under the AFS impairment model, the recording of an allowance is prohibited in instances where fair value exceeds amortized cost as such securities are not considered impaired under the AFS impairment model. Therefore, no allowance was recorded at transition for PCI RMBS that were in an unrealized gain position. The transition increase of amortized cost and corresponding valuation allowance for residential mortgage loans and RMBS was $36 million and $17 million , respectively. 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. We adopted this update effective January 1, 2020. This update did not 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 adopted this update effective January 1, 2020. The adoption of this update did not 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. We adopted this update on a prospective basis effective January 1, 2020. This update did not 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. On October 1, 2018, we early adopted the removal and modification of certain disclosures as permitted. The additional disclosures in the update were adopted effective January 1, 2020. The adoption of this update did not have a material effect 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 is 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 continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. We do not have material goodwill and adopted this update on a prospective basis effective January 1, 2020. The adoption of this update did not have a material effect on our consolidated financial statements. Recently Issued Accounting Pronouncements 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 used 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 our 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. While we are currently required to adopt these updates on January 1, 2022, the Financial Accounting Standards Board has proposed a deferral to the adoption date, which, if codified, would require adoption on January 1, 2023. 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. Income Taxes – Simplifying the Accounting for Income Taxes (ASU 2019-12) The amendments in this update simplify the accounting for income taxes by eliminating certain exceptions to the tax accounting guidance related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities related to foreign investment ownership changes. It also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill and allocating consolidated income taxes to separate financial statements of entities not subject to income tax. We will be required to adopt this update January 1, 2021 and apply certain aspects of the update retrospectively while other aspects will be applied on a modified retrospective basis. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2020
Schedule of Investments [Abstract]
Financing Receivable, Nonaccrual [Table Text Block]	The following represents our commercial mortgage loan portfolio in non-accrual status: (In millions) June 30, 2020 Beginning amortized cost of commercial mortgage loans in non-accrual status $ — Ending amortized cost of commercial mortgage loans in non-accrual status 39 Amortized cost of commercial mortgage loans in non-accrual status without a related allowance for credit losses — The following represents our residential loan portfolio in non-accrual status: (In millions) June 30, 2020 Beginning amortized cost of residential mortgage loans in non-accrual status $ 67 Ending amortized cost of residential mortgage loans in non-accrual status 130 Amortized cost of residential mortgage loans in non-accrual status without a related allowance for credit losses 22
Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]	Allowance for Credit Losses — The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type: Three months ended June 30, 2020 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS securities Corporate $ 15 $ 16 $ — $ — $ — $ 31 CLO — 1 — — — 1 ABS 5 — — — (3 ) 2 CMBS 4 5 — — 1 10 RMBS 54 13 60 (1 ) 3 129 Total AFS securities 78 35 60 (1 ) 1 173 AFS securities – related party CLO — 1 — — 1 2 Total AFS securities including related party $ 78 $ 36 $ 60 $ (1 ) $ 2 $ 175 Six months ended June 30, 2020 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS securities Corporate $ — $ 31 $ — $ — $ — $ 31 CLO — 1 — — — 1 ABS — 5 — — (3 ) 2 CMBS — 9 — — 1 10 RMBS 17 48 61 (2 ) 5 129 Total AFS securities 17 94 61 (2 ) 3 173 AFS securities – related party CLO — 1 — — 1 2 Total AFS securities including related party $ 17 $ 95 $ 61 $ (2 ) $ 4 $ 175
Available-for-sale Securities	June 30, 2020 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agencies $ 71 $ — $ 3 $ — $ 74 U.S. state, municipal and political subdivisions 799 — 146 (2 ) 943 Foreign governments 318 — 20 (1 ) 337 Corporate 47,251 (31 ) 4,608 (629 ) 51,199 CLO 8,441 (1 ) 19 (507 ) 7,952 ABS 4,923 (2 ) 110 (258 ) 4,773 CMBS 2,402 (10 ) 53 (148 ) 2,297 RMBS 7,010 (129 ) 343 (64 ) 7,160 Total AFS securities 71,215 (173 ) 5,302 (1,609 ) 74,735 AFS securities – related party Corporate 18 — 2 — 20 CLO 1,297 (2 ) 5 (61 ) 1,239 ABS 2,858 — 26 (73 ) 2,811 Total AFS securities – related party 4,173 (2 ) 33 (134 ) 4,070 Total AFS securities including related party $ 75,388 $ (175 ) $ 5,335 $ (1,743 ) $ 78,805 The following table represents the amortized cost, gross unrealized gains and losses, fair value and other than temporary impairments (OTTI) in accumulated other comprehensive income (AOCI) of our AFS investments by asset type: 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
Available-for-sale Securities by Contractual Maturity	The amortized cost and fair value of AFS securities, including related party, are shown by contractual maturity below: June 30, 2020 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 1,203 $ 1,210 Due after one year through five years 9,089 9,467 Due after five years through ten years 11,247 11,958 Due after ten years 26,900 29,918 CLO, ABS, CMBS and RMBS 22,776 22,182 Total AFS securities 71,215 74,735 AFS securities – related party Due after one year through five years 18 20 CLO and ABS 4,155 4,050 Total AFS securities – related party 4,173 4,070 Total AFS securities including related party $ 75,388 $ 78,805
Schedule of Unrealized Loss on Investments [Table Text Block]	The following summarizes the fair value and gross unrealized losses for AFS securities, including related party, aggregated by asset type 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 Unrealized Losses Fair Value Gross Unrealized Losses 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 )
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, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost: June 30, 2020 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 $ 11 $ — $ — $ — $ 11 $ — U.S. state, municipal and political subdivisions 43 (1 ) 10 (1 ) 53 (2 ) Foreign governments 76 (1 ) — — 76 (1 ) Corporate 7,217 (451 ) 398 (84 ) 7,615 (535 ) CLO 4,063 (189 ) 2,782 (305 ) 6,845 (494 ) ABS 2,161 (211 ) 159 (23 ) 2,320 (234 ) CMBS 878 (123 ) 30 (10 ) 908 (133 ) RMBS 817 (36 ) 32 (2 ) 849 (38 ) Total AFS securities 15,266 (1,012 ) 3,411 (425 ) 18,677 (1,437 ) AFS securities – related party CLO 937 (44 ) 172 (17 ) 1,109 (61 ) ABS 1,930 (73 ) — — 1,930 (73 ) Total AFS securities – related party 2,867 (117 ) 172 (17 ) 3,039 (134 ) Total AFS securities including related party $ 18,133 $ (1,129 ) $ 3,583 $ (442 ) $ 21,716 $ (1,571 )
Net Investment Income	Net Investment Income —Net investment income by asset class consists of the following: Three months ended June 30, Six months ended June 30, (In millions) 2020 2019 2020 2019 AFS securities $ 790 $ 763 $ 1,627 $ 1,516 Trading securities 42 49 90 91 Equity securities 2 4 6 7 Mortgage loans 175 159 361 310 Investment funds 372 123 94 149 Funds withheld at interest 43 134 84 297 Other 38 45 75 84 Investment revenue 1,462 1,277 2,337 2,454 Investment expenses (126 ) (95 ) (256 ) (190 ) Net investment income $ 1,336 $ 1,182 $ 2,081 $ 2,264
Investment Related Gains (Losses)	Investment Related Gains (Losses) —Investment related gains (losses) by asset class consists of the following: Three months ended June 30, Six months ended June 30, (In millions) 2020 2019 2020 2019 AFS securities Gross realized gains on investment activity $ 68 $ 56 $ 232 $ 73 Gross realized losses on investment activity (66 ) (4 ) (200 ) (17 ) Net realized investment gains on AFS securities 2 52 32 56 Net recognized investment gains (losses) on trading securities 191 79 (32 ) 135 Net recognized investment gains (losses) on equity securities 30 1 (20 ) 19 Derivative gains (losses) 2,330 1,181 (689 ) 2,873 Provision for credit losses (5 ) — (289 ) — Other gains (losses) — — (26 ) 6 Investment related gains (losses) $ 2,548 $ 1,313 $ (1,024 ) $ 3,089 The following table summarizes the change in unrealized gains (losses) on trading and equity securities we held as of the respective period end: Three months ended June 30, Six months ended June 30, (In millions) 2020 2019 2020 2019 Trading securities $ 135 $ 98 $ 62 $ 169 Trading securities – related party 66 (13 ) (43 ) (15 ) Equity securities 17 2 (20 ) 20 Equity securities – related party — (5 ) — (2 )
Purchased Credit Impaired (PCI) Investments	Purchased Financial Assets with Credit Deterioration —The following table summarizes our PCD investment purchases with the following amounts at the time of purchase: Three months ended June 30, 2020 Six months ended June 30, 2020 (In millions) Fixed maturity securities Mortgage loans Fixed maturity securities Mortgage loans Purchase price $ 225 $ — $ 239 $ — Allowance for credit losses at acquisition 60 — 61 — Discount (premiums) attributable to other factors 33 — 34 — Par value $ 318 $ — $ 334 $ —
Mortgage Loans, Net	Mortgage Loans, including related party —Mortgage loans, net of allowances, consists of the following: (In millions) June 30, 2020 December 31, 2019 Commercial mortgage loans $ 11,339 $ 10,422 Commercial mortgage loans under development 186 93 Total commercial mortgage loans 11,525 10,515 Allowance for credit losses on commercial mortgage loans (294 ) (10 ) Commercial mortgage loans, net of allowances 11,231 10,505 Residential mortgage loans 4,683 4,455 Allowance for credit losses on residential mortgage loans (85 ) (1 ) Residential mortgage loans, net of allowances 4,598 4,454 Mortgage loans, net of allowances $ 15,829 $ 14,959 The distribution of commercial mortgage loans, including those under development, net of allowances, by property type and geographic region, is as follows: June 30, 2020 December 31, 2019 (In millions, except for percentages) Net Carrying Value Percentage of Total Net Carrying Value Percentage of Total Property type Office building $ 3,545 31.6 % $ 2,899 27.6 % Retail 2,080 18.5 % 2,182 20.8 % Apartment 2,401 21.4 % 2,142 20.4 % Hotels 1,131 10.1 % 1,104 10.5 % Industrial 1,385 12.3 % 1,448 13.8 % Other commercial 689 6.1 % 730 6.9 % Total commercial mortgage loans $ 11,231 100.0 % $ 10,505 100.0 % U.S. Region East North Central $ 1,202 10.7 % $ 1,036 9.9 % East South Central 417 3.7 % 428 4.1 % Middle Atlantic 3,058 27.3 % 2,580 24.6 % Mountain 508 4.5 % 528 5.0 % New England 336 3.0 % 340 3.2 % Pacific 2,585 23.0 % 2,502 23.8 % South Atlantic 1,988 17.7 % 1,920 18.3 % West North Central 137 1.2 % 146 1.4 % West South Central 765 6.8 % 791 7.5 % Total U.S. Region 10,996 97.9 % 10,271 97.8 % International Region 235 2.1 % 234 2.2 % Total commercial mortgage loans $ 11,231 100.0 % $ 10,505 100.0 % Our residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table: June 30, 2020 December 31, 2019 U.S. States California 36.5 % 27.0 % Florida 11.5 % 12.7 % Texas 4.4 % 6.2 % Other 1 35.5 % 41.7 % Total U.S. residential mortgage loan percentage 87.9 % 87.6 % International – Ireland 11.9 % 12.4 % International – Other 2 0.2 % — % 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. 2 Represents all other countries, with each individual country comprising less than 5% of the portfolio.
Financing Receivable, Allowance for Credit Loss [Table Text Block]	Loan Valuation Allowance — The allowances for our mortgage loan portfolio and other loans is summarized as follows: Three months ended June 30, 2020 Six months ended June 30, 2020 (In millions) Commercial Mortgage Residential Mortgage Other Investments Total Commercial Mortgage Residential Mortgage Other Investments Total Beginning balance $ 343 $ 81 $ 12 $ 436 $ 10 $ 1 $ — $ 11 Adoption of accounting standard — — — — 167 43 11 221 Provision (reversal) for expected credit losses (49 ) 5 8 (36 ) 117 42 9 168 Loans charged-off — (1 ) — (1 ) — (1 ) — (1 ) Ending balance $ 294 $ 85 $ 20 $ 399 $ 294 $ 85 $ 20 $ 399
Credit Quality Indicators of the Commercial Mortgage Portfolio	The debt service coverage ratio 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. Debt service coverage ratios are updated as more recent financial statements become available, at least annually or as frequently as quarterly in some cases. The following represents the debt service coverage ratio of the commercial mortgage loan portfolio, excluding those under development, by origination year: June 30, 2020 (In millions) 2020 2019 2018 2017 2016 Prior Total Greater than 1.20x $ 928 $ 3,501 $ 2,712 $ 994 $ 146 $ 1,564 $ 9,845 1.00x – 1.20x 274 1,020 58 32 — 80 1,464 Less than 1.00x — — — 23 — 7 30 Commercial mortgage loans $ 1,202 $ 4,521 $ 2,770 $ 1,049 $ 146 $ 1,651 $ 11,339 The following represents the debt service coverage ratio of the commercial mortgage loan portfolio, excluding those under development, net of valuation allowances: (In millions) December 31, 2019 Greater than 1.20x $ 9,212 1.00x – 1.20x 1,166 Less than 1.00x 34 Commercial mortgage loans $ 10,412 June 30, 2020 (In millions) 2020 2019 2018 2017 2016 Prior Total Less than 50% $ 274 $ 631 $ 207 $ 147 $ 60 $ 1,324 $ 2,643 50% to 60% 144 1,268 831 332 40 135 2,750 61% to 70% 442 2,023 1,445 475 46 106 4,537 71% to 80% 342 599 287 95 — 47 1,370 Greater than 100% — — — — — 39 39 Commercial mortgage loans $ 1,202 $ 4,521 $ 2,770 $ 1,049 $ 146 $ 1,651 $ 11,339 The following represents the loan-to-value ratio of the commercial mortgage loan portfolio, excluding those under development, net of valuation allowances: (In millions) December 31, 2019 Less than 50% $ 2,640 50% to 60% 2,486 61% to 70% 4,093 71% to 80% 1,162 81% to 100% 31 Commercial mortgage loans $ 10,412
Investment Funds	The following summarizes our investment funds, including related party: June 30, 2020 December 31, 2019 (In millions, except for percentages) Carrying value Percent of total Carrying value Percent of total Investment funds Real estate $ 274 40.2 % $ 277 36.9 % Credit funds 115 16.9 % 153 20.4 % Private equity 232 34.0 % 236 31.5 % Real assets 61 8.9 % 83 11.1 % Natural resources — — % 1 0.1 % Total investment funds 682 100.0 % 750 100.0 % Investment funds – related parties Differentiated investments MidCap FinCo Designated Activity Company (MidCap) 1 517 9.8 % 547 15.4 % AmeriHome Mortgage Company, LLC (AmeriHome) 1 594 11.3 % 487 13.7 % Catalina Holdings Ltd. (Catalina) 295 5.6 % 271 7.6 % Athora Holding Ltd. (Athora) 1 497 9.4 % 132 3.7 % Venerable Holdings, Inc. (Venerable) 1 118 2.2 % 99 2.8 % Other 246 4.7 % 222 6.3 % Total differentiated investments 2,267 43.0 % 1,758 49.5 % Real estate 709 13.4 % 853 24.0 % Credit funds 363 6.9 % 370 10.4 % Private equity 255 4.8 % 105 3.0 % Real assets 233 4.4 % 182 5.1 % Natural resources 95 1.8 % 163 4.6 % Public equities 43 0.8 % 119 3.4 % Investment in Apollo 1 1,313 24.9 % — — % Total investment funds – related parties 5,278 100.0 % 3,550 100.0 % Total investment funds including related party $ 5,960 $ 4,300 1 See further discussion on MidCap, AmeriHome, Athora, Venerable and our investment in Apollo in Note 11 – Related Parties.
Schedule of Variable Interest Entities	The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: June 30, 2020 December 31, 2019 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 682 $ 1,165 $ 750 $ 1,265 Investment in related parties – investment funds 5,278 7,316 3,550 5,955 Investment in fixed maturity securities 22,589 23,183 22,694 22,170 Investment in related parties – fixed maturity securities 4,922 5,393 4,570 4,878 Investment in related parties – equity securities 52 52 58 58 Total non-consolidated investments $ 33,523 $ 37,109 $ 31,622 $ 34,326
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]	The following table summarizes the securities pledged as collateral for repurchase agreements: June 30, 2020 December 31, 2019 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities – Corporate $ 1,595 $ 1,829 $ 498 $ 534 The following table summarizes the maturities of our repurchase agreements: June 30, 2020 Remaining Contractual Maturity (In millions) Overnight and continuous Less than 30 days 30-90 days 91 days – 1 year Greater than 1 year Total Payables for repurchase agreements 1 $ — $ — $ 501 $ 500 $ 598 $ 1,599 1 Included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets. December 31, 2019 Remaining Contractual Maturity (In millions) Overnight and continuous Less than 30 days 30-90 days 91 days – 1 year Greater than 1 year Total Payables for repurchase agreements 1 $ — $ 102 $ 200 $ 210 $ — $ 512 1 Included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets.

Investments Mortgage Loans Agin

Investments Mortgage Loans Aging (Tables)	6 Months Ended
	Jun. 30, 2020
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due [Table Text Block]	Commercial mortgage loans – The following represents our commercial mortgage loan portfolio by origination year and loan performance status: June 30, 2020 (In millions) 2020 2019 2018 2017 2016 Prior Total Current (less than 30 days past due) $ 1,266 $ 4,553 $ 2,860 $ 1,049 $ 146 $ 1,651 $ 11,525 The following represents our residential loan portfolio by origination year and performance status: June 30, 2020 (In millions) 2020 2019 2018 2017 2016 Prior Total Current (less than 30 days past due) $ 794 $ 959 $ 1,782 $ 467 $ 114 $ 8 $ 4,124 30 to 59 days past due 4 30 85 43 19 — 181 60 to 89 days past due 1 53 122 50 22 — 248 Over 90 days past due — 22 34 48 24 2 130 Total residential mortgages $ 799 $ 1,064 $ 2,023 $ 608 $ 179 $ 10 $ 4,683

Investments Financing Receivabl

Investments Financing Receivable Aging (Tables)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Financing Receivable, Past Due [Table Text Block]	Commercial mortgage loans – The following represents our commercial mortgage loan portfolio by origination year and loan performance status: June 30, 2020 (In millions) 2020 2019 2018 2017 2016 Prior Total Current (less than 30 days past due) $ 1,266 $ 4,553 $ 2,860 $ 1,049 $ 146 $ 1,651 $ 11,525 The following represents our residential loan portfolio by origination year and performance status: June 30, 2020 (In millions) 2020 2019 2018 2017 2016 Prior Total Current (less than 30 days past due) $ 794 $ 959 $ 1,782 $ 467 $ 114 $ 8 $ 4,124 30 to 59 days past due 4 30 85 43 19 — 181 60 to 89 days past due 1 53 122 50 22 — 248 Over 90 days past due — 22 34 48 24 2 130 Total residential mortgages $ 799 $ 1,064 $ 2,023 $ 608 $ 179 $ 10 $ 4,683

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative [Line Items]
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]	The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships, which are included in investment related gains (losses) on the condensed consolidated statements of income (loss): Three months ended June 30, Six months ended June 30, (In millions) 2020 2019 2020 2019 Derivatives $ (20 ) $ (3 ) $ (8 ) $ — Related AFS securities 17 (4 ) 9 (1 ) Total gains (losses) on derivatives and related hedged items $ (3 ) $ (7 ) $ 1 $ (1 )
Notional Amount and Fair Value of Derivative Instruments	The following table presents the notional amount and fair value of derivative instruments: June 30, 2020 December 31, 2019 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency swaps 3,255 $ 414 $ 38 3,158 $ 113 $ 56 Foreign currency forwards 1,055 4 1 717 1 9 Foreign currency forwards on net investments 132 1 — 139 — 2 Total derivatives designated as hedges 419 39 114 67 Derivatives not designated as hedges Equity options 52,123 1,836 14 49,549 2,746 5 Futures 19 80 — 8 10 1 Total return swaps 516 7 2 106 6 — Foreign currency swaps 511 2 2 35 2 1 Interest rate swaps 887 14 44 776 3 4 Credit default swaps 10 — 5 10 — 3 Foreign currency forwards 2,964 21 12 1,924 7 16 Embedded derivatives Funds withheld including related party 1,323 46 1,395 31 Interest sensitive contract liabilities — 11,140 — 10,942 Total derivatives not designated as hedges 3,283 11,265 4,169 11,003 Total derivatives $ 3,702 $ 11,304 $ 4,283 $ 11,070
Gains (Losses) Related to Derivatives Not Designated as Hedges	The following is a summary of the gains (losses) related to derivatives not designated as hedges: Three months ended June 30, Six months ended June 30, (In millions) 2020 2019 2020 2019 Equity options $ 672 $ 439 $ (909 ) $ 1,288 Futures (3 ) (3 ) 13 (14 ) Swaps 55 11 (20 ) 29 Foreign currency forwards (23 ) (1 ) 44 5 Embedded derivatives on funds withheld 1,629 735 183 1,565 Amounts recognized in investment related gains (losses) 2,330 1,181 (689 ) 2,873 Embedded derivatives in indexed annuity products 1 (1,534 ) (638 ) (357 ) (1,655 ) Total gains (losses) on derivatives not designated as hedges $ 796 $ 543 $ (1,046 ) $ 1,218 1 Included in interest sensitive contract benefits on the condensed consolidated statements of income (loss).
Estimated Fair Value of Net Derivative and Other Financial Assets	The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated balance sheets (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral June 30, 2020 Derivative assets $ 2,379 $ (32 ) $ (2,117 ) $ 230 $ (93 ) $ 137 Derivative liabilities (118 ) 32 9 (77 ) — (77 ) December 31, 2019 Derivative assets $ 2,888 $ (67 ) $ (2,743 ) $ 78 $ (145 ) $ (67 ) Derivative liabilities (97 ) 67 31 1 — 1 1 T he gross amounts of recognized derivative assets and derivative liabilities are reported on the c ondensed c onsolidated balance sheets. As of June 30, 2020 and December 31, 2019, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated balance sheets. 3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.
Estimated Fair Value of Net Derivative and Other Financial Liabilities	The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated balance sheets (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral June 30, 2020 Derivative assets $ 2,379 $ (32 ) $ (2,117 ) $ 230 $ (93 ) $ 137 Derivative liabilities (118 ) 32 9 (77 ) — (77 ) December 31, 2019 Derivative assets $ 2,888 $ (67 ) $ (2,743 ) $ 78 $ (145 ) $ (67 ) Derivative liabilities (97 ) 67 31 1 — 1 1 T he gross amounts of recognized derivative assets and derivative liabilities are reported on the c ondensed c onsolidated balance sheets. As of June 30, 2020 and December 31, 2019, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated balance sheets. 3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2020
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: June 30, 2020 December 31, 2019 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 682 $ 1,165 $ 750 $ 1,265 Investment in related parties – investment funds 5,278 7,316 3,550 5,955 Investment in fixed maturity securities 22,589 23,183 22,694 22,170 Investment in related parties – fixed maturity securities 4,922 5,393 4,570 4,878 Investment in related parties – equity securities 52 52 58 58 Total non-consolidated investments $ 33,523 $ 37,109 $ 31,622 $ 34,326

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	The following represents the hierarchy for our assets and liabilities measured at fair value on a recurring basis: June 30, 2020 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities U.S. government and agencies $ 74 $ — $ 74 $ — $ — U.S. state, municipal and political subdivisions 943 — — 903 40 Foreign governments 337 — — 337 — Corporate 51,199 — — 50,325 874 CLO 7,952 — — 7,792 160 ABS 4,773 — — 3,905 868 CMBS 2,297 — — 2,248 49 RMBS 7,160 — — 7,144 16 Total AFS securities 74,735 — 74 72,654 2,007 Trading securities U.S. government and agencies 11 — 8 3 — U.S. state, municipal and political subdivisions 114 — — 114 — Corporate 1,543 — — 1,537 6 CLO 3 — — — 3 ABS 81 — — 81 — CMBS 51 — — 51 — RMBS 272 — — 217 55 Total trading securities 2,075 — 8 2,003 64 Equity securities 237 — 28 203 6 Mortgage loans 25 — — — 25 Investment funds 146 129 — — 17 Funds withheld at interest – embedded derivative 763 — — — 763 Derivative assets 2,379 — 81 2,298 — Short-term investments 364 — 43 207 114 Other investments 109 — — 109 — Cash and cash equivalents 6,240 — 6,240 — — Restricted cash 1,281 — 1,281 — — Investments in related parties AFS securities Corporate 20 — — 20 — CLO 1,239 — — 1,239 — ABS 2,811 — — 750 2,061 Total AFS securities – related party 4,070 — — 2,009 2,061 Trading securities CLO 48 — — 3 45 ABS 824 — — — 824 Total trading securities – related party 872 — — 3 869 Equity securities 52 — — — 52 Investment funds 1,885 75 — — 1,810 Funds withheld at interest – embedded derivative 560 — — — 560 Reinsurance recoverable 2,099 — — — 2,099 Total assets measured at fair value $ 97,892 $ 204 $ 7,755 $ 79,486 $ 10,447 (Continued) June 30, 2020 (In millions) Total NAV Level 1 Level 2 Level 3 Liabilities Interest sensitive contract liabilities Embedded derivative $ 11,140 $ — $ — $ — $ 11,140 Universal life benefits 1,323 — — — 1,323 Future policy benefits AmerUs Life Insurance Company (AmerUs) Closed Block 1,573 — — — 1,573 Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits 761 — — — 761 Derivative liabilities 118 — — 113 5 Funds withheld liability – embedded derivative 46 — — 46 — Total liabilities measured at fair value $ 14,961 $ — $ — $ 159 $ 14,802 (Concluded) 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 108 — — 92 16 CMBS 51 — — 51 — RMBS 303 — — 251 52 Total trading securities 2,070 — 8 1,988 74 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 4,240 — 4,240 — — Restricted cash 402 — 402 — — (Continued) December 31, 2019 (In millions) Total NAV Level 1 Level 2 Level 3 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 64 — — — 64 Investment funds 819 687 — — 132 Funds withheld at interest – embedded derivative 594 — — — 594 Reinsurance recoverable 1,821 — — — 1,821 Total assets measured at fair value $ 90,589 $ 819 $ 4,785 $ 76,027 $ 8,958 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)
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: Three months ended June 30, Six months ended June 30, (In millions) 2020 2019 2020 2019 Trading securities $ 191 $ 79 $ (32 ) $ 135 Mortgage loans — 1 — 1 Investment funds 466 4 166 — Future policy benefits (92 ) (52 ) (27 ) (92 ) Total gains (losses) $ 565 $ 32 $ 107 $ 44 The following summarizes information for fair value option mortgage loans: (In millions) June 30, 2020 December 31, 2019 Unpaid principal balance $ 23 $ 25 Mark to fair value 2 2 Fair value $ 25 $ 27
Reconciliation of Level 3 Assets Measured on a Recurring Basis	The following tables are reconciliations for all Level 3 assets and liabilities measured at fair value on a recurring basis. All transfers in and out of Level 3 are based on changes in the availability of pricing sources, as described in the valuation methods above. Three months ended June 30, 2020 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets AFS securities U.S. state, municipal and political subdivisions $ 37 $ — $ 3 $ — $ — $ 40 $ — $ 3 Corporate 1,233 — 41 (32 ) (368 ) 874 — 41 CLO 122 — 2 39 (3 ) 160 — 2 ABS 917 1 9 (39 ) (20 ) 868 — 10 CMBS 45 (5 ) (1 ) (4 ) 14 49 — (1 ) RMBS 42 — 2 1 (29 ) 16 — — Trading securities Corporate 32 4 — — (30 ) 6 4 — CLO 3 — — — — 3 — — ABS 14 — — (14 ) — — — — RMBS 70 2 — — (17 ) 55 7 — Equity securities 7 (1 ) — — — 6 (1 ) — Mortgage loans 26 — — (1) — 25 (1 ) — Investment funds 21 (4 ) — — — 17 (4 ) — Funds withheld at interest – embedded derivative (374 ) 1,137 — — — 763 — — Short-term investments 67 — (1 ) 53 (5 ) 114 — — Investments in related parties AFS securities, ABS 1,887 4 169 1 — 2,061 — 169 Trading securities CLO 32 5 — — 8 45 4 — ABS 676 74 — 74 — 824 74 — Equity securities 49 4 — (1 ) — 52 4 — Investment funds 979 470 — 361 — 1,810 470 — Funds withheld at interest – embedded derivative (15 ) 575 — — — 560 — — Reinsurance recoverable 2,115 (16 ) — — — 2,099 — — Total Level 3 assets $ 7,985 $ 2,250 $ 224 $ 438 $ (450 ) $ 10,447 $ 557 $ 224 Liabilities Interest sensitive contract liabilities Embedded derivative $ (9,089 ) $ (1,534 ) $ — $ (517 ) $ — $ (11,140 ) $ — $ — Universal life benefits (1,322 ) (1 ) — — — (1,323 ) — — Future policy benefits AmerUs Closed Block (1,481 ) (92 ) — — — (1,573 ) — — ILICO Closed Block and life benefits (778 ) 17 — — — (761 ) — — Derivative liabilities (7 ) 2 — — — (5 ) 2 — Total Level 3 liabilities $ (12,677 ) $ (1,608 ) $ — $ (517 ) $ — $ (14,802 ) $ 2 $ — 1 Related to instruments held at end of period. Three months ended June 30, 2019 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Assets AFS securities U.S. state, municipal and political subdivisions $ — $ — $ — $ 40 $ — $ 40 $ — Corporate 1,035 3 12 32 (261 ) 821 — CLO 110 — — 122 (32 ) 200 — ABS 1,614 2 19 120 (359 ) 1,396 — CMBS 174 — 1 39 (8 ) 206 — RMBS 57 — 3 — (60 ) — — Trading securities Corporate 10 1 — — (5 ) 6 1 CLO 8 (1 ) — — — 7 6 ABS 6 — — — — 6 — RMBS 86 (2 ) — — (38 ) 46 2 Equity securities 3 — — — — 3 1 Mortgage loans 32 1 — (1 ) — 32 — Investment funds 25 2 — (2 ) — 25 2 Funds withheld at interest – embedded derivative 446 258 — — — 704 — Short-term investments — — — 45 — 45 — Investments in related parties AFS securities CLO — — — 37 — 37 — ABS 497 — 13 (8 ) (103 ) 399 — Trading securities CLO 89 (2 ) — (47 ) 55 95 (1 ) ABS 138 (7 ) — (17 ) 104 218 (14 ) Equity securities 307 7 — 36 — 350 (5 ) Investment funds 138 3 — — — 141 2 Funds withheld at interest – embedded derivative 214 287 — — — 501 — Reinsurance recoverable 1,737 97 — — — 1,834 — Total Level 3 assets $ 6,726 $ 649 $ 48 $ 396 $ (707 ) $ 7,112 $ (6 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (9,106 ) $ (638 ) $ — $ (161 ) $ — $ (9,905 ) $ — Universal life benefits (979 ) (72 ) — — — (1,051 ) — Future policy benefits AmerUs Closed Block (1,483 ) (52 ) — — — (1,535 ) — ILICO Closed Block and life benefits (743 ) (26 ) — — — (769 ) — Derivative liabilities (4 ) — — — — (4 ) — Total Level 3 liabilities $ (12,315 ) $ (788 ) $ — $ (161 ) $ — $ (13,264 ) $ — 1 Related to instruments held at end of period. Six months ended June 30, 2020 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in income 1 Total gains (losses) included in OCI 1 Assets AFS securities U.S. state, municipal and political subdivisions $ 40 $ — $ — $ — $ — $ 40 $ — $ — Corporate 725 (4 ) (8 ) (10 ) 171 874 — (8 ) CLO 121 — (4 ) 69 (26 ) 160 — (4 ) ABS 1,374 23 (102 ) (246 ) (181 ) 868 — (101 ) CMBS 46 (4 ) (7 ) (4 ) 18 49 — (6 ) RMBS — — — — 16 16 — — Trading securities Corporate — — — — 6 6 — — CLO 6 (3 ) — — — 3 (1 ) — ABS 16 — — (16 ) — — — — RMBS 52 (1 ) — — 4 55 5 — Equity securities 3 3 — — — 6 3 — Mortgage loans 27 — — (2 ) — 25 — — Investment funds 22 (5 ) — — — 17 (5 ) — Funds withheld at interest – embedded derivative 801 (38 ) — — — 763 — — Short-term investments 41 — (1 ) 74 — 114 — — Investments in related parties AFS securities, ABS 2,324 1 (53 ) (49 ) (162 ) 2,061 — (53 ) Trading securities CLO 38 (17 ) — 14 10 45 (23 ) — ABS 711 (27 ) — 140 — 824 (27 ) — Equity securities 64 (6 ) — — (6 ) 52 (6 ) — Investment funds 132 170 — 1,508 — 1,810 170 — Funds withheld at interest – embedded derivative 594 (34 ) — — — 560 — — Reinsurance recoverable 1,821 278 — — — 2,099 — — Total Level 3 assets $ 8,958 $ 336 $ (175 ) $ 1,478 $ (150 ) $ 10,447 $ 116 $ (172 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (10,942 ) $ (357 ) $ — $ 159 $ — $ (11,140 ) $ — $ — Universal life benefits (1,050 ) (273 ) — — — (1,323 ) — — Future policy benefits AmerUs Closed Block (1,546 ) (27 ) — — — (1,573 ) — — ILICO Closed Block and life benefits (755 ) (6 ) — — — (761 ) — — Derivative liabilities (3 ) (2 ) — — — (5 ) (2 ) — Total Level 3 liabilities $ (14,296 ) $ (665 ) $ — $ 159 $ — $ (14,802 ) $ (2 ) $ — 1 Related to instruments held at end of period. Six months ended June 30, 2019 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Assets AFS securities U.S. state, municipal and political subdivisions $ — $ — $ — $ 40 $ — $ 40 $ — Corporate 898 1 10 47 (135 ) 821 — CLO 107 — 3 121 (31 ) 200 — ABS 1,615 4 36 129 (388 ) 1,396 — CMBS 187 1 4 32 (18 ) 206 — RMBS 56 — 3 1 (60 ) — — Trading securities Corporate — — — — 6 6 — CLO 1 (1 ) — — 7 7 6 ABS — — — 6 — 6 — RMBS 134 (5 ) — — (83 ) 46 5 Equity securities 3 — — — — 3 — Mortgage loans 32 1 — (1 ) — 32 1 Investment funds 29 (1 ) — (3 ) — 25 (2 ) Funds withheld at interest – embedded derivative 57 647 — — — 704 — Short-term investments — — — 45 — 45 — Investments in related parties AFS securities CLO — — — 37 — 37 — ABS 328 — 13 161 (103 ) 399 — Trading securities CLO 113 (3 ) — (48 ) 33 95 2 ABS 149 (18 ) — (17 ) 104 218 (17 ) Equity securities 133 9 — 208 — 350 (2 ) Investment funds 120 2 — 19 — 141 2 Funds withheld at interest – embedded derivative (110 ) 611 — — — 501 — Reinsurance recoverable 1,676 158 — — — 1,834 — Total Level 3 assets $ 5,528 $ 1,406 $ 69 $ 777 $ (668 ) $ 7,112 $ (5 ) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,969 ) $ (1,655 ) $ — $ (281 ) $ — $ (9,905 ) $ — Universal life benefits (932 ) (119 ) — — — (1,051 ) — Future policy benefits AmerUs Closed Block (1,443 ) (92 ) — — — (1,535 ) — ILICO Closed Block and life benefits (730 ) (39 ) — — — (769 ) — Derivative liabilities (4 ) — — — — (4 ) — Total Level 3 liabilities $ (11,078 ) $ (1,905 ) $ — $ (281 ) $ — $ (13,264 ) $ — 1 Related to instruments held at end of period.
Gross Components of Purchases, Sales, Issuances and Settlements, net	The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above: Three months ended June 30, 2020 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities Corporate $ — $ — $ — $ (32 ) $ (32 ) $ 122 $ (490 ) $ (368 ) CLO 44 — — (5 ) 39 — (3 ) (3 ) ABS 1 — — (40 ) (39 ) 31 (51 ) (20 ) CMBS — — (4 ) — (4 ) 18 (4 ) 14 RMBS 1 — — — 1 — (29 ) (29 ) Trading securities Corporate — — — — — 6 (36 ) (30 ) ABS — — (14 ) — (14 ) — — — RMBS — — — — — 4 (21 ) (17 ) Mortgage loans — — — (1 ) (1 ) — — — Short-term investments 53 — — — 53 — (5 ) (5 ) Investments in related parties AFS securities, ABS 1 — — — 1 — — — Trading securities CLO — — — — — 11 (3 ) 8 ABS 88 — — (14 ) 74 — — — Equity securities — — — (1 ) (1 ) — — — Investment funds 361 — — — 361 — — — Total Level 3 assets $ 549 $ — $ (18 ) $ (93 ) $ 438 $ 192 $ (642 ) $ (450 ) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (646 ) $ — $ 129 $ (517 ) $ — $ — $ — Total Level 3 liabilities $ — $ (646 ) $ — $ 129 $ (517 ) $ — $ — $ — Three months ended June 30, 2019 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities U.S. state, municipal and political subdivisions $ 40 $ — $ — $ — $ 40 $ — $ — $ — Corporate 59 — — (27 ) 32 1 (262 ) (261 ) CLO 122 — — — 122 — (32 ) (32 ) ABS 155 — — (35 ) 120 — (359 ) (359 ) CMBS 73 — (2 ) (32 ) 39 — (8 ) (8 ) RMBS — — — — — — (60 ) (60 ) Trading securities Corporate — — — — — — (5 ) (5 ) RMBS — — — — — 1 (39 ) (38 ) Mortgage loans — — — (1 ) (1 ) — — — Investment funds — 1 — (3 ) (2 ) — — — Short-term investments 48 — — (3 ) 45 — — — Investments in related parties AFS securities CLO 37 — — — 37 — — — ABS — — — (8 ) (8 ) — (103 ) (103 ) Trading securities CLO — — (47 ) — (47 ) 55 — 55 ABS — — — (17 ) (17 ) 104 — 104 Equity securities 36 — — — 36 — — — Total Level 3 assets $ 570 $ 1 $ (49 ) $ (126 ) $ 396 $ 161 $ (868 ) $ (707 ) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (301 ) $ — $ 140 $ (161 ) $ — $ — $ — Total Level 3 liabilities $ — $ (301 ) $ — $ 140 $ (161 ) $ — $ — $ — Six months ended June 30, 2020 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities Corporate $ 62 $ — $ (10 ) $ (62 ) $ (10 ) $ 209 $ (38 ) $ 171 CLO 78 — — (9 ) 69 — (26 ) (26 ) ABS 48 — (13 ) (281 ) (246 ) 44 (225 ) (181 ) CMBS — — (4 ) — (4 ) 18 — 18 RMBS — — — — — 16 — 16 Trading securities Corporate — — — — — 6 — 6 ABS — — (16 ) — (16 ) — — — RMBS — — — — — 6 (2 ) 4 Mortgage loans — — — (2 ) (2 ) — — — Short-term investments 89 — — (15 ) 74 — — — Investments in related parties AFS securities, ABS 5 — — (54 ) (49 ) — (162 ) (162 ) Trading securities CLO 27 — (13 ) — 14 13 (3 ) 10 ABS 154 — — (14 ) 140 — — — Equity securities 3 — — (3 ) — — (6 ) (6 ) Investment funds 1,508 — — — 1,508 — — — Total Level 3 assets $ 1,974 $ — $ (56 ) $ (440 ) $ 1,478 $ 312 $ (462 ) $ (150 ) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (762 ) $ — $ 921 $ 159 $ — $ — $ — Total Level 3 liabilities $ — $ (762 ) $ — $ 921 $ 159 $ — $ — $ — Six months ended June 30, 2019 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities U.S. state, municipal and political subdivisions $ 40 $ — $ — $ — $ 40 $ — $ — $ — Corporate 147 — (2 ) (98 ) 47 — (135 ) (135 ) CLO 121 — — — 121 — (31 ) (31 ) ABS 296 — (33 ) (134 ) 129 — (388 ) (388 ) CMBS 73 — (3 ) (38 ) 32 — (18 ) (18 ) RMBS 1 — — — 1 — (60 ) (60 ) Trading securities Corporate — — — — — 6 — 6 CLO — — — — — 7 — 7 ABS 6 — — — 6 — — — RMBS — — — — — 2 (85 ) (83 ) Mortgage loans — — — (1 ) (1 ) — — — Investment funds — — — (3 ) (3 ) — — — Short-term investments 48 — — (3 ) 45 — — — Investments in related parties AFS securities CLO 37 — — — 37 — — — ABS 170 — — (9 ) 161 — (103 ) (103 ) Trading securities CLO — — (48 ) — (48 ) 46 (13 ) 33 ABS — — — (17 ) (17 ) 104 — 104 Equity securities 213 — (5 ) — 208 — — — Investment funds — 20 — (1 ) 19 — — — Total Level 3 assets $ 1,152 $ 20 $ (91 ) $ (304 ) $ 777 $ 165 $ (833 ) $ (668 ) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (534 ) $ — $ 253 $ (281 ) $ — $ — $ — Total Level 3 liabilities $ — $ (534 ) $ — $ 253 $ (281 ) $ — $ — $ —
Summary of the Unobservable Inputs for the Embedded Derivative of Fixed Indexed Annuities	The following summarizes the unobservable inputs for AFS and trading securities and the embedded derivatives of fixed indexed annuities: June 30, 2020 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value AFS and trading securities $ 3,582 Discounted cash flow Discount 2.6 % 22.7 % 6.9 % 1 Decrease Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives $ 11,140 Option budget method Nonperformance risk 0.2 % 1.7 % 1.0 % 2 Decrease Option budget 0.7 % 3.7 % 1.9 % 3 Increase Surrender rate 5.2 % 10.2 % 7.2 % 4 Decrease December 31, 2019 Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value AFS and trading securities $ 1,289 Discounted cash flow Discount 3.0 % 9.0 % 6.6 % 1 Decrease Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives $ 10,942 Option budget method Nonperformance risk 0.2 % 1.1 % 0.6 % 2 Decrease Option budget 0.7 % 3.7 % 1.9 % 3 Increase Surrender rate 3.5 % 8.1 % 7.1 % 4 Decrease 1 The discount weighted average is calculated based on the relative fair values of the securities. 2 The nonperformance risk weighted average is based on the projected excess benefits of reserves used in the calculation of the embedded derivative. 3 The option budget weighted average is calculated based on the indexed account values. 4 The surrender rate weighted average is calculated based on projected account values.
Summary of Financial Instruments Not Carried at Fair Value on the Balance Sheet	The following represents our financial instruments not carried at fair value on the condensed consolidated balance sheets: June 30, 2020 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Mortgage loans $ 15,178 $ 15,636 $ — $ — $ — $ 15,636 Investment funds 536 536 536 — — — Policy loans 393 393 — — 393 — Funds withheld at interest 41,506 41,506 — — — 41,506 Other investments 250 256 — — — 256 Investments in related parties Mortgage loans 626 617 — — — 617 Investment funds 3,393 3,392 3,392 — — — Funds withheld at interest 12,411 12,411 — — — 12,411 Other investments 474 476 — — — 476 Total financial assets not carried at fair value $ 74,767 $ 75,223 $ 3,928 $ — $ 393 $ 70,902 Financial liabilities Interest sensitive contract liabilities $ 86,829 $ 90,369 $ — $ — $ — $ 90,369 Long-term debt 1,486 1,035 — — 1,035 — Securities to repurchase 1,599 1,599 — — 1,599 — Funds withheld liability 381 381 — — 381 — Total financial liabilities not carried at fair value $ 90,295 $ 93,384 $ — $ — $ 3,015 $ 90,369 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 596 596 596 — — — 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 2,731 2,731 2,731 — — — Funds withheld at interest 12,626 12,626 — — — 12,626 Other investments 487 537 — — — 537 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

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 2020
Effects of Reinsurance [Line Items]
Effects of Reinsurance	The following summarizes the effect of reinsurance on premiums and future policy and other policy benefits on the condensed consolidated statements of income (loss): Three months ended June 30, Six months ended June 30, (In millions) 2020 2019 2020 2019 Premiums Direct $ 281 $ 765 $ 1,382 $ 2,744 Reinsurance assumed 109 62 183 136 Reinsurance ceded (35 ) (40 ) (70 ) (93 ) Total premiums $ 355 $ 787 $ 1,495 $ 2,787 Future policy and other policy benefits Direct $ 588 $ 1,132 $ 2,019 $ 3,456 Reinsurance assumed 163 112 209 236 Reinsurance ceded (77 ) (133 ) (198 ) (252 ) Total future policy and other policy benefits $ 674 $ 1,111 $ 2,030 $ 3,440 (In millions) Funds Withheld Liabilities assumed $ 27,439 Less: Net consideration received 28,805 Unearned revenue reserve 1 $ (1,366 ) 1 Included within interest sensitive contract liabilities on the condensed consolidated balance sheets.

Deferred Acquisition Costs, D_2

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables)	6 Months Ended
	Jun. 30, 2020
Insurance [Abstract]
Deferred Acquisition Costs	The following represents a rollforward of deferred acquisition costs (DAC), deferred sales inducements (DSI) and value of business acquired (VOBA): (In millions) DAC DSI VOBA Total Balance at December 31, 2019 $ 3,274 $ 820 $ 914 $ 5,008 Adoption of accounting standard 12 5 5 22 Additions 281 83 — 364 Amortization 56 11 (4 ) 63 Impact of unrealized investment (gains) losses — (4 ) 15 11 Balance at June 30, 2020 $ 3,623 $ 915 $ 930 $ 5,468 (In millions) DAC DSI VOBA Total Balance at December 31, 2018 $ 3,921 $ 799 $ 1,187 $ 5,907 Additions 354 130 — 484 Amortization (472 ) (18 ) (20 ) (510 ) Impact of unrealized investment (gains) losses (300 ) (98 ) (159 ) (557 ) Balance at June 30, 2019 $ 3,503 $ 813 $ 1,008 $ 5,324
Deferred Sales Inducements	The following represents a rollforward of deferred acquisition costs (DAC), deferred sales inducements (DSI) and value of business acquired (VOBA): (In millions) DAC DSI VOBA Total Balance at December 31, 2019 $ 3,274 $ 820 $ 914 $ 5,008 Adoption of accounting standard 12 5 5 22 Additions 281 83 — 364 Amortization 56 11 (4 ) 63 Impact of unrealized investment (gains) losses — (4 ) 15 11 Balance at June 30, 2020 $ 3,623 $ 915 $ 930 $ 5,468 (In millions) DAC DSI VOBA Total Balance at December 31, 2018 $ 3,921 $ 799 $ 1,187 $ 5,907 Additions 354 130 — 484 Amortization (472 ) (18 ) (20 ) (510 ) Impact of unrealized investment (gains) losses (300 ) (98 ) (159 ) (557 ) Balance at June 30, 2019 $ 3,503 $ 813 $ 1,008 $ 5,324

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Short-term Debt [Line Items]
Schedule of Short-term Debt [Table Text Block]	Short-term Borrowing —During the second quarter of 2020, we converted $400 million of short-term debt outstanding with the FHLB to funding agreements . See Note 12 – Commitments and Contingencies for further discussion regarding FHLB funding agreements.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	The following represents our basic and diluted earnings per share (EPS) calculations, which are calculated using unrounded amounts: Three months ended June 30, 2020 (In millions, except per share data) Class A Net income available to Athene Holding Ltd. common shareholders – basic and diluted $ 824 Basic weighted average shares outstanding 193.9 Dilutive effect of stock compensation plans 3.0 Diluted weighted average shares outstanding 196.9 Earnings per share Basic $ 4.25 Diluted $ 4.19 Three months ended June 30, 2019 (In millions, except share and per share data) Class A Class B Class M-1 Class M-2 Class M-3 Class M-4 Net income available to Athene Holding Ltd. common shareholders – basic and diluted $ 596 $ 96 $ 13 $ 3 $ 4 $ 8 Basic weighted average shares outstanding 158.5 25.4 3.3 0.8 1.0 2.2 Dilutive effect of stock compensation plans 0.3 — — — — 0.3 Diluted weighted average shares outstanding 158.8 25.4 3.3 0.8 1.0 2.5 Earnings per share Basic $ 3.76 $ 3.76 $ 3.76 $ 3.76 $ 3.76 $ 3.76 Diluted $ 3.75 $ 3.76 $ 3.76 $ 3.76 $ 3.76 $ 3.28 Six months ended June 30, 2020 (In millions, except share and per share data) Class A Class B Class M-1 Class M-2 Class M-3 Class M-4 Net loss available to Athene Holding Ltd. common shareholders – basic and diluted $ (114 ) $ (98 ) $ (13 ) $ (3 ) $ (4 ) $ (9 ) Basic weighted average shares outstanding 177.6 25.4 3.3 0.8 1.0 2.4 Dilutive effect of stock compensation plans 1 — — — — — — Diluted weighted average shares outstanding 177.6 25.4 3.3 0.8 1.0 2.4 Earnings per share Basic $ (0.64 ) $ (3.87 ) $ (3.87 ) $ (3.87 ) $ (3.87 ) $ (3.87 ) Diluted $ (0.64 ) $ (3.87 ) $ (3.87 ) $ (3.87 ) $ (3.87 ) $ (3.87 ) 1 The dilutive effect of stock compensation plans is antidilutive as a result of the net loss available to Athene Holding Ltd. common shareholders for the six months ended June 30, 2020. Six months ended June 30, 2019 (In millions, except per share data) Class A Class B Class M-1 Class M-2 Class M-3 Class M-4 Net income available to Athene Holding Ltd. common shareholders – basic and diluted $ 1,184 $ 189 $ 25 $ 6 $ 8 $ 16 Basic weighted average shares outstanding 159.4 25.4 3.3 0.8 1.0 2.2 Dilutive effect of stock compensation plans 0.3 — — — — 0.3 Diluted weighted average shares outstanding 159.7 25.4 3.3 0.8 1.0 2.5 Earnings per share Basic $ 7.43 $ 7.43 $ 7.43 $ 7.43 $ 7.43 $ 7.43 Diluted $ 7.41 $ 7.43 $ 7.43 $ 7.43 $ 7.43 $ 6.45
Shares Excluded from Dilutive Earnings Per Share	The diluted EPS calculations for Class A shares excluded 3.3 million and 31.6 million shares, restricted stock units, options and warrants as of June 30, 2020 and 2019 , respectively, for the three months ended and excluded 11.2 million and 31.6 million , as of June 30, 2020 and 2019 , respectively, for the six months ended.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Class of Stock [Line Items]
Preferred Stock [Text Block]	We have three series of preferred stock: 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares, Series A (Series A); 5.625% Fixed Rate Perpetual Non-Cumulative Preference Shares, Series B (Series B); and 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preference Shares, Series C (Series C) as summarized below: Series A Series B Series C Authorized, issued and outstanding 34,500 13,800 24,000 Liquidation preference per share $ 25,000 $ 25,000 $ 25,000 Dividends declared and paid per share during the six months ended June 30, 2020 $ 793.76 $ 703.12 $ — Aggregate dividends declared and paid during the six months ended June 30, 2020 ( in millions ) $ 27 $ 10 $ —
Share Repurchase Authorization	The following summarizes the activity on our share repurchase authorization: Six months ended June 30, (In millions) 2020 2019 Beginning balance at January 1 $ 640 $ 150 Additional authorization — 367 Repurchases (319 ) (423 ) Ending balance at June 30 $ 321 $ 94 (In millions) Six months ended June 30, 2020 Class A Beginning balance 143.2 Issued shares 35.9 Forfeited shares (0.1 ) Repurchased shares (10.4 ) Converted from Class B shares 25.4 Converted from Class M shares 0.3 Ending balance 194.3 Class B Beginning balance 25.4 Converted to Class A shares (25.4 ) Ending balance — Class M-1 Beginning balance 3.3 Converted to Class A shares (0.2 ) Converted to warrants (3.1 ) Ending balance — Class M-2 Beginning balance 0.8 Converted to Class A shares 0.0 Converted to warrants (0.8 ) Ending balance — Class M-3 Beginning balance 1.0 Converted to Class A shares 0.0 Converted to warrants (1.0 ) Ending balance — Class M-4 Beginning balance 4.0 Converted to Class A shares (0.1 ) Converted to warrants (3.6 ) Repurchased shares (0.3 ) Ending balance —
Accumulated Other Comprehensive Income	The following provides the details of AOCI and changes in AOCI: (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance DAC, DSI, VOBA and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at March 31, 2020 $ (1,540 ) $ (224 ) $ 195 $ 395 $ — $ (1,174 ) Other comprehensive income (loss) before reclassifications 6,519 (611 ) (1,404 ) (83 ) (10 ) 4,411 Less: Reclassification adjustments for gains (losses) realized in net income (loss) 1 50 — (52 ) — — (2 ) Less: Income tax expense (benefit) 1,234 (123 ) (284 ) (22 ) — 805 Less: Other comprehensive income (loss) attributable to NCI 251 (10 ) — 14 (5 ) 250 Balance at June 30, 2020 $ 3,444 $ (702 ) $ (873 ) $ 320 $ (5 ) $ 2,184 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). (In millions) Unrealized investment gains (losses) on AFS securities DAC, DSI, VOBA and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at March 31, 2019 $ 959 $ (282 ) $ 33 $ (4 ) $ 706 Other comprehensive income (loss) before reclassifications 1,776 (490 ) 55 (1 ) 1,340 Less: Reclassification adjustments for gains (losses) realized in net income (loss) 1 35 (10 ) — — 25 Less: Income tax expense (benefit) 351 (101 ) 11 — 261 Balance at June 30, 2019 $ 2,349 $ (661 ) $ 77 $ (5 ) $ 1,760 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance DAC, DSI, VOBA and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2019 $ 3,102 $ — $ (879 ) $ 61 $ (3 ) $ 2,281 Adoption of accounting standards 4 (4 ) (6 ) — — (6 ) Other comprehensive income (loss) before reclassifications 757 (884 ) (52 ) 318 (1 ) 138 Less: Reclassification adjustments for gains (losses) realized in net income (loss) 1 221 — (67 ) — — 154 Less: Income tax expense (benefit) 106 (176 ) 3 75 — 8 Less: Other comprehensive income (loss) attributable to NCI 92 (10 ) — (16 ) 1 67 Balance at June 30, 2020 $ 3,444 $ (702 ) $ (873 ) $ 320 $ (5 ) $ 2,184 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). (In millions) Unrealized investment gains (losses) on AFS securities DAC, DSI, VOBA and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2018 $ (628 ) $ 121 $ 39 $ (4 ) $ (472 ) Other comprehensive income (loss) before reclassifications 3,757 (999 ) 47 (1 ) 2,804 Less: Reclassification adjustments for gains (losses) realized in net income (loss) 1 28 (8 ) — — 20 Less: Income tax expense (benefit) 752 (209 ) 9 — 552 Balance at June 30, 2019 $ 2,349 $ (661 ) $ 77 $ (5 ) $ 1,760 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss).

Related Parties (Tables)

Related Parties (Tables)	6 Months Ended
	Jun. 30, 2020
Related Party Transaction [Line Items]
Schedule of Related Party Transactions	The following summarizes these investments in MidCap: (In millions) June 30, 2020 December 31, 2019 Investment fund $ 517 $ 547 Subordinated debt facility 329 339 Redeemable preferred stock 77 — Total investment in MidCap $ 923 $ 886 The following represents assets based on the above sub-allocation structure: (In millions, except percentages) June 30, 2020 Percent of Total December 31, 2019 Percent of Total Core $ 45,163 28.2 % $ 32,474 25.5 % Core Plus 36,148 22.5 % 30,155 23.6 % Yield 55,526 34.6 % 48,557 38.0 % High Alpha 5,799 3.6 % 5,062 4.0 % Other 17,873 11.1 % 11,302 8.9 % Total sub-allocation assets $ 160,509 100.0 % $ 127,550 100.0 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Restricted Pledged Assets and Funds in Trust	The total restricted assets included on the condensed consolidated balance sheets are as follows: (In millions) June 30, 2020 December 31, 2019 AFS securities $ 11,264 $ 9,369 Trading securities 51 45 Equity securities 20 22 Mortgage loans 4,888 2,535 Investment funds 90 84 Derivative assets 96 105 Short-term investments 108 92 Other investments 104 88 Restricted cash 1,281 402 Total restricted assets $ 17,902 $ 12,742

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Reconciliation of Segment Operating Revenues to Consolidation	The table below reconciles segment adjusted operating revenues to total revenues presented on the condensed consolidated statements of income (loss): Three months ended June 30, Six months ended June 30, (In millions) 2020 2019 2020 2019 Retirement Services $ 1,589 $ 2,248 $ 4,058 $ 5,554 Corporate and Other 446 24 116 56 Non-operating adjustments Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets 754 466 (917 ) 1,406 Investment gains (losses), net of offsets 1,246 682 (439 ) 1,395 VIE expenses, noncontrolling interests and other adjustments to revenues 363 3 31 7 Total revenues $ 4,398 $ 3,423 $ 2,849 $ 8,418
Reconciliation of Segment Operating Income to Consolidation	The table below reconciles segment adjusted operating income available to common shareholders to net income available to Athene Holding Ltd. common shareholders presented on the condensed consolidated statements of income (loss): Three months ended June 30, Six months ended June 30, (In millions) 2020 2019 2020 2019 Retirement Services $ 208 $ 376 $ 412 $ 662 Corporate and Other 282 (6 ) (30 ) (5 ) Non-operating adjustments Investment gains (losses), net of offsets 775 417 (364 ) 875 Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets (405 ) (57 ) (340 ) (84 ) Integration, restructuring and other non-operating expenses (9 ) (11 ) (13 ) (12 ) Stock-based compensation, excluding LTIP — (3 ) (10 ) (6 ) Income tax (expense) benefit – non-operating (27 ) 4 104 (2 ) Net income (loss) available to Athene Holding Ltd. common shareholders $ 824 $ 720 $ (241 ) $ 1,428
Total Assets by Segment	The following represents total assets by segment: (In millions) June 30, 2020 December 31, 2019 Retirement Services $ 178,555 $ 143,881 Corporate and Other 4,686 2,994 Total assets $ 183,241 $ 146,875

Business, Basis of Presentati_3

Business, Basis of Presentation and Significant Accounting Policies Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 15,639	$ 10,530		$ 14,141	$ 12,365	$ 10,117	$ 8,276
Available-for-sale securities	71,215			67,479
Commercial mortgage loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Mortgage loans, before allowance for credit losses	11,525			10,515
Commercial mortgage loans | Accounting Standards Update 2016-13 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New accounting pronouncement effect, percentage			1.59%
Accounting Standards Update 2016-13 [Member] | Commercial mortgage loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Mortgage loans, before allowance for credit losses			$ 36
RMBS
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Available-for-sale securities	7,010			6,872
RMBS | Accounting Standards Update 2016-13 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Available-for-sale securities			$ 17
Retained earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 6,437	$ 5,613		$ 6,939	$ 6,461	$ 5,963	$ 5,286

Investments - Schedule of AFS S

Investments - Schedule of AFS Securities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gains				$ 4,344
Gross Unrealized Losses				(449)
Available-for-sale Securities				71,374
Amortized Cost	$ 71,215			67,479
AFS securities allowance for credit losses	(173)	$ (78)	$ (17)	0
Gross Unrealized Gains	5,302
Gross Unrealized Losses	(1,609)
Fair Value	74,735			71,374
U.S. government and agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	71			35
AFS securities allowance for credit losses	0
Gross Unrealized Gains	3			1
Gross Unrealized Losses	0			0
Fair Value	74			36
U.S. state, municipal and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	799			1,322
AFS securities allowance for credit losses	0
Gross Unrealized Gains	146			220
Gross Unrealized Losses	(2)			(1)
Fair Value	943			1,541
Foreign governments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	318			298
AFS securities allowance for credit losses	0
Gross Unrealized Gains	20			29
Gross Unrealized Losses	(1)			0
Fair Value	337			327
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	47,251			44,106
AFS securities allowance for credit losses	(31)	(15)	0
Gross Unrealized Gains	4,608			3,332
Gross Unrealized Losses	(629)			(210)
Fair Value	51,199			47,228
CLO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,441			7,524
AFS securities allowance for credit losses	(1)	0		0
Gross Unrealized Gains	19			21
Gross Unrealized Losses	(507)			(196)
Fair Value	7,952			7,349
ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,923			5,018
AFS securities allowance for credit losses	(2)	(5)	0
Gross Unrealized Gains	110			124
Gross Unrealized Losses	(258)			(24)
Fair Value	4,773			5,118
CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,402			2,304
AFS securities allowance for credit losses	(10)	(4)	0
Gross Unrealized Gains	53			104
Gross Unrealized Losses	(148)			(8)
Fair Value	2,297			2,400
RMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,010			6,872
AFS securities allowance for credit losses	(129)	(54)	(17)
Gross Unrealized Gains	343			513
Gross Unrealized Losses	(64)			(10)
Fair Value	7,160			7,375
Related Party
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gains				41
Gross Unrealized Losses				(20)
Available-for-sale Securities				3,804
Amortized Cost	4,173			3,783
AFS securities allowance for credit losses	(2)			0
Gross Unrealized Gains	33
Gross Unrealized Losses	(134)
Fair Value	4,070			3,804
Related Party | Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	18			18
AFS securities allowance for credit losses	0
Gross Unrealized Gains	2			1
Gross Unrealized Losses	0			0
Fair Value	20			19
OTTI in AOCI				0
Related Party | CLO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,297			951
AFS securities allowance for credit losses	(2)	0	0
Gross Unrealized Gains	5			3
Gross Unrealized Losses	(61)			(18)
Fair Value	1,239			936
Related Party | ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,858			2,814
AFS securities allowance for credit losses	0
Gross Unrealized Gains	26			37
Gross Unrealized Losses	(73)			(2)
Fair Value	2,811			2,849
OTTI
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI				25
OTTI | U.S. government and agencies
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI				0
OTTI | U.S. state, municipal and political subdivisions
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI				0
OTTI | Foreign governments
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI				0
OTTI | Corporate
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI				1
OTTI | CLO
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI				0
OTTI | ABS
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI				4
OTTI | CMBS
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI				1
OTTI | RMBS
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI				19
OTTI | Related Party
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI				0
OTTI | Related Party | CLO
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI				0
OTTI | Related Party | ABS
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI				0
Investments including related party
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gains				4,385
Gross Unrealized Losses				(469)
Available-for-sale Securities				75,178
Amortized Cost	75,388			71,262
AFS securities allowance for credit losses	(175)	$ (78)	$ (17)
Gross Unrealized Gains	5,335
Gross Unrealized Losses	(1,743)
Fair Value	$ 78,805
Investments including related party | OTTI
Debt Securities, Available-for-sale [Line Items]
OTTI in AOCI				$ 25

Investments - Maturities of AFS

Investments - Maturities of AFS Securities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Amortized Cost
Due in one year or less	$ 1,203
Due after one year through five years	9,089
Due after five years through ten years	11,247
Due after ten years	26,900
CLO, ABS, CMBS and RMBS	22,776
Amortized Cost	71,215	$ 67,479
Fair Value
Due in one year or less	1,210
Due after one year through five years	9,467
Due after five years through ten years	11,958
Due after ten years	29,918
CLO, ABS, CMBS and RMBS	22,182
Total AFS fixed maturity securities	74,735	71,374
Related Party
Amortized Cost
Due after five years through ten years	18
CLO, ABS, CMBS and RMBS	4,155
Amortized Cost	4,173	3,783
Fair Value
Due after five years through ten years	20
CLO, ABS, CMBS and RMBS	4,050
Total AFS fixed maturity securities	4,070	3,804
Investments including related party
Amortized Cost
Amortized Cost	75,388	$ 71,262
Fair Value
Total AFS fixed maturity securities	$ 78,805

Investments - Unrealized Losses

Investments - Unrealized Losses on AFS Securities (Details) $ in Millions	Jun. 30, 2020USD ($)security	Dec. 31, 2019USD ($)
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	$ 15,266	$ 6,245
Fair Value, 12 months or greater	3,411	4,612
Total	18,677	10,857
Gross Unrealized Losses
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	1,012	195
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	425	254
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 1,437	449
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security	365
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security	2,316
U.S. government and agencies
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	$ 11	3
Fair Value, 12 months or greater	0	0
Total	11	3
Gross Unrealized Losses
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0	0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0	0
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	0	0
U.S. state, municipal and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	43	78
Fair Value, 12 months or greater	10	10
Total	53	88
Gross Unrealized Losses
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	1	1
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	1	0
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	2	1
Foreign governments
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	76
Fair Value, 12 months or greater	0
Total	76
Gross Unrealized Losses
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	1
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	1
Corporate
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	7,217	2,898
Fair Value, 12 months or greater	398	902
Total	7,615	3,800
Gross Unrealized Losses
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	451	140
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	84	70
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	535	210
CLO
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	4,063	1,959
Fair Value, 12 months or greater	2,782	3,241
Total	6,845	5,200
Gross Unrealized Losses
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	189	38
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	305	158
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	494	196
ABS
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	2,161	642
Fair Value, 12 months or greater	159	255
Total	2,320	897
Gross Unrealized Losses
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	211	6
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	23	18
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	234	24
CMBS
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	878	220
Fair Value, 12 months or greater	30	41
Total	908	261
Gross Unrealized Losses
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	123	4
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	10	4
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	133	8
RMBS
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	817	445
Fair Value, 12 months or greater	32	163
Total	849	608
Gross Unrealized Losses
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	36	6
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	2	4
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	38	10
Related Party
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	2,867	719
Fair Value, 12 months or greater	172	242
Total	3,039	961
Gross Unrealized Losses
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	117	9
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	17	11
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 134	20
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security	18
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security	152
Related Party | CLO
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	$ 937	362
Fair Value, 12 months or greater	172	242
Total	1,109	604
Gross Unrealized Losses
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	44	7
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	17	11
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	61	18
Related Party | ABS
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	1,930	357
Fair Value, 12 months or greater	0	0
Total	1,930	357
Gross Unrealized Losses
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	73	2
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0	0
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	73	2
Investments including related party
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	18,133	6,964
Fair Value, 12 months or greater	3,583	4,854
Total	21,716	11,818
Gross Unrealized Losses
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	1,129	204
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	442	265
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 1,571	$ 469

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net Investment Income [Line Items]
Investment revenue			$ 2,337	$ 2,454
Investment expenses			(256)	(190)
Net investment income	$ 1,336	$ 1,182	2,081	2,264
AFS securities
Net Investment Income [Line Items]
Investment revenue			1,627	1,516
Trading securities
Net Investment Income [Line Items]
Investment revenue			90	91
Equity securities
Net Investment Income [Line Items]
Investment revenue			6	7
Mortgage loans
Net Investment Income [Line Items]
Investment revenue			361	310
Investment funds
Net Investment Income [Line Items]
Investment revenue			94	149
Funds withheld at interest
Net Investment Income [Line Items]
Investment revenue			84	297
Other
Net Investment Income [Line Items]
Investment revenue			$ 75	$ 84
Consolidated Entity Excluding Variable Interest Entities (VIE)
Net Investment Income [Line Items]
Investment revenue	1,462	1,277
Investment expenses	(126)	(95)
Net investment income	1,336	1,182
Consolidated Entity Excluding Variable Interest Entities (VIE) | AFS securities
Net Investment Income [Line Items]
Investment revenue	790	763
Consolidated Entity Excluding Variable Interest Entities (VIE) | Trading securities
Net Investment Income [Line Items]
Investment revenue	42	49
Consolidated Entity Excluding Variable Interest Entities (VIE) | Equity securities
Net Investment Income [Line Items]
Investment revenue	2	4
Consolidated Entity Excluding Variable Interest Entities (VIE) | Mortgage loans
Net Investment Income [Line Items]
Investment revenue	175	159
Consolidated Entity Excluding Variable Interest Entities (VIE) | Investment funds
Net Investment Income [Line Items]
Investment revenue	372	123
Consolidated Entity Excluding Variable Interest Entities (VIE) | Funds withheld at interest
Net Investment Income [Line Items]
Investment revenue	43	134
Consolidated Entity Excluding Variable Interest Entities (VIE) | Other
Net Investment Income [Line Items]
Investment revenue	$ 38	$ 45

Investments - Investment Relate

Investments - Investment Related Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Gain (Loss) on Securities [Line Items]
Proceeds from Sale of Debt Securities, Available-for-sale	$ 1,778	$ 1,958	$ 3,585	$ 3,211
Debt Securities, Available-for-sale, Realized Gain	68	56	232	73
AFS fixed maturity securities
Gross realized losses on investment activity	(66)	(4)	(200)	(17)
Net realized investment gains on AFS securities	2	52	32	56
Debt Securities, Trading, Realized Gain (Loss)	191	79	(32)	135
Net recognized investment gains (losses) on equity securities	30	1	(20)	19
Derivative gains (losses)	2,330	1,181	(689)	2,873
Provision for Loan, Lease, and Other Losses	(5)	0	(289)	0
Other gains (losses)	0	0	(26)	6
Investment related gains (losses)	$ 2,548	$ 1,313	$ (1,024)	$ 3,089

Investments - Unrealized gains

Investments - Unrealized gains (losses) recognized in income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Gain (Loss) on Securities [Line Items]
Debt Securities, Trading, Unrealized Gain (Loss)			$ 62	$ 169
Equity Securities, FV-NI, Unrealized Gain (Loss)			(20)	20
Consolidated Entity Excluding Variable Interest Entities (VIE)
Gain (Loss) on Securities [Line Items]
Debt Securities, Trading, Unrealized Gain (Loss)	$ 135	$ 98
Equity Securities, FV-NI, Unrealized Gain (Loss)	17	2
Related Party
Gain (Loss) on Securities [Line Items]
Debt Securities, Trading, Unrealized Gain (Loss)			(43)	(15)
Equity Securities, FV-NI, Unrealized Gain (Loss)			$ 0	$ (2)
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)
Gain (Loss) on Securities [Line Items]
Debt Securities, Trading, Unrealized Gain (Loss)	66	(13)
Equity Securities, FV-NI, Unrealized Gain (Loss)	$ 0	$ (5)

Investments - Mortgage Loans, N

Investments - Mortgage Loans, Net (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 15,203	$ 14,306
Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, before allowance for credit losses	11,525	10,515
Mortgage loan valuation allowance	(294)	(10)
Mortgage loans, net of allowances	11,231	10,505
Commercial mortgage loans | Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, before allowance for credit losses	11,339	10,422
Mortgage loans, net of allowances		10,412
Commercial mortgage loans | Commercial mortgage loans under development
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, before allowance for credit losses	186	93
Residential mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, before allowance for credit losses	4,683	4,455
Mortgage loan valuation allowance	(85)	(1)
Mortgage loans, net of allowances	4,598	4,454
Investments including related party
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 15,829	$ 14,959

Investments - Mortgage Loans,_2

Investments - Mortgage Loans, Net by Property Type and Geographic Region (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 15,203	$ 14,306
Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 11,231	$ 10,505
Commercial mortgage loans | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	100.00%	100.00%
Commercial mortgage loans | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	100.00%	100.00%
Commercial mortgage loans | Total U.S. Region
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 10,996	$ 10,271
Commercial mortgage loans | Total U.S. Region | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	97.90%	97.80%
Commercial mortgage loans | East North Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,202	$ 1,036
Commercial mortgage loans | East North Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	10.70%	9.90%
Commercial mortgage loans | East South Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 417	$ 428
Commercial mortgage loans | East South Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	3.70%	4.10%
Commercial mortgage loans | Middle Atlantic
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 3,058	$ 2,580
Commercial mortgage loans | Middle Atlantic | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	27.30%	24.60%
Commercial mortgage loans | Mountain
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 508	$ 528
Commercial mortgage loans | Mountain | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	4.50%	5.00%
Commercial mortgage loans | New England
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 336	$ 340
Commercial mortgage loans | New England | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	3.00%	3.20%
Commercial mortgage loans | Pacific
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 2,585	$ 2,502
Commercial mortgage loans | Pacific | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	23.00%	23.80%
Commercial mortgage loans | South Atlantic
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,988	$ 1,920
Commercial mortgage loans | South Atlantic | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	17.70%	18.30%
Commercial mortgage loans | West North Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 137	$ 146
Commercial mortgage loans | West North Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	1.20%	1.40%
Commercial mortgage loans | West South Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 765	$ 791
Commercial mortgage loans | West South Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	6.80%	7.50%
Commercial mortgage loans | Non-US [Member]
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 235	$ 234
Commercial mortgage loans | Non-US [Member] | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	2.10%	2.20%
Commercial mortgage loans | Hotels
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,131	$ 1,104
Commercial mortgage loans | Hotels | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	10.10%	10.50%
Commercial mortgage loans | Retail
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 2,080	$ 2,182
Commercial mortgage loans | Retail | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	18.50%	20.80%
Commercial mortgage loans | Office building
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 3,545	$ 2,899
Commercial mortgage loans | Office building | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	31.60%	27.60%
Commercial mortgage loans | Industrial
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,385	$ 1,448
Commercial mortgage loans | Industrial | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	12.30%	13.80%
Commercial mortgage loans | Apartment
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 2,401	$ 2,142
Commercial mortgage loans | Apartment | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	21.40%	20.40%
Commercial mortgage loans | Other commercial
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 689	$ 730
Commercial mortgage loans | Other commercial | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	6.10%	6.90%

Investments - Mortgage Loans, R

Investments - Mortgage Loans, Residential by State (Details) - Geographic Concentration Risk - Residential mortgage loans - Mortgage Loans, Net	Jun. 30, 2020	Dec. 31, 2019
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	100.00%	100.00%
California
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	36.50%	27.00%
Florida
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	11.50%	12.70%
TEXAS
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	4.40%	6.20%
Other U.S. States
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	35.50%	41.70%
Total U.S. Region
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	87.90%	87.60%
IRELAND
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	11.90%	12.40%
International Other [Member]
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	0.20%	0.00%

Investments - Mortgage Loans,_3

Investments - Mortgage Loans, Net Past Due (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest		$ 67,000,000
Residential mortgage loans
Financing Receivable, Past Due [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 799,000,000
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	10,000,000
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	179,000,000
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	608,000,000
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,023,000,000
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,064,000,000
Mortgage loan valuation allowance	85,000,000	1,000,000
Mortgage loans, before allowance for credit losses	4,683,000,000	4,455,000,000
Commercial mortgage loans
Financing Receivable, Past Due [Line Items]
Mortgage loan valuation allowance	294,000,000	10,000,000
Financing Receivable, Past Due		0
Mortgage loans, before allowance for credit losses	11,525,000,000	10,515,000,000
Commercial mortgage loans, excluding loans under development | Commercial mortgage loans
Financing Receivable, Past Due [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	1,202,000,000
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,651,000,000
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	146,000,000
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,049,000,000
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,770,000,000
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	4,521,000,000
Mortgage loans, before allowance for credit losses	11,339,000,000	$ 10,422,000,000
Financial Asset, 1 to 29 Days Past Due [Member] | Residential mortgage loans
Financing Receivable, Past Due [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	794,000,000
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	8,000,000
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	114,000,000
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	467,000,000
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	1,782,000,000
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	959,000,000
Financing Receivable, Not Past Due	4,124,000,000
Financial Asset, 1 to 29 Days Past Due [Member] | Commercial mortgage loans
Financing Receivable, Past Due [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	1,266,000,000
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,651,000,000
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	146,000,000
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,049,000,000
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,860,000,000
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	4,553,000,000
Financing Receivable, Not Past Due	11,525,000,000
Financial Asset, 30 to 59 Days Past Due [Member] | Residential mortgage loans
Financing Receivable, Past Due [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	4,000,000
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	19,000,000
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	85,000,000
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	30,000,000
Financing Receivable, Past Due	181,000,000
Financial Asset, 60 to 89 Days Past Due [Member] | Residential mortgage loans
Financing Receivable, Past Due [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	1,000,000
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	22,000,000
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	50,000,000
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	122,000,000
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	53,000,000
Financing Receivable, Past Due	248,000,000
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential mortgage loans
Financing Receivable, Past Due [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	24,000,000
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	48,000,000
Financing Receivable, Past Due	$ 130,000,000

Investments Financing Receiva_2

Investments Financing Receivables in Non-Accrual Status (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Residential mortgage loans
Financing Receivable, Nonaccrual [Line Items]
Financing Receivable, Nonaccrual	$ 130	$ 130	$ 67
Financing Receivable, Not Past Due	0	1
Financing Receivable, Nonaccrual, No Allowance	22	22
Commercial mortgage loans
Financing Receivable, Nonaccrual [Line Items]
Financing Receivable, Nonaccrual	39	39	$ 0
Financing Receivable, Not Past Due	0	0
Financing Receivable, Nonaccrual, No Allowance	$ 0	$ 0

Investments - Mortgage Loans, L

Investments - Mortgage Loans, Loan to Value Ratio (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net of allowances	$ 15,203	$ 14,306
Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net of allowances	11,231	10,505
Mortgage loans, before allowance for credit losses	11,525	10,515
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	1,202
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,651
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	146
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,049
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,770
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	4,521
Mortgage loans, net of allowances		10,412
Mortgage loans, before allowance for credit losses	11,339	10,422
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | Less than 50%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	274
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,324
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	60
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	147
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	207
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	631
Mortgage loans, net of allowances		2,640
Mortgage loans, before allowance for credit losses	2,643
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | 50% to 60%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	144
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	135
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	40
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	332
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	831
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,268
Mortgage loans, net of allowances		2,486
Mortgage loans, before allowance for credit losses	2,750
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | 61% to 70%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	442
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	106
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	46
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	475
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	1,445
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	2,023
Mortgage loans, net of allowances		4,093
Mortgage loans, before allowance for credit losses	4,537
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | 71% to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	342
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	47
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	95
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	287
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	599
Mortgage loans, net of allowances		1,162
Mortgage loans, before allowance for credit losses	1,370
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
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | LTV Greater than 100 Percent [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	39
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	0
Mortgage loans, net of allowances	0
Mortgage loans, before allowance for credit losses	$ 39

Investments - Mortgage Loans, D

Investments - Mortgage Loans, Debt Service Coverage Ratio (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 15,203	$ 14,306
Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	11,231	10,505
Mortgage loans, before allowance for credit losses	11,525	10,515
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development
Loans and Leases Receivable Disclosure [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	1,202
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,651
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	146
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,049
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,770
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	4,521
Mortgage loans, net of allowances		10,412
Mortgage loans, before allowance for credit losses	11,339	10,422
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | Greater than 1.20x
Loans and Leases Receivable Disclosure [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	928
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,564
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	146
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	994
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,712
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	3,501
Mortgage loans, net of allowances		9,212
Mortgage loans, before allowance for credit losses	9,845
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | 1.00x – 1.20x
Loans and Leases Receivable Disclosure [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	274
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	80
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	32
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	58
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,020
Mortgage loans, net of allowances		1,166
Mortgage loans, before allowance for credit losses	1,464
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | Less than 1.00x
Loans and Leases Receivable Disclosure [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	7
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	23
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	0
Mortgage loans, net of allowances		$ 34
Mortgage loans, before allowance for credit losses	$ 30

Investments - Investment Funds

Investments - Investment Funds (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 682	$ 750
Carrying Amount, Assets, Percent of Total	100.00%	100.00%
Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 5,278	$ 3,550
Carrying Amount, Assets, Percent of Total	100.00%	100.00%
Private equity
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 232	$ 236
Carrying Amount, Assets, Percent of Total	34.00%	31.50%
Private equity | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 255	$ 105
Carrying Amount, Assets, Percent of Total	4.80%	3.00%
Real assets
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 61	$ 83
Carrying Amount, Assets, Percent of Total	8.90%	11.10%
Real assets | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 233	$ 182
Carrying Amount, Assets, Percent of Total	4.40%	5.10%
Real estate
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 274	$ 277
Carrying Amount, Assets, Percent of Total	40.20%	36.90%
Real estate | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 709	$ 853
Carrying Amount, Assets, Percent of Total	13.40%	24.00%
Natural resources
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 0	$ 1
Carrying Amount, Assets, Percent of Total	0.00%	0.10%
Natural resources | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 95	$ 163
Carrying Amount, Assets, Percent of Total	1.80%	4.60%
Other fund | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 246	$ 222
Carrying Amount, Assets, Percent of Total	4.70%	6.30%
Differentiated investments | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 2,267	$ 1,758
Carrying Amount, Assets, Percent of Total	43.00%	49.50%
Credit funds
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 115	$ 153
Carrying Amount, Assets, Percent of Total	16.90%	20.40%
Credit funds | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 363	$ 370
Carrying Amount, Assets, Percent of Total	6.90%	10.40%
Public equities | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 43	$ 119
Carrying Amount, Assets, Percent of Total	0.80%	3.40%
Investments including related party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 5,960	$ 4,300
MidCap | Credit funds | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 517	$ 547
Carrying Amount, Assets, Percent of Total	9.80%	15.40%
AmeriHome | Private equity | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 594	$ 487
Carrying Amount, Assets, Percent of Total	11.30%	13.70%
Catalina Holdings (Bermuda) Ltd [Member] | Private equity | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 295	$ 271
Carrying Amount, Assets, Percent of Total	5.60%	7.60%
Athora Holding Ltd. | Private equity | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 497	$ 132
Carrying Amount, Assets, Percent of Total	9.40%	3.70%
Venerable | Private equity | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 118	$ 99
Carrying Amount, Assets, Percent of Total	2.20%	2.80%
Apollo | Other fund | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 1,313	$ 0
Carrying Amount, Assets, Percent of Total	24.90%	0.00%

Investments - Summary of Maximu

Investments - Summary of Maximum Loss Exposure (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Assets	$ 183,241	$ 146,875
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	37,109	34,326
Investment funds
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	1,165	1,265
Related Party | Investment funds
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	7,316	5,955
Debt Securities [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	23,183	22,170
Debt Securities [Member] | Related Party
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	5,393	4,878
Equity securities | Related Party
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	52	58
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets	33,523	31,622
Variable Interest Entity, Not Primary Beneficiary [Member] | Investment funds
Variable Interest Entity [Line Items]
Assets	682	750
Variable Interest Entity, Not Primary Beneficiary [Member] | Related Party | Investment funds
Variable Interest Entity [Line Items]
Assets	5,278	3,550
Variable Interest Entity, Not Primary Beneficiary [Member] | Debt Securities [Member]
Variable Interest Entity [Line Items]
Assets	22,589	22,694
Variable Interest Entity, Not Primary Beneficiary [Member] | Debt Securities [Member] | Related Party
Variable Interest Entity [Line Items]
Assets	4,922	4,570
Variable Interest Entity, Not Primary Beneficiary [Member] | Equity securities | Related Party
Variable Interest Entity [Line Items]
Assets	$ 52	$ 58

Investments Investments - Off b

Investments Investments - Off balance sheet collateral from reverse repurchase agreements (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Offsetting Assets [Line Items]
Securities Purchased under Agreements to Resell	$ 0	$ 190
Securities Purchased under Agreements to Resell, Fair Value of Collateral	$ 0	$ (630)

Investments Repurchase Agreemen

Investments Repurchase Agreements (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Schedule of Repurchase Agreements [Line Items]
Payables for repurchase agreements	$ 1,599	$ 512
Maturity Overnight and on Demand
Schedule of Repurchase Agreements [Line Items]
Payables for repurchase agreements	0	0
Maturity Less than 30 Days
Schedule of Repurchase Agreements [Line Items]
Payables for repurchase agreements	0	102
Maturity 30 to 90 Days
Schedule of Repurchase Agreements [Line Items]
Payables for repurchase agreements	501	200
Maturity Greater than 90 Days
Schedule of Repurchase Agreements [Line Items]
Payables for repurchase agreements	500	210
Maturity Greater than 1 Year [Member]
Schedule of Repurchase Agreements [Line Items]
Payables for repurchase agreements	598	0
AFS securities | Corporate
Schedule of Repurchase Agreements [Line Items]
Amortized Cost	1,595	498
Fair Value	$ 1,829	$ 534

Investments Purchased with Cred

Investments Purchased with Credit Deterioration (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Purchased financial assets with credit deterioration [Line Items]
Debt Securities, Available-for-sale, Purchased with Credit Deterioration, Amount at Purchase Price	$ 225	$ 239
Debt Securities, Available-for-sale, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date	60	61
Debt Securities, Available-for-sale, Purchased with Credit Deterioration, Discount (Premium)	33	34
Debt Securities, Available-for-sale, Purchased with Credit Deterioration, Amount at Par Value	318	334
Mortgage loans
Purchased financial assets with credit deterioration [Line Items]
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price	0	0
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date	0	0
Financing Receivable, Purchased with Credit Deterioration, Discount (Premium)	0	0
Financing Receivable, Purchased with Credit Deterioration, Amount at Par Value	$ 0	$ 0

Investments Investments - Allow

Investments Investments - Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
AFS securities allowance for credit losses	$ 173	$ 173	$ 78	$ 17	$ 0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	35	94
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	60	61
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	1	3
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	(1)	(2)
U.S. government and agencies
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
AFS securities allowance for credit losses	0	0
RMBS
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
AFS securities allowance for credit losses	129	129	54	17
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	13	48
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	60	61
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	3	5
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	(1)	(2)
CMBS
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
AFS securities allowance for credit losses	10	10	4	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	5	9
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	0	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	1	1
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	0	0
Corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
AFS securities allowance for credit losses	31	31	15	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	16	31
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	0	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	0	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	0	0
Foreign governments
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
AFS securities allowance for credit losses	0	0
U.S. state, municipal and political subdivisions
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
AFS securities allowance for credit losses	0	0
CLO
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
AFS securities allowance for credit losses	1	1	0		0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	1	1
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	0	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	0	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	0	0
ABS
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
AFS securities allowance for credit losses	2	2	5	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	0	5
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	0	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	(3)	(3)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	0	0
Related Party
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
AFS securities allowance for credit losses	2	2			$ 0
Related Party | Corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
AFS securities allowance for credit losses	0	0
Related Party | CLO
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
AFS securities allowance for credit losses	2	2	0	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	1	1
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	0	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	1	1
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	0	0
Related Party | ABS
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
AFS securities allowance for credit losses	0	0
Investments including related party
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
AFS securities allowance for credit losses	175	175	$ 78	$ 17
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	36	95
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	60	61
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	2	4
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	$ (1)	$ (2)

Investments Investments - All_2

Investments Investments - Allowance for Credit Losses on Mortgage Loans (Details) - USD ($)	Jan. 01, 2020	Jun. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss, Writeoff		$ (1,000,000)	$ (1,000,000)
Mortgage loans allowance for credit losses		352,000,000	352,000,000		$ 11,000,000
Commercial mortgage loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss, Writeoff		0	0
Mortgage loans allowance for credit losses		294,000,000	294,000,000	$ 343,000,000	10,000,000
Financing Receivable, Credit Loss, Expense (Reversal)		(49,000,000)	117,000,000
Residential mortgage loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss, Writeoff		(1,000,000)	(1,000,000)
Mortgage loans allowance for credit losses		85,000,000	85,000,000	81,000,000	1,000,000
Financing Receivable, Credit Loss, Expense (Reversal)		5,000,000	42,000,000
Other
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss, Writeoff		0	0
Mortgage loans allowance for credit losses		20,000,000	20,000,000	12,000,000	0
Financing Receivable, Credit Loss, Expense (Reversal)		8,000,000	9,000,000
Related Party
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans allowance for credit losses		27,000,000	27,000,000		0
Accounting Standards Update 2016-13 [Member] | Commercial mortgage loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)	$ 167,000,000	0
Accounting Standards Update 2016-13 [Member] | Residential mortgage loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)	43,000,000	0
Accounting Standards Update 2016-13 [Member] | Other
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)	11,000,000	0
Investments including related party
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans allowance for credit losses		399,000,000	399,000,000	$ 436,000,000	$ 11,000,000
Financing Receivable, Credit Loss, Expense (Reversal)		(36,000,000)	$ 168,000,000
Investments including related party | Accounting Standards Update 2016-13 [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)	$ 221,000,000	$ 0

Derivative Instruments - Summar

Derivative Instruments - Summary of Notional and Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Funds withheld at interest	$ 42,269	$ 15,181
Funds withheld liability	427	408
Derivative assets, fair value	2,379	2,888
Derivative liabilities, fair value	118	97
Total derivative assets	3,702	4,283
Total derivative liabilities	11,304	11,070
Derivatives designated as hedges
Derivative [Line Items]
Derivative assets, fair value	419	114
Derivative liabilities, fair value	$ 39	$ 67
Derivatives designated as hedges | Foreign currency swaps
Derivative [Line Items]
Notional Amount	3,255	3,158
Derivative assets, fair value	$ 414	$ 113
Derivative liabilities, fair value	$ 38	$ 56
Derivatives designated as hedges | Foreign currency forwards
Derivative [Line Items]
Notional Amount	1,055	717
Derivative assets, fair value	$ 4	$ 1
Derivative liabilities, fair value	1	9
Derivatives not designated as hedges
Derivative [Line Items]
Total derivative assets	3,283	4,169
Total derivative liabilities	$ 11,265	$ 11,003
Derivatives not designated as hedges | Foreign currency swaps
Derivative [Line Items]
Notional Amount	511	35
Derivative assets, fair value	$ 2	$ 2
Derivative liabilities, fair value	$ 2	$ 1
Derivatives not designated as hedges | Interest rate swaps
Derivative [Line Items]
Notional Amount	887	776
Derivative assets, fair value	$ 14	$ 3
Derivative liabilities, fair value	$ 44	$ 4
Derivatives not designated as hedges | Equity options
Derivative [Line Items]
Notional Amount	52,123	49,549
Derivative assets, fair value	$ 1,836	$ 2,746
Derivative liabilities, fair value	$ 14	$ 5
Derivatives not designated as hedges | Futures
Derivative [Line Items]
Notional Amount	19	8
Derivative assets, fair value	$ 80	$ 10
Derivative liabilities, fair value	$ 0	$ 1
Derivatives not designated as hedges | Total return swaps
Derivative [Line Items]
Notional Amount	516	106
Derivative assets, fair value	$ 7	$ 6
Derivative liabilities, fair value	$ 2	$ 0
Derivatives not designated as hedges | Credit default swaps
Derivative [Line Items]
Notional Amount	10	10
Derivative assets, fair value	$ 0	$ 0
Derivative liabilities, fair value	$ 5	$ 3
Derivatives not designated as hedges | Foreign currency forwards
Derivative [Line Items]
Notional Amount	2,964	1,924
Derivative assets, fair value	$ 21	$ 7
Derivative liabilities, fair value	12	16
Derivatives not designated as hedges | Embedded derivatives | Funds withheld
Derivative [Line Items]
Funds withheld at interest	1,323
Funds withheld liability	46
Embedded derivative assets, fair value		1,395
Embedded derivative liabilities, fair value		31
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	$ 11,140	$ 10,942
Net Investment Hedging [Member] | Derivatives designated as hedges | Foreign currency forwards
Derivative [Line Items]
Notional Amount	132	139
Derivative assets, fair value	$ 1	$ 0
Derivative liabilities, fair value	$ 0	$ 2

Derivative Instruments - Gains

Derivative Instruments - Gains (Losses) on Derivatives Not Designated as Hedging (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	$ 796,000,000	$ 543,000,000	$ (1,046,000,000)	$ 1,218,000,000
Investment related gains (losses)
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	2,330,000,000	1,181,000,000	(689,000,000)	2,873,000,000
Investment related gains (losses) | Equity options
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	672,000,000	439,000,000	(909,000,000)	1,288,000,000
Investment related gains (losses) | Futures
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	(3,000,000)	(3,000,000)	13,000,000	(14,000,000)
Investment related gains (losses) | Swap [Member]
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	55,000,000	11,000,000	(20,000,000)	29,000,000
Investment related gains (losses) | Foreign currency forwards
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	(23,000,000)	(1,000,000)	44,000,000	5,000,000
Investment related gains (losses) | Embedded derivatives
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	1,629,000,000	735,000,000	183,000,000	1,565,000,000
Interest sensitive contract benefits | Embedded derivatives
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	(1,534,000,000)	(638,000,000)	(357,000,000)	(1,655,000,000)
Cash flow hedges | Derivatives designated as hedges | Foreign currency swaps
Derivative [Line Items]
Foreign currency swap gain (loss) reclassified to income	$ 0	$ 0	$ 0	$ 0

Derivative Instruments - Offset

Derivative Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Derivative assets
Gross amount recognized	$ 2,379	$ 2,888
Financial instruments	(32)	(67)
Collateral (received)/pledged	(2,117)	(2,743)
Net amount	230	78
Off-balance sheet securities collateral	(93)	(145)
Net amount after securities collateral	137	(67)
Derivative liabilities
Gross amount recognized	(118)	(97)
Financial instruments	32	67
Collateral (received)/pledged	9	31
Net amount	(77)	1
Net amount after securities collateral	$ (77)	$ 1

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Derivative [Line Items]
Other Comprehensive Income (Loss), before Tax	$ 4,413,000,000	$ 1,315,000,000	$ (16,000,000)	$ 2,784,000,000
Derivatives used in Net Investment Hedge, Net of Tax	1,000,000		1,000,000		$ (2,000,000)
Amount of Ineffectiveness on Net Investment Hedges	0		0
Cash flow hedges | Derivatives designated as hedges | Foreign currency swaps
Derivative [Line Items]
Foreign currency swap gains (losses)	(83,000,000)	55,000,000	318,000,000	47,000,000
Foreign currency swap gain (loss) reclassified to income	0	0	0	0
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			0
Fair Value Hedging [Member] | Foreign currency forwards
Derivative [Line Items]
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss)	(3,000,000)	(7,000,000)	1,000,000	(1,000,000)
Fair Value Hedging [Member] | Derivatives designated as hedges | Foreign currency forwards
Derivative [Line Items]
Derivative, Amount of Hedged Item	1,065,000,000		1,065,000,000		456,000,000
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	10,000,000		10,000,000		$ 1,000,000
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	(20,000,000)	(3,000,000)	(8,000,000)	0
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	17,000,000	$ (4,000,000)	9,000,000	$ (1,000,000)
Fair Value Hedging [Member] | Derivatives designated as hedges | Net Investment Hedging [Member]
Derivative [Line Items]
Other Comprehensive Income (Loss), before Tax	$ (11,000,000)		$ 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	Jun. 30, 2020	Dec. 31, 2019
Assets
Available-for-sale securities	$ 74,735	$ 71,374
Trading securities	2,075	2,070
Equity securities	237	247
Mortgage loans	15,203	14,306
Funds withheld at interest	42,269	15,181
Derivative assets	2,379	2,888
Other investments	359	158
Restricted cash	1,281	402
Reinsurance recoverable	5,310	4,863
Liabilities
Interest sensitive contract liabilities	135,537	102,745
Future policy benefits	24,596	23,330
Derivative liabilities	118	97
Funds withheld liability	427	408
Related Party
Assets
Available-for-sale securities	4,070	3,804
Trading securities	872	785
Equity securities	52	64
Mortgage loans	626	653
Funds withheld at interest	12,971	13,220
Other investments	474	487
Liabilities
Interest sensitive contract liabilities	14,609	15,285
Future policy benefits	1,446	1,302
Funds withheld liability	0	0
U.S. government and agencies
Assets
Available-for-sale securities	74	36
U.S. state, municipal and political subdivisions
Assets
Available-for-sale securities	943	1,541
Foreign governments
Assets
Available-for-sale securities	337	327
Corporate
Assets
Available-for-sale securities	51,199	47,228
Corporate | Related Party
Assets
Available-for-sale securities	20	19
CLO
Assets
Available-for-sale securities	7,952	7,349
CLO | Related Party
Assets
Available-for-sale securities	1,239	936
ABS
Assets
Available-for-sale securities	4,773	5,118
ABS | Related Party
Assets
Available-for-sale securities	2,811	2,849
CMBS
Assets
Available-for-sale securities	2,297	2,400
RMBS
Assets
Available-for-sale securities	7,160	7,375
Level 3
Assets
Available-for-sale securities	3,582	1,289
Recurring
Assets
Investment funds		819
Recurring | Level 1
Assets
Available-for-sale securities	74	36
Trading securities	8	8
Equity securities	28	43
Mortgage loans	0	0
Investment funds	0	0
Derivative assets	81	10
Short-term investments	43	46
Other investments	0	0
Cash and cash equivalents	6,240	4,240
Restricted cash	1,281	402
Reinsurance recoverable	0	0
Total assets measured at fair value	7,755	4,785
Liabilities
Derivative liabilities	0	1
Total liabilities measured at fair value	0	1
Recurring | Level 1 | Related Party
Assets
Available-for-sale securities	0	0
Trading securities	0	0
Equity securities	0	0
Investment funds	0	0
Recurring | Level 1 | Universal life
Liabilities
Interest sensitive contract liabilities	0	0
Recurring | Level 1 | AmerUs Closed Block
Liabilities
Future policy benefits	0	0
Recurring | Level 1 | ILICO Closed Block and life benefits
Liabilities
Future policy benefits	0	0
Recurring | Level 1 | Embedded derivatives
Assets
Funds withheld at interest	0	0
Liabilities
Interest sensitive contract liabilities	0	0
Funds withheld liability	0	0
Recurring | Level 1 | Embedded derivatives | Related Party
Assets
Funds withheld at interest	0	0
Recurring | Level 1 | U.S. government and agencies
Assets
Available-for-sale securities	74	36
Trading securities	8	8
Recurring | Level 1 | U.S. state, municipal and political subdivisions
Assets
Available-for-sale securities	0	0
Trading securities	0	0
Recurring | Level 1 | Foreign governments
Assets
Available-for-sale securities	0	0
Recurring | Level 1 | Corporate
Assets
Available-for-sale securities	0	0
Trading securities	0	0
Recurring | Level 1 | Corporate | Related Party
Assets
Available-for-sale securities	0	0
Recurring | Level 1 | CLO
Assets
Available-for-sale securities	0	0
Trading securities	0	0
Recurring | Level 1 | CLO | Related Party
Assets
Available-for-sale securities	0	0
Trading securities	0	0
Recurring | Level 1 | ABS
Assets
Available-for-sale securities	0	0
Trading securities	0	0
Recurring | Level 1 | ABS | Related Party
Assets
Available-for-sale securities	0	0
Trading securities	0	0
Recurring | Level 1 | CMBS
Assets
Available-for-sale securities	0	0
Trading securities	0	0
Recurring | Level 1 | RMBS
Assets
Available-for-sale securities	0	0
Trading securities	0	0
Recurring | Level 2
Assets
Available-for-sale securities	72,654	69,032
Trading securities	2,003	1,988
Equity securities	203	201
Mortgage loans	0	0
Investment funds	0	0
Derivative assets	2,298	2,878
Short-term investments	207	319
Other investments	109	93
Cash and cash equivalents	0	0
Restricted cash	0	0
Reinsurance recoverable	0	0
Total assets measured at fair value	79,486	76,027
Liabilities
Derivative liabilities	46	93
Total liabilities measured at fair value	159	124
Recurring | Level 2 | Related Party
Assets
Available-for-sale securities	2,009	1,480
Trading securities	3	36
Equity securities	0	0
Investment funds	0	0
Recurring | Level 2 | Universal life
Liabilities
Interest sensitive contract liabilities	0	0
Recurring | Level 2 | AmerUs Closed Block
Liabilities
Future policy benefits	0	0
Recurring | Level 2 | ILICO Closed Block and life benefits
Liabilities
Future policy benefits	0	0
Recurring | Level 2 | Embedded derivatives
Assets
Funds withheld at interest	0	0
Liabilities
Interest sensitive contract liabilities	0	0
Funds withheld liability	113	31
Recurring | Level 2 | Embedded derivatives | Related Party
Assets
Funds withheld at interest	0	0
Recurring | Level 2 | U.S. government and agencies
Assets
Available-for-sale securities	0	0
Trading securities	3	3
Recurring | Level 2 | U.S. state, municipal and political subdivisions
Assets
Available-for-sale securities	903	1,501
Trading securities	114	135
Recurring | Level 2 | Foreign governments
Assets
Available-for-sale securities	337	327
Recurring | Level 2 | Corporate
Assets
Available-for-sale securities	50,325	46,503
Trading securities	1,537	1,456
Recurring | Level 2 | Corporate | Related Party
Assets
Available-for-sale securities	20	19
Recurring | Level 2 | CLO
Assets
Available-for-sale securities	7,792	7,228
Trading securities	0	0
Recurring | Level 2 | CLO | Related Party
Assets
Available-for-sale securities	1,239	936
Trading securities	3	36
Recurring | Level 2 | ABS
Assets
Available-for-sale securities	3,905	3,744
Trading securities	81	92
Recurring | Level 2 | ABS | Related Party
Assets
Available-for-sale securities	750	525
Trading securities	0	0
Recurring | Level 2 | CMBS
Assets
Available-for-sale securities	2,248	2,354
Trading securities	51	51
Recurring | Level 2 | RMBS
Assets
Available-for-sale securities	7,144	7,375
Trading securities	217	251
Recurring | Level 3
Assets
Available-for-sale securities	2,007	2,306
Trading securities	64	74
Equity securities	6	3
Mortgage loans	25	27
Investment funds	17	22
Derivative assets	0	0
Short-term investments	114	41
Other investments	0	0
Cash and cash equivalents	0	0
Restricted cash	0	0
Reinsurance recoverable	2,099	1,821
Total assets measured at fair value	10,447	8,958
Liabilities
Derivative liabilities	0	3
Total liabilities measured at fair value	14,802	14,296
Recurring | Level 3 | Related Party
Assets
Available-for-sale securities	2,061	2,324
Trading securities	869	749
Equity securities	52	64
Investment funds	1,810	132
Recurring | Level 3 | Universal life
Liabilities
Interest sensitive contract liabilities	1,323	1,050
Recurring | Level 3 | AmerUs Closed Block
Liabilities
Future policy benefits	1,573	1,546
Recurring | Level 3 | ILICO Closed Block and life benefits
Liabilities
Future policy benefits	761	755
Recurring | Level 3 | Embedded derivatives
Assets
Funds withheld at interest	763	801
Liabilities
Interest sensitive contract liabilities	11,140	10,942
Funds withheld liability	5	0
Recurring | Level 3 | Embedded derivatives | Related Party
Assets
Funds withheld at interest	560	594
Recurring | Level 3 | U.S. government and agencies
Assets
Available-for-sale securities	0	0
Trading securities	0	0
Recurring | Level 3 | U.S. state, municipal and political subdivisions
Assets
Available-for-sale securities	40	40
Trading securities	0	0
Recurring | Level 3 | Foreign governments
Assets
Available-for-sale securities	0	0
Recurring | Level 3 | Corporate
Assets
Available-for-sale securities	874	725
Trading securities	6	0
Recurring | Level 3 | Corporate | Related Party
Assets
Available-for-sale securities	0	0
Recurring | Level 3 | CLO
Assets
Available-for-sale securities	160	121
Trading securities	3	6
Recurring | Level 3 | CLO | Related Party
Assets
Available-for-sale securities	0	0
Trading securities	45	38
Recurring | Level 3 | ABS
Assets
Available-for-sale securities	868	1,374
Trading securities	0	16
Recurring | Level 3 | ABS | Related Party
Assets
Available-for-sale securities	2,061	2,324
Trading securities	824	711
Recurring | Level 3 | CMBS
Assets
Available-for-sale securities	49	46
Trading securities	0	0
Recurring | Level 3 | RMBS
Assets
Available-for-sale securities	16	0
Trading securities	55	52
Recurring | NAV
Assets
Investment funds	129	132
Total assets measured at fair value	204
Recurring | NAV | Related Party
Assets
Investment funds	75	687
Fair Value
Assets
Mortgage loans	15,636	14,719
Investment funds	536	596
Funds withheld at interest	41,506	14,380
Short-term investments		190
Other investments	256	65
Total assets measured at fair value	75,223	46,902
Liabilities
Interest sensitive contract liabilities	90,369	58,027
Funds withheld liability	381	377
Fair Value | Related Party
Assets
Mortgage loans	617	641
Investment funds	3,392	2,731
Funds withheld at interest	12,411	12,626
Other investments	476	537
Fair Value | 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 measured at fair value	0	0
Liabilities
Interest sensitive contract liabilities	0	0
Funds withheld liability	0	0
Fair Value | 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 | 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 measured at fair value	393	417
Liabilities
Interest sensitive contract liabilities	0	0
Funds withheld liability	381	377
Fair Value | 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 | Level 3
Assets
Mortgage loans	15,636	14,719
Investment funds	0	0
Funds withheld at interest	41,506	14,380
Short-term investments		190
Other investments	256	65
Total assets measured at fair value	70,902	43,158
Liabilities
Interest sensitive contract liabilities	90,369	58,027
Funds withheld liability	0	0
Fair Value | Level 3 | Related Party
Assets
Mortgage loans	617	641
Investment funds	0	0
Funds withheld at interest	12,411	12,626
Other investments	476	537
Fair Value | NAV
Assets
Investment funds	536	596
Total assets measured at fair value	3,928	3,327
Fair Value | NAV | Related Party
Assets
Investment funds	3,392	2,731
Fair Value | Recurring
Assets
Available-for-sale securities	74,735	71,374
Trading securities	2,075	2,070
Equity securities	237	247
Mortgage loans	25	27
Investment funds	146	154
Funds withheld at interest	763	801
Derivative assets	2,379	2,888
Short-term investments	364	406
Other investments	109	93
Cash and cash equivalents	6,240	4,240
Restricted cash	1,281	402
Reinsurance recoverable	2,099	1,821
Total assets measured at fair value	97,892	90,589
Liabilities
Interest sensitive contract liabilities	12,463	11,992
Future policy benefits	2,334	2,301
Derivative liabilities	118	97
Funds withheld liability	46	31
Total liabilities measured at fair value	14,961	14,421
Fair Value | Recurring | Related Party
Assets
Available-for-sale securities	4,070	3,804
Trading securities	872	785
Equity securities	52	64
Investment funds	1,885	819
Funds withheld at interest	560	594
Fair Value | Recurring | Universal life
Liabilities
Interest sensitive contract liabilities	1,323	1,050
Fair Value | Recurring | AmerUs Closed Block
Liabilities
Future policy benefits	1,573	1,546
Fair Value | Recurring | ILICO Closed Block and life benefits
Liabilities
Future policy benefits	761	755
Fair Value | Recurring | Embedded derivatives
Assets
Funds withheld at interest	763	801
Liabilities
Interest sensitive contract liabilities	11,140	10,942
Funds withheld liability	46	31
Fair Value | Recurring | Embedded derivatives | Related Party
Assets
Funds withheld at interest	560	594
Fair Value | Recurring | U.S. government and agencies
Assets
Available-for-sale securities	74	36
Trading securities	11	11
Fair Value | Recurring | U.S. state, municipal and political subdivisions
Assets
Available-for-sale securities	943	1,541
Trading securities	114	135
Fair Value | Recurring | Foreign governments
Assets
Available-for-sale securities	337	327
Fair Value | Recurring | Corporate
Assets
Available-for-sale securities	51,199	47,228
Trading securities	1,543	1,456
Fair Value | Recurring | Corporate | Related Party
Assets
Available-for-sale securities	20	19
Fair Value | Recurring | CLO
Assets
Available-for-sale securities	7,952	7,349
Trading securities	3	6
Fair Value | Recurring | CLO | Related Party
Assets
Available-for-sale securities	1,239	936
Trading securities	48	74
Fair Value | Recurring | ABS
Assets
Available-for-sale securities	4,773	5,118
Trading securities	81	108
Fair Value | Recurring | ABS | Related Party
Assets
Available-for-sale securities	2,811	2,849
Trading securities	824	711
Fair Value | Recurring | CMBS
Assets
Available-for-sale securities	2,297	2,400
Trading securities	51	51
Fair Value | Recurring | RMBS
Assets
Available-for-sale securities	7,160	7,375
Trading securities	$ 272	$ 303

Fair Value - Fair Value Option

Fair Value - Fair Value Option (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	$ 565,000,000	$ 32,000,000	$ 107,000,000	$ 44,000,000
Mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option, loans, 90 days or more past due	0		0		$ 0
Total gains (losses)	0	1,000,000	0	1,000,000
Unpaid principal balance	23,000,000		23,000,000		25,000,000
Mark to fair value	2,000,000		2,000,000		2,000,000
Fair value	25,000,000		25,000,000		$ 27,000,000
Investment related gains (losses) | Trading securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	191,000,000	79,000,000	(32,000,000)	135,000,000
Net investment income | Investment funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	466,000,000	4,000,000	166,000,000	0
Future policy and other policy benefits | Future policy benefits
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	$ (92,000,000)	$ (52,000,000)	$ (27,000,000)	$ (92,000,000)

Fair Value Fair Value - Reconci

Fair Value Fair Value - Reconciliation of Level 3 Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	$ 7,985	$ 6,726	$ 8,958	$ 5,528
Total realized and unrealized gains (losses) included in income	2,250	649	336	1,406
Total realized and unrealized gains (losses) included in OCI	224	48	(175)	69
Purchases, issuances, sales and settlements, net	438	396	1,478	777
Transfers in	(450)	(707)	(150)	(668)
Transfers (out)	(642)	(868)	(462)	(833)
Ending balance	10,447	7,112	10,447	7,112
Total gains (losses) included in earnings	557	(6)	116	(5)
Beginning balance	(12,677)	(12,315)	(14,296)	(11,078)
Total realized and unrealized gains (losses) included in income	(1,608)	(788)	(665)	(1,905)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(517)	(161)	159	(281)
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	(14,802)	(13,264)	(14,802)	(13,264)
Total gains (losses) included in earnings	2	0	(2)	0
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0		0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	224		(172)
Reinsurance Recoverable Including Reinsurance Premium Paid [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	2,115	1,737	1,821	1,676
Total realized and unrealized gains (losses) included in income	(16)	97	278	158
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	0
Ending balance	2,099	1,834	2,099	1,834
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0		0
Short-term Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	67	0	41	0
Total realized and unrealized gains (losses) included in income	0	0	0	0
Total realized and unrealized gains (losses) included in OCI	(1)	0	(1)	0
Purchases, issuances, sales and settlements, net	53	45	74	45
Transfers in	(5)	0	0	0
Ending balance	114	45	114	45
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0		0
Mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	26	32	27	32
Total realized and unrealized gains (losses) included in income	0	1	0	1
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(1)	(1)	(2)	(1)
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	25	32	25	32
Total gains (losses) included in earnings	(1)	0	0	1
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0		0
Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	21	25	22	29
Total realized and unrealized gains (losses) included in income	(4)	2	(5)	(1)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	(2)	0	(3)
Transfers in	0	0	0	0
Transfers (out)		0		0
Ending balance	17	25	17	25
Total gains (losses) included in earnings	(4)	2	(5)	(2)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0		0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	7	3	3	3
Total realized and unrealized gains (losses) included in income	(1)	0	3	0
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	0
Transfers (out)	0
Ending balance	6	3	6	3
Total gains (losses) included in earnings	(1)	1	3	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0		0
Embedded derivatives | Funds withheld at interest
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(374)	446	801	57
Total realized and unrealized gains (losses) included in income	1,137	258	(38)	647
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	0
Ending balance	763	704	763	704
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0		0
Related Party | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	979	138	132	120
Total realized and unrealized gains (losses) included in income	470	3	170	2
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	361	0	1,508	19
Transfers in	0	0	0	0
Transfers (out)	0		0	0
Ending balance	1,810	141	1,810	141
Total gains (losses) included in earnings	470	2	170	2
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0		0
Related Party | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	49	307	64	133
Total realized and unrealized gains (losses) included in income	4	7	(6)	9
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(1)	36	0	208
Transfers in	0	0	(6)	0
Transfers (out)	0	0	(6)	0
Ending balance	52	350	52	350
Total gains (losses) included in earnings	4	(5)	(6)	(2)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0		0
Related Party | Embedded derivatives | Funds withheld at interest
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(15)	214	594	(110)
Total realized and unrealized gains (losses) included in income	575	287	(34)	611
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	0
Ending balance	560	501	560	501
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0		0
RMBS | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	42	57	0	56
Total realized and unrealized gains (losses) included in income	0	0	0	0
Total realized and unrealized gains (losses) included in OCI	2	3	0	3
Purchases, issuances, sales and settlements, net	1	0	0	1
Transfers in	(29)	(60)	16	(60)
Transfers (out)	(29)	(60)	0	(60)
Ending balance	16	0	16	0
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0		0
RMBS | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	70	86	52	134
Total realized and unrealized gains (losses) included in income	2	(2)	(1)	(5)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	(17)	(38)	4	(83)
Transfers (out)	(21)	(39)	(2)	(85)
Ending balance	55	46	55	46
Total gains (losses) included in earnings	7	2	5	5
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0		0
ABS | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	917	1,614	1,374	1,615
Total realized and unrealized gains (losses) included in income	1	2	23	4
Total realized and unrealized gains (losses) included in OCI	9	19	(102)	36
Purchases, issuances, sales and settlements, net	(39)	120	(246)	129
Transfers in	(20)	(359)	(181)	(388)
Transfers (out)	(51)	(359)	(225)	(388)
Ending balance	868	1,396	868	1,396
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	10		(101)
ABS | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	14	6	16	0
Total realized and unrealized gains (losses) included in income	0	0	0	0
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(14)	0	(16)	6
Transfers in	0	0	0	0
Transfers (out)	0		0	0
Ending balance	0	6	0	6
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0		0
ABS | Related Party | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	1,887	497	2,324	328
Total realized and unrealized gains (losses) included in income	4	0	1	0
Total realized and unrealized gains (losses) included in OCI	169	13	(53)	13
Purchases, issuances, sales and settlements, net	1	(8)	(49)	161
Transfers in	0	(103)	(162)	(103)
Transfers (out)	0	(103)	(162)	(103)
Ending balance	2,061	399	2,061	399
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	169		(53)
ABS | Related Party | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	676	138	711	149
Total realized and unrealized gains (losses) included in income	74	(7)	(27)	(18)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	74	(17)	140	(17)
Transfers in	0	104	0	104
Transfers (out)	0	0	0
Ending balance	824	218	824	218
Total gains (losses) included in earnings	74	(14)	(27)	(17)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0		0
CLO | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	122	110	121	107
Total realized and unrealized gains (losses) included in income	0	0	0	0
Total realized and unrealized gains (losses) included in OCI	2	0	(4)	3
Purchases, issuances, sales and settlements, net	39	122	69	121
Transfers in	(3)	(32)	(26)	(31)
Transfers (out)	(3)	(32)	(26)	(31)
Ending balance	160	200	160	200
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	2		(4)
CLO | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	3	8	6	1
Total realized and unrealized gains (losses) included in income	0	(1)	(3)	(1)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	7
Transfers (out)				0
Ending balance	3	7	3	7
Total gains (losses) included in earnings	0	6	(1)	6
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0		0
CLO | Related Party | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance		0		0
Total realized and unrealized gains (losses) included in income		0		0
Total realized and unrealized gains (losses) included in OCI		0		0
Purchases, issuances, sales and settlements, net		37		37
Transfers in		0		0
Transfers (out)		0		0
Ending balance		37		37
Total gains (losses) included in earnings		0		0
CLO | Related Party | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	32	89	38	113
Total realized and unrealized gains (losses) included in income	5	(2)	(17)	(3)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	(47)	14	(48)
Transfers in	8	55	10	33
Transfers (out)	(3)	0	(3)	(13)
Ending balance	45	95	45	95
Total gains (losses) included in earnings	4	(1)	(23)	2
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0		0
Corporate | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	1,233	1,035	725	898
Total realized and unrealized gains (losses) included in income	0	3	(4)	1
Total realized and unrealized gains (losses) included in OCI	41	12	(8)	10
Purchases, issuances, sales and settlements, net	(32)	32	(10)	47
Transfers in	(368)	(261)	171	(135)
Transfers (out)	(490)	(262)	(38)	(135)
Ending balance	874	821	874	821
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	41		(8)
Corporate | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	32	10	0	0
Total realized and unrealized gains (losses) included in income	4	1	0	0
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	(30)	(5)	6	6
Transfers (out)	(36)	(5)	0	0
Ending balance	6	6	6	6
Total gains (losses) included in earnings	4	1	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0		0
CMBS | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	45	174	46	187
Total realized and unrealized gains (losses) included in income	(5)	0	(4)	1
Total realized and unrealized gains (losses) included in OCI	(1)	1	(7)	4
Purchases, issuances, sales and settlements, net	(4)	39	(4)	32
Transfers in	14	(8)	18	(18)
Transfers (out)	(4)	(8)	0	(18)
Ending balance	49	206	49	206
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	(1)		(6)
U.S. state, municipal and political subdivisions | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	37	0	40	0
Total realized and unrealized gains (losses) included in income	0	0	0	0
Total realized and unrealized gains (losses) included in OCI	3	0	0	0
Purchases, issuances, sales and settlements, net	0	40	0	40
Transfers in	0	0	0	0
Transfers (out)		0		0
Ending balance	40	40	40	40
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	3		0
Derivative Financial Instruments, Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(7)	(4)	(3)	(4)
Total realized and unrealized gains (losses) included in income	2	0	(2)	0
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	0
Ending balance	(5)	(4)	(5)	(4)
Total gains (losses) included in earnings	2	0	(2)	0
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0		0
Interest sensitive contract liabilities | Embedded derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(9,089)	(9,106)	(10,942)	(7,969)
Total realized and unrealized gains (losses) included in income	(1,534)	(638)	(357)	(1,655)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(517)	(161)	159	(281)
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	(11,140)	(9,905)	(11,140)	(9,905)
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0		0
Universal life | Interest sensitive contract liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(1,322)	(979)	(1,050)	(932)
Total realized and unrealized gains (losses) included in income	(1)	(72)	(273)	(119)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	0
Ending balance	(1,323)	(1,051)	(1,323)	(1,051)
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0		0
AmerUs Closed Block | Future policy benefits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(1,481)	(1,483)	(1,546)	(1,443)
Total realized and unrealized gains (losses) included in income	(92)	(52)	(27)	(92)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	0
Ending balance	(1,573)	(1,535)	(1,573)	(1,535)
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0		0
ILICO Closed Block and life benefits | Future policy benefits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(778)	(743)	(755)	(730)
Total realized and unrealized gains (losses) included in income	17	(26)	(6)	(39)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	0
Ending balance	(761)	(769)	(761)	(769)
Total gains (losses) included in earnings	0	$ 0	0	$ 0
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	$ 0		$ 0

Fair Value - Gross Components o

Fair Value - Gross Components of Purchases, Sales, Issuances and Settlements, net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	$ 549	$ 570	$ 1,974	$ 1,152
Issuances	0	1	0	20
Sales	(18)	(49)	(56)	(91)
Settlements	(93)	(126)	(440)	(304)
Purchases, (Sales), Issuances, (Settlements)	438	396	1,478	777
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	192	161	312	165
Transfers (out)	(642)	(868)	(462)	(833)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	(450)	(707)	(150)	(668)
Purchases	0	0	0	0
Issuances	(646)	(301)	(762)	(534)
Sales	0	0	0	0
Settlements	129	140	921	253
Purchases, (Sales), Issuances, (Settlements), Liabilities	(517)	(161)	159	(281)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3	0	0	0	0
Transfers (out)	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net	0	0	0	0
Short-term Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	53	48	89	48
Sales	0	0	0	0
Settlements	0	(3)	(15)	(3)
Purchases, (Sales), Issuances, (Settlements)	53	45	74	45
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0	0	0
Transfers (out)	(5)	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	(5)	0	0	0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0
Sales	0
Purchases, (Sales), Issuances, (Settlements)	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0
Transfers (out)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0	0	0
Equity securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	36	3	213
Sales	0	0	0	(5)
Settlements	(1)	0	(3)	0
Purchases, (Sales), Issuances, (Settlements)	(1)	36	0	208
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0	0	0
Transfers (out)	0	0	(6)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0	(6)	0
Investment funds
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Issuances		1
Sales		0
Settlements		(3)		(3)
Purchases, (Sales), Issuances, (Settlements)		(2)		(3)
Investment funds | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	361		1,508	0
Issuances	0		0	20
Sales	0		0	0
Settlements	0		0	(1)
Purchases, (Sales), Issuances, (Settlements)	361		1,508	19
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		40
Sales		0		0
Settlements		0		0
Purchases, (Sales), Issuances, (Settlements)	0	40	0	40
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0		0
Transfers (out)		0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0	0	0
Corporate | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	59	62	147
Sales	0	0	(10)	(2)
Settlements	(32)	(27)	(62)	(98)
Purchases, (Sales), Issuances, (Settlements)	(32)	32	(10)	47
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	122	1	209	0
Transfers (out)	(490)	(262)	(38)	(135)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	(368)	(261)	171	(135)
Corporate | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	0	0
Purchases, (Sales), Issuances, (Settlements)	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	6	0	6	6
Transfers (out)	(36)	(5)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	(30)	(5)	6	6
CLO | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	44	122	78	121
Sales	0	0	0	0
Settlements	(5)	0	(9)	0
Purchases, (Sales), Issuances, (Settlements)	39	122	69	121
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0	0	0
Transfers (out)	(3)	(32)	(26)	(31)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	(3)	(32)	(26)	(31)
CLO | AFS securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		37		37
Sales				0
Settlements				0
Purchases, (Sales), Issuances, (Settlements)		37		37
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0		0
Transfers (out)		0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net		0		0
CLO | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases				0
Sales				0
Settlements				0
Purchases, (Sales), Issuances, (Settlements)	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3				7
Transfers (out)				0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0	0	7
CLO | Trading securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	0	27	0
Sales	0	(47)	(13)	(48)
Settlements	0	0	0	0
Purchases, (Sales), Issuances, (Settlements)	0	(47)	14	(48)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	11	55	13	46
Transfers (out)	(3)	0	(3)	(13)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	8	55	10	33
RMBS | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	1	0	0	1
Sales				0
Settlements	0	0	0	0
Purchases, (Sales), Issuances, (Settlements)	1	0	0	1
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0	16	0
Transfers (out)	(29)	(60)	0	(60)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	(29)	(60)	16	(60)
RMBS | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	0	0
Purchases, (Sales), Issuances, (Settlements)	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	4	1	6	2
Transfers (out)	(21)	(39)	(2)	(85)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	(17)	(38)	4	(83)
ABS | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	1	155	48	296
Sales	0	0	(13)	(33)
Settlements	(40)	(35)	(281)	(134)
Purchases, (Sales), Issuances, (Settlements)	(39)	120	(246)	129
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	31	0	44	0
Transfers (out)	(51)	(359)	(225)	(388)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	(20)	(359)	(181)	(388)
ABS | AFS securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	1	0	5	170
Sales	0	0	0	0
Settlements	0	(8)	(54)	(9)
Purchases, (Sales), Issuances, (Settlements)	1	(8)	(49)	161
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0	0	0
Transfers (out)	0	(103)	(162)	(103)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	(103)	(162)	(103)
ABS | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0		0	6
Sales	(14)		(16)	0
Settlements	0		0	0
Purchases, (Sales), Issuances, (Settlements)	(14)	0	(16)	6
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0		0	0
Transfers (out)	0		0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0	0	0
ABS | Trading securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	88	0	154	0
Sales	0	0	0	0
Settlements	(14)	(17)	(14)	(17)
Purchases, (Sales), Issuances, (Settlements)	74	(17)	140	(17)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	104	0
Transfers (out)	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	104	0	104
CMBS | AFS securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	73	0	73
Sales	(4)	(2)	(4)	(3)
Settlements	0	(32)	0	(38)
Purchases, (Sales), Issuances, (Settlements)	(4)	39	(4)	32
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	18	0	18	0
Transfers (out)	(4)	(8)	0	(18)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	14	(8)	18	(18)
Mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Settlements	(1)	(1)	(2)	(1)
Purchases, (Sales), Issuances, (Settlements)	(1)	(1)	(2)	(1)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0	0	0
Transfers (out)	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0	0	0
Short-term Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	53	45	74	45
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	(5)	0	0	0
Investment funds
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	0	(2)	0	(3)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0		0
Transfers (out)		0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0	0	0
Investment funds | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	361	0	1,508	19
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0		0	0
Transfers (out)	0		0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0	0	0
Reinsurance Recoverable Including Reinsurance Premium Paid [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0	0	0
Embedded derivatives | Funds withheld at interest
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0	0	0
Embedded derivatives | Funds withheld at interest | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0	0	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]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3				104
Transfers (out)				0
Interest sensitive contract liabilities | Embedded derivatives
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	0	0	0
Issuances	(646)	(301)	(762)	(534)
Sales	0	0	0	0
Settlements	129	140	921	253
Purchases, (Sales), Issuances, (Settlements), Liabilities	(517)	(161)	159	(281)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3	0	0	0	0
Transfers (out)	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net	0	0	0	0
Derivative Financial Instruments, Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements), Liabilities	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net	$ 0	$ 0	$ 0	$ 0

Fair Value - Summary of Unobser

Fair Value - Summary of Unobservable Inputs for the Embedded Derivatives of Interest Sensitive Contract Liabilities (Details) $ in Millions	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale securities	$ 74,735	$ 71,374
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale securities	$ 3,582	$ 1,289
Nonperformance risk | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.002	0.002
Nonperformance risk | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.017	0.011
Nonperformance risk | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.010	0.006
Option budget | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.007	0.007
Option budget | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.037	0.037
Option budget | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.019	0.019
Surrender rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.052	0.035
Surrender rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.102	0.081
Surrender rate | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.072	0.071
Embedded derivatives | Interest sensitive contract liabilities | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total liabilities measured at fair value	$ 11,140	$ 10,942

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Assets
Mortgage loans	$ 15,203	$ 14,306
Investment funds	682	750
Policy loans	393	417
Funds withheld at interest	42,269	15,181
Other investments	359	158
Liabilities
Interest sensitive contract liabilities	135,537	102,745
Long-term debt	1,486	992
Funds withheld liability	427	408
Short-term Debt	0	475
Carrying Value
Assets
Mortgage loans	15,178	14,279
Investment funds	536	596
Policy loans	393	417
Funds withheld at interest	41,506	14,380
Other investments	250	65
Short-term investments		190
Total assets measured at fair value	74,767	46,424
Liabilities
Interest sensitive contract liabilities	86,829	57,272
Long-term debt	1,486	992
Securities Sold under Agreements to Repurchase	1,599	512
Funds withheld liability	381	377
Total liabilities not carried at fair value	90,295	59,628
Short-term Debt		475
Fair Value
Assets
Mortgage loans	15,636	14,719
Investment funds	536	596
Policy loans	393	417
Funds withheld at interest	41,506	14,380
Other investments	256	65
Short-term investments		190
Total assets measured at fair value	75,223	46,902
Liabilities
Interest sensitive contract liabilities	90,369	58,027
Long-term debt	1,035	1,036
Securities Sold under Agreements to Repurchase	1,599	512
Funds withheld liability	381	377
Total liabilities not carried at fair value	93,384	60,427
Short-term Debt, Fair Value		475
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 measured at fair value	0	0
Liabilities
Interest sensitive contract liabilities	0	0
Long-term debt	0	0
Securities Sold under Agreements to Repurchase	0	0
Funds withheld liability	0	0
Total liabilities not carried at fair value	0	0
Short-term Debt		0
Level 3 | Fair Value
Assets
Mortgage loans	15,636	14,719
Investment funds	0	0
Policy loans	0	0
Funds withheld at interest	41,506	14,380
Other investments	256	65
Short-term investments		190
Total assets measured at fair value	70,902	43,158
Liabilities
Interest sensitive contract liabilities	90,369	58,027
Long-term debt	0	0
Securities Sold under Agreements to Repurchase	0	0
Funds withheld liability	0	0
Total liabilities not carried at fair value	90,369	58,027
Short-term Debt		0
NAV | Fair Value
Assets
Investment funds	536	596
Total assets measured at fair value	3,928	3,327
Level 2 | Fair Value
Assets
Mortgage loans	0	0
Investment funds	0	0
Policy loans	393	417
Funds withheld at interest	0	0
Other investments	0	0
Short-term investments		0
Total assets measured at fair value	393	417
Liabilities
Interest sensitive contract liabilities	0	0
Long-term debt	1,035	1,036
Securities Sold under Agreements to Repurchase	1,599	512
Funds withheld liability	381	377
Total liabilities not carried at fair value	3,015	2,400
Short-term Debt		475
Related Party
Assets
Mortgage loans	626	653
Investment funds	5,278	3,550
Funds withheld at interest	12,971	13,220
Other investments	474	487
Liabilities
Interest sensitive contract liabilities	14,609	15,285
Funds withheld liability	0	0
Related Party | Carrying Value
Assets
Mortgage loans	626	653
Investment funds	3,393	2,731
Funds withheld at interest	12,411	12,626
Other investments	474	487
Related Party | Fair Value
Assets
Mortgage loans	617	641
Investment funds	3,392	2,731
Funds withheld at interest	12,411	12,626
Other investments	476	537
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
Related Party | Level 3 | Fair Value
Assets
Mortgage loans	617	641
Investment funds	0	0
Funds withheld at interest	12,411	12,626
Other investments	476	537
Related Party | NAV | Fair Value
Assets
Investment funds	3,392	2,731
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

Fair Value - Narrative (Details

Fair Value - Narrative (Details)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Mortgage loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value option, loans, 90 days or more past due	$ 0	$ 0
Discount rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	0.026	0.030
Discount rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	0.227	0.090
Discount rate | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	0.069	0.066

Reinsurance - Transactions (Det

Reinsurance - Transactions (Details) - USD ($) $ in Millions	Jul. 17, 2020	Jun. 30, 2020	Jun. 01, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Effects of Reinsurance [Line Items]
Liabilities		$ 167,602		$ 132,734
Assets		183,241		146,875
Deferred Policy Acquisition Cost		3,623		3,274	$ 3,503	$ 3,921
Interest sensitive contract liabilities		(135,537)		(102,745)
Future policy benefits (related party: 2018 – $928; portion at fair value: 2018 – $2,249 and 2017 – $2,428)		(24,596)		(23,330)
Related Party
Effects of Reinsurance [Line Items]
Interest sensitive contract liabilities		(14,609)		(15,285)
Future policy benefits (related party: 2018 – $928; portion at fair value: 2018 – $2,249 and 2017 – $2,428)		$ (1,446)		$ (1,302)
Reinsurance Agreement [Member]
Effects of Reinsurance [Line Items]
Liabilities			$ 27,439
Assets			28,805
Interest sensitive contract liabilities			$ (1,366)
Subsequent Event | Reinsurance Agreement [Member]
Effects of Reinsurance [Line Items]
Equity Securities without Readily Determinable Fair Value, Amount	$ 500

Reinsurance - Premiums and futu

Reinsurance - Premiums and future policy benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Effects of Reinsurance [Line Items]
Direct Premiums Earned	$ 281	$ 765	$ 1,382	$ 2,744
Assumed Premiums Earned	109	62	183	136
Ceded Premiums Earned	(35)	(40)	(70)	(93)
Premiums Earned, Net	355	787	1,495	2,787
Policyholder Benefits and Claims Incurred, Direct	588	1,132	2,019	3,456
Policyholder Benefits and Claims Incurred, Assumed	163	112	209	236
Policyholder Benefits and Claims Incurred, Ceded	(77)	(133)	(198)	(252)
Policyholder Benefits and Claims Incurred, Net	$ 674	$ 1,111	$ 2,030	$ 3,440

Deferred Acquisition Costs, D_3

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired - Roll Forward of DAC, DSI, and VOBA (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
DAC
Beginning balance			$ 3,274	$ 3,921
Additions			281	354
Amortization			56	(472)
Impact of unrealized investment (gains) losses			0	(300)
Ending balance	$ 3,623	$ 3,503	3,623	3,503
DSI
Beginning balance			820	799
Additions			83	130
Deferred sales inducement amortization expense excluding unlocking			(11)	18
Amortization	21	(13)	11	(18)
Impact of unrealized investment (gains) losses			(4)	(98)
Ending balance	915	813	915	813
VOBA
Beginning balance			914	1,187
Additions			0	0
Amortization			(4)	(20)
Impact of unrealized investment (gains) losses			15	(159)
Ending balance	930	1,008	930	1,008
Total
Beginning balance			5,008	5,907
Additions			364	484
Amortization			63	(510)
Impact of unrealized investment (gains) losses			11	(557)
Ending balance	$ 5,468	$ 5,324	5,468	$ 5,324
Accounting Standards Update 2016-13 [Member]
DAC
Deferred Policy Acquisition Costs, Period Increase (Decrease)			12
DSI
Deferred Sales Inducements, Period Increase (Decrease)			5
VOBA
Present Value of Future Insurance Profits, Period Increase (Decrease)			5
Total
Additions			$ 22

Debt (Details)

Debt (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Other investments	$ 359	$ 158
Short-term debt | Federal Home Loan Bank of Des Moines
Debt Instrument [Line Items]
Short-term Debt	400
Senior Notes due 2030 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 500
Debt Instrument, Interest Rate, Stated Percentage	6.15%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss) available to Athene Holding Ltd. common shareholders	$ 824	$ 720	$ (241)	$ 1,428
Common Class A
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss) available to Athene Holding Ltd. common shareholders	824	596	(114)	1,184
Net income available to AHL shareholders – diluted	$ 824	$ 596	$ (114)	$ 1,184
Basic weighted average shares outstanding (in shares)	193.9	158.5	177.6	159.4
Dilutive effect of stock compensation plans (in shares)	3	0.3	0	0.3
Diluted weighted average shares outstanding (in shares)	196.9	158.8	177.6	159.7
Earnings per share
Basic (in USD per share)	$ 4.25	$ 3.76	$ (0.64)	$ 7.43
Diluted (in USD per share)	$ 4.19	$ 3.75	$ (0.64)	$ 7.41
Common Class B
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss) available to Athene Holding Ltd. common shareholders		$ 96	$ (98)	$ 189
Net income available to AHL shareholders – diluted		$ 96	$ (98)	$ 189
Basic weighted average shares outstanding (in shares)		25.4	25.4	25.4
Dilutive effect of stock compensation plans (in shares)		0	0	0
Diluted weighted average shares outstanding (in shares)		25.4	25.4	25.4
Earnings per share
Basic (in USD per share)		$ 3.76	$ (3.87)	$ 7.43
Diluted (in USD per share)		$ 3.76	$ (3.87)	$ 7.43
Common Class M-1
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss) available to Athene Holding Ltd. common shareholders		$ 13	$ (13)	$ 25
Net income available to AHL shareholders – diluted		$ 13	$ (13)	$ 25
Basic weighted average shares outstanding (in shares)		3.3	3.3	3.3
Dilutive effect of stock compensation plans (in shares)		0	0	0
Diluted weighted average shares outstanding (in shares)		3.3	3.3	3.3
Earnings per share
Basic (in USD per share)		$ 3.76	$ (3.87)	$ 7.43
Diluted (in USD per share)		$ 3.76	$ (3.87)	$ 7.43
Common Class M-2
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss) available to Athene Holding Ltd. common shareholders		$ 3	$ (3)	$ 6
Net income available to AHL shareholders – diluted		$ 3	$ (3)	$ 6
Basic weighted average shares outstanding (in shares)		0.8	0.8	0.8
Dilutive effect of stock compensation plans (in shares)		0	0	0
Diluted weighted average shares outstanding (in shares)		0.8	0.8	0.8
Earnings per share
Basic (in USD per share)		$ 3.76	$ (3.87)	$ 7.43
Diluted (in USD per share)		$ 3.76	$ (3.87)	$ 7.43
Common Class M-3
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss) available to Athene Holding Ltd. common shareholders		$ 4	$ (4)	$ 8
Net income available to AHL shareholders – diluted		$ 4	$ (4)	$ 8
Basic weighted average shares outstanding (in shares)		1	1	1
Dilutive effect of stock compensation plans (in shares)		0	0	0
Diluted weighted average shares outstanding (in shares)		1	1	1
Earnings per share
Basic (in USD per share)		$ 3.76	$ (3.87)	$ 7.43
Diluted (in USD per share)		$ 3.76	$ (3.87)	$ 7.43
Common Class M-4
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss) available to Athene Holding Ltd. common shareholders		$ 8	$ (9)	$ 16
Net income available to AHL shareholders – diluted		$ 8	$ (9)	$ 16
Basic weighted average shares outstanding (in shares)		2.2	2.4	2.2
Dilutive effect of stock compensation plans (in shares)		0.3	0	0.3
Diluted weighted average shares outstanding (in shares)		2.5	2.4	2.5
Earnings per share
Basic (in USD per share)		$ 3.76	$ (3.87)	$ 7.43
Diluted (in USD per share)		$ 3.28	$ (3.87)	$ 6.45

Earnings Per Share - Shares Exc

Earnings Per Share - Shares Excluded from Dilutive Calculation (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	3.3	31.6	11.2	31.6

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	$ 4,411	$ 1,340	$ 138	$ 2,804
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(2)	25	154	20
Income tax expense related to other comprehensive income (loss)	805	261	8	552
Other comprehensive income (loss) attributable to NCI	(250)		(67)
Accumulated other comprehensive income (loss)	2,184	1,760	2,184	1,760	$ (1,174)		$ 2,281	$ 706	$ (472)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)		2,349		2,349				959	(628)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) attributable to NCI	(251)		(92)
Accumulated other comprehensive income (loss)	3,444		3,444		(1,540)		3,102
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	(702)		(702)		(224)		0
DAC, DSI, VOBA, future policy benefits and dividends payable to policyholders adjustments on AFS securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	(873)	(661)	(873)	(661)	195		(879)	(282)	121
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	320	77	320	77	395		61	33	39
Noncredit component of OTTI losses on AFS securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), before taxes							(25)
AOCI, Accumulated Gain (Loss), Debt Securities, with credit allowance, portion attributable to NCI [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) attributable to NCI	10		10
Accumulated Foreign Currency Adjustment and Other Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	(5)	(5)	(5)	(5)	$ 0		$ (3)	$ (4)	$ (4)
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		1,776		3,757
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax		35		28
Income tax expense related to other comprehensive income (loss)		351		752
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Including Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	6,519		757
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	50		221
Income tax expense related to other comprehensive income (loss)	1,234		106
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Including Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(611)		(884)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0		0
Income tax expense related to other comprehensive income (loss)	(123)		(176)
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 (loss) attributable to NCI	0		0
Accumulated Net Investment Gain (Loss), Including Deferred Acquisition Costs, Deferred Sales Inducements, Value of Business Acquired, Future Policy Benefits, Including Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(1,404)	(490)	(52)	(999)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(52)	(10)	(67)	(8)
Income tax expense related to other comprehensive income (loss)	(284)	(101)	3	(209)
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	(83)	55	318	47
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0	0	0	0
Income tax expense related to other comprehensive income (loss)	(22)	11	75	9
Accumulated Foreign Currency Adjustment and Other Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(10)	(1)	(1)	(1)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0	0	0	0
Income tax expense related to other comprehensive income (loss)	0	$ 0	0	$ 0
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) attributable to NCI	(14)		16
Accumulated Foreign Currency Adjustment and Other Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) attributable to NCI	$ 5		$ (1)
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 [Member] | DAC, DSI, VOBA, future policy benefits and dividends payable to policyholders adjustments on AFS securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)						$ (6)
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)						0
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 [Member] | Accumulated Foreign Currency Adjustment and Other Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)						0
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 [Member] | Accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)						(6)
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 [Member] | AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Including Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)						4
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 [Member] | AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Including Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)						$ (4)

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ in Millions	Feb. 28, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Common Stock, Voting Rights, Maximum Voting Power for Single Shareholder		9.90%
Common Class A
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount		$ 1,567
Repurchase Authorization 2018 | Common Class A
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount				$ 640	$ 150
Stock Repurchase Program, Additional Authorized Amount		0	$ 367
Stock Repurchased During Period, Value		(319)	(423)
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 321	$ 94
Common stock | Common Class M
Class of Stock [Line Items]
Common Stock, Conversion Basis, Percentage Of Share Value Converted	5.00%
Warrant | Common Class M
Class of Stock [Line Items]
Common Stock, Conversion Basis, Percentage Of Share Value Converted	95.00%

Equity Preferred Stock (Details

Equity Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Preference Share, Series A
Class of Stock [Line Items]
Preferred Stock, Shares Issued	34,500	34,500	0
Preferred Stock, Shares Authorized	34,500	34,500	34,500
Preferred Stock, Dividend Rate, Percentage	6.35%
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1	$ 1
Preferred Stock, Liquidation Preference Per Share	$ 25,000	25,000
Preferred Stock, Dividends, Per Share, Cash Paid		$ 793.76
Dividends, Preferred Stock, Cash		$ 27
Preferred Stock, Shares Outstanding	34,500	34,500	0
Preference Share, Series B
Class of Stock [Line Items]
Preferred Stock, Shares Issued	13,800	13,800	0
Preferred Stock, Shares Authorized	13,800	13,800	13,800
Preferred Stock, Dividend Rate, Percentage	5.625%
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1	$ 1
Preferred Stock, Liquidation Preference Per Share	$ 25,000	25,000
Preferred Stock, Dividends, Per Share, Cash Paid		$ 703.12
Dividends, Preferred Stock, Cash		$ 10
Preferred Stock, Shares Outstanding	13,800	13,800	0
Preference Share, Series C
Class of Stock [Line Items]
Preferred Stock, Shares Issued	24,000	24,000	0
Preferred Stock, Shares Authorized	24,000	24,000	0
Preferred Stock, Dividend Rate, Percentage	6.375%
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1	$ 0
Preferred Stock, Liquidation Preference Per Share	$ 25,000	25,000
Preferred Stock, Dividends, Per Share, Cash Paid		$ 0
Dividends, Preferred Stock, Cash		$ 0
Preferred Stock, Shares Outstanding	24,000	24,000	0

Equity Common stock (Details)

Equity Common stock (Details) - shares shares in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Common Class M-1
Class of Stock [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities	(0.2)
Common stock outstanding (in shares)	0	3.3
Common Class A
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues	35.9
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited	0.1
Stock Issued During Period, Shares, Conversion of Convertible Securities	(25.4)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	0.3
Common stock outstanding (in shares)	194.3	143.2
Stock Repurchased During Period, Shares	10.4
Common Class B
Class of Stock [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities	(25.4)
Common stock outstanding (in shares)	0	25.4
Common Class M-2
Class of Stock [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities	0
Common stock outstanding (in shares)	0	0.8
Common Class M-3
Class of Stock [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities	0
Common stock outstanding (in shares)	0	1
Common Class M-4
Class of Stock [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities	0.1
Common stock outstanding (in shares)	0	4
Stock Repurchased During Period, Shares	0.3
Warrant | Common Class M-1
Class of Stock [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities	(3.1)
Warrant | Common Class M-2
Class of Stock [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities	(0.8)
Warrant | Common Class M-3
Class of Stock [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities	(1)
Warrant | Common Class M-4
Class of Stock [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities	(3.6)

Related Parties Related Parties

Related Parties Related Parties - Summary of Sub-allocation Assets (Details) - Apollo - Related Party - Sub-allocated assets [Member] - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 160,509	$ 127,550
Percentage of Sub-allocation Assets	100.00%	100.00%
Core Sub-allocation Assets [Member]
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 45,163	$ 32,474
Percentage of Sub-allocation Assets	28.20%	25.50%
Core Plus [Member]
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 36,148	$ 30,155
Percentage of Sub-allocation Assets	22.50%	23.60%
Yield [Member]
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 55,526	$ 48,557
Percentage of Sub-allocation Assets	34.60%	38.00%
High Alpha [Member]
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 5,799	$ 5,062
Percentage of Sub-allocation Assets	3.60%	4.00%
Other Sub-allocation Assets [Member]
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 17,873	$ 11,302
Percentage of Sub-allocation Assets	11.10%	8.90%

Related Parties - Management Fe

Related Parties - Management Fees Incurred (Details) - Related Party - Asset management fees - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Due to related parties	$ 44		$ 44		$ 42
Expenses from transactions with related parties	$ 123	$ 94	$ 251	$ 186

Related Parties - Narrative (De

Related Parties - Narrative (Details) - USD ($) $ in Millions	Apr. 01, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020	Feb. 28, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Available-for-sale securities		$ 74,735		$ 74,735				$ 71,374
Other investments		359		359				158
Investment funds		682		682				750
Payments to Acquire Investment Funds				831	$ 500
Contributions from noncontrolling interests				240
Distributions to noncontrolling interests				46
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 66
Interest sensitive contract liabilities		135,537		135,537				102,745
Other assets		1,067		1,067				1,005
Issuance of common stock				350	0
Equity securities		237		237				247
Trading securities		2,075		2,075				2,070
Investments		138,696		138,696				107,987
Payments to Acquire Debt Securities, Available-for-sale				9,624	7,813
Related Party
Related Party Transaction [Line Items]
Available-for-sale securities		4,070		4,070				3,804
Other investments		474		474				487
Investment funds		5,278		5,278				3,550
Payments to Acquire Investment Funds				807	402
Interest sensitive contract liabilities		14,609		14,609				15,285
Other assets		0		0				0
Equity securities		52		52				64
Trading securities		872		872				785
Payments to Acquire Debt Securities, Available-for-sale				611	436
Related Party | Management fees associated with investment funds
Related Party Transaction [Line Items]
Due to related parties		44		44				42
Expenses from transactions with related parties		123	$ 94	251	186
Related Party | MidCap
Related Party Transaction [Line Items]
Available-for-sale securities		580		580				624
MidCap | Related Party
Related Party Transaction [Line Items]
Other investments		329		329				339
Investments		923		$ 923				886
Apollo | Related Party | Sub-allocated assets [Member]
Related Party Transaction [Line Items]
Incremental Fee Adjustment				0.025%
Base Management Fee				0.225%
Incremental Fee				0.15%
Cap On Asset Gross Book Yield				10.00%
Backbook Value									$ 103,400
Incremental Fee Reduction Adjustment				0.025%
Incremental Fee Addition Adjustment				0.025%
AmeriHome | Related Party | Purchase of residential mortgage loans under agreement
Related Party Transaction [Line Items]
Related party purchases		$ 0	$ 0	$ 169	0
Venerable | Related Party
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		6.257%		6.257%
Apollo Athene Strategic Partnership Advisors, LLC [Member] | Related Party
Related Party Transaction [Line Items]
Strategic Partnership Capacity		$ 2,500		$ 2,500
PK AirFinance [Member] | Related Party
Related Party Transaction [Line Items]
Debt Securities		1,262		1,262				1,282
Apollo Operating Group [Member] | Related Party
Related Party Transaction [Line Items]
Investment Owned, Balance, Shares							29,154,519
Investment Owned, at Fair Value							$ 1,100
AA Infrastructure [Member] | Related Party
Related Party Transaction [Line Items]
Equity securities		52		52				58
Trading securities		297		297				267
Funding Agreements | Athora Holding Ltd. | Related Party
Related Party Transaction [Line Items]
Interest sensitive contract liabilities		112		112				146
Investments
Related Party Transaction [Line Items]
Investment commitment		5,108		5,108				4,793
Investments | A-A Mortgage | Related Party
Related Party Transaction [Line Items]
Investment commitment		169		169
Investments | Athora Holding Ltd. | Related Party
Related Party Transaction [Line Items]
Investment commitment		371		371
Investments | PK AirFinance [Member] | Related Party
Related Party Transaction [Line Items]
Investment commitment		216		216
Investments | AA Infrastructure [Member] | Related Party
Related Party Transaction [Line Items]
Investment commitment		52		52
Redeemable Preferred Stock [Member] | Related Party | MidCap
Related Party Transaction [Line Items]
Available-for-sale securities		77		77				0
Payments to Acquire Debt Securities, Available-for-sale		67
Private equity
Related Party Transaction [Line Items]
Investment funds		232		232				236
Private equity | Related Party
Related Party Transaction [Line Items]
Investment funds		255		255				105
Private equity | AmeriHome | Related Party
Related Party Transaction [Line Items]
Investment funds		594		594				487
Private equity | Athora Holding Ltd. | Related Party
Related Party Transaction [Line Items]
Investment funds		497		497				132
Payments to Acquire Investment Funds				361
Private equity | Venerable | Related Party
Related Party Transaction [Line Items]
Other investments		145		145				148
Investment funds		118		118				99
Variable Interest Entities
Related Party Transaction [Line Items]
Investment funds		0		0				19
Payments to Acquire Investment Funds				0	$ 21
Other assets		6		6				20
Trading securities		0		0				16
Variable Interest Entities | Related Party
Related Party Transaction [Line Items]
Investment funds		0		0				664
Equity securities		0		0				6
Variable Interest Entities | Apollo Athene Strategic Partnership Advisors, LLC [Member] | Related Party
Related Party Transaction [Line Items]
Investment funds		124		$ 124				97
Core Sub-allocation Assets [Member] | Apollo | Related Party | Sub-allocated assets [Member]
Related Party Transaction [Line Items]
Sub-allocation Fee Tier Plus				60.00%
Sub-allocation Fee				0.065%
Sub-allocation Fee Tier Minus				50.00%
Core Plus [Member] | Apollo | Related Party | Sub-allocated assets [Member]
Related Party Transaction [Line Items]
Sub-allocation Fee				0.13%
Yield [Member] | Apollo | Related Party | Sub-allocated assets [Member]
Related Party Transaction [Line Items]
Sub-allocation Fee				0.375%
High Alpha [Member] | Apollo | Related Party | Sub-allocated assets [Member]
Related Party Transaction [Line Items]
Sub-allocation Fee				0.70%
Other Sub-allocation Assets [Member] | Apollo | Related Party | Sub-allocated assets [Member]
Related Party Transaction [Line Items]
Sub-allocation Fee				0.00%
ABS
Related Party Transaction [Line Items]
Available-for-sale securities		4,773		$ 4,773				5,118
ABS | Related Party
Related Party Transaction [Line Items]
Available-for-sale securities		2,811		2,811				2,849
ABS | Related Party | AmeriHome
Related Party Transaction [Line Items]
Available-for-sale securities		$ 162		$ 162				$ 170
Common Class A
Related Party Transaction [Line Items]
Common stock issued (in shares)		194,300,000		194,300,000				143,200,000
Common Class A | Apollo Operating Group [Member] | Related Party
Related Party Transaction [Line Items]
Common stock issued (in shares)							7,575,758
Issuance of common stock				$ 350
Exchange of stock [Member] | Common Class A | Apollo Operating Group [Member] | Related Party
Related Party Transaction [Line Items]
Common stock issued (in shares)							27,959,184
ACRA
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	63.45%					67.00%
Noncontrolling Interest, Ownership Percentage by Parent		36.55%		36.55%		33.00%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Other Commitments [Line Items]
Letters of Credit Outstanding, Amount	$ 1,418
Advances from FHLB	2,101	$ 1,226
Interest sensitive contract liabilities	135,537	102,745
COLI asset value	396
Value of guarantees on COLI	196
Litigation Settlement, Expense		45
Investments
Other Commitments [Line Items]
Investment commitment	5,108	4,793
Athene Global Funding | Senior notes
Other Commitments [Line Items]
Maximum borrowing capacity	4,013
Athene Global Funding | Funding Agreements
Other Commitments [Line Items]
Interest sensitive contract liabilities	4,887	$ 3,700
Caldera [Member] | Pending Litigation [Member]
Other Commitments [Line Items]
Loss Contingency, Damages Sought, Value	$ 1,500

Commitments and Contingencies_2

Commitments and Contingencies - Pledged Assets and Funds in Trust (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
AFS securities	$ 11,264	$ 9,369
Debt Securities, Trading, Restricted	51	45
Equity securities	20	22
Investment funds	90	84
Derivative assets pledged as collateral	96	105
Mortgage loans	4,888	2,535
Short-term investments	108	92
Other investments	104	88
Restricted cash	1,281	402
Total restricted assets	$ 17,902	$ 12,742

Segment Information - Reconcili

Segment Information - Reconciliation of Segment Operating Revenues to Consolidation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 4,398	$ 3,423	$ 2,849	$ 8,418
Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets	2,330	1,181	(689)	2,873
Investment gains (losses), net of offsets	2,548	1,313	(1,024)	3,089
Operating Segments | Retirement Services
Segment Reporting Information [Line Items]
Total revenues	1,589	2,248	4,058	5,554
Operating Segments | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues			116
Non-operating adjustments
Segment Reporting Information [Line Items]
Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets	754	466	(917)	1,406
Investment gains (losses), net of offsets	1,246	682	(439)	1,395
Variable Interest Entity Expense and Noncontrolling Interest	$ (363)	$ (3)	$ (31)	$ (7)

Segment Information - Reconci_2

Segment Information - Reconciliation of Segment Operating Income to Consolidation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income tax (expense) benefit – non-operating	$ (150)	$ (30)	$ 16	$ (62)
Net income (loss) available to Athene Holding Ltd. common shareholders	824	720	(241)	1,428
Operating Segments | Retirement Services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income (loss) available to Athene Holding Ltd. common shareholders	208	376	412	662
Operating Segments | Corporate and Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income (loss) available to Athene Holding Ltd. common shareholders	282	(6)	(30)	(5)
Non-operating adjustments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Investment gains (losses), net of offsets	775	417	(364)	875
Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets	(405)	(57)	(340)	(84)
Integration, restructuring and other non-operating expenses	(9)	(11)	(13)	(12)
Stock-based compensation, excluding LTIP	0	(3)	(10)	(6)
Income tax (expense) benefit – non-operating	$ (27)	$ 4	$ 104	$ (2)

Segment Information - Assets by

Segment Information - Assets by Segment (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 183,241	$ 146,875
Retirement Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	178,555	143,881
Corporate and Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 4,686	$ 2,994

Segment Information - Narrative

Segment Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2020segment
Segment Reporting [Abstract]
Number of reportable segments	1