Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
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 | Second Floor, Washington House | |
Entity Address, City or Town | Hamilton | |
Entity Address, Postal Zip Code | HM 11 | |
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 | Mar. 31, 2021 | |
Entity File Number | 001-37963 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 191,742,821 | |
City Area Code | 441 | |
Local Phone Number | 279-8400 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Address, Address Line Two | 16 Church Street | |
Common Class A | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A common shares, par value $0.001 per share | |
Trading Symbol | ATH | |
Security Exchange Name | NYSE | |
Preference Share, Series A | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Share, Series A | |
Trading Symbol | ATHPrA | |
Security Exchange Name | NYSE | |
Preference Share, Series B | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.625% Fixed-Rate Perpetual Non-Cumulative Preference Share, Series B | |
Trading Symbol | ATHPrB | |
Security Exchange Name | NYSE | |
Preference Share, Series C | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preference Share, Series C | |
Trading Symbol | ATHPrC | |
Security Exchange Name | NYSE | |
Series D Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 4.875% Fixed-Rate Perpetual Non-Cumulative Preference Share, Series D | |
Trading Symbol | ATHPrD | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Investments | ||
Available-for-sale securities | $ 92,429 | $ 89,373 |
Mortgage loans | 17,385 | 15,938 |
Investment funds | 6,865 | 6,087 |
Derivative assets | 3,677 | 3,523 |
Cash and cash equivalents | 6,427 | 7,704 |
Restricted cash | 546 | 738 |
Accrued investment income (related party: 2021 – $61 and 2020 – $38) | 968 | 905 |
Reinsurance recoverable (portion at fair value: 2021 – $1,880 and 2020 – $2,100) | 4,690 | 4,848 |
Deferred acquisition costs, deferred sales inducements and value of business acquired | 5,303 | 4,906 |
Other assets (consolidated variable interest entities: 2021 – $173 and 2020 – $1) | 1,785 | 1,249 |
Total assets | 205,670 | 202,771 |
Liabilities | ||
Interest sensitive contract liabilities (related party: 2021 – $13,830 and 2020 – $14,150; portion at fair value: 2021 – $13,581 and 2020 – $14,181) | 146,247 | 144,566 |
Future policy benefits (related party: 2021 – $1,665 and 2020 – $1,610; portion at fair value: 2021 – $2,254 and 2020 – $2,376) | 31,767 | 29,258 |
Other policy claims and benefits | 135 | 130 |
Dividends payable to policyholders | 110 | 110 |
Long-term debt | 1,977 | 1,976 |
Derivative liabilities | 288 | 298 |
Payables for collateral on derivatives and securities to repurchase | 3,952 | 3,801 |
Funds withheld liability (portion at fair value: 2021 – $34 and 2020 – $59) | 422 | 452 |
Other liabilities (related party: 2021 – $108 and 2020 – $112; consolidated variable interest entities: 2021 – $200 and 2020 – $134) | 2,436 | 2,040 |
Total liabilities | 187,334 | 182,631 |
Commitments and Contingencies (Note 10) | ||
Equity | ||
Additional paid-in capital | 6,623 | 6,613 |
Retained earnings | 8,647 | 8,073 |
Accumulated other comprehensive income (related party: 2021 – $55 and 2020 – $59) | 2,021 | 3,971 |
Total Athene Holding Ltd. shareholders’ equity | 17,291 | 18,657 |
Noncontrolling interests | 1,045 | 1,483 |
Total equity | 18,336 | 20,140 |
Total liabilities and equity | 205,670 | 202,771 |
Fair Value | ||
Liabilities | ||
Interest sensitive contract liabilities (related party: 2021 – $13,830 and 2020 – $14,150; portion at fair value: 2021 – $13,581 and 2020 – $14,181) | 99,298 | 98,945 |
Long-term debt | 2,215 | 2,259 |
Funds withheld liability (portion at fair value: 2021 – $34 and 2020 – $59) | 388 | 393 |
Recurring | Fair Value | ||
Investments | ||
Restricted cash | 546 | 738 |
Reinsurance recoverable (portion at fair value: 2021 – $1,880 and 2020 – $2,100) | 1,880 | 2,100 |
Liabilities | ||
Interest sensitive contract liabilities (related party: 2021 – $13,830 and 2020 – $14,150; portion at fair value: 2021 – $13,581 and 2020 – $14,181) | 13,581 | 14,181 |
Future policy benefits (related party: 2021 – $1,665 and 2020 – $1,610; portion at fair value: 2021 – $2,254 and 2020 – $2,376) | 2,254 | 2,376 |
Derivative liabilities | 288 | 298 |
Funds withheld liability (portion at fair value: 2021 – $34 and 2020 – $59) | 34 | 59 |
Variable Interest Entities | ||
Investments | ||
Other assets (consolidated variable interest entities: 2021 – $173 and 2020 – $1) | 173 | 1 |
Liabilities | ||
Other liabilities (related party: 2021 – $108 and 2020 – $112; consolidated variable interest entities: 2021 – $200 and 2020 – $134) | 200 | 134 |
Preference Share, Series A | ||
Equity | ||
Preferred stock | 0 | 0 |
Preference Share, Series B | ||
Equity | ||
Preferred stock | 0 | 0 |
Preference Share, Series C | ||
Equity | ||
Preferred stock | 0 | 0 |
Series D Preferred Stock | ||
Equity | ||
Preferred stock | 0 | 0 |
Common Class A | ||
Equity | ||
Common stock | 0 | 0 |
Related Party | ||
Investments | ||
Available-for-sale securities | 6,905 | 6,520 |
Trading securities, at fair value | 1,710 | 1,529 |
Equity securities, at fair value | 114 | 72 |
Mortgage loans | 714 | 674 |
Investment funds | 5,899 | 5,284 |
Funds withheld at interest | 12,572 | 13,030 |
Other investments | 469 | 469 |
Accrued investment income (related party: 2021 – $61 and 2020 – $38) | 61 | 38 |
Liabilities | ||
Interest sensitive contract liabilities (related party: 2021 – $13,830 and 2020 – $14,150; portion at fair value: 2021 – $13,581 and 2020 – $14,181) | 13,830 | 14,150 |
Future policy benefits (related party: 2021 – $1,665 and 2020 – $1,610; portion at fair value: 2021 – $2,254 and 2020 – $2,376) | 1,665 | 1,610 |
Other liabilities (related party: 2021 – $108 and 2020 – $112; consolidated variable interest entities: 2021 – $200 and 2020 – $134) | 108 | 112 |
Equity | ||
Accumulated other comprehensive income (related party: 2021 – $55 and 2020 – $59) | 55 | 59 |
Related Party | Fair Value | ||
Investments | ||
Mortgage loans | 734 | 694 |
Funds withheld at interest | 11,992 | 12,168 |
Other investments | 492 | 499 |
Related Party | Recurring | Fair Value | ||
Investments | ||
Available-for-sale securities | 6,905 | 6,520 |
Trading securities, at fair value | 1,710 | 1,529 |
Equity securities, at fair value | 114 | 72 |
Funds withheld at interest | 580 | 862 |
Investments, excluding investments in Related Party | ||
Investments | ||
Available-for-sale securities | 85,524 | 82,853 |
Trading securities, at fair value | 1,979 | 2,093 |
Equity securities (portion at fair value: 2021 – $322 and 2020 – $330) | 524 | 532 |
Mortgage loans | 16,671 | 15,264 |
Investment funds | 966 | 803 |
Policy loans | 356 | 369 |
Funds withheld at interest | 46,024 | 48,612 |
Derivative assets | 3,677 | 3,523 |
Short-term Investments | 125 | 222 |
Other investments | 1,722 | 572 |
Total investments | 157,568 | 154,843 |
Investments, excluding investments in Related Party | Fair Value | ||
Investments | ||
Mortgage loans | 17,176 | 15,811 |
Policy loans | 356 | 369 |
Funds withheld at interest | 45,388 | 46,668 |
Short-term Investments | 8 | |
Other investments | 1,617 | 471 |
Investments, excluding investments in Related Party | Recurring | Fair Value | ||
Investments | ||
Available-for-sale securities | 85,524 | 82,853 |
Trading securities, at fair value | 1,979 | 2,093 |
Equity securities, at fair value | 322 | 330 |
Mortgage loans | 18 | 19 |
Funds withheld at interest | 636 | 1,944 |
Derivative assets | 3,677 | 3,523 |
Short-term Investments | 117 | 222 |
Other investments | 105 | 105 |
Investments, excluding investments in Related Party | Variable Interest Entities | ||
Investments | ||
Mortgage loans | 1,812 | 1,880 |
Investment funds | 154 | 0 |
Investments, excluding investments in Related Party | Related Party | ||
Investments | ||
Available-for-sale securities | $ 6,905 | $ 6,520 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Available-for-sale securities | $ 89,044 | $ 82,544 |
AFS securities allowance for credit losses | 111 | 104 |
Mortgage loans allowance for credit losses | 252 | 253 |
Mortgage loans | 17,385 | 15,938 |
Investment funds | 6,865 | 6,087 |
Accrued investment income, related party | 968 | 905 |
Reinsurance recoverable, fair value portion | 4,690 | 4,848 |
Other assets, consolidated variable interest entities | 1,785 | 1,249 |
Interest sensitive contract liabilities | 146,247 | 144,566 |
Future policy benefits | 31,767 | 29,258 |
Funds withheld liability, fair value portion | 422 | 452 |
Other liabilities | 2,436 | 2,040 |
Accumulated other comprehensive income (related party: 2021 – $55 and 2020 – $59) | 2,021 | 3,971 |
Investments, excluding investments in Related Party | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Available-for-sale securities | 82,190 | 76,100 |
AFS securities allowance for credit losses | 111 | 103 |
Mortgage loans allowance for credit losses | 235 | 232 |
Mortgage loans | 16,671 | 15,264 |
Investment funds | 319 | 161 |
Investment funds | 966 | 803 |
Funds withheld at interest | 46,024 | 48,612 |
Short-term Investments, fair value portion | 125 | 222 |
Other Investments allowance for credit losses | 0 | 3 |
Other investments | 1,722 | 572 |
Variable Interest Entities | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Other assets, consolidated variable interest entities | 173 | 1 |
Other liabilities | 200 | 134 |
Variable Interest Entities | Investments, excluding investments in Related Party | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Mortgage loans | 1,812 | 1,880 |
Investment funds | $ 154 | $ 0 |
Preference Share, Series A | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Preferred stock, par value (in USD per share) | $ 1 | $ 1 |
Aggregate liquidation preference | $ 863 | $ 863 |
Preferred stock, authorized (in shares) | 0 | 0 |
preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Preference Share, Series B | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Preferred stock, par value (in USD per share) | $ 1 | $ 1 |
Aggregate liquidation preference | $ 345 | $ 345 |
Preferred stock, authorized (in shares) | 0 | 0 |
preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Preference Share, Series C | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Preferred stock, par value (in USD per share) | $ 1 | $ 1 |
Aggregate liquidation preference | $ 600 | $ 600 |
Preferred stock, authorized (in shares) | 0 | 0 |
preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common Class A | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Common stock, par value (in USD per share) | $ 0.001 | $ 0.001 |
Common stock authorized (in shares) | 425 | 425 |
Common stock issued (in shares) | 191.7 | 191.5 |
Common stock outstanding (in shares) | 191.7 | 191.5 |
Series D Preferred Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Preferred stock, par value (in USD per share) | $ 1 | $ 1 |
Aggregate liquidation preference | $ 575 | $ 575 |
Preferred stock, authorized (in shares) | 0 | 0 |
preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Fair Value | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Interest sensitive contract liabilities | $ 99,298 | $ 98,945 |
Funds withheld liability, fair value portion | 388 | 393 |
Fair Value | Investments, excluding investments in Related Party | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Mortgage loans | 17,176 | 15,811 |
Investment funds | 647 | 642 |
Funds withheld at interest | 45,388 | 46,668 |
Short-term Investments, fair value portion | 8 | |
Other investments | 1,617 | 471 |
Recurring | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Investment funds | 230 | |
Recurring | Fair Value | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Reinsurance recoverable, fair value portion | 1,880 | 2,100 |
Interest sensitive contract liabilities | 13,581 | 14,181 |
Future policy benefits | 2,254 | 2,376 |
Funds withheld liability, fair value portion | 34 | 59 |
Recurring | Fair Value | Investments, excluding investments in Related Party | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Equity securities, at fair value | 322 | 330 |
Mortgage loans | 18 | 19 |
Investment funds | 319 | 161 |
Funds withheld at interest | 636 | 1,944 |
Short-term Investments, fair value portion | 117 | 222 |
Other investments | 105 | 105 |
Related Party | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Available-for-sale securities | 6,854 | 6,444 |
AFS securities allowance for credit losses | 0 | 1 |
Equity securities, at fair value | 114 | 72 |
Mortgage loans allowance for credit losses | 14 | |
Mortgage loans | 714 | 674 |
Investment funds | 2,060 | 2,119 |
Investment funds | 5,899 | 5,284 |
Funds withheld at interest | 12,572 | 13,030 |
Other Investments allowance for credit losses | 2 | 4 |
Other investments | 469 | 469 |
Accrued investment income, related party | 61 | 38 |
Interest sensitive contract liabilities | 13,830 | 14,150 |
Future policy benefits | 1,665 | 1,610 |
Other liabilities | 108 | 112 |
Accumulated other comprehensive income (related party: 2021 – $55 and 2020 – $59) | 55 | 59 |
Related Party | Fair Value | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Mortgage loans | 734 | 694 |
Investment funds | 3,839 | 3,165 |
Funds withheld at interest | 11,992 | 12,168 |
Other investments | 492 | 499 |
Related Party | Recurring | Fair Value | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Equity securities, at fair value | 114 | 72 |
Investment funds | 2,060 | 2,119 |
Funds withheld at interest | $ 580 | $ 862 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | ||
Premiums (related party: 2021 – $79 and 2020 – $69) | $ 3,011 | $ 1,140 |
Product charges (related party: 2021 – $11 and 2020 – $16) | 150 | 140 |
Net investment income (related party investment income (loss): 2021 – $596 and 2020 – $(214); consolidated variable interest entities: 2021 – $35 and 2020 – $0; and related party investment expense: 2021 – $144 and 2020 – $128) | 1,704 | 745 |
Investment related gains (losses) (related party: 2021 – $(139) and 2020 – $(631); and consolidated variable interest entities: 2021 – $(66) and 2020 – $1) | (488) | (3,572) |
Other revenues | 14 | (2) |
Total revenues | 4,391 | (1,549) |
Benefits and expenses | ||
Interest sensitive contract benefits (related party: 2021 – $76 and 2020 – $(97)) | 394 | (1,319) |
Amortization of deferred sales inducements | 84 | 10 |
Future policy and other policy benefits (related party: 2021 – $89 and 2020 – $50) | 3,317 | 1,356 |
Amortization of deferred acquisition costs and value of business acquired | 164 | (413) |
Dividends to policyholders | 10 | 11 |
Policy and other operating expenses (related party: 2021 – $12 and 2020 – $16) | 283 | 188 |
Total benefits and expenses | 4,252 | (167) |
Income (loss) before income taxes | 139 | (1,382) |
Income tax expense (benefit) | 62 | (166) |
Net income (loss) | 77 | (1,216) |
Less: Net loss attributable to noncontrolling interests | (537) | (169) |
Net income (loss) attributable to Athene Holding Ltd. shareholders | 614 | (1,047) |
Less: Preferred stock dividends | 36 | 18 |
Net income (loss) available to Athene Holding Ltd. common shareholders | 578 | (1,065) |
Variable Interest Entities | ||
Revenues | ||
Net investment income (related party investment income (loss): 2021 – $596 and 2020 – $(214); consolidated variable interest entities: 2021 – $35 and 2020 – $0; and related party investment expense: 2021 – $144 and 2020 – $128) | 35 | 0 |
Investment related gains (losses) (related party: 2021 – $(139) and 2020 – $(631); and consolidated variable interest entities: 2021 – $(66) and 2020 – $1) | (66) | 1 |
Common Class A | ||
Benefits and expenses | ||
Net income (loss) available to Athene Holding Ltd. common shareholders | $ 578 | $ (938) |
Earnings per share | ||
Basic (in USD per share) | $ 3.02 | $ (5.81) |
Diluted (in USD per share) | $ 2.94 | $ (5.81) |
Common Class B | ||
Benefits and expenses | ||
Net income (loss) available to Athene Holding Ltd. common shareholders | $ (98) | |
Earnings per share | ||
Basic (in USD per share) | $ (3.87) | |
Diluted (in USD per share) | $ (3.87) | |
Common Class M-1 | ||
Benefits and expenses | ||
Net income (loss) available to Athene Holding Ltd. common shareholders | $ (13) | |
Earnings per share | ||
Basic (in USD per share) | $ (3.87) | |
Diluted (in USD per share) | $ (3.87) | |
Common Class M-2 | ||
Benefits and expenses | ||
Net income (loss) available to Athene Holding Ltd. common shareholders | $ (3) | |
Earnings per share | ||
Basic (in USD per share) | $ (3.87) | |
Diluted (in USD per share) | $ (3.87) | |
Common Class M-3 | ||
Benefits and expenses | ||
Net income (loss) available to Athene Holding Ltd. common shareholders | $ (4) | |
Earnings per share | ||
Basic (in USD per share) | $ (3.87) | |
Diluted (in USD per share) | $ (3.87) | |
Common Class M-4 | ||
Benefits and expenses | ||
Net income (loss) available to Athene Holding Ltd. common shareholders | $ (9) | |
Earnings per share | ||
Basic (in USD per share) | $ (3.87) | |
Diluted (in USD per share) | $ (3.87) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income (Loss) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Premiums earned | $ 3,011 | $ 1,140 |
Product charges | 150 | 140 |
Net Investment Income | 1,704 | 745 |
Investment expense | 148 | 130 |
Investment gains (losses), net of offsets | (488) | (3,572) |
Interest sensitive contract benefits | 394 | (1,319) |
Future policy and other policy benefits | 3,317 | 1,356 |
Policy and other operating expenses | 283 | 188 |
Related Party | ||
Premiums earned | 79 | 69 |
Product charges | 11 | 16 |
Net Investment Income | 596 | (214) |
Investment expense | 144 | 128 |
Investment gains (losses), net of offsets | (139) | (631) |
Interest sensitive contract benefits | 76 | (97) |
Future policy and other policy benefits | 89 | 50 |
Policy and other operating expenses | 12 | 16 |
Variable Interest Entities | ||
Net Investment Income | 35 | 0 |
Investment gains (losses), net of offsets | $ (66) | $ 1 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 77 | $ (1,216) |
Other comprehensive income (loss), before tax | ||
Unrealized investment gains (losses) on available-for-sale securities, net of offsets | (2,591) | (4,839) |
Unrealized gains (losses) on hedging instruments | (31) | 401 |
Foreign currency translation and other adjustments | 0 | 9 |
Other Comprehensive Income (Loss), before Tax, Total | (2,622) | (4,429) |
Income tax expense (benefit) | (496) | (797) |
Other Comprehensive Income (Loss), Net of Tax, Total | (2,126) | (3,632) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (2,049) | (4,848) |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (713) | (352) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (1,336) | $ (4,496) |
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) | Total Athene Holding Ltd. shareholders’ equity | Noncontrolling interests | Common stock | Common stockAdditional paid-in capital | Common stockTotal Athene Holding Ltd. shareholders’ equity | 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, AdjustmentTotal Athene Holding Ltd. shareholders’ equity | Cumulative Effect, Period of Adoption, AdjustmentNoncontrolling interests |
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 (loss) | (1,216) | (1,047) | (1,047) | (169) | ||||||||||||
Other comprehensive loss | (3,632) | (3,449) | (3,449) | (183) | ||||||||||||
Issuance of common shares, net of expenses | $ 1,509 | $ 1,509 | $ 1,509 | |||||||||||||
Stock-based compensation | 5 | 5 | 5 | |||||||||||||
Retirement or repurchase of shares | (328) | (184) | (144) | (328) | ||||||||||||
Preferred stock dividends | (18) | (18) | (18) | |||||||||||||
Contributions from noncontrolling interests | 240 | 240 | ||||||||||||||
Distributions to noncontrolling interests | (46) | (46) | ||||||||||||||
Ending Balance at Mar. 31, 2020 | 10,530 | 0 | 0 | 5,501 | 5,613 | (1,174) | 9,940 | 590 | ||||||||
Beginning Balance at Dec. 31, 2020 | 20,140 | 0 | 0 | 6,613 | 8,073 | 3,971 | 18,657 | 1,483 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income (loss) | 77 | 614 | 614 | (537) | ||||||||||||
Other comprehensive loss | (2,126) | (1,950) | (1,950) | (176) | ||||||||||||
Issuance of common shares, net of expenses | 1 | $ 1 | $ 1 | |||||||||||||
Stock-based compensation | 9 | 9 | 9 | |||||||||||||
Retirement or repurchase of shares | (4) | 0 | (4) | (4) | ||||||||||||
Preferred stock dividends | (36) | (36) | (36) | |||||||||||||
Contributions from noncontrolling interests | 235 | 235 | ||||||||||||||
Change in equity of noncontrolling interests of consolidated variable interest entities | 40 | 40 | ||||||||||||||
Distributions to noncontrolling interests | 0 | |||||||||||||||
Ending Balance at Mar. 31, 2021 | $ 18,336 | $ 0 | $ 0 | $ 6,623 | $ 8,647 | $ 2,021 | $ 17,291 | $ 1,045 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Cash flows from operating activities | |||
Net income (loss) | $ 77 | $ (1,216) | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of deferred acquisition costs and value of business acquired | 164 | (413) | |
Amortization of deferred sales inducements | 84 | 10 | |
Accretion of net investment premiums, discounts and other | (49) | (62) | |
Net investment (income) loss (related party: 2021 – $(416) and 2020 – $362; consolidated variable interest entities: 2021 – $56, 2020 – $0) | (381) | 343 | |
Net recognized (gains) losses on investments and derivatives (related party: 2021 – $(77) and 2020 – $158; consolidated variable interest entities: 2021 – $67 and 2020 – $0) | 651 | (2,144) | |
Policy acquisition costs deferred | (143) | (112) | |
Changes in operating assets and liabilities: | |||
Accrued investment income (related party: 2021 – $(23) and 2020 – $(16)) | (63) | 5 | |
Interest sensitive contract liabilities (related party: 2021 – $64 and 2020 – $(81)) | (34) | (1,282) | |
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable (related party: 2021 – $59 and 2020 – $59) | 1,250 | 186 | |
Funds withheld assets and liabilities (related party: 2021 – $153 and 2020 – $422) | 1,252 | 1,426 | |
Other assets and liabilities | 120 | (258) | |
Net cash provided by operating activities | 1,626 | 771 | |
Sales, maturities and repayments of: | |||
Available-for-sale securities (related party: 2021 – $350 and 2020 – $205) | 3,431 | 4,541 | |
Trading securities (related party: 2021 – $7 and 2020 – $17) | 18 | 48 | |
Equity securities | 38 | 2 | |
Mortgage loans | 325 | 898 | |
Investment funds (related party: 2021 – $155 and 2020 – $65) | 173 | 111 | |
Derivative instruments and other invested assets | 915 | 475 | |
Short-term investments (related party: 2021 – $98 and 2020 – $0) | 330 | 139 | |
Purchases of: | |||
Available-for-sale securities (related party: 2021 – $(767) and 2020 – $(425)) | (8,275) | (4,226) | |
Trading securities (related party: 2021 – $(120) and 2020 – $(77)) | (149) | (77) | |
Equity securities (related party: 2021 – $(35) and 2020 – $(3)) | (48) | (3) | |
Mortgage loans (related party: 2021 – $(42) and 2020 – $0) | (1,786) | (1,365) | |
Investment funds (related party: 2021 – $(429) and 2020 – $(358)) | (467) | (375) | |
Derivative instruments and other invested assets | (1,613) | (305) | |
Short-term investments (related party: 2021 – $(100) and 2020 – $0) | (232) | (125) | |
Other investing activities, net | 457 | (116) | |
Net cash used in investing activities | (6,883) | (378) | |
Cash flows from financing activities | |||
Issuance of common stock | 1 | 350 | |
Repayment of short-term debt | 0 | 75 | |
Deposits on investment-type policies and contracts (related party: 2021 – $26 and 2020 – $18) | 5,162 | 2,838 | |
Withdrawals on investment-type policies and contracts (related party: 2021 – $(100) and 2020 – $(135)) | (1,684) | (1,633) | |
Payments for coinsurance agreements on investment-type contracts, net | (8) | (6) | |
Capital contributions from noncontrolling interests | 235 | 240 | |
Capital distributions to noncontrolling interests | 0 | (46) | |
Net change in cash collateral posted for derivative transactions and securities to repurchase | (151) | 372 | |
Preferred stock dividends | 36 | 18 | |
Repurchase of common stock | (4) | (328) | |
Other financing activities, net | (29) | 20 | |
Net cash provided by financing activities | 3,788 | 970 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | (22) | |
Net (decrease) increase in cash and cash equivalents | (1,469) | 1,341 | |
Cash and cash equivalents at beginning of year | [1] | 8,442 | 4,642 |
Cash and cash equivalents at end of period | [1] | 6,973 | 5,983 |
Non-cash transactions | |||
Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2021 – $102 and 2020 – $72) | 214 | 131 | |
Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2021 – $408 and 2020 – $418) | 1,925 | 923 | |
Assets contributed to consolidated VIEs | 169 | 0 | |
Reinsurance Settlements | |||
Non-cash transactions | |||
Transfer to Investments | 54 | 0 | |
Pension Risk Transfer Premiums | |||
Non-cash transactions | |||
Transfer to Investments | 1,723 | 627 | |
Related Party | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net investment (income) loss (related party: 2021 – $(416) and 2020 – $362; consolidated variable interest entities: 2021 – $56, 2020 – $0) | (416) | 362 | |
Net recognized (gains) losses on investments and derivatives (related party: 2021 – $(77) and 2020 – $158; consolidated variable interest entities: 2021 – $67 and 2020 – $0) | 77 | (158) | |
Changes in operating assets and liabilities: | |||
Accrued investment income (related party: 2021 – $(23) and 2020 – $(16)) | (23) | (16) | |
Interest sensitive contract liabilities (related party: 2021 – $64 and 2020 – $(81)) | 64 | (81) | |
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable (related party: 2021 – $59 and 2020 – $59) | 59 | 59 | |
Funds withheld assets and liabilities (related party: 2021 – $153 and 2020 – $422) | 153 | 422 | |
Sales, maturities and repayments of: | |||
Available-for-sale securities (related party: 2021 – $350 and 2020 – $205) | 350 | 205 | |
Trading securities (related party: 2021 – $7 and 2020 – $17) | 7 | 17 | |
Investment funds (related party: 2021 – $155 and 2020 – $65) | 155 | 65 | |
Short-term investments (related party: 2021 – $98 and 2020 – $0) | 98 | 0 | |
Purchases of: | |||
Available-for-sale securities (related party: 2021 – $(767) and 2020 – $(425)) | (767) | (425) | |
Trading securities (related party: 2021 – $(120) and 2020 – $(77)) | (120) | (77) | |
Mortgage loans (related party: 2021 – $(42) and 2020 – $0) | (42) | 0 | |
Investment funds (related party: 2021 – $(429) and 2020 – $(358)) | (429) | (358) | |
Short-term investments (related party: 2021 – $(100) and 2020 – $0) | (100) | 0 | |
Cash flows from financing activities | |||
Deposits on investment-type policies and contracts (related party: 2021 – $26 and 2020 – $18) | 26 | 18 | |
Withdrawals on investment-type policies and contracts (related party: 2021 – $(100) and 2020 – $(135)) | (100) | (135) | |
Non-cash transactions | |||
Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2021 – $102 and 2020 – $72) | 102 | 72 | |
Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2021 – $408 and 2020 – $418) | 408 | 418 | |
Related Party | Investment funds | |||
Non-cash transactions | |||
Transfer to Investments | $ 0 | $ 1,147 | |
[1] | 1 Includes cash and cash equivalents and restricted cash. |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Amortization of deferred acquisition costs and value of business acquired | $ 164 | $ (413) |
Net investments (income) loss | (381) | 343 |
Net recognized (gains) losses on investments and derivatives | (651) | 2,144 |
Accrued investment income | (63) | 5 |
Policy acquisition costs deferred | (143) | (112) |
Increase (Decrease) in Interest Sensitive Contract Liabilities | (34) | (1,282) |
Increase (Decrease) in Insurance Liabilities | 1,250 | 186 |
Funds withheld assets and liabilities | 1,252 | 1,426 |
Sales, maturities and repayments of: | ||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | 3,431 | 4,541 |
Mortgage loans | 325 | 898 |
Investment funds (related party: 2021 – $155 and 2020 – $65) | 173 | 111 |
Derivative instruments and other invested assets | 915 | 475 |
Short-term investments | 330 | 139 |
Purchases of: | ||
Payments to Acquire Debt Securities, Available-for-sale | (8,275) | (4,226) |
Mortgage loans (related party: 2021 – $(42) and 2020 – $0) | (1,786) | (1,365) |
Trading securities | (149) | (77) |
Investment funds | (467) | (375) |
Derivative instruments and other invested assets | (1,613) | (305) |
Short-term investments | (232) | (125) |
Deposits on investment-type policies and contracts | 5,162 | 2,838 |
Repayments of Annuities and Investment Certificates | (1,684) | (1,633) |
Payments for coinsurance agreements on investment-type contracts, net | (8) | (6) |
Deposits on investment-type policies and contracts through reinsurance agreements | 214 | 131 |
Withdrawals on investment-type policies and contracts through reinsurance agreements | 1,925 | 923 |
Variable Interest Entities | ||
Net investments (income) loss | 56 | 0 |
Net recognized (gains) losses on investments and derivatives | 67 | 0 |
Related Party | ||
Net investments (income) loss | (416) | 362 |
Net recognized (gains) losses on investments and derivatives | (77) | 158 |
Accrued investment income | (23) | (16) |
Increase (Decrease) in Interest Sensitive Contract Liabilities | 64 | (81) |
Increase (Decrease) in Insurance Liabilities | 59 | 59 |
Funds withheld assets and liabilities | 153 | 422 |
Sales, maturities and repayments of: | ||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | 350 | 205 |
Investment funds (related party: 2021 – $155 and 2020 – $65) | 155 | 65 |
Short-term investments | 98 | 0 |
Purchases of: | ||
Payments to Acquire Debt Securities, Available-for-sale | (767) | (425) |
Mortgage loans (related party: 2021 – $(42) and 2020 – $0) | (42) | 0 |
Trading securities | (120) | (77) |
Investment funds | (429) | (358) |
Short-term investments | (100) | 0 |
Deposits on investment-type policies and contracts | 26 | 18 |
Repayments of Annuities and Investment Certificates | (100) | (135) |
Deposits on investment-type policies and contracts through reinsurance agreements | 102 | 72 |
Withdrawals on investment-type policies and contracts through reinsurance agreements | 408 | 418 |
Equity securities | Related Party | ||
Purchases of: | ||
Equity securities | (35) | (3) |
Reinsurance Settlements | ||
Purchases of: | ||
Transfer to Investments | $ 54 | $ 0 |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
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 financial services company specializing in retirement services that issues, reinsures and acquires retirement savings products in the United States (US) and internationally. We conduct business primarily through the following consolidated subsidiaries: • Our non-US 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, AUSA). In addition, we consolidate certain variable interest entities (VIEs) for which we have 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 wholly 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, 2020 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, 2020. 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. Merger —On March 8, 2021, we entered into an Agreement and Plan of Merger (Merger Agreement), by and among the Company, Apollo Global Management, Inc., a Delaware corporation (AGM), Tango Holdings, Inc., a Delaware corporation and a direct wholly owned subsidiary of AGM (HoldCo), Blue Merger Sub, Ltd., a Bermuda exempted company and a direct wholly owned subsidiary of HoldCo (AHL Merger Sub), and Green Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of HoldCo (AGM Merger Sub). The Company and AGM have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine our respective businesses by: (1) AGM merging with AGM Merger Sub, with AGM surviving such merger as a direct wholly owned subsidiary of HoldCo (AGM Merger), (2) the Company merging with AHL Merger Sub, with the Company surviving such merger as a direct, wholly owned subsidiary of HoldCo (AHL Merger and, together with the AGM Merger, Mergers), and (3) as of the effective time of the Mergers, changing the name of HoldCo to be Apollo Global Management, Inc. At the effective time of the Mergers, each AHL Class A common share, subject to certain exceptions, will be converted automatically into the right to receive 1.149 shares of HoldCo common stock. The Mergers are expected to close in January 2022 and are subject to shareholder and regulatory approvals, and other customary closing conditions. Adopted Accounting Pronouncements Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs (ASU 2020-08) The amendments in this update clarify that callable debt securities should be reevaluated each reporting period to determine if the amortized cost exceeds the amount repayable by the issuer at the next earliest call date and, if so, the excess should be amortized to the next call date. We adopted this update January 1, 2021 on a prospective basis for existing or newly purchased callable debt securities. The adoption of this update did not have a material effect on our condensed consolidated financial statements. Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (ASU 2020-01) The amendments in this update are related to certain equity securities without a readily determinable fair value that apply measurement alternative to measure based on cost, minus impairment, if any, adjusted for any observable price changes in orderly transactions of identical or similar investments of the same issuer. The amendment clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative immediately before applying or upon discontinuing the equity method. The amendment further clarifies that for the purpose of applying accounting for certain forward contracts or purchased options, an entity should not consider whether the underlying securities would be accounted for under the equity method or the fair value option upon settlement or exercise. We adopted this update on a prospective basis effective January 1, 2021. This update did not have a material effect on our condensed 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 adopted this update January 1, 2021 and applied certain aspects of the update retrospectively while other aspects were applied on a modified retrospective basis. The adoption of this update did not have a material effect on our condensed consolidated financial statements. Recently Issued Accounting Pronouncements Insurance – Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2020-11, 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 guaranteed lifetime withdrawal benefit (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. We are required to adopt these updates 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. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2021 | |
Schedule of Investments [Abstract] | |
Investments | 2. Investments AFS Securities — Our AFS investment portfolio includes bonds, collateralized loan obligations (CLO), asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS) and redeemable preferred stock. Our AFS investment portfolio includes related party investments that are primarily 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: March 31, 2021 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 375 $ — $ 1 $ (25) $ 351 US state, municipal and political subdivisions 898 — 115 (7) 1,006 Foreign governments 373 — 18 (9) 382 Corporate 55,922 (8) 3,750 (816) 58,848 CLO 11,299 — 94 (121) 11,272 ABS 4,761 (11) 152 (70) 4,832 CMBS 2,218 (14) 66 (64) 2,206 RMBS 6,344 (78) 383 (22) 6,627 Total AFS securities 82,190 (111) 4,579 (1,134) 85,524 AFS securities – related party Corporate 213 — 8 — 221 CLO 1,864 — 13 (8) 1,869 ABS 4,777 — 78 (40) 4,815 Total AFS securities – related party 6,854 — 99 (48) 6,905 Total AFS securities including related party $ 89,044 $ (111) $ 4,678 $ (1,182) $ 92,429 December 31, 2020 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 349 $ — $ 3 $ (1) $ 351 US state, municipal and political subdivisions 864 — 169 — 1,033 Foreign governments 330 — 38 — 368 Corporate 51,934 (6) 6,368 (116) 58,180 CLO 9,631 (1) 145 (206) 9,569 ABS 4,259 (6) 140 (123) 4,270 CMBS 2,165 (10) 85 (71) 2,169 RMBS 6,568 (80) 447 (22) 6,913 Total AFS securities 76,100 (103) 7,395 (539) 82,853 AFS securities – related party Corporate 213 — 2 — 215 CLO 1,511 (1) 23 (13) 1,520 ABS 4,720 — 95 (30) 4,785 Total AFS securities – related party 6,444 (1) 120 (43) 6,520 Total AFS securities including related party $ 82,544 $ (104) $ 7,515 $ (582) $ 89,373 The amortized cost and fair value of AFS securities, including related party, are shown by contractual maturity below: March 31, 2021 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 985 $ 1,000 Due after one year through five years 8,603 9,060 Due after five years through ten years 15,913 16,559 Due after ten years 32,067 33,968 CLO, ABS, CMBS and RMBS 24,622 24,937 Total AFS securities 82,190 85,524 AFS securities – related party Due after one year through five years 18 19 Due after five years through ten years 195 202 CLO and ABS 6,641 6,684 Total AFS securities – related party 6,854 6,905 Total AFS securities including related party $ 89,044 $ 92,429 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: March 31, 2021 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 US government and agencies $ 312 $ (25) $ — $ — $ 312 $ (25) US state, municipal and political subdivisions 226 (7) 6 — 232 (7) Foreign governments 211 (9) 1 — 212 (9) Corporate 15,665 (749) 398 (43) 16,063 (792) CLO 2,643 (19) 2,873 (89) 5,516 (108) ABS 752 (21) 524 (40) 1,276 (61) CMBS 588 (23) 245 (22) 833 (45) RMBS 562 (7) 124 (4) 686 (11) Total AFS securities 20,959 (860) 4,171 (198) 25,130 (1,058) AFS securities – related party CLO 601 (1) 216 (4) 817 (5) ABS 2,262 (40) 14 — 2,276 (40) Total AFS securities – related party 2,863 (41) 230 (4) 3,093 (45) Total AFS securities including related party $ 23,822 $ (901) $ 4,401 $ (202) $ 28,223 $ (1,103) December 31, 2020 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 US government and agencies $ 31 $ (1) $ — $ — $ 31 $ (1) US state, municipal and political subdivisions 9 — 6 — 15 — Foreign governments 2 — — — 2 — Corporate 2,218 (66) 248 (24) 2,466 (90) CLO 1,649 (33) 3,179 (167) 4,828 (200) ABS 1,169 (73) 84 (18) 1,253 (91) CMBS 710 (37) 48 (13) 758 (50) RMBS 548 (11) 37 (2) 585 (13) Total AFS securities 6,336 (221) 3,602 (224) 9,938 (445) AFS securities – related party CLO 336 (3) 232 (10) 568 (13) ABS 1,012 (30) — — 1,012 (30) Total AFS securities – related party 1,348 (33) 232 (10) 1,580 (43) Total AFS securities including related party $ 7,684 $ (254) $ 3,834 $ (234) $ 11,518 $ (488) The following summarizes the number of AFS securities that were in an unrealized loss position, including related party, for which an allowance for credit losses has not been recorded: March 31, 2021 Unrealized loss position Unrealized loss position 12 months or more AFS securities 3,556 480 AFS securities – related party 56 8 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, including Purchase Credit Deteriorated (PCD) securities, by asset type: Three months ended March 31, 2021 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 $ 6 $ 2 $ — $ (2) $ 2 $ 8 CLO 1 — — — (1) — ABS 6 5 — — — 11 CMBS 10 2 — — 2 14 RMBS 80 — 2 (3) (1) 78 Total AFS securities 103 9 2 (5) 2 111 AFS securities – related party, CLO 1 — — (1) — — Total AFS securities including related party $ 104 $ 9 $ 2 $ (6) $ 2 $ 111 Three months ended March 31, 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 $ — $ — $ — $ 15 ABS — 5 — — — 5 CMBS — 4 — — — 4 RMBS 17 35 1 (1) 2 54 Total AFS securities $ 17 $ 59 $ 1 $ (1) $ 2 $ 78 Net Investment Income —Net investment income by asset class consists of the following: Three months ended March 31, (In millions) 2021 2020 AFS securities $ 860 $ 837 Trading securities 63 48 Equity securities 4 4 Mortgage loans 192 186 Investment funds 463 (278) Funds withheld at interest 206 41 Other 64 37 Investment revenue 1,852 875 Investment expenses (148) (130) Net investment income $ 1,704 $ 745 Investment Related Gains (Losses) —Investment related gains (losses) by asset class consists of the following: Three months ended March 31, (In millions) 2021 2020 AFS securities Gross realized gains on investment activity $ 73 $ 164 Gross realized losses on investment activity (143) (134) Net realized investment gains (losses) on AFS securities (70) 30 Net recognized investment losses on trading securities (69) (223) Net recognized investment gains (losses) on equity securities 17 (50) Derivative losses (438) (3,019) Provision for credit losses (8) (284) Other gains (losses) 80 (26) Investment related gains (losses) $ (488) $ (3,572) Proceeds from sales of AFS securities were $892 million and $1,807 million for the three months ended March 31, 2021 and 2020, 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 March 31, (In millions) 2021 2020 Trading securities $ (121) $ (73) Trading securities – related party 58 (109) Equity securities 9 (37) Equity securities – related party 6 — 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 March 31, 2021 (In millions) Fixed maturity securities Mortgage loans Purchase price $ 6 $ 335 Allowance for credit losses at acquisition 2 6 Discount (premiums) attributable to other factors (2) (26) Par value $ 6 $ 315 Repurchase Agreements— The following table summarizes the maturities of our repurchase agreements: March 31, 2021 Remaining Contractual Maturity (In millions) Overnight and continuous Less than 30 days 30-90 days 91 days to 1 year Greater than 1 year Total Payables for repurchase agreements 1 $ — $ — $ — $ — $ 599 $ 599 1 Included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets. December 31, 2020 Remaining Contractual Maturity (In millions) Overnight and continuous Less than 30 days 30-90 days 91 days to 1 year Greater than 1 year Total Payables for repurchase agreements 1 $ — $ — $ — $ — $ 598 $ 598 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: March 31, 2021 December 31, 2020 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities – Corporate $ 553 $ 603 $ 559 $ 644 Mortgage Loans, including related party —Mortgage loans, net of allowances, consists of the following: (In millions) March 31, 2021 December 31, 2020 Commercial mortgage loans $ 12,385 $ 11,383 Commercial mortgage loans under development 283 232 Total commercial mortgage loans 12,668 11,615 Allowance for credit losses on commercial mortgage loans (172) (167) Commercial mortgage loans, net of allowances 12,496 11,448 Residential mortgage loans 4,967 4,569 Allowance for credit losses on residential mortgage loans (78) (79) Residential mortgage loans, net of allowances 4,889 4,490 Mortgage loans, net of allowances $ 17,385 $ 15,938 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: March 31, 2021 December 31, 2020 (In millions, except for percentages) Net Carrying Value Percentage of Total Net Carrying Value Percentage of Total Property type Office building $ 3,817 30.5 % $ 3,589 31.4 % Retail 2,100 16.8 % 2,083 18.2 % Apartment 2,770 22.2 % 2,441 21.3 % Hotels 1,334 10.7 % 1,294 11.3 % Industrial 1,801 14.4 % 1,362 11.9 % Other commercial 674 5.4 % 679 5.9 % Total commercial mortgage loans $ 12,496 100.0 % $ 11,448 100.0 % US Region East North Central $ 1,224 9.8 % $ 1,209 10.5 % East South Central 414 3.3 % 402 3.5 % Middle Atlantic 3,227 25.8 % 3,069 26.8 % Mountain 480 3.9 % 487 4.2 % New England 376 3.0 % 350 3.1 % Pacific 2,919 23.4 % 2,746 24.0 % South Atlantic 1,875 15.0 % 1,773 15.5 % West North Central 141 1.1 % 145 1.3 % West South Central 674 5.4 % 640 5.6 % Total US Region 11,330 90.7 % 10,821 94.5 % International Region United Kingdom 724 5.8 % — — % Other International 1 442 3.5 % 627 5.5 % Total International Region 1,166 9.3 % 627 5.5 % Total commercial mortgage loans $ 12,496 100.0 % $ 11,448 100.0 % 1 Represents all other countries, with each individual country comprising less than 5% of the portfolio. 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: March 31, 2021 December 31, 2020 US States California 23.3 % 24.8 % Florida 12.6 % 13.3 % New York 6.7 % 6.2 % Other 1 43.1 % 41.1 % Total US residential mortgage loan percentage 85.7 % 85.4 % International Ireland 11.1 % 12.9 % Other 2 3.2 % 1.7 % Total International residential mortgage loan percentage 14.3 % 14.6 % Total residential mortgage loan percentage 100.0 % 100.0 % 1 Represents all other states, with each individual state comprising less than 5% of the portfolio. 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 March 31, 2021 (In millions) Commercial Mortgage Residential Mortgage Other Investments Total Beginning balance $ 167 $ 79 $ 7 $ 253 Provision (reversal) for expected credit losses 5 (7) (5) (7) Initial credit losses on PCD loans — 6 — 6 Ending balance $ 172 $ 78 $ 2 $ 252 Three months ended March 31, 2020 (In millions) Commercial Mortgage Residential Mortgage Other Investments Total Beginning balance $ 10 $ 1 $ — $ 11 Adoption of accounting standard 167 43 11 221 Provision for expected credit losses 166 37 1 204 Ending balance $ 343 $ 81 $ 12 $ 436 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 March 31, 2021, our reasonable and supportable forecast period was one year, after which, we revert to the 30-year or greater historical average or the 10-year US Department of the Treasury (Treasury) constant maturity rate over a period of up to eight years. 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 March 31, 2021, 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. 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 9 – 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: March 31, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Current (less than 30 days past due) $ 542 $ 911 $ 789 $ 1,594 $ 458 $ 121 $ 4,415 30 to 59 days past due 49 90 38 31 24 10 242 60 to 89 days past due — 16 66 15 8 3 108 90 days or more past due — 17 45 61 51 28 202 Total residential mortgages $ 591 $ 1,034 $ 938 $ 1,701 $ 541 $ 162 $ 4,967 December 31, 2020 (In millions) 2020 2019 2018 2017 2016 Prior Total Current (less than 30 days past due) $ 955 $ 942 $ 1,730 $ 485 $ 141 $ 6 $ 4,259 30 to 59 days past due 68 16 34 26 8 1 153 60 to 89 days past due 15 7 16 9 3 — 50 90 days or more past due 3 26 22 43 12 1 107 Total residential mortgages $ 1,041 $ 991 $ 1,802 $ 563 $ 164 $ 8 $ 4,569 The following represents our residential loan portfolio in non-accrual status: (In millions) March 31, 2021 December 31, 2020 Beginning amortized cost of residential mortgage loans in non-accrual status $ 107 $ 67 Ending amortized cost of residential mortgage loans in non-accrual status 199 107 Amortized cost of residential mortgage loans in non-accrual status without a related allowance for credit losses 38 13 During the three months ended March 31, 2021 and 2020, we recognized $2 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: March 31, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Current (less than 30 days past due) $ 1,043 $ 1,982 $ 4,424 $ 2,653 $ 985 $ 1,529 $ 12,616 30 to 59 days past due — — 5 22 — — 27 90 days or more past due — — — — 25 — 25 Total commercial mortgages $ 1,043 $ 1,982 $ 4,429 $ 2,675 $ 1,010 $ 1,529 $ 12,668 December 31, 2020 (In millions) 2020 2019 2018 2017 2016 Prior Total Current (less than 30 days past due) $ 1,913 $ 4,400 $ 2,617 $ 987 $ 130 $ 1,452 $ 11,499 30 to 59 days past due — 20 45 25 — 5 95 90 days or more past due — — — — — 21 21 Total commercial mortgages $ 1,913 $ 4,420 $ 2,662 $ 1,012 $ 130 $ 1,478 $ 11,615 As of March 31, 2021 and December 31, 2020, we had $25 million and $0 million, respectively, of commercial mortgage loans that were 90 days or more past due and still accruing interest. The following represents our commercial mortgage loan portfolio in non-accrual status: (In millions) March 31, 2021 December 31, 2020 Beginning amortized cost of commercial mortgage loans in non-accrual status $ 38 $ — Ending amortized cost of commercial mortgage loans in non-accrual status 37 38 Amortized cost of commercial mortgage loans in non-accrual status without a related allowance for credit losses — — During the three months ended March 31, 2021 and 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: March 31, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Less than 50% $ 252 $ 453 $ 606 $ 201 $ 151 $ 1,140 $ 2,803 50% to 59% 67 291 1,332 715 325 196 2,926 60% to 69% 595 646 1,990 1,282 440 138 5,091 70% to 79% 113 459 470 374 94 18 1,528 100% or greater — — — — — 37 37 Commercial mortgage loans $ 1,027 $ 1,849 $ 4,398 $ 2,572 $ 1,010 $ 1,529 $ 12,385 December 31, 2020 (In millions) 2020 2019 2018 2017 2016 Prior Total Less than 50% $ 431 $ 600 $ 201 $ 152 $ 44 $ 1,153 $ 2,581 50% to 59% 315 1,320 765 300 40 147 2,887 60% to 69% 583 1,988 1,222 440 46 106 4,385 70% to 79% 478 485 375 95 — 13 1,446 80% to 99% — — — 25 — 21 46 100% or greater — — — — — 38 38 Commercial mortgage loans $ 1,807 $ 4,393 $ 2,563 $ 1,012 $ 130 $ 1,478 $ 11,383 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: March 31, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Greater than 1.20x $ 714 $ 1,068 $ 2,814 $ 2,224 $ 861 $ 1,399 $ 9,080 1.00x – 1.20x 313 524 1,187 62 53 94 2,233 Less than 1.00x — 257 397 286 96 36 1,072 Commercial mortgage loans $ 1,027 $ 1,849 $ 4,398 $ 2,572 $ 1,010 $ 1,529 $ 12,385 December 31, 2020 (In millions) 2020 2019 2018 2017 2016 Prior Total Greater than 1.20x $ 1,274 $ 2,964 $ 2,440 $ 846 $ 129 $ 1,369 $ 9,022 1.00x – 1.20x 533 1,122 36 70 1 101 1,863 Less than 1.00x — 307 87 96 — 8 498 Commercial mortgage loans $ 1,807 $ 4,393 $ 2,563 $ 1,012 $ 130 $ 1,478 $ 11,383 Investment Funds —Our investment fund portfolio consists of funds that employ various strategies and include investments in real estate, real assets, credit , equity and natural resources. Investment funds can meet the definition of VIEs, which are discussed further in Note 4 – Variable Interest Entities . Our investment funds do not specify timing of distributions on the funds’ underlying assets. The following summarizes our investment funds, including related party: March 31, 2021 December 31, 2020 (In millions, except for percentages) Carrying value Percent of total Carrying value Percent of total Investment funds Real estate $ 462 47.8 % $ 348 43.3 % Credit funds 122 12.6 % 107 13.3 % Private equity 300 31.1 % 267 33.3 % Real assets 82 8.5 % 81 10.1 % Total investment funds 966 100.0 % 803 100.0 % Investment funds – related parties Differentiated investments AmeriHome Mortgage Company, LLC (AmeriHome) 1 583 9.9 % 444 8.4 % Catalina Holdings Ltd. (Catalina) 344 5.8 % 334 6.3 % Athora Holding Ltd. (Athora) 1 689 11.7 % 709 13.4 % Venerable Holdings, Inc. (Venerable) 1 316 5.4 % 123 2.3 % Other 308 5.2 % 279 5.3 % Total differentiated investments 2,240 38.0 % 1,889 35.7 % Real estate 942 16.0 % 828 15.7 % Credit funds 398 6.7 % 375 7.1 % Private equity 689 11.7 % 473 8.9 % Real assets 139 2.3 % 172 3.3 % Natural resources 110 1.9 % 113 2.1 % Public equities 100 1.7 % 110 2.1 % Investment in Apollo 1 1,281 21.7 % 1,324 25.1 % Total investment funds – related parties 5,899 100.0 % 5,284 100.0 % Total investment funds including related party $ 6,865 $ 6,087 1 Our AmeriHome investment was held indirectly through A-A Mortgage Opportunities, L.P. (A-A Mortgage). Our Venerable investment is in its parent company, VA Capital Company LLC (VA Capital). See further discussion on these investments and our investments in Apollo and Athora in Note 9 – Related Parties. Summarized Ownership of Equity Method Investees —The following is the summarized income statement information of our equity method investees, A-A Mortgage and VA Capital: Three months ended March 31, (In millions) 2021 2020 Net income – VA Capital $ 913 $ 48 Net income – A-A Mortgage 261 39 Non-Consolidated Securities and Investment Funds Fixed maturity securities – We invest in securitization entities as a debt holder or an investor in the residual interest of the securitization vehicle. These entities are deemed VIEs due to insufficient equity within the structure and lack of control by the equity investors over the activities that significantly impact the economics of the entity. In general, we are a debt investor within these entities and, as such, hold a variable interest; however, due to the debt holders’ lack of ability to control the decisions within the trust that significantly impact the entity, and the fact the debt holders are protected from losses due to the subordination of the equity tranche, the debt holders are not deemed the primary beneficiary. Securitization vehicles in which we hold the residual tranche are not consolidated because we do not unilaterally have substantive rights to remove the general partner, or when assessing related party interests, we are not under common control, as defined by GAAP, with the related party, nor are substantially all of the activities conducted on our behalf; therefore, we are not deemed the primary beneficiary. Debt investments and investments in the residual tranche of securitization entities are considered debt instruments and are held at fair value on the balance sheet and classified as AFS or trading. Investment funds – Investment funds include non-fixed income, alternative investments in the form of limited partnerships or similar legal structures. Equity securities – We invest in preferred equity securities issued by entities deemed to be VIEs due to insufficient equity within the structure. Our risk of loss associated with our non-consolidated investments depends on the investment. Investment funds, equity securities and trading securities are limited to the carrying value plus unfunded commitments. AFS securities are limited to amortized cost plus unfunded commitments. The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: March 31, 2021 December 31, 2020 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 966 $ 1,605 $ 803 $ 1,265 Investment in related parties – investment funds 5,899 8,664 5,284 7,989 Investment in fixed maturity securities 25,324 25,009 23,325 23,027 Investment in related parties – fixed maturity securities 8,394 9,738 7,834 8,126 Investment in related parties – equity securities 114 114 72 72 Total non-consolidated investments $ 40,697 $ 45,130 $ 37,318 $ 40,479 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2021 | |
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: March 31, 2021 December 31, 2020 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency swaps 4,856 $ 120 $ 183 4,417 $ 134 $ 181 Foreign currency forwards 3,465 58 7 2,038 3 9 Foreign currency interest rate swaps 1,183 1 57 — — — Foreign currency forwards on net investments 224 — — 173 — 2 Total derivatives designated as hedges 179 247 137 192 Derivatives not designated as hedges Equity options 54,116 3,297 17 53,666 3,209 22 Futures 26 40 — 24 58 2 Total return swaps 119 4 — 97 6 — Foreign currency swaps 1,541 53 — 1,510 96 — Interest rate swaps 805 27 3 803 — 34 Credit default swaps 10 — 5 10 — 4 Foreign currency forwards 4,686 77 16 3,595 17 44 Embedded derivatives Funds withheld including related party 1,216 34 2,806 59 Interest sensitive contract liabilities — 12,473 — 12,873 Total derivatives not designated as hedges 4,714 12,548 6,192 13,038 Total derivatives $ 4,893 $ 12,795 $ 6,329 $ 13,230 Derivatives Designated as Hedges Cash Flow Hedges – We use foreign currency swaps to convert foreign currency denominated cash flows of investments or liabilities to US dollars to reduce cash flow fluctuations due to changes in currency exchange rates. These swaps will expire by March 2052. The following is a summary of the gains (losses) recorded in OCI related to cash flow hedges: Three months ended March 31, (In millions) 2021 2020 Foreign currency swaps $ (31) $ 401 There were no amounts reclassified to income and no amounts deemed ineffective during the three months ended March 31, 2021 and 2020 . As of March 31, 2021, no amounts are expected to be reclassified to income within the next 12 months. Fair Value Hedges – We use foreign currency forward contracts and foreign currency interest rate swaps that are designated and accounted for as fair value hedges. 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. We use foreign currency interest rate swaps to hedge certain exposures to foreign currency risk and interest rate risk relating to foreign currency denominated funding agreements. The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities: March 31, 2021 December 31, 2020 (In millions) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) AFS securities – Foreign currency forwards $ 2,997 $ (102) $ 1,932 $ 117 Interest sensitive contract liabilities Foreign currency forwards 75 4 65 (1) Foreign currency interest rate swaps 1,178 50 — — 1 The carrying amount disclosed for AFS securities is amortized cost. The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships: (In millions) Derivatives Hedged Items Amount Excluded Net Three months ended March 31, 2021 Investment related gains (losses) Foreign currency forwards $ 218 $ (217) $ — $ 1 Foreign currency interest rate swaps (36) 41 — 5 Interest sensitive contract benefits Foreign currency interest rate swaps 1 (1) — — Three months ended March 31, 2020 Investment related gains (losses) – Foreign currency forwards $ 12 $ (8) $ — $ 4 Net Investment Hedges – We use foreign currency forwards to hedge the foreign currency exchange rate risk of our investments in subsidiaries that have a reporting currency other than the US dollar. We assess hedge effectiveness based on the changes in forward rates. During the three months ended March 31, 2021 and 2020 , these derivatives had losses of $2 million and gains of $13 million, respectively, which are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive loss. As of March 31, 2021 and December 31, 2020, the cumulative foreign currency translation recorded in accumulated other comprehensive income (AOCI) related to these net investment hedges were losses of $2 million and $0 million, respectively. During the three months ended March 31, 2021 and 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 March 31, (In millions) 2021 2020 Equity options $ 502 $ (1,581) Futures 11 16 Swaps 31 (75) Foreign currency forwards (31) 67 Embedded derivatives on funds withheld (1,133) (1,446) Amounts recognized in investment related gains (losses) (620) (3,019) Embedded derivatives in indexed annuity products 1 335 1,177 Total gains (losses) on derivatives not designated as hedges $ (285) $ (1,842) 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 March 31, 2021 Derivative assets $ 3,677 $ (211) $ (3,355) $ 111 $ (26) $ 85 Derivative liabilities (288) 211 67 (10) — (10) December 31, 2020 Derivative assets $ 3,523 $ (165) $ (3,196) $ 162 $ (46) $ 116 Derivative liabilities (298) 165 144 11 — 11 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of March 31, 2021 and December 31, 2020, 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 | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 4. Variable Interest Entities During the first quarter 2021, we consolidated the following VIEs: • Hamlet Securitization Trust 2020-CRE1 (Hamlet) • A-A SPN-9 (ASREII - ACRASP), L.P. and A-A SPN-9 (ASREII - ALRESP), L.P. (collectively, A-A SPN-9) • A-A Offshore 2021-1 (Java), L.P. (Java) Hamlet was formed to securitize a portion of our commercial mortgage loan portfolio as CMBS securities held by AHL subsidiaries and third-party cedant portfolios. Securitization of these commercial mortgage loans allows retention of 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 of March 31, 2021 and December 31, 2020, Hamlet primarily held $1,812 million and $1,880 million, respectively, of commercial mortgage loans. 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 10 – Commitments and Contingencies . A-A SPN-9 is comprised of limited partnership entities that invest in an underlying investment fund. As of March 31, 2021, A-A SPN-9 primarily held $130 million of investment funds. We are the only limited partner in these entities and receive all of the economic benefits and losses, other than management fees and carried interest, as applicable, paid to the general partner in each entity, or a related entity, which are related parties. We do not have any direct voting rights as a limited partner at the A-A SPN-9 level, but we do have an ability to dissolve the underlying investment that results in dissolution of the entities. Therefore, as we have a unilateral ability to ultimately dissolve the entities and also own all of the economics in each of the entities, we are deemed to be the primary beneficiary of the VIEs. Java is an investment fund. As of March 31, 2021, Java primarily held $24 million of investment funds and $151 million of other assets. We are both the general partner and the only limited partner in this investment fund and receive all of the economic benefits and losses. The general partner hired a related party investment manager who receives management fees and service fees, as applicable. We hold both the power, as a general partner, and significant economics, as a limited partner, satisfying the primary beneficiary criteria. No arrangement exists requiring us to provide additional funding in excess of our committed capital investment, liquidity, or the funding of losses or an increase to our loss exposure in excess of our investment in any of the consolidated VIEs. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2021 | |
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. Net Asset Value (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. Our carrying value reflects our pro rata ownership percentage as indicated by NAV in the investment fund financial statements, which we may adjust if we determine NAV is not calculated consistent with investment company fair value principles. The underlying investments of the investment funds may have significant unobservable inputs, which may include but are not limited to, comparable multiples and weighted average cost of capital rates applied in valuation models or a discounted cash flow model. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the instrument’s fair value measurement. We use a number of valuation sources to determine fair values. Valuation sources can include quoted market prices; third-party commercial pricing services; third-party brokers; industry-standard, vendor modeling software that uses market observable inputs; and other internal modeling techniques based on projected cash flows. We periodically review the assumptions and inputs of third-party commercial pricing services through internal valuation price variance reviews, comparisons to internal pricing models, back testing to recent trades, or monitoring trading volumes. The following represents the hierarchy for our assets and liabilities measured at fair value on a recurring basis: March 31, 2021 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 351 $ — $ 342 $ 9 $ — US state, municipal and political subdivisions 1,006 — — 1,006 — Foreign governments 382 — — 380 2 Corporate 58,848 — — 58,066 782 CLO 11,272 — — 11,098 174 ABS 4,832 — — 3,625 1,207 CMBS 2,206 — — 2,158 48 RMBS 6,627 — — 6,627 — Total AFS securities 85,524 — 342 82,969 2,213 Trading securities US government and agencies 6 — 3 3 — US state, municipal and political subdivisions 100 — — 100 — Corporate 1,486 — — 1,486 — ABS 132 — — 97 35 CMBS 57 — — 57 — RMBS 198 — — 139 59 Total trading securities 1,979 — 3 1,882 94 Equity securities 322 — 36 272 14 Mortgage loans 18 — — — 18 Investment funds 319 148 — — 171 Funds withheld at interest – embedded derivative 636 — — — 636 Derivative assets 3,677 — 40 3,637 — Short-term investments 117 — 51 66 — Other investments 105 — — 105 — Cash and cash equivalents 6,427 — 6,427 — — Restricted cash 546 — 546 — — Investments in related parties AFS securities Corporate 221 — — 20 201 CLO 1,869 — — 1,869 — ABS 4,815 — — 684 4,131 Total AFS securities – related party 6,905 — — 2,573 4,332 Trading securities CLO 69 — — 25 44 ABS 1,641 — — — 1,641 Total trading securities – related party 1,710 — — 25 1,685 Equity securities 114 — — — 114 Investment funds 2,060 90 — — 1,970 Funds withheld at interest – embedded derivative 580 — — — 580 Reinsurance recoverable 1,880 — — — 1,880 Total assets measured at fair value $ 112,919 $ 238 $ 7,445 $ 91,529 $ 13,707 Liabilities Interest sensitive contract liabilities Embedded derivative $ 12,473 $ — $ — $ — $ 12,473 Universal life benefits 1,108 — — — 1,108 Future policy benefits AmerUs Life Insurance Company (AmerUs) Closed Block 1,497 — — — 1,497 Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits 757 — — — 757 Derivative liabilities 288 — — 283 5 Funds withheld liability – embedded derivative 34 — — 34 — Total liabilities measured at fair value $ 16,157 $ — $ — $ 317 $ 15,840 December 31, 2020 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 351 $ — $ 332 $ 19 $ — US state, municipal and political subdivisions 1,033 — — 999 34 Foreign governments 368 — — 366 2 Corporate 58,180 — — 57,402 778 CLO 9,569 — — 9,361 208 ABS 4,270 — — 3,470 800 CMBS 2,169 — — 2,126 43 RMBS 6,913 — — 6,913 — Total AFS securities 82,853 — 332 80,656 1,865 Trading securities US government and agencies 6 — 3 3 — US state, municipal and political subdivisions 106 — — 106 — Corporate 1,577 — — 1,577 — CLO 4 — — — 4 ABS 128 — — 93 35 CMBS 52 — — 52 — RMBS 220 — — 173 47 Total trading securities 2,093 — 3 2,004 86 Equity securities 330 — 57 262 11 Mortgage loans 19 — — — 19 Investment funds 161 144 — — 17 Funds withheld at interest – embedded derivative 1,944 — — — 1,944 Derivative assets 3,523 — 58 3,465 — Short-term investments 222 — 146 74 2 Other investments 105 — — 105 — Cash and cash equivalents 7,704 — 7,704 — — Restricted cash 738 — 738 — — Investments in related parties AFS securities Corporate 215 — — 20 195 CLO 1,520 — — 1,520 — ABS 4,785 — — 676 4,109 Total AFS securities – related party 6,520 — — 2,216 4,304 Trading securities CLO 54 — — 4 50 ABS 1,475 — — — 1,475 Total trading securities – related party 1,529 — — 4 1,525 Equity securities 72 — — — 72 Investment funds 2,119 86 — — 2,033 Funds withheld at interest – embedded derivative 862 — — — 862 Reinsurance recoverable 2,100 — — — 2,100 Total assets measured at fair value $ 112,894 $ 230 $ 9,038 $ 88,786 $ 14,840 Liabilities Interest sensitive contract liabilities Embedded derivative $ 12,873 $ — $ — $ — $ 12,873 Universal life benefits 1,308 — — — 1,308 Future policy benefits AmerUs Closed Block 1,600 — — — 1,600 ILICO Closed Block and life benefits 776 — — — 776 Derivative liabilities 298 — 2 292 4 Funds withheld liability – embedded derivative 59 — — 59 — Total liabilities measured at fair value $ 16,914 $ — $ 2 $ 351 $ 16,561 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 US and non-US corporate bonds, US 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: discount rates, 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 March 31, (In millions) 2021 2020 Trading securities $ (69) $ (223) Investment funds (60) (300) Future policy benefits 103 65 Total gains (losses) $ (26) $ (458) 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) March 31, 2021 December 31, 2020 Unpaid principal balance $ 16 $ 17 Mark to fair value 2 2 Fair value $ 18 $ 19 There were no fair value option mortgage loans 90 days or more past due as of March 31, 2021 and December 31, 2020. Level 3 Financial Instruments — The following are reconciliations for 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 March 31, 2021 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 US state, municipal and political subdivisions $ 34 $ — $ — $ — $ (34) $ — $ — $ — Foreign governments 2 — — — — 2 — — Corporate 778 4 21 22 (43) 782 — 21 CLO 208 — — (34) — 174 — — ABS 800 3 27 468 (91) 1,207 — 35 CMBS 43 — 5 — — 48 — 4 Trading securities CLO 4 — — (4) — — — — ABS 35 — — — — 35 — — RMBS 47 (5) — — 17 59 (2) — Equity securities 11 3 — — — 14 4 — Mortgage loans 19 — — (1) — 18 — — Investment funds 17 3 — 42 109 171 3 — Funds withheld at interest – embedded derivative 1,944 (1,308) — — — 636 — — Short-term investments 2 — — — (2) — — — Investments in related parties AFS securities Corporate 195 — 6 — — 201 — 6 ABS 4,109 (5) (27) 115 (61) 4,131 — (27) Trading securities CLO 50 16 — (3) (19) 44 25 — ABS 1,475 35 — 131 — 1,641 37 — Equity securities 72 8 — 34 — 114 8 — Investment funds 2,033 (63) — — — 1,970 (63) — Funds withheld at interest – embedded derivative 862 (282) — — — 580 — — Reinsurance recoverable 2,100 (220) — — — 1,880 — — Total Level 3 assets $ 14,840 $ (1,811) $ 32 $ 770 $ (124) $ 13,707 $ 12 $ 39 Liabilities Interest sensitive contract liabilities Embedded derivative $ (12,873) $ 335 $ — $ 65 $ — $ (12,473) $ — $ — Universal life benefits (1,308) 200 — — — (1,108) — — Future policy benefits AmerUs Closed Block (1,600) 103 — — — (1,497) — — ILICO Closed Block and life benefits (776) 19 — — — (757) — — Derivative liabilities (4) (1) — — — (5) (1) — Total Level 3 liabilities $ (16,561) $ 656 $ — $ 65 $ — $ (15,840) $ (1) $ — 1 Related to instruments held at end of period. Three months ended March 31, 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 US state, municipal and political subdivisions $ 40 $ — $ (3) $ — $ — $ 37 $ — $ (3) Corporate 725 (5) (33) 33 513 1,233 — (31) CLO 121 — (9) 30 (20) 122 — (9) ABS 1,374 22 (119) (183) (177) 917 — (103) CMBS 46 — (5) 4 — 45 — (5) RMBS — — — — 42 42 — — Trading securities Corporate — — — — 32 32 — — CLO 6 (3) — — — 3 (3) — ABS 16 — — (2) — 14 — — RMBS 52 (1) — — 19 70 1 — Equity securities 3 4 — — — 7 4 — Mortgage loans 27 — — (1) — 26 — — Investment funds 22 (1) — — — 21 (1) — Funds withheld at interest – embedded derivative 801 (1,175) — — — (374) — — Short-term investments 41 — (1) 27 — 67 — — Investments in related parties AFS securities, ABS 2,324 (3) (220) (50) (164) 1,887 — (205) Trading securities CLO 38 (16) — 1 9 32 (24) — ABS 711 (101) — 66 — 676 (101) — Equity securities 64 (10) — 1 (6) 49 (10) — Investment funds 132 (300) — 1,147 — 979 (300) — Funds withheld at interest – embedded derivative 594 (609) — — — (15) — — Reinsurance recoverable 1,821 294 — — — 2,115 — — Total Level 3 assets $ 8,958 $ (1,904) $ (390) $ 1,073 $ 248 $ 7,985 $ (434) $ (356) Liabilities Interest sensitive contract liabilities Embedded derivative $ (10,942) $ 1,177 $ — $ 676 $ — $ (9,089) $ — $ — Universal life benefits (1,050) (272) — — — (1,322) — — Future policy benefits AmerUs Closed Block (1,546) 65 — — — (1,481) — — ILICO Closed Block and life benefits (755) (23) — — — (778) — — Derivative liabilities (3) (4) — — — (7) — — Total Level 3 liabilities $ (14,296) $ 943 $ — $ 676 $ — $ (12,677) $ — $ — 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 March 31, 2021 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities US state, municipal and political subdivisions $ — $ — $ — $ — $ — $ — $ (34) $ (34) Corporate 39 — (9) (8) 22 76 (119) (43) CLO — — — (34) (34) — — — ABS 513 — — (45) 468 47 (138) (91) Trading securities CLO — — (4) — (4) — — — RMBS — — — — — 20 (3) 17 Mortgage loans — — — (1) (1) — — — Investment funds 42 — — — 42 109 — 109 Short-term investments — — — — — — (2) (2) Investments in related parties AFS securities, ABS 873 — (751) (7) 115 — (61) (61) Trading securities CLO 3 — — (6) (3) 6 (25) (19) ABS 131 — — — 131 — — — Equity securities 35 — — (1) 34 — — — Total Level 3 assets $ 1,636 $ — $ (764) $ (102) $ 770 $ 258 $ (382) $ (124) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (175) $ — $ 240 $ 65 $ — $ — $ — Total Level 3 liabilities $ — $ (175) $ — $ 240 $ 65 $ — $ — $ — Three months ended March 31, 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 $ 74 $ — $ (10) $ (31) $ 33 $ 548 $ (35) $ 513 CLO 33 — — (3) 30 3 (23) (20) ABS 73 — (14) (242) (183) 13 (190) (177) CMBS 4 — — — 4 — — — RMBS — — — — — 42 — 42 Trading securities Corporate — — — — — 32 — 32 ABS — — (2) — (2) — — — RMBS — — — — — 20 (1) 19 Mortgage loans — — — (1) (1) — — — Short-term investments 41 — — (14) 27 — — — Investments in related parties AFS securities, ABS 5 — — (55) (50) — (164) (164) Trading securities CLO 13 — (12) — 1 9 — 9 ABS 66 — — — 66 — — — Equity securities 3 — — (2) 1 — (6) (6) Investment funds 1,147 — — — 1,147 — — — Total Level 3 assets $ 1,459 $ — $ (38) $ (348) $ 1,073 $ 667 $ (419) $ 248 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (116) $ — $ 792 $ 676 $ — $ — $ — Total Level 3 liabilities $ — $ (116) $ — $ 792 $ 676 $ — $ — $ — 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 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: March 31, 2021 (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 $ 5,982 Discounted cash flow Discount rate 1.4 % 18.0 % 4.7 % 1 Decrease Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives $ 12,473 Option budget method Nonperformance risk 0.1 % 1.0 % 0.5 % 2 Decrease Option budget 0.5 % 3.5 % 1.8 % 3 Increase Surrender rate 5.2 % 9.6 % 7.1 % 4 Decrease December 31, 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 $ 5,858 Discounted cash flow Discount rate 1.7 % 35.0 % 4.6 % 1 Decrease Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives $ 12,873 Option budget method Nonperformance risk 0.0 % 1.1 % 0.5 % 2 Decrease Option budget 0.6 % 3.5 % 1.9 % 3 Increase Surrender rate 5.3 % 9.5 % 7.1 % 4 Decrease 1 The discount rate 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. Financial Instruments Without Readily Determinable Fair Values —We have elected the measurement alternative for certain equity securities that do not have a readily determinable fair value. The carrying amount of the equity securities was $202 million, with a cumulative recorded impairment of $231 million as of March 31, 2021 and December 31, 2020. Fair Value of Financial Instruments Not Carried at Fair Value — The following represents our financial instruments not carried at fair value on the condensed consolidated balance sheets: March 31, 2021 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Mortgage loans $ 16,653 $ 17,176 $ — $ — $ — $ 17,176 Investment funds 647 647 647 — — — Policy loans 356 356 — — 356 — Funds withheld at interest 45,388 45,388 — — — 45,388 Short-term investments 8 8 — — — 8 Other investments 1,617 1,617 — — — 1,617 Investments in related parties Mortgage loans 714 734 — — — 734 Investment funds 3,839 3,839 3,839 — — — Funds withheld at interest 11,992 11,992 — — — 11,992 Other investments 469 492 — — — 492 Total financial assets not carried at fair value $ 81,683 $ 82,249 $ 4,486 $ — $ 356 $ 77,407 Financial liabilities Interest sensitive contract liabilities $ 97,239 $ 99,298 $ — $ — $ — $ 99,298 Long-term debt 1,977 2,215 — — 2,215 — Securities to repurchase 599 599 — — 599 — Funds withheld liability 388 388 — — 388 — Total financial liabilities not carried at fair value $ 100,203 $ 102,500 $ — $ — $ 3,202 $ 99,298 December 31, 2020 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Mortgage loans $ 15,245 $ 15,811 $ — $ — $ — $ 15,811 Investment funds 642 642 642 — — — Policy loans 369 369 — — 369 — Funds withheld at interest 46,668 46,668 — — — 46,668 Other investments 467 471 — — — 471 Investments in related parties Mortgage loans 674 694 — — — 694 Investment funds 3,165 3,165 3,165 — — — Funds withheld at interest 12,168 12,168 — — — 12,168 Other investments 469 499 — — — 499 Total financial assets not carried at fair value $ 79,867 $ 80,487 $ 3,807 $ — $ 369 $ 76,311 Financial liabilities Interest sensitive contract liabilities $ 94,685 $ 98,945 $ — $ — $ — $ 98,945 Long-term debt 1,976 2,259 — — 2,259 — Securities to repurchase 598 598 — — 598 — Funds withheld liability 393 393 — — 393 — Total financial liabilities not carried at fair value $ 97,652 $ 102,195 $ — $ — $ 3,250 $ 98,945 We estimate the fair value for financial instruments not carried at fair value using the same methods and assumptions as those we carry at fair value. The financial instruments presented above are reported at carrying value on the condensed consolidated balance sheets; however, in the case of policy loans, funds withheld at interest and liability, short-term investments, and securities to repurchase, the carrying amount approximates fair value. Other investments – The fair value of other investments is determined using a discounted cash flow model using discount rates for similar investments. Interest sensitive contract liabilities – The carrying and fair value of interest sensitive contract liabilities above includes fixed indexed and traditional fixed annuities without mortality or morbidity risks, funding agreements and payout annuities without life contingencies. The embedded derivatives within fixed indexed annuities without mortality or morbidity risks are excluded, as they are carried at fair value. The valuation of these investment contracts is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using current market risk-free interest rates, adding a spread to reflect our nonperformance risk and subtracting a risk margin to reflect uncertainty inherent in the projected cash flows. Long-term debt – We obtain the fair value of long-term debt from commercial pricing services. These are classified as Level 2. The pricing services incorporate a variety of market observable information in their valuation techniques including benchmark yields, trading activity, credit quality, issuer spreads, bids, offers and other reference data. |
Deferred Acquisition Costs, Def
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired | 3 Months Ended |
Mar. 31, 2021 | |
Insurance [Abstract] | |
Deferred Acquisition Costs, Deferred Sales Inducements, and Value of Business Acquired | 6. 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, 2020 $ 3,236 $ 857 $ 813 $ 4,906 Additions 143 54 — 197 Amortization (98) (84) (66) (248) Impact of unrealized investment (gains) losses 271 87 90 448 Balance at March 31, 2021 $ 3,552 $ 914 $ 837 $ 5,303 (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 112 38 — 150 Amortization 436 (10) (23) 403 Impact of unrealized investment (gains) losses 489 139 181 809 Balance at March 31, 2020 $ 4,323 $ 992 $ 1,077 $ 6,392 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 8. Earnings Per Share The following represents our basic and diluted earnings per share (EPS) calculations, which are calculated using unrounded amounts: Three months ended March 31, 2021 (In millions, except per share data) Class A Net income available to Athene Holding Ltd. common shareholders – basic and diluted $ 578 Basic weighted average shares outstanding 191.3 Dilutive effect of stock compensation plans and warrants 5.5 Diluted weighted average shares outstanding 196.8 Earnings per share Basic $ 3.02 Diluted $ 2.94 Three months ended March 31, 2020 (In millions, except 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 $ (938) $ (98) $ (13) $ (3) $ (4) $ (9) Basic weighted average shares outstanding 161.4 25.4 3.3 0.8 1.0 2.4 Dilutive effect of stock compensation plans and warrants 1 — — — — — — Diluted weighted average shares outstanding 161.4 25.4 3.3 0.8 1.0 2.4 Loss per share Basic $ (5.81) $ (3.87) $ (3.87) $ (3.87) $ (3.87) $ (3.87) Diluted $ (5.81) $ (3.87) $ (3.87) $ (3.87) $ (3.87) $ (3.87) 1 The dilutive effective of stock compensation plans and warrants is antidilutive as a result of the net loss available to Athene Holding Ltd. common shareholders for the three months ended March 31, 2020. For the periods in which we had multiple classes of stock participating in earnings, we used the two-class method for allocating net income available to Athene Holding Ltd. common shareholders to each class of our common stock. During the first quarter of 2020, as a result of the closing of the share transaction discussed further in Note 9 – 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 first quarter of 2020 used the weighted average shares for the quarter to allocate first quarter net loss to Class B and Class M shares; however, for those classes, 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 included within the dilutive effect of stock compensation plans and warrants above if dilutive. 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 1.0 million and 11.1 million shares, restricted stock units, options and warrants as of March 31, 2021 and 2020, respectively. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | 7. Equity Acc umulated Other Comprehensive Income (Loss)— The following provides the details 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 December 31, 2020 $ 5,338 $ (39) $ (1,310) $ (26) $ 8 $ 3,971 Other comprehensive income (loss) before reclassifications (3,271) (81) 753 (31) — (2,630) Less: Reclassification adjustments for gains (losses) realized 1 (10) — 2 — — (8) Less: Income tax expense (benefit) (631) (16) 158 (7) — (496) Less: Other comprehensive loss attributable to noncontrolling interests (175) — — (1) — (176) Balance at March 31, 2021 $ 2,883 $ (104) $ (717) $ (49) $ 8 $ 2,021 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 (5,762) (273) 1,352 401 9 (4,273) Less: Reclassification adjustments for gains (losses) realized 1 171 — (15) — — 156 Less: Income tax expense (benefit) (1,128) (53) 287 97 — (797) Less: Other comprehensive income (loss) attributable to noncontrolling interests (159) — — (30) 6 (183) Balance at March 31, 2020 $ (1,540) $ (224) $ 195 $ 395 $ — $ (1,174) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). |
Related Parties
Related Parties | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Parties | 9. Related Parties Apollo Current fee structure – Substantially all of our investments are managed by Apollo. Apollo provides us a full suite of services that includes: direct investment management; asset sourcing and allocation; mergers and acquisition sourcing, execution and asset diligence; and strategic support and advice. Apollo also provides certain operational support services for our investment portfolio including investment compliance, tax, legal and risk management support. Apollo has extensive experience managing our investment portfolio and its knowledge of our liability profile enables it to tailor an asset management strategy to fit our specific needs. This strategy has proven responsive to changing market conditions and focuses on earning incremental yield by taking liquidity risk and complexity risk, rather than assuming solely credit risk. Our partnership has enabled us to take advantage of investment opportunities that would likely not otherwise have been available to us. Under the Seventh Amended and Restated Fee Agreement between us and AGM’s subsidiary, Apollo Insurance Solutions Group LP (ISG) (Fee Agreement), 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 US 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, US treasuries, non-preferred equities and alternatives. The following represents assets based on the above sub-allocation structure: (In millions, except percentages) March 31, 2021 Percent of Total December 31, 2020 Percent of Total Core $ 46,343 25.4 % $ 49,392 27.3 % Core Plus 41,810 22.9 % 41,516 23.0 % Yield 70,497 38.5 % 64,693 35.8 % High Alpha 7,038 3.9 % 6,200 3.4 % Other 17,003 9.3 % 19,088 10.5 % Total sub-allocation assets $ 182,691 100.0 % $ 180,889 100.0 % 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 March 31, 2021 and 2020, we incurred management fees, inclusive of the base and sub-allocation fees, of $144 million and $128 million, respectively. Management fees are included within net investment income on the condensed consolidated statements of income (loss). As of March 31, 2021 and December 31, 2020, management fees payable were $48 million and $41 million, respectively, and are included in other liabilities on the condensed consolidated balance sheets. Such amounts include fees incurred attributable to ACRA including all of the noncontrolling interest in ACRA. 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 noted 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 and in connection with such interest receives distributions in respect of ISG and sub-allocation fees earned by Apollo. Additionally, six of the sixteen 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 – We had an equity method investment of $583 million and $444 million as of March 31, 2021 and December 31, 2020, respectively, in A-A Mortgage, which had an investment in AmeriHome. On February 16, 2021, Apollo, Athene and AmeriHome announced the sale of AmeriHome to a subsidiary of Western Alliance Bancorporation. This transaction closed on April 7, 2021 and we estimate $184 million of revenue from the premium of the platform sale, net of carry and transaction expenses. Of the total estimated premium, $174 million was recognized during the first quarter of 2021 as a result of the underlying investment being held at fair value. We have a loan purchase agreement with AmeriHome, which survived the sale. The agreement allows us to purchase residential mortgage loans which AmeriHome has purchased from correspondent sellers and pooled for sale in the secondary market. AmeriHome retains the servicing rights to the sold loans. We purchased $0 million and $169 million of residential mortgage loans under this agreement during the three months ended March 31, 2021 and 2020, respectively. Additionally, we hold investments issued by AmeriHome or AmeriHome affiliates of $372 million and $360 million as of March 31, 2021 and December 31, 2020, respectively, which are included in related party AFS securities on the condensed consolidated balances sheets. We also had commitments to make additional equity investments in A-A Mortgage of $381 million as of March 31, 2021. MidCap – We have multiple investments in MidCap including profit participating notes, redeemable preferred stock and amounts advanced under a subordinated debt facility. The subordinated debt facility is included in related party other investments and the redeemable preferred stock and profit participating notes are included in related party trading securities on the condensed consolidated balance sheets. The following summarizes these investments in MidCap: (In millions) March 31, 2021 December 31, 2020 Profit participating notes $ 573 $ 534 Subordinated debt facility 321 328 Redeemable preferred stock 77 77 Total investment in MidCap $ 971 $ 939 Additionally, we hold ABS and CLO securities issued by MidCap affiliates of $801 million and $630 million as of March 31, 2021 and December 31, 2020, respectively, which are included in related party AFS securities on the condensed consolidated balance sheets. Athora – We have a cooperation agreement with Athora, pursuant to which, among other things, (1) for a period of 30 days from the receipt of notice of a cession, we have the right of first refusal to reinsure (i) up to 50% of the liabilities ceded from Athora’s reinsurance subsidiaries to Athora Life Re Ltd. and (ii) up to 20% of the liabilities ceded from a third party to any of Athora’s insurance subsidiaries, subject to a limitation in the aggregate of 20% of Athora’s liabilities, (2) Athora agreed to cause its insurance subsidiaries to consider the purchase of certain funding agreements and/or other spread instruments issued by our insurance subsidiaries, subject to a limitation that the fair market value of such funding agreements purchased by any of Athora’s insurance subsidiaries may generally not exceed 3% of the fair market value of such subsidiary’s total assets, (3) we provide Athora with a right of first refusal to pursue acquisition and reinsurance transactions in Europe (other than the United Kingdom (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 March 31, 2021 , 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 $689 million and $709 million as of March 31, 2021 and December 31, 2020, respectively. Additionally, as of March 31, 2021 and December 31, 2020, we had $117 million and $122 million, respectively, of funding agreements outstanding to Athora . We also have commitments to make additional equity investments in Athora of $293 million as of March 31, 2021. Venerable – We have coinsurance and modco agreements with Venerable Insurance and Annuity Company (VIAC). VIAC is a related party due to our minority equity investment in its holding company’s parent, VA Capital , which was $316 million and $123 million as of March 31, 2021 and December 31, 2020, 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 $147 million and $145 million as of March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020, we had $229 million and $214 million, respectively, of investments under the Strategic Partnership and these investments are typically included in related party investment funds on the condensed consolidated balance sheets. PK AirFinance – We have an investment in PK AirFinance (PK), an aviation lending business with a portfolio of loans (Aviation Loans). The Aviation Loans are generally fully secured by aircraft leases and aircraft. Apollo owns 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, the Aviation Loans are securitized by an SPV for which Apollo acts as ABS manager (ABS-SPV). The ABS-SPV issues tranches of senior notes and subordinated notes, which are secured by the Aviation Loans. As of March 31, 2021 and December 31, 2020, our investment in securitizations of loans originated by PK was $1,353 million and $1,373 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 $1,270 million as of March 31, 2021. 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. ALRe currently holds 36.55% of the economic interests in ACRA, with ADIP holding the remaining 63.45%. During the three months ended March 31, 2021 and 2020, we received capital contributions of $235 million and $240 million, respectively, from ADIP and paid dividends of $0 million and $46 million, respectively, 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. Additionally, 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 common 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. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Contingent Commitments —We had commitments to make investments, primarily capital contributions to investment funds, inclusive of related party commitments discussed previously, of $11,198 million a nd $7,472 million as of March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020, we had $2,001 million and $2,002 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 March 31, 2021 and December 31, 2020, we had $11,958 million and $8,822 million, respectively, of FABN f unding agreements outstanding . We had $3,058 million of FABN capacity remaining as of March 31, 2021. During the third quarter of 2020, we established a secured funding agreement backed repurchase agreement (FABR) program, in which a special-purpose, unaffiliated entity entered into repurchase agreements with a bank and the proceeds of the repurchase agreements were used by the special purpose entity to purchase funding agreements from us. As of March 31, 2021 and December 31, 2020, we had $1,000 million of FABR funding agreements outstanding. Pledged Assets and Funds in Trust (Restricted Assets)— The total restricted assets included on the condensed consolidated balance sheets are as follows: (In millions) March 31, 2021 December 31, 2020 AFS securities $ 9,056 $ 9,884 Trading securities 69 60 Equity securities 27 26 Mortgage loans 4,916 5,028 Investment funds 152 68 Derivative assets 107 107 Short-term investments 13 52 Other investments 105 105 Restricted cash 546 738 Total restricted assets $ 14,991 $ 16,068 The restricted assets are primarily related to reinsurance trusts established in accordance with coinsurance agreements and the FHLB and FABR funding agreements described above. Letters of Credit— We have undrawn letters of credit totaling $1,401 million as of March 31, 2021. These letters of credit were issued for our reinsurance program and expire between December 10, 2021 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 March 31, 2021, had an asset value of $413 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 Superior Court issued a scheduling order providing for a July 2022 trial and the parties are currently engaged in discovery. The value of the guarantees included within the asset value reflected above is $196 million as of March 31, 2021 . Regulatory Matters – Beginning in 2015, our US 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 (TDI), indicating, in each case, that the respective regulator planned to undertake a market conduct examination or enforcement proceeding of the applicable US 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 entered into consent orders with several state regulators, including the NYSDFS, the CDI and the TDI, to resolve underlying matters in the respective 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. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 11. Segment Information We operate our core business strategies out of one reportable segment, Retirement Services. In addition to Retirement Services, we report certain other operations in Corporate and Other. Retirement Services —Retirement Services is comprised of our US 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 • Noncontrolling interests, VIE expenses 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 March 31, (In millions) 2021 2020 Retirement Services $ 3,637 $ 2,469 Corporate and Other 38 (330) Non-operating adjustments Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets 493 (1,671) Investment gains (losses), net of offsets (857) (1,685) Noncontrolling interests, VIE expenses and other adjustments to revenues 1,080 (332) Total revenues $ 4,391 $ (1,549) 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 March 31, (In millions) 2021 2020 Retirement Services $ 784 $ 204 Corporate and Other (36) (312) Non-operating adjustments Investment gains (losses), net of offsets (605) (1,139) Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets 488 65 Integration, restructuring and other non-operating expenses (45) (4) Stock-based compensation, excluding LTIP — (10) Income tax (expense) benefit – non-operating (8) 131 Net income (loss) available to Athene Holding Ltd. common shareholders $ 578 $ (1,065) The following represents total assets by segment: (In millions) March 31, 2021 December 31, 2020 Retirement Services $ 200,093 $ 197,295 Corporate and Other 5,577 5,476 Total assets $ 205,670 $ 202,771 |
Business, Basis of Presentati_2
Business, Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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 wholly 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, 2020 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, 2020. |
Consolidation | 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 wholly 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, 2020 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. |
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 Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs (ASU 2020-08) The amendments in this update clarify that callable debt securities should be reevaluated each reporting period to determine if the amortized cost exceeds the amount repayable by the issuer at the next earliest call date and, if so, the excess should be amortized to the next call date. We adopted this update January 1, 2021 on a prospective basis for existing or newly purchased callable debt securities. The adoption of this update did not have a material effect on our condensed consolidated financial statements. Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (ASU 2020-01) The amendments in this update are related to certain equity securities without a readily determinable fair value that apply measurement alternative to measure based on cost, minus impairment, if any, adjusted for any observable price changes in orderly transactions of identical or similar investments of the same issuer. The amendment clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative immediately before applying or upon discontinuing the equity method. The amendment further clarifies that for the purpose of applying accounting for certain forward contracts or purchased options, an entity should not consider whether the underlying securities would be accounted for under the equity method or the fair value option upon settlement or exercise. We adopted this update on a prospective basis effective January 1, 2021. This update did not have a material effect on our condensed 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 adopted this update January 1, 2021 and applied certain aspects of the update retrospectively while other aspects were applied on a modified retrospective basis. The adoption of this update did not have a material effect on our condensed consolidated financial statements. Recently Issued Accounting Pronouncements Insurance – Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2020-11, 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 guaranteed lifetime withdrawal benefit (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. We are required to adopt these updates 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. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Schedule of Investments [Abstract] | |
Financing Receivable, Nonaccrual | The following represents our residential loan portfolio in non-accrual status: (In millions) March 31, 2021 December 31, 2020 Beginning amortized cost of residential mortgage loans in non-accrual status $ 107 $ 67 Ending amortized cost of residential mortgage loans in non-accrual status 199 107 Amortized cost of residential mortgage loans in non-accrual status without a related allowance for credit losses 38 13 The following represents our commercial mortgage loan portfolio in non-accrual status: (In millions) March 31, 2021 December 31, 2020 Beginning amortized cost of commercial mortgage loans in non-accrual status $ 38 $ — Ending amortized cost of commercial mortgage loans in non-accrual status 37 38 Amortized cost of commercial mortgage loans in non-accrual status without a related allowance for credit losses — — |
Debt Securities, Available-for-sale, Allowance for Credit Loss | Allowance for Credit Losses — The following table summarizes the activity in the allowance for credit losses for AFS securities, including Purchase Credit Deteriorated (PCD) securities, by asset type: Three months ended March 31, 2021 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 $ 6 $ 2 $ — $ (2) $ 2 $ 8 CLO 1 — — — (1) — ABS 6 5 — — — 11 CMBS 10 2 — — 2 14 RMBS 80 — 2 (3) (1) 78 Total AFS securities 103 9 2 (5) 2 111 AFS securities – related party, CLO 1 — — (1) — — Total AFS securities including related party $ 104 $ 9 $ 2 $ (6) $ 2 $ 111 Three months ended March 31, 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 $ — $ — $ — $ 15 ABS — 5 — — — 5 CMBS — 4 — — — 4 RMBS 17 35 1 (1) 2 54 Total AFS securities $ 17 $ 59 $ 1 $ (1) $ 2 $ 78 |
Available-for-sale Securities | 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: March 31, 2021 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 375 $ — $ 1 $ (25) $ 351 US state, municipal and political subdivisions 898 — 115 (7) 1,006 Foreign governments 373 — 18 (9) 382 Corporate 55,922 (8) 3,750 (816) 58,848 CLO 11,299 — 94 (121) 11,272 ABS 4,761 (11) 152 (70) 4,832 CMBS 2,218 (14) 66 (64) 2,206 RMBS 6,344 (78) 383 (22) 6,627 Total AFS securities 82,190 (111) 4,579 (1,134) 85,524 AFS securities – related party Corporate 213 — 8 — 221 CLO 1,864 — 13 (8) 1,869 ABS 4,777 — 78 (40) 4,815 Total AFS securities – related party 6,854 — 99 (48) 6,905 Total AFS securities including related party $ 89,044 $ (111) $ 4,678 $ (1,182) $ 92,429 December 31, 2020 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 349 $ — $ 3 $ (1) $ 351 US state, municipal and political subdivisions 864 — 169 — 1,033 Foreign governments 330 — 38 — 368 Corporate 51,934 (6) 6,368 (116) 58,180 CLO 9,631 (1) 145 (206) 9,569 ABS 4,259 (6) 140 (123) 4,270 CMBS 2,165 (10) 85 (71) 2,169 RMBS 6,568 (80) 447 (22) 6,913 Total AFS securities 76,100 (103) 7,395 (539) 82,853 AFS securities – related party Corporate 213 — 2 — 215 CLO 1,511 (1) 23 (13) 1,520 ABS 4,720 — 95 (30) 4,785 Total AFS securities – related party 6,444 (1) 120 (43) 6,520 Total AFS securities including related party $ 82,544 $ (104) $ 7,515 $ (582) $ 89,373 |
Available-for-sale Securities by Contractual Maturity | The amortized cost and fair value of AFS securities, including related party, are shown by contractual maturity below: March 31, 2021 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 985 $ 1,000 Due after one year through five years 8,603 9,060 Due after five years through ten years 15,913 16,559 Due after ten years 32,067 33,968 CLO, ABS, CMBS and RMBS 24,622 24,937 Total AFS securities 82,190 85,524 AFS securities – related party Due after one year through five years 18 19 Due after five years through ten years 195 202 CLO and ABS 6,641 6,684 Total AFS securities – related party 6,854 6,905 Total AFS securities including related party $ 89,044 $ 92,429 |
Schedule of Unrealized Loss on Investments | December 31, 2020 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 US government and agencies $ 31 $ (1) $ — $ — $ 31 $ (1) US state, municipal and political subdivisions 9 — 6 — 15 — Foreign governments 2 — — — 2 — Corporate 2,218 (66) 248 (24) 2,466 (90) CLO 1,649 (33) 3,179 (167) 4,828 (200) ABS 1,169 (73) 84 (18) 1,253 (91) CMBS 710 (37) 48 (13) 758 (50) RMBS 548 (11) 37 (2) 585 (13) Total AFS securities 6,336 (221) 3,602 (224) 9,938 (445) AFS securities – related party CLO 336 (3) 232 (10) 568 (13) ABS 1,012 (30) — — 1,012 (30) Total AFS securities – related party 1,348 (33) 232 (10) 1,580 (43) Total AFS securities including related party $ 7,684 $ (254) $ 3,834 $ (234) $ 11,518 $ (488) The following summarizes the number of AFS securities that were in an unrealized loss position, including related party, for which an allowance for credit losses has not been recorded: March 31, 2021 Unrealized loss position Unrealized loss position 12 months or more AFS securities 3,556 480 AFS securities – related party 56 8 |
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: March 31, 2021 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 US government and agencies $ 312 $ (25) $ — $ — $ 312 $ (25) US state, municipal and political subdivisions 226 (7) 6 — 232 (7) Foreign governments 211 (9) 1 — 212 (9) Corporate 15,665 (749) 398 (43) 16,063 (792) CLO 2,643 (19) 2,873 (89) 5,516 (108) ABS 752 (21) 524 (40) 1,276 (61) CMBS 588 (23) 245 (22) 833 (45) RMBS 562 (7) 124 (4) 686 (11) Total AFS securities 20,959 (860) 4,171 (198) 25,130 (1,058) AFS securities – related party CLO 601 (1) 216 (4) 817 (5) ABS 2,262 (40) 14 — 2,276 (40) Total AFS securities – related party 2,863 (41) 230 (4) 3,093 (45) Total AFS securities including related party $ 23,822 $ (901) $ 4,401 $ (202) $ 28,223 $ (1,103) |
Net Investment Income | Net Investment Income —Net investment income by asset class consists of the following: Three months ended March 31, (In millions) 2021 2020 AFS securities $ 860 $ 837 Trading securities 63 48 Equity securities 4 4 Mortgage loans 192 186 Investment funds 463 (278) Funds withheld at interest 206 41 Other 64 37 Investment revenue 1,852 875 Investment expenses (148) (130) Net investment income $ 1,704 $ 745 |
Investment Related Gains (Losses) | Investment Related Gains (Losses) —Investment related gains (losses) by asset class consists of the following: Three months ended March 31, (In millions) 2021 2020 AFS securities Gross realized gains on investment activity $ 73 $ 164 Gross realized losses on investment activity (143) (134) Net realized investment gains (losses) on AFS securities (70) 30 Net recognized investment losses on trading securities (69) (223) Net recognized investment gains (losses) on equity securities 17 (50) Derivative losses (438) (3,019) Provision for credit losses (8) (284) Other gains (losses) 80 (26) Investment related gains (losses) $ (488) $ (3,572) 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 March 31, (In millions) 2021 2020 Trading securities $ (121) $ (73) Trading securities – related party 58 (109) Equity securities 9 (37) Equity securities – related party 6 — |
Mortgage Loans, Net | Mortgage Loans, including related party —Mortgage loans, net of allowances, consists of the following: (In millions) March 31, 2021 December 31, 2020 Commercial mortgage loans $ 12,385 $ 11,383 Commercial mortgage loans under development 283 232 Total commercial mortgage loans 12,668 11,615 Allowance for credit losses on commercial mortgage loans (172) (167) Commercial mortgage loans, net of allowances 12,496 11,448 Residential mortgage loans 4,967 4,569 Allowance for credit losses on residential mortgage loans (78) (79) Residential mortgage loans, net of allowances 4,889 4,490 Mortgage loans, net of allowances $ 17,385 $ 15,938 The distribution of commercial mortgage loans, including those under development, net of allowances, by property type and geographic region, is as follows: March 31, 2021 December 31, 2020 (In millions, except for percentages) Net Carrying Value Percentage of Total Net Carrying Value Percentage of Total Property type Office building $ 3,817 30.5 % $ 3,589 31.4 % Retail 2,100 16.8 % 2,083 18.2 % Apartment 2,770 22.2 % 2,441 21.3 % Hotels 1,334 10.7 % 1,294 11.3 % Industrial 1,801 14.4 % 1,362 11.9 % Other commercial 674 5.4 % 679 5.9 % Total commercial mortgage loans $ 12,496 100.0 % $ 11,448 100.0 % US Region East North Central $ 1,224 9.8 % $ 1,209 10.5 % East South Central 414 3.3 % 402 3.5 % Middle Atlantic 3,227 25.8 % 3,069 26.8 % Mountain 480 3.9 % 487 4.2 % New England 376 3.0 % 350 3.1 % Pacific 2,919 23.4 % 2,746 24.0 % South Atlantic 1,875 15.0 % 1,773 15.5 % West North Central 141 1.1 % 145 1.3 % West South Central 674 5.4 % 640 5.6 % Total US Region 11,330 90.7 % 10,821 94.5 % International Region United Kingdom 724 5.8 % — — % Other International 1 442 3.5 % 627 5.5 % Total International Region 1,166 9.3 % 627 5.5 % Total commercial mortgage loans $ 12,496 100.0 % $ 11,448 100.0 % 1 Represents all other countries, with each individual country comprising less than 5% of the portfolio. 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: March 31, 2021 December 31, 2020 US States California 23.3 % 24.8 % Florida 12.6 % 13.3 % New York 6.7 % 6.2 % Other 1 43.1 % 41.1 % Total US residential mortgage loan percentage 85.7 % 85.4 % International Ireland 11.1 % 12.9 % Other 2 3.2 % 1.7 % Total International residential mortgage loan percentage 14.3 % 14.6 % Total residential mortgage loan percentage 100.0 % 100.0 % 1 Represents all other states, with each individual state comprising less than 5% of the portfolio. 2 Represents all other countries, with each individual country comprising less than 5% of the portfolio. |
Financing Receivable, Allowance for Credit Loss | Loan Valuation Allowance — The allowances for our mortgage loan portfolio and other loans is summarized as follows: Three months ended March 31, 2021 (In millions) Commercial Mortgage Residential Mortgage Other Investments Total Beginning balance $ 167 $ 79 $ 7 $ 253 Provision (reversal) for expected credit losses 5 (7) (5) (7) Initial credit losses on PCD loans — 6 — 6 Ending balance $ 172 $ 78 $ 2 $ 252 Three months ended March 31, 2020 (In millions) Commercial Mortgage Residential Mortgage Other Investments Total Beginning balance $ 10 $ 1 $ — $ 11 Adoption of accounting standard 167 43 11 221 Provision for expected credit losses 166 37 1 204 Ending balance $ 343 $ 81 $ 12 $ 436 |
Credit Quality Indicators of the Commercial Mortgage Portfolio | 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 March 31, 2021 (In millions) Fixed maturity securities Mortgage loans Purchase price $ 6 $ 335 Allowance for credit losses at acquisition 2 6 Discount (premiums) attributable to other factors (2) (26) Par value $ 6 $ 315 March 31, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Less than 50% $ 252 $ 453 $ 606 $ 201 $ 151 $ 1,140 $ 2,803 50% to 59% 67 291 1,332 715 325 196 2,926 60% to 69% 595 646 1,990 1,282 440 138 5,091 70% to 79% 113 459 470 374 94 18 1,528 100% or greater — — — — — 37 37 Commercial mortgage loans $ 1,027 $ 1,849 $ 4,398 $ 2,572 $ 1,010 $ 1,529 $ 12,385 December 31, 2020 (In millions) 2020 2019 2018 2017 2016 Prior Total Less than 50% $ 431 $ 600 $ 201 $ 152 $ 44 $ 1,153 $ 2,581 50% to 59% 315 1,320 765 300 40 147 2,887 60% to 69% 583 1,988 1,222 440 46 106 4,385 70% to 79% 478 485 375 95 — 13 1,446 80% to 99% — — — 25 — 21 46 100% or greater — — — — — 38 38 Commercial mortgage loans $ 1,807 $ 4,393 $ 2,563 $ 1,012 $ 130 $ 1,478 $ 11,383 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: March 31, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Greater than 1.20x $ 714 $ 1,068 $ 2,814 $ 2,224 $ 861 $ 1,399 $ 9,080 1.00x – 1.20x 313 524 1,187 62 53 94 2,233 Less than 1.00x — 257 397 286 96 36 1,072 Commercial mortgage loans $ 1,027 $ 1,849 $ 4,398 $ 2,572 $ 1,010 $ 1,529 $ 12,385 December 31, 2020 (In millions) 2020 2019 2018 2017 2016 Prior Total Greater than 1.20x $ 1,274 $ 2,964 $ 2,440 $ 846 $ 129 $ 1,369 $ 9,022 1.00x – 1.20x 533 1,122 36 70 1 101 1,863 Less than 1.00x — 307 87 96 — 8 498 Commercial mortgage loans $ 1,807 $ 4,393 $ 2,563 $ 1,012 $ 130 $ 1,478 $ 11,383 |
Investment Funds | The following summarizes our investment funds, including related party: March 31, 2021 December 31, 2020 (In millions, except for percentages) Carrying value Percent of total Carrying value Percent of total Investment funds Real estate $ 462 47.8 % $ 348 43.3 % Credit funds 122 12.6 % 107 13.3 % Private equity 300 31.1 % 267 33.3 % Real assets 82 8.5 % 81 10.1 % Total investment funds 966 100.0 % 803 100.0 % Investment funds – related parties Differentiated investments AmeriHome Mortgage Company, LLC (AmeriHome) 1 583 9.9 % 444 8.4 % Catalina Holdings Ltd. (Catalina) 344 5.8 % 334 6.3 % Athora Holding Ltd. (Athora) 1 689 11.7 % 709 13.4 % Venerable Holdings, Inc. (Venerable) 1 316 5.4 % 123 2.3 % Other 308 5.2 % 279 5.3 % Total differentiated investments 2,240 38.0 % 1,889 35.7 % Real estate 942 16.0 % 828 15.7 % Credit funds 398 6.7 % 375 7.1 % Private equity 689 11.7 % 473 8.9 % Real assets 139 2.3 % 172 3.3 % Natural resources 110 1.9 % 113 2.1 % Public equities 100 1.7 % 110 2.1 % Investment in Apollo 1 1,281 21.7 % 1,324 25.1 % Total investment funds – related parties 5,899 100.0 % 5,284 100.0 % Total investment funds including related party $ 6,865 $ 6,087 1 Our AmeriHome investment was held indirectly through A-A Mortgage Opportunities, L.P. (A-A Mortgage). Our Venerable investment is in its parent company, VA Capital Company LLC (VA Capital). See further discussion on these investments and our investments in Apollo and Athora in Note 9 – Related Parties. Three months ended March 31, (In millions) 2021 2020 Net income – VA Capital $ 913 $ 48 Net income – A-A Mortgage 261 39 |
Schedule of Variable Interest Entities | The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: March 31, 2021 December 31, 2020 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 966 $ 1,605 $ 803 $ 1,265 Investment in related parties – investment funds 5,899 8,664 5,284 7,989 Investment in fixed maturity securities 25,324 25,009 23,325 23,027 Investment in related parties – fixed maturity securities 8,394 9,738 7,834 8,126 Investment in related parties – equity securities 114 114 72 72 Total non-consolidated investments $ 40,697 $ 45,130 $ 37,318 $ 40,479 |
Financing Receivable, Past Due | The following represents our residential loan portfolio by origination year and performance status: March 31, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Current (less than 30 days past due) $ 542 $ 911 $ 789 $ 1,594 $ 458 $ 121 $ 4,415 30 to 59 days past due 49 90 38 31 24 10 242 60 to 89 days past due — 16 66 15 8 3 108 90 days or more past due — 17 45 61 51 28 202 Total residential mortgages $ 591 $ 1,034 $ 938 $ 1,701 $ 541 $ 162 $ 4,967 December 31, 2020 (In millions) 2020 2019 2018 2017 2016 Prior Total Current (less than 30 days past due) $ 955 $ 942 $ 1,730 $ 485 $ 141 $ 6 $ 4,259 30 to 59 days past due 68 16 34 26 8 1 153 60 to 89 days past due 15 7 16 9 3 — 50 90 days or more past due 3 26 22 43 12 1 107 Total residential mortgages $ 1,041 $ 991 $ 1,802 $ 563 $ 164 $ 8 $ 4,569 Commercial mortgage loans – The following represents our commercial mortgage loan portfolio by origination year and loan performance status: March 31, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Current (less than 30 days past due) $ 1,043 $ 1,982 $ 4,424 $ 2,653 $ 985 $ 1,529 $ 12,616 30 to 59 days past due — — 5 22 — — 27 90 days or more past due — — — — 25 — 25 Total commercial mortgages $ 1,043 $ 1,982 $ 4,429 $ 2,675 $ 1,010 $ 1,529 $ 12,668 December 31, 2020 (In millions) 2020 2019 2018 2017 2016 Prior Total Current (less than 30 days past due) $ 1,913 $ 4,400 $ 2,617 $ 987 $ 130 $ 1,452 $ 11,499 30 to 59 days past due — 20 45 25 — 5 95 90 days or more past due — — — — — 21 21 Total commercial mortgages $ 1,913 $ 4,420 $ 2,662 $ 1,012 $ 130 $ 1,478 $ 11,615 |
Schedule of Repurchase Agreements | The following table summarizes the maturities of our repurchase agreements: March 31, 2021 Remaining Contractual Maturity (In millions) Overnight and continuous Less than 30 days 30-90 days 91 days to 1 year Greater than 1 year Total Payables for repurchase agreements 1 $ — $ — $ — $ — $ 599 $ 599 1 Included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets. December 31, 2020 Remaining Contractual Maturity (In millions) Overnight and continuous Less than 30 days 30-90 days 91 days to 1 year Greater than 1 year Total Payables for repurchase agreements 1 $ — $ — $ — $ — $ 598 $ 598 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: March 31, 2021 December 31, 2020 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities – Corporate $ 553 $ 603 $ 559 $ 644 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative [Line Items] | |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities: March 31, 2021 December 31, 2020 (In millions) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) AFS securities – Foreign currency forwards $ 2,997 $ (102) $ 1,932 $ 117 Interest sensitive contract liabilities Foreign currency forwards 75 4 65 (1) Foreign currency interest rate swaps 1,178 50 — — 1 The carrying amount disclosed for AFS securities is amortized cost. The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships: (In millions) Derivatives Hedged Items Amount Excluded Net Three months ended March 31, 2021 Investment related gains (losses) Foreign currency forwards $ 218 $ (217) $ — $ 1 Foreign currency interest rate swaps (36) 41 — 5 Interest sensitive contract benefits Foreign currency interest rate swaps 1 (1) — — Three months ended March 31, 2020 Investment related gains (losses) – Foreign currency forwards $ 12 $ (8) $ — $ 4 |
Notional Amount and Fair Value of Derivative Instruments | The following table presents the notional amount and fair value of derivative instruments: March 31, 2021 December 31, 2020 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency swaps 4,856 $ 120 $ 183 4,417 $ 134 $ 181 Foreign currency forwards 3,465 58 7 2,038 3 9 Foreign currency interest rate swaps 1,183 1 57 — — — Foreign currency forwards on net investments 224 — — 173 — 2 Total derivatives designated as hedges 179 247 137 192 Derivatives not designated as hedges Equity options 54,116 3,297 17 53,666 3,209 22 Futures 26 40 — 24 58 2 Total return swaps 119 4 — 97 6 — Foreign currency swaps 1,541 53 — 1,510 96 — Interest rate swaps 805 27 3 803 — 34 Credit default swaps 10 — 5 10 — 4 Foreign currency forwards 4,686 77 16 3,595 17 44 Embedded derivatives Funds withheld including related party 1,216 34 2,806 59 Interest sensitive contract liabilities — 12,473 — 12,873 Total derivatives not designated as hedges 4,714 12,548 6,192 13,038 Total derivatives $ 4,893 $ 12,795 $ 6,329 $ 13,230 |
Gains (Losses) Related to Derivatives Not Designated as Hedges | The following is a summary of the gains (losses) related to derivatives not designated as hedges: Three months ended March 31, (In millions) 2021 2020 Equity options $ 502 $ (1,581) Futures 11 16 Swaps 31 (75) Foreign currency forwards (31) 67 Embedded derivatives on funds withheld (1,133) (1,446) Amounts recognized in investment related gains (losses) (620) (3,019) Embedded derivatives in indexed annuity products 1 335 1,177 Total gains (losses) on derivatives not designated as hedges $ (285) $ (1,842) 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 March 31, 2021 Derivative assets $ 3,677 $ (211) $ (3,355) $ 111 $ (26) $ 85 Derivative liabilities (288) 211 67 (10) — (10) December 31, 2020 Derivative assets $ 3,523 $ (165) $ (3,196) $ 162 $ (46) $ 116 Derivative liabilities (298) 165 144 11 — 11 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of March 31, 2021 and December 31, 2020, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated balance sheets. 3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received. |
Estimated Fair Value of Net Derivative and Other Financial Liabilities | The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated balance sheets (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral March 31, 2021 Derivative assets $ 3,677 $ (211) $ (3,355) $ 111 $ (26) $ 85 Derivative liabilities (288) 211 67 (10) — (10) December 31, 2020 Derivative assets $ 3,523 $ (165) $ (3,196) $ 162 $ (46) $ 116 Derivative liabilities (298) 165 144 11 — 11 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of March 31, 2021 and December 31, 2020, 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. |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following is a summary of the gains (losses) recorded in OCI related to cash flow hedges: Three months ended March 31, (In millions) 2021 2020 Foreign currency swaps $ (31) $ 401 There were no amounts reclassified to income and no amounts deemed ineffective during the three months ended March 31, 2021 and 2020 . As of March 31, 2021, no amounts are expected to be reclassified to income within the next 12 months. |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following represents the hierarchy for our assets and liabilities measured at fair value on a recurring basis: March 31, 2021 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 351 $ — $ 342 $ 9 $ — US state, municipal and political subdivisions 1,006 — — 1,006 — Foreign governments 382 — — 380 2 Corporate 58,848 — — 58,066 782 CLO 11,272 — — 11,098 174 ABS 4,832 — — 3,625 1,207 CMBS 2,206 — — 2,158 48 RMBS 6,627 — — 6,627 — Total AFS securities 85,524 — 342 82,969 2,213 Trading securities US government and agencies 6 — 3 3 — US state, municipal and political subdivisions 100 — — 100 — Corporate 1,486 — — 1,486 — ABS 132 — — 97 35 CMBS 57 — — 57 — RMBS 198 — — 139 59 Total trading securities 1,979 — 3 1,882 94 Equity securities 322 — 36 272 14 Mortgage loans 18 — — — 18 Investment funds 319 148 — — 171 Funds withheld at interest – embedded derivative 636 — — — 636 Derivative assets 3,677 — 40 3,637 — Short-term investments 117 — 51 66 — Other investments 105 — — 105 — Cash and cash equivalents 6,427 — 6,427 — — Restricted cash 546 — 546 — — Investments in related parties AFS securities Corporate 221 — — 20 201 CLO 1,869 — — 1,869 — ABS 4,815 — — 684 4,131 Total AFS securities – related party 6,905 — — 2,573 4,332 Trading securities CLO 69 — — 25 44 ABS 1,641 — — — 1,641 Total trading securities – related party 1,710 — — 25 1,685 Equity securities 114 — — — 114 Investment funds 2,060 90 — — 1,970 Funds withheld at interest – embedded derivative 580 — — — 580 Reinsurance recoverable 1,880 — — — 1,880 Total assets measured at fair value $ 112,919 $ 238 $ 7,445 $ 91,529 $ 13,707 Liabilities Interest sensitive contract liabilities Embedded derivative $ 12,473 $ — $ — $ — $ 12,473 Universal life benefits 1,108 — — — 1,108 Future policy benefits AmerUs Life Insurance Company (AmerUs) Closed Block 1,497 — — — 1,497 Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits 757 — — — 757 Derivative liabilities 288 — — 283 5 Funds withheld liability – embedded derivative 34 — — 34 — Total liabilities measured at fair value $ 16,157 $ — $ — $ 317 $ 15,840 December 31, 2020 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 351 $ — $ 332 $ 19 $ — US state, municipal and political subdivisions 1,033 — — 999 34 Foreign governments 368 — — 366 2 Corporate 58,180 — — 57,402 778 CLO 9,569 — — 9,361 208 ABS 4,270 — — 3,470 800 CMBS 2,169 — — 2,126 43 RMBS 6,913 — — 6,913 — Total AFS securities 82,853 — 332 80,656 1,865 Trading securities US government and agencies 6 — 3 3 — US state, municipal and political subdivisions 106 — — 106 — Corporate 1,577 — — 1,577 — CLO 4 — — — 4 ABS 128 — — 93 35 CMBS 52 — — 52 — RMBS 220 — — 173 47 Total trading securities 2,093 — 3 2,004 86 Equity securities 330 — 57 262 11 Mortgage loans 19 — — — 19 Investment funds 161 144 — — 17 Funds withheld at interest – embedded derivative 1,944 — — — 1,944 Derivative assets 3,523 — 58 3,465 — Short-term investments 222 — 146 74 2 Other investments 105 — — 105 — Cash and cash equivalents 7,704 — 7,704 — — Restricted cash 738 — 738 — — Investments in related parties AFS securities Corporate 215 — — 20 195 CLO 1,520 — — 1,520 — ABS 4,785 — — 676 4,109 Total AFS securities – related party 6,520 — — 2,216 4,304 Trading securities CLO 54 — — 4 50 ABS 1,475 — — — 1,475 Total trading securities – related party 1,529 — — 4 1,525 Equity securities 72 — — — 72 Investment funds 2,119 86 — — 2,033 Funds withheld at interest – embedded derivative 862 — — — 862 Reinsurance recoverable 2,100 — — — 2,100 Total assets measured at fair value $ 112,894 $ 230 $ 9,038 $ 88,786 $ 14,840 Liabilities Interest sensitive contract liabilities Embedded derivative $ 12,873 $ — $ — $ — $ 12,873 Universal life benefits 1,308 — — — 1,308 Future policy benefits AmerUs Closed Block 1,600 — — — 1,600 ILICO Closed Block and life benefits 776 — — — 776 Derivative liabilities 298 — 2 292 4 Funds withheld liability – embedded derivative 59 — — 59 — Total liabilities measured at fair value $ 16,914 $ — $ 2 $ 351 $ 16,561 |
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 March 31, (In millions) 2021 2020 Trading securities $ (69) $ (223) Investment funds (60) (300) Future policy benefits 103 65 Total gains (losses) $ (26) $ (458) The following summarizes information for fair value option mortgage loans: (In millions) March 31, 2021 December 31, 2020 Unpaid principal balance $ 16 $ 17 Mark to fair value 2 2 Fair value $ 18 $ 19 |
Reconciliation of Level 3 Assets Measured on a Recurring Basis | The following are reconciliations for 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 March 31, 2021 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 US state, municipal and political subdivisions $ 34 $ — $ — $ — $ (34) $ — $ — $ — Foreign governments 2 — — — — 2 — — Corporate 778 4 21 22 (43) 782 — 21 CLO 208 — — (34) — 174 — — ABS 800 3 27 468 (91) 1,207 — 35 CMBS 43 — 5 — — 48 — 4 Trading securities CLO 4 — — (4) — — — — ABS 35 — — — — 35 — — RMBS 47 (5) — — 17 59 (2) — Equity securities 11 3 — — — 14 4 — Mortgage loans 19 — — (1) — 18 — — Investment funds 17 3 — 42 109 171 3 — Funds withheld at interest – embedded derivative 1,944 (1,308) — — — 636 — — Short-term investments 2 — — — (2) — — — Investments in related parties AFS securities Corporate 195 — 6 — — 201 — 6 ABS 4,109 (5) (27) 115 (61) 4,131 — (27) Trading securities CLO 50 16 — (3) (19) 44 25 — ABS 1,475 35 — 131 — 1,641 37 — Equity securities 72 8 — 34 — 114 8 — Investment funds 2,033 (63) — — — 1,970 (63) — Funds withheld at interest – embedded derivative 862 (282) — — — 580 — — Reinsurance recoverable 2,100 (220) — — — 1,880 — — Total Level 3 assets $ 14,840 $ (1,811) $ 32 $ 770 $ (124) $ 13,707 $ 12 $ 39 Liabilities Interest sensitive contract liabilities Embedded derivative $ (12,873) $ 335 $ — $ 65 $ — $ (12,473) $ — $ — Universal life benefits (1,308) 200 — — — (1,108) — — Future policy benefits AmerUs Closed Block (1,600) 103 — — — (1,497) — — ILICO Closed Block and life benefits (776) 19 — — — (757) — — Derivative liabilities (4) (1) — — — (5) (1) — Total Level 3 liabilities $ (16,561) $ 656 $ — $ 65 $ — $ (15,840) $ (1) $ — 1 Related to instruments held at end of period. Three months ended March 31, 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 US state, municipal and political subdivisions $ 40 $ — $ (3) $ — $ — $ 37 $ — $ (3) Corporate 725 (5) (33) 33 513 1,233 — (31) CLO 121 — (9) 30 (20) 122 — (9) ABS 1,374 22 (119) (183) (177) 917 — (103) CMBS 46 — (5) 4 — 45 — (5) RMBS — — — — 42 42 — — Trading securities Corporate — — — — 32 32 — — CLO 6 (3) — — — 3 (3) — ABS 16 — — (2) — 14 — — RMBS 52 (1) — — 19 70 1 — Equity securities 3 4 — — — 7 4 — Mortgage loans 27 — — (1) — 26 — — Investment funds 22 (1) — — — 21 (1) — Funds withheld at interest – embedded derivative 801 (1,175) — — — (374) — — Short-term investments 41 — (1) 27 — 67 — — Investments in related parties AFS securities, ABS 2,324 (3) (220) (50) (164) 1,887 — (205) Trading securities CLO 38 (16) — 1 9 32 (24) — ABS 711 (101) — 66 — 676 (101) — Equity securities 64 (10) — 1 (6) 49 (10) — Investment funds 132 (300) — 1,147 — 979 (300) — Funds withheld at interest – embedded derivative 594 (609) — — — (15) — — Reinsurance recoverable 1,821 294 — — — 2,115 — — Total Level 3 assets $ 8,958 $ (1,904) $ (390) $ 1,073 $ 248 $ 7,985 $ (434) $ (356) Liabilities Interest sensitive contract liabilities Embedded derivative $ (10,942) $ 1,177 $ — $ 676 $ — $ (9,089) $ — $ — Universal life benefits (1,050) (272) — — — (1,322) — — Future policy benefits AmerUs Closed Block (1,546) 65 — — — (1,481) — — ILICO Closed Block and life benefits (755) (23) — — — (778) — — Derivative liabilities (3) (4) — — — (7) — — Total Level 3 liabilities $ (14,296) $ 943 $ — $ 676 $ — $ (12,677) $ — $ — 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 March 31, 2021 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities US state, municipal and political subdivisions $ — $ — $ — $ — $ — $ — $ (34) $ (34) Corporate 39 — (9) (8) 22 76 (119) (43) CLO — — — (34) (34) — — — ABS 513 — — (45) 468 47 (138) (91) Trading securities CLO — — (4) — (4) — — — RMBS — — — — — 20 (3) 17 Mortgage loans — — — (1) (1) — — — Investment funds 42 — — — 42 109 — 109 Short-term investments — — — — — — (2) (2) Investments in related parties AFS securities, ABS 873 — (751) (7) 115 — (61) (61) Trading securities CLO 3 — — (6) (3) 6 (25) (19) ABS 131 — — — 131 — — — Equity securities 35 — — (1) 34 — — — Total Level 3 assets $ 1,636 $ — $ (764) $ (102) $ 770 $ 258 $ (382) $ (124) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (175) $ — $ 240 $ 65 $ — $ — $ — Total Level 3 liabilities $ — $ (175) $ — $ 240 $ 65 $ — $ — $ — Three months ended March 31, 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 $ 74 $ — $ (10) $ (31) $ 33 $ 548 $ (35) $ 513 CLO 33 — — (3) 30 3 (23) (20) ABS 73 — (14) (242) (183) 13 (190) (177) CMBS 4 — — — 4 — — — RMBS — — — — — 42 — 42 Trading securities Corporate — — — — — 32 — 32 ABS — — (2) — (2) — — — RMBS — — — — — 20 (1) 19 Mortgage loans — — — (1) (1) — — — Short-term investments 41 — — (14) 27 — — — Investments in related parties AFS securities, ABS 5 — — (55) (50) — (164) (164) Trading securities CLO 13 — (12) — 1 9 — 9 ABS 66 — — — 66 — — — Equity securities 3 — — (2) 1 — (6) (6) Investment funds 1,147 — — — 1,147 — — — Total Level 3 assets $ 1,459 $ — $ (38) $ (348) $ 1,073 $ 667 $ (419) $ 248 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (116) $ — $ 792 $ 676 $ — $ — $ — Total Level 3 liabilities $ — $ (116) $ — $ 792 $ 676 $ — $ — $ — |
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: March 31, 2021 (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 $ 5,982 Discounted cash flow Discount rate 1.4 % 18.0 % 4.7 % 1 Decrease Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives $ 12,473 Option budget method Nonperformance risk 0.1 % 1.0 % 0.5 % 2 Decrease Option budget 0.5 % 3.5 % 1.8 % 3 Increase Surrender rate 5.2 % 9.6 % 7.1 % 4 Decrease December 31, 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 $ 5,858 Discounted cash flow Discount rate 1.7 % 35.0 % 4.6 % 1 Decrease Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives $ 12,873 Option budget method Nonperformance risk 0.0 % 1.1 % 0.5 % 2 Decrease Option budget 0.6 % 3.5 % 1.9 % 3 Increase Surrender rate 5.3 % 9.5 % 7.1 % 4 Decrease 1 The discount rate 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: March 31, 2021 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Mortgage loans $ 16,653 $ 17,176 $ — $ — $ — $ 17,176 Investment funds 647 647 647 — — — Policy loans 356 356 — — 356 — Funds withheld at interest 45,388 45,388 — — — 45,388 Short-term investments 8 8 — — — 8 Other investments 1,617 1,617 — — — 1,617 Investments in related parties Mortgage loans 714 734 — — — 734 Investment funds 3,839 3,839 3,839 — — — Funds withheld at interest 11,992 11,992 — — — 11,992 Other investments 469 492 — — — 492 Total financial assets not carried at fair value $ 81,683 $ 82,249 $ 4,486 $ — $ 356 $ 77,407 Financial liabilities Interest sensitive contract liabilities $ 97,239 $ 99,298 $ — $ — $ — $ 99,298 Long-term debt 1,977 2,215 — — 2,215 — Securities to repurchase 599 599 — — 599 — Funds withheld liability 388 388 — — 388 — Total financial liabilities not carried at fair value $ 100,203 $ 102,500 $ — $ — $ 3,202 $ 99,298 December 31, 2020 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Mortgage loans $ 15,245 $ 15,811 $ — $ — $ — $ 15,811 Investment funds 642 642 642 — — — Policy loans 369 369 — — 369 — Funds withheld at interest 46,668 46,668 — — — 46,668 Other investments 467 471 — — — 471 Investments in related parties Mortgage loans 674 694 — — — 694 Investment funds 3,165 3,165 3,165 — — — Funds withheld at interest 12,168 12,168 — — — 12,168 Other investments 469 499 — — — 499 Total financial assets not carried at fair value $ 79,867 $ 80,487 $ 3,807 $ — $ 369 $ 76,311 Financial liabilities Interest sensitive contract liabilities $ 94,685 $ 98,945 $ — $ — $ — $ 98,945 Long-term debt 1,976 2,259 — — 2,259 — Securities to repurchase 598 598 — — 598 — Funds withheld liability 393 393 — — 393 — Total financial liabilities not carried at fair value $ 97,652 $ 102,195 $ — $ — $ 3,250 $ 98,945 |
Deferred Acquisition Costs, D_2
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 $ 3,236 $ 857 $ 813 $ 4,906 Additions 143 54 — 197 Amortization (98) (84) (66) (248) Impact of unrealized investment (gains) losses 271 87 90 448 Balance at March 31, 2021 $ 3,552 $ 914 $ 837 $ 5,303 (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 112 38 — 150 Amortization 436 (10) (23) 403 Impact of unrealized investment (gains) losses 489 139 181 809 Balance at March 31, 2020 $ 4,323 $ 992 $ 1,077 $ 6,392 |
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, 2020 $ 3,236 $ 857 $ 813 $ 4,906 Additions 143 54 — 197 Amortization (98) (84) (66) (248) Impact of unrealized investment (gains) losses 271 87 90 448 Balance at March 31, 2021 $ 3,552 $ 914 $ 837 $ 5,303 (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 112 38 — 150 Amortization 436 (10) (23) 403 Impact of unrealized investment (gains) losses 489 139 181 809 Balance at March 31, 2020 $ 4,323 $ 992 $ 1,077 $ 6,392 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 (In millions, except per share data) Class A Net income available to Athene Holding Ltd. common shareholders – basic and diluted $ 578 Basic weighted average shares outstanding 191.3 Dilutive effect of stock compensation plans and warrants 5.5 Diluted weighted average shares outstanding 196.8 Earnings per share Basic $ 3.02 Diluted $ 2.94 Three months ended March 31, 2020 (In millions, except 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 $ (938) $ (98) $ (13) $ (3) $ (4) $ (9) Basic weighted average shares outstanding 161.4 25.4 3.3 0.8 1.0 2.4 Dilutive effect of stock compensation plans and warrants 1 — — — — — — Diluted weighted average shares outstanding 161.4 25.4 3.3 0.8 1.0 2.4 Loss per share Basic $ (5.81) $ (3.87) $ (3.87) $ (3.87) $ (3.87) $ (3.87) Diluted $ (5.81) $ (3.87) $ (3.87) $ (3.87) $ (3.87) $ (3.87) 1 The dilutive effective of stock compensation plans and warrants is antidilutive as a result of the net loss available to Athene Holding Ltd. common shareholders for the three months ended March 31, 2020. |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | The following provides the details 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 December 31, 2020 $ 5,338 $ (39) $ (1,310) $ (26) $ 8 $ 3,971 Other comprehensive income (loss) before reclassifications (3,271) (81) 753 (31) — (2,630) Less: Reclassification adjustments for gains (losses) realized 1 (10) — 2 — — (8) Less: Income tax expense (benefit) (631) (16) 158 (7) — (496) Less: Other comprehensive loss attributable to noncontrolling interests (175) — — (1) — (176) Balance at March 31, 2021 $ 2,883 $ (104) $ (717) $ (49) $ 8 $ 2,021 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 (5,762) (273) 1,352 401 9 (4,273) Less: Reclassification adjustments for gains (losses) realized 1 171 — (15) — — 156 Less: Income tax expense (benefit) (1,128) (53) 287 97 — (797) Less: Other comprehensive income (loss) attributable to noncontrolling interests (159) — — (30) 6 (183) Balance at March 31, 2020 $ (1,540) $ (224) $ 195 $ 395 $ — $ (1,174) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). |
Related Parties (Tables)
Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions | The following represents assets based on the above sub-allocation structure: (In millions, except percentages) March 31, 2021 Percent of Total December 31, 2020 Percent of Total Core $ 46,343 25.4 % $ 49,392 27.3 % Core Plus 41,810 22.9 % 41,516 23.0 % Yield 70,497 38.5 % 64,693 35.8 % High Alpha 7,038 3.9 % 6,200 3.4 % Other 17,003 9.3 % 19,088 10.5 % Total sub-allocation assets $ 182,691 100.0 % $ 180,889 100.0 % (In millions) March 31, 2021 December 31, 2020 Profit participating notes $ 573 $ 534 Subordinated debt facility 321 328 Redeemable preferred stock 77 77 Total investment in MidCap $ 971 $ 939 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Restricted Pledged Assets and Funds in Trust | The total restricted assets included on the condensed consolidated balance sheets are as follows: (In millions) March 31, 2021 December 31, 2020 AFS securities $ 9,056 $ 9,884 Trading securities 69 60 Equity securities 27 26 Mortgage loans 4,916 5,028 Investment funds 152 68 Derivative assets 107 107 Short-term investments 13 52 Other investments 105 105 Restricted cash 546 738 Total restricted assets $ 14,991 $ 16,068 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, (In millions) 2021 2020 Retirement Services $ 3,637 $ 2,469 Corporate and Other 38 (330) Non-operating adjustments Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets 493 (1,671) Investment gains (losses), net of offsets (857) (1,685) Noncontrolling interests, VIE expenses and other adjustments to revenues 1,080 (332) Total revenues $ 4,391 $ (1,549) |
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 March 31, (In millions) 2021 2020 Retirement Services $ 784 $ 204 Corporate and Other (36) (312) Non-operating adjustments Investment gains (losses), net of offsets (605) (1,139) Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets 488 65 Integration, restructuring and other non-operating expenses (45) (4) Stock-based compensation, excluding LTIP — (10) Income tax (expense) benefit – non-operating (8) 131 Net income (loss) available to Athene Holding Ltd. common shareholders $ 578 $ (1,065) |
Total Assets by Segment | The following represents total assets by segment: (In millions) March 31, 2021 December 31, 2020 Retirement Services $ 200,093 $ 197,295 Corporate and Other 5,577 5,476 Total assets $ 205,670 $ 202,771 |
Business, Basis of Presentati_3
Business, Basis of Presentation and Significant Accounting Policies Narrative (Details) | Mar. 31, 2021 |
Apollo | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Exchange rate | 114.90% |
Investments - Schedule of AFS S
Investments - Schedule of AFS Securities (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Jan. 01, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale securities | $ 89,044 | $ 82,544 | ||
AFS securities allowance for credit losses | (111) | (104) | $ (78) | $ (17) |
Gross Unrealized Gains | 4,678 | 7,515 | ||
Gross Unrealized Losses | (1,182) | (582) | ||
Available-for-sale securities | 92,429 | 89,373 | ||
Investments, excluding investments in Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale securities | 82,190 | 76,100 | ||
AFS securities allowance for credit losses | (111) | (103) | ||
Gross Unrealized Gains | 4,579 | 7,395 | ||
Gross Unrealized Losses | (1,134) | (539) | ||
Available-for-sale securities | 85,524 | 82,853 | ||
U.S. government and agencies | Investments, excluding investments in Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale securities | 375 | 349 | ||
AFS securities allowance for credit losses | 0 | 0 | ||
Gross Unrealized Gains | 1 | 3 | ||
Gross Unrealized Losses | (25) | (1) | ||
Available-for-sale securities | 351 | 351 | ||
U.S. state, municipal and political subdivisions | Investments, excluding investments in Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale securities | 898 | 864 | ||
AFS securities allowance for credit losses | 0 | 0 | ||
Gross Unrealized Gains | 115 | 169 | ||
Gross Unrealized Losses | (7) | 0 | ||
Available-for-sale securities | 1,006 | 1,033 | ||
Foreign governments | Investments, excluding investments in Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale securities | 373 | 330 | ||
AFS securities allowance for credit losses | 0 | 0 | ||
Gross Unrealized Gains | 18 | 38 | ||
Gross Unrealized Losses | (9) | 0 | ||
Available-for-sale securities | 382 | 368 | ||
Corporate | Investments, excluding investments in Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale securities | 55,922 | 51,934 | ||
AFS securities allowance for credit losses | (8) | (6) | (15) | 0 |
Gross Unrealized Gains | 3,750 | 6,368 | ||
Gross Unrealized Losses | (816) | (116) | ||
Available-for-sale securities | 58,848 | 58,180 | ||
CLO | Investments, excluding investments in Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale securities | 11,299 | 9,631 | ||
AFS securities allowance for credit losses | 0 | (1) | ||
Gross Unrealized Gains | 94 | 145 | ||
Gross Unrealized Losses | (121) | (206) | ||
Available-for-sale securities | 11,272 | 9,569 | ||
ABS | Investments, excluding investments in Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale securities | 4,761 | 4,259 | ||
AFS securities allowance for credit losses | (11) | (6) | (5) | 0 |
Gross Unrealized Gains | 152 | 140 | ||
Gross Unrealized Losses | (70) | (123) | ||
Available-for-sale securities | 4,832 | 4,270 | ||
CMBS | Investments, excluding investments in Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale securities | 2,218 | 2,165 | ||
AFS securities allowance for credit losses | (14) | (10) | (4) | 0 |
Gross Unrealized Gains | 66 | 85 | ||
Gross Unrealized Losses | (64) | (71) | ||
Available-for-sale securities | 2,206 | 2,169 | ||
RMBS | Investments, excluding investments in Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale securities | 6,344 | 6,568 | ||
AFS securities allowance for credit losses | (78) | (80) | $ (54) | $ (17) |
Gross Unrealized Gains | 383 | 447 | ||
Gross Unrealized Losses | (22) | (22) | ||
Available-for-sale securities | 6,627 | 6,913 | ||
Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale securities | 6,854 | 6,444 | ||
AFS securities allowance for credit losses | 0 | (1) | ||
Gross Unrealized Gains | 99 | 120 | ||
Gross Unrealized Losses | (48) | (43) | ||
Available-for-sale securities | 6,905 | 6,520 | ||
Related Party | Investments, excluding investments in Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale securities | 6,905 | 6,520 | ||
Related Party | Corporate | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale securities | 213 | 213 | ||
AFS securities allowance for credit losses | 0 | 0 | ||
Gross Unrealized Gains | 8 | 2 | ||
Gross Unrealized Losses | 0 | 0 | ||
Available-for-sale securities | 221 | 215 | ||
Related Party | CLO | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale securities | 1,864 | 1,511 | ||
AFS securities allowance for credit losses | 0 | (1) | ||
Gross Unrealized Gains | 13 | 23 | ||
Gross Unrealized Losses | (8) | (13) | ||
Available-for-sale securities | 1,869 | 1,520 | ||
Related Party | ABS | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale securities | 4,777 | 4,720 | ||
AFS securities allowance for credit losses | 0 | 0 | ||
Gross Unrealized Gains | 78 | 95 | ||
Gross Unrealized Losses | (40) | (30) | ||
Available-for-sale securities | $ 4,815 | $ 4,785 |
Investments - Maturities of AFS
Investments - Maturities of AFS Securities (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Amortized Cost | $ 89,044 | $ 82,544 |
Fair Value | ||
Total AFS fixed maturity securities | 92,429 | 89,373 |
Investments, excluding investments in Related Party | ||
Amortized Cost | ||
Due in one year or less | 985 | |
Due after one year through five years | 8,603 | |
Due after five years through ten years | 15,913 | |
Due after ten years | 32,067 | |
CLO, ABS, CMBS and RMBS | 24,622 | |
Amortized Cost | 82,190 | 76,100 |
Fair Value | ||
Due in one year or less | 1,000 | |
Due after one year through five years | 9,060 | |
Due after five years through ten years | 16,559 | |
Due after ten years | 33,968 | |
CLO, ABS, CMBS and RMBS | 24,937 | |
Total AFS fixed maturity securities | 85,524 | 82,853 |
Related Party | ||
Amortized Cost | ||
Due after one year through five years | 18 | |
Due after five years through ten years | 195 | |
CLO, ABS, CMBS and RMBS | 6,641 | |
Amortized Cost | 6,854 | 6,444 |
Fair Value | ||
Due after one year through five years | 19 | |
Due after five years through ten years | 202 | |
CLO, ABS, CMBS and RMBS | 6,684 | |
Total AFS fixed maturity securities | 6,905 | 6,520 |
Related Party | Investments, excluding investments in Related Party | ||
Fair Value | ||
Total AFS fixed maturity securities | $ 6,905 | $ 6,520 |
Investments - Unrealized Losses
Investments - Unrealized Losses on AFS Securities (Details) $ in Millions | Mar. 31, 2021USD ($)security | Dec. 31, 2020USD ($) |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | $ 23,822 | $ 7,684 |
Fair Value, 12 months or greater | 4,401 | 3,834 |
Total | 28,223 | 11,518 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 901 | 254 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 202 | 234 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 1,103 | 488 |
Investments, excluding investments in Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 20,959 | 6,336 |
Fair Value, 12 months or greater | 4,171 | 3,602 |
Total | 25,130 | 9,938 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 860 | 221 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 198 | 224 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 1,058 | 445 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 480 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 3,556 | |
Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | $ 2,863 | 1,348 |
Fair Value, 12 months or greater | 230 | 232 |
Total | 3,093 | 1,580 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 41 | 33 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 4 | 10 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 45 | 43 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 8 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 56 | |
U.S. government and agencies | Investments, excluding investments in Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | $ 312 | 31 |
Fair Value, 12 months or greater | 0 | 0 |
Total | 312 | 31 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 25 | 1 |
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 | 25 | 1 |
U.S. state, municipal and political subdivisions | Investments, excluding investments in Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 226 | 9 |
Fair Value, 12 months or greater | 6 | 6 |
Total | 232 | 15 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 7 | 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 | 7 | 0 |
Foreign governments | Investments, excluding investments in Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 211 | 2 |
Fair Value, 12 months or greater | 1 | 0 |
Total | 212 | 2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 9 | 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 | 9 | 0 |
Corporate | Investments, excluding investments in Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 15,665 | 2,218 |
Fair Value, 12 months or greater | 398 | 248 |
Total | 16,063 | 2,466 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 749 | 66 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 43 | 24 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 792 | 90 |
CLO | Investments, excluding investments in Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 2,643 | 1,649 |
Fair Value, 12 months or greater | 2,873 | 3,179 |
Total | 5,516 | 4,828 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 19 | 33 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 89 | 167 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 108 | 200 |
CLO | Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 601 | 336 |
Fair Value, 12 months or greater | 216 | 232 |
Total | 817 | 568 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 3 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 4 | 10 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 5 | 13 |
ABS | Investments, excluding investments in Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 752 | 1,169 |
Fair Value, 12 months or greater | 524 | 84 |
Total | 1,276 | 1,253 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 21 | 73 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 40 | 18 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 61 | 91 |
ABS | Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 2,262 | 1,012 |
Fair Value, 12 months or greater | 14 | 0 |
Total | 2,276 | 1,012 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 40 | 30 |
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 | 40 | 30 |
CMBS | Investments, excluding investments in Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 588 | 710 |
Fair Value, 12 months or greater | 245 | 48 |
Total | 833 | 758 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 23 | 37 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 22 | 13 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 45 | 50 |
RMBS | Investments, excluding investments in Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 562 | 548 |
Fair Value, 12 months or greater | 124 | 37 |
Total | 686 | 585 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 7 | 11 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 4 | 2 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 11 | $ 13 |
Investments Investments - Allow
Investments Investments - Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | $ 104 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 9 | $ 59 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 2 | 1 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (6) | (1) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 2 | 2 |
Investments, excluding investments in Related Party | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 103 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 9 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 2 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (5) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 2 | |
U.S. government and agencies | Investments, excluding investments in Related Party | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 0 | |
U.S. state, municipal and political subdivisions | Investments, excluding investments in Related Party | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 0 | |
Foreign governments | Investments, excluding investments in Related Party | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 0 | |
Corporate | Investments, excluding investments in Related Party | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 6 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 2 | 15 |
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, Securities Sold | (2) | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 2 | 0 |
CLO | Investments, excluding investments in Related Party | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 1 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | (1) | |
ABS | Investments, excluding investments in Related Party | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 6 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 5 | 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, Securities Sold | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 0 | 0 |
CMBS | Investments, excluding investments in Related Party | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 10 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 2 | 4 |
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, Securities Sold | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 2 | 0 |
RMBS | Investments, excluding investments in Related Party | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 80 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 0 | 35 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 2 | 1 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (3) | (1) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | (1) | $ 2 |
Related Party | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 1 | |
Related Party | Corporate | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 0 | |
Related Party | CLO | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 1 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (1) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 0 | |
Related Party | ABS | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | $ 0 |
Investments - Net Investment In
Investments - Net Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net Investment Income [Line Items] | ||
Investment revenue | $ 1,852 | $ 875 |
Investment expenses | (148) | (130) |
Net investment income | 1,704 | 745 |
Trading securities | ||
Net Investment Income [Line Items] | ||
Investment revenue | 63 | 48 |
Equity securities | ||
Net Investment Income [Line Items] | ||
Investment revenue | 4 | 4 |
Mortgage loans | ||
Net Investment Income [Line Items] | ||
Investment revenue | 192 | 186 |
Investment funds | ||
Net Investment Income [Line Items] | ||
Investment revenue | 463 | (278) |
Funds withheld at interest | ||
Net Investment Income [Line Items] | ||
Investment revenue | 206 | 41 |
Other | ||
Net Investment Income [Line Items] | ||
Investment revenue | 64 | 37 |
Available-for-sale Securities | ||
Net Investment Income [Line Items] | ||
Investment revenue | $ 860 | $ 837 |
Investments - Investment Relate
Investments - Investment Related Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
AFS fixed maturity securities | ||
Gross realized gains on investment activity | $ 73 | $ 164 |
Gross realized losses on investment activity | (143) | (134) |
Net realized investment gains (losses) on AFS securities | (70) | 30 |
Debt Securities, Trading, Gain (Loss) | (69) | (223) |
Net recognized investment gains (losses) on equity securities | 17 | (50) |
Derivative losses | (438) | (3,019) |
Provision for Loan, Lease, and Other Losses | (8) | (284) |
Other gains (losses) | 80 | (26) |
Investment related gains (losses) (related party: 2021 – $(139) and 2020 – $(631); and consolidated variable interest entities: 2021 – $(66) and 2020 – $1) | (488) | (3,572) |
Proceeds from Sale of Debt Securities, Available-for-sale | $ 892 | $ 1,807 |
Investments - Unrealized gains
Investments - Unrealized gains (losses) recognized in income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investments, excluding investments in Related Party | ||
Gain (Loss) on Securities [Line Items] | ||
Debt Securities, Trading, Unrealized Gain (Loss) | $ (121) | $ (73) |
Equity Securities, FV-NI, Unrealized Gain (Loss) | 9 | (37) |
Related Party | ||
Gain (Loss) on Securities [Line Items] | ||
Debt Securities, Trading, Unrealized Gain (Loss) | 58 | (109) |
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ 6 | $ 0 |
Investments - Mortgage Loans, N
Investments - Mortgage Loans, Net (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 17,385 | $ 15,938 |
Commercial mortgage loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, before allowance for credit losses | 12,668 | 11,615 |
Mortgage loan valuation allowance | (172) | (167) |
Mortgage loans, net of allowances | 12,496 | 11,448 |
Commercial mortgage loans | Commercial mortgage loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, before allowance for credit losses | 12,385 | 11,383 |
Commercial mortgage loans | Commercial mortgage loans under development | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, before allowance for credit losses | 283 | 232 |
Residential mortgage loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, before allowance for credit losses | 4,967 | 4,569 |
Mortgage loan valuation allowance | (78) | (79) |
Mortgage loans, net of allowances | $ 4,889 | $ 4,490 |
Investments - Mortgage Loans,_2
Investments - Mortgage Loans, Net by Property Type and Geographic Region (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 17,385 | $ 15,938 |
Commercial mortgage loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 12,496 | $ 11,448 |
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 | $ 11,330 | $ 10,821 |
Commercial mortgage loans | Total U.S. Region | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 90.70% | 94.50% |
Commercial mortgage loans | East North Central | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 1,224 | $ 1,209 |
Commercial mortgage loans | East North Central | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 9.80% | 10.50% |
Commercial mortgage loans | East South Central | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 414 | $ 402 |
Commercial mortgage loans | East South Central | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 3.30% | 3.50% |
Commercial mortgage loans | Middle Atlantic | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 3,227 | $ 3,069 |
Commercial mortgage loans | Middle Atlantic | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 25.80% | 26.80% |
Commercial mortgage loans | Mountain | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 480 | $ 487 |
Commercial mortgage loans | Mountain | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 3.90% | 4.20% |
Commercial mortgage loans | New England | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 376 | $ 350 |
Commercial mortgage loans | New England | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 3.00% | 3.10% |
Commercial mortgage loans | Pacific | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 2,919 | $ 2,746 |
Commercial mortgage loans | Pacific | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 23.40% | 24.00% |
Commercial mortgage loans | South Atlantic | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 1,875 | $ 1,773 |
Commercial mortgage loans | South Atlantic | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 15.00% | 15.50% |
Commercial mortgage loans | West North Central | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 141 | $ 145 |
Commercial mortgage loans | West North Central | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 1.10% | 1.30% |
Commercial mortgage loans | West South Central | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 674 | $ 640 |
Commercial mortgage loans | West South Central | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 5.40% | 5.60% |
Commercial mortgage loans | UNITED KINGDOM | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 724 | $ 0 |
Commercial mortgage loans | UNITED KINGDOM | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 5.80% | 0.00% |
Commercial mortgage loans | Other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 442 | $ 627 |
Commercial mortgage loans | Other | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 3.50% | 5.50% |
Commercial mortgage loans | International | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 1,166 | $ 627 |
Commercial mortgage loans | International | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 9.30% | 5.50% |
Commercial mortgage loans | Hotels | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 1,334 | $ 1,294 |
Commercial mortgage loans | Hotels | Property Type Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 10.70% | 11.30% |
Commercial mortgage loans | Retail | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 2,100 | $ 2,083 |
Commercial mortgage loans | Retail | Property Type Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 16.80% | 18.20% |
Commercial mortgage loans | Office building | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 3,817 | $ 3,589 |
Commercial mortgage loans | Office building | Property Type Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 30.50% | 31.40% |
Commercial mortgage loans | Industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 1,801 | $ 1,362 |
Commercial mortgage loans | Industrial | Property Type Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 14.40% | 11.90% |
Commercial mortgage loans | Apartment | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 2,770 | $ 2,441 |
Commercial mortgage loans | Apartment | Property Type Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 22.20% | 21.30% |
Commercial mortgage loans | Other commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 674 | $ 679 |
Commercial mortgage loans | Other commercial | Property Type Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 5.40% | 5.90% |
Investments - Mortgage Loans, R
Investments - Mortgage Loans, Residential by State (Details) - Geographic Concentration Risk - Residential mortgage loans - Mortgage Loans, Net | Mar. 31, 2021 | Dec. 31, 2020 |
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 | 23.30% | 24.80% |
Florida | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 12.60% | 13.30% |
NEW YORK | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 6.70% | 6.20% |
Other U.S. States | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 43.10% | 41.10% |
Total U.S. Region | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 85.70% | 85.40% |
IRELAND | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 11.10% | 12.90% |
Other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 3.20% | 1.70% |
International | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 14.30% | 14.60% |
Investments - Mortgage Loans,_3
Investments - Mortgage Loans, Net Past Due (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 25 | $ 0 |
Residential mortgage loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 591 | 1,041 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 162 | 8 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 541 | 164 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,701 | 563 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 938 | 1,802 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,034 | 991 |
Mortgage loan valuation allowance | 78 | 79 |
Mortgage loans, before allowance for credit losses | 4,967 | 4,569 |
Commercial mortgage loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,043 | 1,913 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,529 | 1,478 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,010 | 130 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,675 | 1,012 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,429 | 2,662 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,982 | 4,420 |
Mortgage loan valuation allowance | 172 | 167 |
Mortgage loans, before allowance for credit losses | 12,668 | 11,615 |
Commercial mortgage loans, excluding loans under development | Commercial mortgage loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,027 | 1,807 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,529 | 1,478 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,010 | 130 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,572 | 1,012 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,398 | 2,563 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,849 | 4,393 |
Mortgage loans, before allowance for credit losses | 12,385 | 11,383 |
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 | 542 | 955 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 121 | 6 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 458 | 141 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,594 | 485 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 789 | 1,730 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 911 | 942 |
Mortgage loans, before allowance for credit losses | 4,415 | 4,259 |
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 | 1,043 | 1,913 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,529 | 1,452 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 985 | 130 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,653 | 987 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,424 | 2,617 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,982 | 4,400 |
Mortgage loans, before allowance for credit losses | 12,616 | 11,499 |
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 | 49 | 68 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 10 | 1 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 24 | 8 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 31 | 26 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 38 | 34 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 90 | 16 |
Mortgage loans, before allowance for credit losses | 242 | 153 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial mortgage loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 5 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 22 | 25 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 5 | 45 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 20 |
Mortgage loans, before allowance for credit losses | 27 | 95 |
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 | 0 | 15 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 8 | 3 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 15 | 9 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 66 | 16 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 16 | 7 |
Mortgage loans, before allowance for credit losses | 108 | 50 |
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 | 3 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 28 | 1 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 51 | 12 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 61 | 43 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 45 | 22 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 17 | 26 |
Mortgage loans, before allowance for credit losses | 202 | 107 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial mortgage loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 21 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 25 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Mortgage loans, before allowance for credit losses | $ 25 | $ 21 |
Investments Financing Receivabl
Investments Financing Receivables in Non-Accrual Status (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Residential mortgage loans | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Financing Receivable, Nonaccrual | $ 199 | $ 107 | $ 67 | |
Financing Receivable, Not Past Due | 2 | $ 1 | ||
Financing Receivable, Nonaccrual, No Allowance | 38 | 13 | ||
Commercial mortgage loans | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Financing Receivable, Nonaccrual | 37 | 38 | $ 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 | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Mortgage loans, net of allowances | $ 17,385 | $ 15,938 |
Commercial mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,043 | 1,913 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,529 | 1,478 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,010 | 130 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,675 | 1,012 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,429 | 2,662 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,982 | 4,420 |
Mortgage loans, net of allowances | 12,496 | 11,448 |
Mortgage loans, before allowance for credit losses | 12,668 | 11,615 |
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 | 1,027 | 1,807 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,529 | 1,478 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,010 | 130 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,572 | 1,012 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,398 | 2,563 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,849 | 4,393 |
Mortgage loans, before allowance for credit losses | 12,385 | 11,383 |
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 | 252 | 431 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,140 | 1,153 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 151 | 44 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 201 | 152 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 606 | 201 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 453 | 600 |
Mortgage loans, before allowance for credit losses | 2,803 | 2,581 |
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 | 67 | 315 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 196 | 147 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 325 | 40 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 715 | 300 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,332 | 765 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 291 | 1,320 |
Mortgage loans, before allowance for credit losses | 2,926 | 2,887 |
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 | 595 | 583 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 138 | 106 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 440 | 46 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,282 | 440 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,990 | 1,222 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 646 | 1,988 |
Mortgage loans, before allowance for credit losses | 5,091 | 4,385 |
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 | 113 | 478 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 18 | 13 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 94 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 374 | 95 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 470 | 375 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 459 | 485 |
Mortgage loans, before allowance for credit losses | 1,528 | 1,446 |
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | 81% to 100% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 21 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 25 | |
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, before allowance for credit losses | 46 | |
Commercial mortgage loans | Commercial mortgage loans, excluding loans under development | 100% or greater | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 37 | 38 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Mortgage loans, before allowance for credit losses | $ 37 | $ 38 |
Investments - Mortgage Loans, D
Investments - Mortgage Loans, Debt Service Coverage Ratio (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 17,385 | $ 15,938 |
Commercial mortgage loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,043 | 1,913 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,529 | 1,478 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,010 | 130 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,675 | 1,012 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,429 | 2,662 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,982 | 4,420 |
Mortgage loans, net of allowances | 12,496 | 11,448 |
Mortgage loans, before allowance for credit losses | 12,668 | 11,615 |
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 | 1,027 | 1,807 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,529 | 1,478 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,010 | 130 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,572 | 1,012 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,398 | 2,563 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,849 | 4,393 |
Mortgage loans, before allowance for credit losses | 12,385 | 11,383 |
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 | 714 | 1,274 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,399 | 1,369 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 861 | 129 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,224 | 846 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,814 | 2,440 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,068 | 2,964 |
Mortgage loans, before allowance for credit losses | 9,080 | 9,022 |
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 | 313 | 533 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 94 | 101 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 53 | 1 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 62 | 70 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,187 | 36 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 524 | 1,122 |
Mortgage loans, before allowance for credit losses | 2,233 | 1,863 |
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 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 36 | 8 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 96 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 286 | 96 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 397 | 87 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 257 | 307 |
Mortgage loans, before allowance for credit losses | $ 1,072 | $ 498 |
Investments - Investment Funds
Investments - Investment Funds (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 6,865 | $ 6,087 |
Investments, excluding investments in Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 966 | $ 803 |
Carrying Amount, Assets, Percent of Total | 100.00% | 100.00% |
Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 5,899 | $ 5,284 |
Carrying Amount, Assets, Percent of Total | 100.00% | 100.00% |
Private equity | Investments, excluding investments in Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 300 | $ 267 |
Carrying Amount, Assets, Percent of Total | 31.10% | 33.30% |
Private equity | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 689 | $ 473 |
Carrying Amount, Assets, Percent of Total | 11.70% | 8.90% |
Real assets | Investments, excluding investments in Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 82 | $ 81 |
Carrying Amount, Assets, Percent of Total | 8.50% | 10.10% |
Real assets | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 139 | $ 172 |
Carrying Amount, Assets, Percent of Total | 2.30% | 3.30% |
Real estate | Investments, excluding investments in Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 462 | $ 348 |
Carrying Amount, Assets, Percent of Total | 47.80% | 43.30% |
Real estate | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 942 | $ 828 |
Carrying Amount, Assets, Percent of Total | 16.00% | 15.70% |
Natural resources | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 110 | $ 113 |
Carrying Amount, Assets, Percent of Total | 1.90% | 2.10% |
Differentiated investments | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 2,240 | $ 1,889 |
Carrying Amount, Assets, Percent of Total | 38.00% | 35.70% |
Credit funds | Investments, excluding investments in Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 122 | $ 107 |
Carrying Amount, Assets, Percent of Total | 12.60% | 13.30% |
Credit funds | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 398 | $ 375 |
Carrying Amount, Assets, Percent of Total | 6.70% | 7.10% |
Public equities | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 100 | $ 110 |
Carrying Amount, Assets, Percent of Total | 1.70% | 2.10% |
AmeriHome | Differentiated investments | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 583 | $ 444 |
Carrying Amount, Assets, Percent of Total | 9.90% | 8.40% |
Catalina Holdings (Bermuda) Ltd [Member] | Differentiated investments | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 344 | $ 334 |
Carrying Amount, Assets, Percent of Total | 5.80% | 6.30% |
Athora Holding Ltd. | Differentiated investments | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 689 | $ 709 |
Carrying Amount, Assets, Percent of Total | 11.70% | 13.40% |
Venerable | Differentiated investments | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 316 | $ 123 |
Carrying Amount, Assets, Percent of Total | 5.40% | 2.30% |
Apollo | Other fund | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 1,281 | $ 1,324 |
Carrying Amount, Assets, Percent of Total | 21.70% | 25.10% |
Individually Immaterial Counterparties | Differentiated investments | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 308 | $ 279 |
Carrying Amount, Assets, Percent of Total | 5.20% | 5.30% |
Investments - Summary of Maximu
Investments - Summary of Maximum Loss Exposure (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Assets | $ 205,670 | $ 202,771 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 45,130 | 40,479 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 40,697 | 37,318 |
Investment funds | Investments, excluding investments in Related Party | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 1,605 | 1,265 |
Investment funds | Investments, excluding investments in Related Party | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 966 | 803 |
Related Party | Investment funds | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 8,664 | 7,989 |
Related Party | Investment funds | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 5,899 | 5,284 |
Debt Securities [Member] | Investments, excluding investments in Related Party | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 25,009 | 23,027 |
Debt Securities [Member] | Investments, excluding investments in Related Party | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 25,324 | 23,325 |
Debt Securities [Member] | Related Party | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 9,738 | 8,126 |
Debt Securities [Member] | Related Party | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 8,394 | 7,834 |
Equity securities | Related Party | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 114 | 72 |
Equity securities | Related Party | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | $ 114 | $ 72 |
Investments - Repurchase Agreem
Investments - Repurchase Agreements (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Repurchase Agreements [Line Items] | ||
Payables for repurchase agreements | $ 599 | $ 598 |
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 | 0 |
Maturity 30 to 90 Days | ||
Schedule of Repurchase Agreements [Line Items] | ||
Payables for repurchase agreements | 0 | 0 |
Maturity Greater than 90 Days | ||
Schedule of Repurchase Agreements [Line Items] | ||
Payables for repurchase agreements | 0 | 0 |
Maturity Greater than 1 Year [Member] | ||
Schedule of Repurchase Agreements [Line Items] | ||
Payables for repurchase agreements | 599 | 598 |
Available-for-sale Securities | Corporate | ||
Schedule of Repurchase Agreements [Line Items] | ||
Amortized Cost | 553 | 559 |
Fair Value | $ 603 | $ 644 |
Investments - Purchased with Cr
Investments - Purchased with Credit Deterioration (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Purchased financial assets with credit deterioration [Line Items] | |
Debt Securities, Available-for-sale, Purchased with Credit Deterioration, Amount at Purchase Price | $ 6 |
Debt Securities, Available-for-sale, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date | 2 |
Debt Securities, Available-for-sale, Purchased with Credit Deterioration, Discount (Premium) | (2) |
Debt Securities, Available-for-sale, Purchased with Credit Deterioration, Amount at Par Value | 6 |
Mortgage loans | |
Purchased financial assets with credit deterioration [Line Items] | |
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price | 335 |
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date | 6 |
Financing Receivable, Purchased with Credit Deterioration, Discount (Premium) | (26) |
Financing Receivable, Purchased with Credit Deterioration, Amount at Par Value | $ 315 |
Investments - Allowance for Cre
Investments - Allowance for Credit Losses on Mortgage Loans (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Mortgage loans allowance for credit losses | $ 252 | $ 436 | $ 253 | $ 11 | |
Financing Receivable, Credit Loss, Expense (Reversal) | (7) | 204 | |||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 6 | ||||
Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 221 | ||||
Commercial mortgage loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Mortgage loans allowance for credit losses | 172 | 343 | 167 | 10 | |
Financing Receivable, Credit Loss, Expense (Reversal) | 5 | 166 | |||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | ||||
Commercial mortgage loans | Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 167 | ||||
Residential mortgage loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Mortgage loans allowance for credit losses | 78 | 81 | 79 | 1 | |
Financing Receivable, Credit Loss, Expense (Reversal) | (7) | 37 | |||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | $ 6 | ||||
Forecast Period | 1 year | ||||
Residential mortgage loans | Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 43 | ||||
Other | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Mortgage loans allowance for credit losses | $ 2 | 12 | 7 | $ 0 | |
Financing Receivable, Credit Loss, Expense (Reversal) | (5) | 1 | |||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | $ 0 | ||||
Other | Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 11 | ||||
Commercial Loan | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Forecast Period | 8 years | ||||
Commercial Loan | Maximum | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Forecast Period | 1 year | ||||
Related Party | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Mortgage loans allowance for credit losses | $ 15 | $ 14 |
Investments - Summarized Financ
Investments - Summarized Financial Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||
Net income (loss) | $ 77 | $ (1,216) |
Equity Method Investment, Nonconsolidated Investee, Other | Venerable | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Net income (loss) | 913 | 48 |
Equity Method Investment, Nonconsolidated Investee, Other | A-A Mortgage | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Net income (loss) | $ 261 | $ 39 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Notional and Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Funds withheld liability (portion at fair value: 2021 – $34 and 2020 – $59) | $ 422 | $ 452 |
Derivative assets, fair value | 3,677 | 3,523 |
Derivative liabilities, fair value | 288 | 298 |
Total derivative assets | 4,893 | 6,329 |
Total derivative liabilities | 12,795 | 13,230 |
Derivatives designated as hedges | ||
Derivative [Line Items] | ||
Derivative assets, fair value | 179 | 137 |
Derivative liabilities, fair value | $ 247 | $ 192 |
Derivatives designated as hedges | Foreign currency swaps | ||
Derivative [Line Items] | ||
Notional Amount | 4,856 | 4,417 |
Derivative assets, fair value | $ 120 | $ 134 |
Derivative liabilities, fair value | $ 183 | $ 181 |
Derivatives designated as hedges | Foreign currency forwards | ||
Derivative [Line Items] | ||
Notional Amount | 3,465 | 2,038 |
Derivative assets, fair value | $ 58 | $ 3 |
Derivative liabilities, fair value | $ 7 | $ 9 |
Derivatives designated as hedges | Cross Currency Interest Rate Contract | ||
Derivative [Line Items] | ||
Notional Amount | 1,183 | 0 |
Derivative assets, fair value | $ 1 | $ 0 |
Derivative liabilities, fair value | 57 | 0 |
Derivatives not designated as hedges | ||
Derivative [Line Items] | ||
Total derivative assets | 4,714 | 6,192 |
Total derivative liabilities | $ 12,548 | $ 13,038 |
Derivatives not designated as hedges | Foreign currency swaps | ||
Derivative [Line Items] | ||
Notional Amount | 1,541 | 1,510 |
Derivative assets, fair value | $ 53 | $ 96 |
Derivative liabilities, fair value | $ 0 | $ 0 |
Derivatives not designated as hedges | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | 805 | 803 |
Derivative assets, fair value | $ 27 | $ 0 |
Derivative liabilities, fair value | $ 3 | $ 34 |
Derivatives not designated as hedges | Equity options | ||
Derivative [Line Items] | ||
Notional Amount | 54,116 | 53,666 |
Derivative assets, fair value | $ 3,297 | $ 3,209 |
Derivative liabilities, fair value | $ 17 | $ 22 |
Derivatives not designated as hedges | Futures | ||
Derivative [Line Items] | ||
Notional Amount | 26 | 24 |
Derivative assets, fair value | $ 40 | $ 58 |
Derivative liabilities, fair value | $ 0 | $ 2 |
Derivatives not designated as hedges | Total return swaps | ||
Derivative [Line Items] | ||
Notional Amount | 119 | 97 |
Derivative assets, fair value | $ 4 | $ 6 |
Derivative liabilities, fair value | $ 0 | $ 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 | $ 4 |
Derivatives not designated as hedges | Foreign currency forwards | ||
Derivative [Line Items] | ||
Notional Amount | 4,686 | 3,595 |
Derivative assets, fair value | $ 77 | $ 17 |
Derivative liabilities, fair value | 16 | 44 |
Derivatives not designated as hedges | Embedded derivatives | Funds withheld | ||
Derivative [Line Items] | ||
Funds withheld at interest | 1,216 | |
Funds withheld liability (portion at fair value: 2021 – $34 and 2020 – $59) | 34 | |
Embedded derivative assets, fair value | 2,806 | |
Embedded derivative liabilities, fair value | 59 | |
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 | $ 12,473 | $ 12,873 |
Net Investment Hedging [Member] | Derivatives designated as hedges | Foreign currency forwards | ||
Derivative [Line Items] | ||
Notional Amount | 224 | 173 |
Derivative assets, fair value | $ 0 | $ 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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Line Items] | ||
Total gains (losses) for derivatives not designated as hedges | $ (285,000,000) | $ (1,842,000,000) |
Investment related gains (losses) | ||
Derivative [Line Items] | ||
Total gains (losses) for derivatives not designated as hedges | (620,000,000) | (3,019,000,000) |
Investment related gains (losses) | Equity options | ||
Derivative [Line Items] | ||
Total gains (losses) for derivatives not designated as hedges | 502,000,000 | (1,581,000,000) |
Investment related gains (losses) | Futures | ||
Derivative [Line Items] | ||
Total gains (losses) for derivatives not designated as hedges | 11,000,000 | 16,000,000 |
Investment related gains (losses) | Swap [Member] | ||
Derivative [Line Items] | ||
Total gains (losses) for derivatives not designated as hedges | 31,000,000 | (75,000,000) |
Investment related gains (losses) | Foreign currency forwards | ||
Derivative [Line Items] | ||
Total gains (losses) for derivatives not designated as hedges | (31,000,000) | 67,000,000 |
Investment related gains (losses) | Embedded derivatives | ||
Derivative [Line Items] | ||
Total gains (losses) for derivatives not designated as hedges | (1,133,000,000) | (1,446,000,000) |
Interest sensitive contract benefits | Embedded derivatives | ||
Derivative [Line Items] | ||
Total gains (losses) for derivatives not designated as hedges | 335,000,000 | 1,177,000,000 |
Cash flow hedges | Derivatives designated as hedges | Foreign currency swaps | ||
Derivative [Line Items] | ||
Foreign currency swap gain (loss) reclassified to income | $ 0 | $ 0 |
Derivative Instruments - Offset
Derivative Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative assets | ||
Gross amount recognized | $ 3,677 | $ 3,523 |
Financial instruments | (211) | (165) |
Collateral (received)/pledged | (3,355) | (3,196) |
Off-balance sheet securities collateral | (26) | (46) |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Derivative liabilities | ||
Gross amount recognized | (288) | (298) |
Financial instruments | 211 | 165 |
Collateral (received)/pledged | 67 | 144 |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 85 | 116 |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | (10) | (11) |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election, Excluding Obligation to Return Securities | 111 | 162 |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election, Excluding Right to Reclaim Securities | $ (10) | $ 11 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), before Tax | $ (2,622,000,000) | $ (4,429,000,000) | |
Derivatives used in Net Investment Hedge, Net of Tax | $ 0 | ||
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) | (31,000,000) | 401,000,000 | |
Foreign currency swap gain (loss) reclassified to income | 0 | 0 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 0 | ||
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness | 0 | 0 | |
Fair Value Hedging [Member] | Derivatives designated as hedges | Foreign currency forwards | |||
Derivative [Line Items] | |||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 12,000,000 | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (8,000,000) | ||
Gain (Loss) on Components Excluded from Assessment of Credit Risk Hedge Effectiveness | 0 | ||
Fair Value Hedging [Member] | Derivatives designated as hedges | Foreign currency forwards | Investment related gains (losses) | |||
Derivative [Line Items] | |||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 218,000,000 | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (217,000,000) | ||
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 1,000,000 | 4,000,000 | |
Gain (Loss) on Components Excluded from Assessment of Credit Risk Hedge Effectiveness | 0 | ||
Fair Value Hedging [Member] | Derivatives designated as hedges | Foreign currency forwards | Available-for-sale Securities | |||
Derivative [Line Items] | |||
Derivative, Amount of Hedged Item | 2,997,000,000 | 1,932,000,000 | |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | (102,000,000) | 117,000,000 | |
Fair Value Hedging [Member] | Derivatives designated as hedges | Foreign currency forwards | Interest sensitive contract liabilities | |||
Derivative [Line Items] | |||
Derivative, Amount of Hedged Item | 75,000,000 | 65,000,000 | |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 4,000,000 | (1,000,000) | |
Fair Value Hedging [Member] | Derivatives designated as hedges | Net Investment Hedging [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), before Tax | $ 13,000,000 | ||
Fair Value Hedging [Member] | Derivatives designated as hedges | Cross Currency Interest Rate Contract | Investment related gains (losses) | |||
Derivative [Line Items] | |||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | (36,000,000) | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 41,000,000 | ||
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 5,000,000 | ||
Gain (Loss) on Components Excluded from Assessment of Credit Risk Hedge Effectiveness | 0 | ||
Fair Value Hedging [Member] | Derivatives designated as hedges | Cross Currency Interest Rate Contract | Interest sensitive contract benefits | |||
Derivative [Line Items] | |||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 1,000,000 | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (1,000,000) | ||
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 0 | ||
Gain (Loss) on Components Excluded from Assessment of Credit Risk Hedge Effectiveness | 0 | ||
Fair Value Hedging [Member] | Derivatives designated as hedges | Cross Currency Interest Rate Contract | Interest sensitive contract liabilities | |||
Derivative [Line Items] | |||
Derivative, Amount of Hedged Item | 1,178,000,000 | 0 | |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | $ 50,000,000 | $ 0 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Mortgage loans, net of allowances | $ 17,385 | $ 15,938 |
Investment funds | 6,865 | 6,087 |
Other assets (consolidated variable interest entities: 2021 – $173 and 2020 – $1) | 1,785 | 1,249 |
Investments, excluding investments in Related Party | ||
Variable Interest Entity [Line Items] | ||
Mortgage loans, net of allowances | 16,671 | 15,264 |
Investment funds | 966 | 803 |
Variable Interest Entities | ||
Variable Interest Entity [Line Items] | ||
Other assets (consolidated variable interest entities: 2021 – $173 and 2020 – $1) | 173 | 1 |
Variable Interest Entities | Investments, excluding investments in Related Party | ||
Variable Interest Entity [Line Items] | ||
Mortgage loans, net of allowances | 1,812 | 1,880 |
Investment funds | 154 | 0 |
Variable Interest Entities | Investments, excluding investments in Related Party | Hamlet | ||
Variable Interest Entity [Line Items] | ||
Mortgage loans, net of allowances | 1,812 | $ 1,880 |
Variable Interest Entities | Investments, excluding investments in Related Party | Java | ||
Variable Interest Entity [Line Items] | ||
Investment funds | 24 | |
Other assets (consolidated variable interest entities: 2021 – $173 and 2020 – $1) | 151 | |
Variable Interest Entities | Investments, excluding investments in Related Party | A-A SPN-9 | ||
Variable Interest Entity [Line Items] | ||
Investment funds | $ 130 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Available-for-sale securities | $ 92,429 | $ 89,373 |
Mortgage loans | 17,385 | 15,938 |
Derivative assets | 3,677 | 3,523 |
Restricted cash | 546 | 738 |
Reinsurance recoverable (portion at fair value: 2021 – $1,880 and 2020 – $2,100) | 4,690 | 4,848 |
Liabilities | ||
Interest sensitive contract liabilities | 146,247 | 144,566 |
Future policy benefits | 31,767 | 29,258 |
Derivative liabilities | 288 | 298 |
Funds withheld liability (portion at fair value: 2021 – $34 and 2020 – $59) | 422 | 452 |
Related Party | ||
Assets | ||
Available-for-sale securities | 6,905 | 6,520 |
Trading securities, at fair value | 1,710 | 1,529 |
Equity securities, at fair value | 114 | 72 |
Mortgage loans | 714 | 674 |
Investment funds | 2,060 | 2,119 |
Funds withheld at interest | 12,572 | 13,030 |
Other investments | 469 | 469 |
Liabilities | ||
Interest sensitive contract liabilities | 13,830 | 14,150 |
Future policy benefits | 1,665 | 1,610 |
Corporate | Related Party | ||
Assets | ||
Available-for-sale securities | 221 | 215 |
CLO | Related Party | ||
Assets | ||
Available-for-sale securities | 1,869 | 1,520 |
ABS | Related Party | ||
Assets | ||
Available-for-sale securities | 4,815 | 4,785 |
Level 3 | ||
Assets | ||
Available-for-sale securities | 5,982 | 5,858 |
Recurring | ||
Assets | ||
Investment funds | 230 | |
Recurring | Level 1 | ||
Assets | ||
Cash and cash equivalents | 6,427 | 7,704 |
Restricted cash | 546 | 738 |
Reinsurance recoverable (portion at fair value: 2021 – $1,880 and 2020 – $2,100) | 0 | 0 |
Total assets measured at fair value | 7,445 | 9,038 |
Liabilities | ||
Derivative liabilities | 0 | 2 |
Total liabilities measured at fair value | 0 | 2 |
Recurring | Level 1 | Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Trading securities, at fair value | 0 | 0 |
Equity securities, at fair value | 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 | ||
Liabilities | ||
Interest sensitive contract liabilities | 0 | 0 |
Funds withheld liability (portion at fair value: 2021 – $34 and 2020 – $59) | 0 | 0 |
Recurring | Level 1 | Embedded derivatives | Related Party | ||
Assets | ||
Funds withheld at interest | 0 | 0 |
Recurring | Level 1 | Corporate | Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | CLO | Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Trading securities, at fair value | 0 | 0 |
Recurring | Level 1 | ABS | Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Trading securities, at fair value | 0 | 0 |
Recurring | Level 2 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Reinsurance recoverable (portion at fair value: 2021 – $1,880 and 2020 – $2,100) | 0 | 0 |
Total assets measured at fair value | 91,529 | 88,786 |
Liabilities | ||
Derivative liabilities | 283 | 292 |
Total liabilities measured at fair value | 317 | 351 |
Recurring | Level 2 | Related Party | ||
Assets | ||
Available-for-sale securities | 2,573 | 2,216 |
Trading securities, at fair value | 25 | 4 |
Equity securities, at fair value | 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 | ||
Liabilities | ||
Interest sensitive contract liabilities | 0 | 0 |
Funds withheld liability (portion at fair value: 2021 – $34 and 2020 – $59) | 34 | 59 |
Recurring | Level 2 | Embedded derivatives | Related Party | ||
Assets | ||
Funds withheld at interest | 0 | 0 |
Recurring | Level 2 | Corporate | Related Party | ||
Assets | ||
Available-for-sale securities | 20 | 20 |
Recurring | Level 2 | CLO | Related Party | ||
Assets | ||
Available-for-sale securities | 1,869 | 1,520 |
Trading securities, at fair value | 25 | 4 |
Recurring | Level 2 | ABS | Related Party | ||
Assets | ||
Available-for-sale securities | 684 | 676 |
Trading securities, at fair value | 0 | 0 |
Recurring | Level 3 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Reinsurance recoverable (portion at fair value: 2021 – $1,880 and 2020 – $2,100) | 1,880 | 2,100 |
Total assets measured at fair value | 13,707 | 14,840 |
Liabilities | ||
Derivative liabilities | 5 | 4 |
Total liabilities measured at fair value | 15,840 | 16,561 |
Recurring | Level 3 | Related Party | ||
Assets | ||
Available-for-sale securities | 4,332 | 4,304 |
Trading securities, at fair value | 1,685 | 1,525 |
Equity securities, at fair value | 114 | 72 |
Investment funds | 1,970 | 2,033 |
Recurring | Level 3 | Universal life | ||
Liabilities | ||
Interest sensitive contract liabilities | 1,108 | 1,308 |
Recurring | Level 3 | AmerUs Closed Block | ||
Liabilities | ||
Future policy benefits | 1,497 | 1,600 |
Recurring | Level 3 | ILICO Closed Block and life benefits | ||
Liabilities | ||
Future policy benefits | 757 | 776 |
Recurring | Level 3 | Embedded derivatives | ||
Liabilities | ||
Interest sensitive contract liabilities | 12,473 | 12,873 |
Funds withheld liability (portion at fair value: 2021 – $34 and 2020 – $59) | 0 | 0 |
Recurring | Level 3 | Embedded derivatives | Related Party | ||
Assets | ||
Funds withheld at interest | 580 | 862 |
Recurring | Level 3 | Corporate | Related Party | ||
Assets | ||
Available-for-sale securities | 201 | 195 |
Recurring | Level 3 | CLO | Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Trading securities, at fair value | 44 | 50 |
Recurring | Level 3 | ABS | Related Party | ||
Assets | ||
Available-for-sale securities | 4,131 | 4,109 |
Trading securities, at fair value | 1,641 | 1,475 |
Recurring | NAV | ||
Assets | ||
Total assets measured at fair value | 238 | |
Recurring | NAV | Related Party | ||
Assets | ||
Investment funds | 90 | 86 |
Fair Value | ||
Assets | ||
Total assets measured at fair value | 82,249 | 80,487 |
Liabilities | ||
Interest sensitive contract liabilities | 99,298 | 98,945 |
Funds withheld liability (portion at fair value: 2021 – $34 and 2020 – $59) | 388 | 393 |
Fair Value | Related Party | ||
Assets | ||
Mortgage loans | 734 | 694 |
Investment funds | 3,839 | 3,165 |
Funds withheld at interest | 11,992 | 12,168 |
Other investments | 492 | 499 |
Fair Value | Level 1 | ||
Assets | ||
Total assets measured at fair value | 0 | 0 |
Liabilities | ||
Interest sensitive contract liabilities | 0 | 0 |
Funds withheld liability (portion at fair value: 2021 – $34 and 2020 – $59) | 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 | ||
Total assets measured at fair value | 356 | 369 |
Liabilities | ||
Interest sensitive contract liabilities | 0 | 0 |
Funds withheld liability (portion at fair value: 2021 – $34 and 2020 – $59) | 388 | 393 |
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 | ||
Total assets measured at fair value | 77,407 | 76,311 |
Liabilities | ||
Interest sensitive contract liabilities | 99,298 | 98,945 |
Funds withheld liability (portion at fair value: 2021 – $34 and 2020 – $59) | 0 | 0 |
Fair Value | Level 3 | Related Party | ||
Assets | ||
Mortgage loans | 734 | 694 |
Investment funds | 0 | 0 |
Funds withheld at interest | 11,992 | 12,168 |
Other investments | 492 | 499 |
Fair Value | NAV | ||
Assets | ||
Total assets measured at fair value | 4,486 | 3,807 |
Fair Value | NAV | Related Party | ||
Assets | ||
Investment funds | 3,839 | 3,165 |
Fair Value | Recurring | ||
Assets | ||
Cash and cash equivalents | 6,427 | 7,704 |
Restricted cash | 546 | 738 |
Reinsurance recoverable (portion at fair value: 2021 – $1,880 and 2020 – $2,100) | 1,880 | 2,100 |
Total assets measured at fair value | 112,919 | 112,894 |
Liabilities | ||
Interest sensitive contract liabilities | 13,581 | 14,181 |
Future policy benefits | 2,254 | 2,376 |
Derivative liabilities | 288 | 298 |
Funds withheld liability (portion at fair value: 2021 – $34 and 2020 – $59) | 34 | 59 |
Total liabilities measured at fair value | 16,157 | 16,914 |
Fair Value | Recurring | Related Party | ||
Assets | ||
Available-for-sale securities | 6,905 | 6,520 |
Trading securities, at fair value | 1,710 | 1,529 |
Equity securities, at fair value | 114 | 72 |
Investment funds | 2,060 | 2,119 |
Funds withheld at interest | 580 | 862 |
Fair Value | Recurring | Universal life | ||
Liabilities | ||
Interest sensitive contract liabilities | 1,108 | 1,308 |
Fair Value | Recurring | AmerUs Closed Block | ||
Liabilities | ||
Future policy benefits | 1,497 | 1,600 |
Fair Value | Recurring | ILICO Closed Block and life benefits | ||
Liabilities | ||
Future policy benefits | 757 | 776 |
Fair Value | Recurring | Embedded derivatives | ||
Liabilities | ||
Interest sensitive contract liabilities | 12,473 | 12,873 |
Funds withheld liability (portion at fair value: 2021 – $34 and 2020 – $59) | 34 | 59 |
Fair Value | Recurring | Embedded derivatives | Related Party | ||
Assets | ||
Funds withheld at interest | 580 | 862 |
Fair Value | Recurring | Corporate | Related Party | ||
Assets | ||
Available-for-sale securities | 221 | 215 |
Fair Value | Recurring | CLO | Related Party | ||
Assets | ||
Available-for-sale securities | 1,869 | 1,520 |
Trading securities, at fair value | 69 | 54 |
Fair Value | Recurring | ABS | Related Party | ||
Assets | ||
Available-for-sale securities | 4,815 | 4,785 |
Trading securities, at fair value | 1,641 | 1,475 |
Investments, excluding investments in Related Party | ||
Assets | ||
Available-for-sale securities | 85,524 | 82,853 |
Trading securities, at fair value | 1,979 | 2,093 |
Mortgage loans | 16,671 | 15,264 |
Investment funds | 319 | 161 |
Funds withheld at interest | 46,024 | 48,612 |
Derivative assets | 3,677 | 3,523 |
Short-term investments | 125 | 222 |
Other investments | 1,722 | 572 |
Investments, excluding investments in Related Party | Related Party | ||
Assets | ||
Available-for-sale securities | 6,905 | 6,520 |
Investments, excluding investments in Related Party | U.S. government and agencies | ||
Assets | ||
Available-for-sale securities | 351 | 351 |
Investments, excluding investments in Related Party | U.S. state, municipal and political subdivisions | ||
Assets | ||
Available-for-sale securities | 1,006 | 1,033 |
Investments, excluding investments in Related Party | Foreign governments | ||
Assets | ||
Available-for-sale securities | 382 | 368 |
Investments, excluding investments in Related Party | Corporate | ||
Assets | ||
Available-for-sale securities | 58,848 | 58,180 |
Investments, excluding investments in Related Party | CLO | ||
Assets | ||
Available-for-sale securities | 11,272 | 9,569 |
Investments, excluding investments in Related Party | ABS | ||
Assets | ||
Available-for-sale securities | 4,832 | 4,270 |
Investments, excluding investments in Related Party | CMBS | ||
Assets | ||
Available-for-sale securities | 2,206 | 2,169 |
Investments, excluding investments in Related Party | RMBS | ||
Assets | ||
Available-for-sale securities | 6,627 | 6,913 |
Investments, excluding investments in Related Party | Recurring | Level 1 | ||
Assets | ||
Available-for-sale securities | 342 | 332 |
Trading securities, at fair value | 3 | 3 |
Equity securities, at fair value | 36 | 57 |
Mortgage loans | 0 | 0 |
Investment funds | 0 | 0 |
Derivative assets | 40 | 58 |
Short-term investments | 51 | 146 |
Other investments | 0 | 0 |
Investments, excluding investments in Related Party | Recurring | Level 1 | Embedded derivatives | ||
Assets | ||
Funds withheld at interest | 0 | 0 |
Investments, excluding investments in Related Party | Recurring | Level 1 | U.S. government and agencies | ||
Assets | ||
Available-for-sale securities | 342 | 332 |
Trading securities, at fair value | 3 | 3 |
Investments, excluding investments in Related Party | Recurring | Level 1 | U.S. state, municipal and political subdivisions | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Trading securities, at fair value | 0 | 0 |
Investments, excluding investments in Related Party | Recurring | Level 1 | Foreign governments | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Investments, excluding investments in Related Party | Recurring | Level 1 | Corporate | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Trading securities, at fair value | 0 | 0 |
Investments, excluding investments in Related Party | Recurring | Level 1 | CLO | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Trading securities, at fair value | 0 | |
Investments, excluding investments in Related Party | Recurring | Level 1 | ABS | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Trading securities, at fair value | 0 | 0 |
Investments, excluding investments in Related Party | Recurring | Level 1 | CMBS | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Trading securities, at fair value | 0 | 0 |
Investments, excluding investments in Related Party | Recurring | Level 1 | RMBS | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Trading securities, at fair value | 0 | 0 |
Investments, excluding investments in Related Party | Recurring | Level 2 | ||
Assets | ||
Available-for-sale securities | 82,969 | 80,656 |
Trading securities, at fair value | 1,882 | 2,004 |
Equity securities, at fair value | 272 | 262 |
Mortgage loans | 0 | 0 |
Investment funds | 0 | 0 |
Derivative assets | 3,637 | 3,465 |
Short-term investments | 66 | 74 |
Other investments | 105 | 105 |
Investments, excluding investments in Related Party | Recurring | Level 2 | Embedded derivatives | ||
Assets | ||
Funds withheld at interest | 0 | 0 |
Investments, excluding investments in Related Party | Recurring | Level 2 | U.S. government and agencies | ||
Assets | ||
Available-for-sale securities | 9 | 19 |
Trading securities, at fair value | 3 | 3 |
Investments, excluding investments in Related Party | Recurring | Level 2 | U.S. state, municipal and political subdivisions | ||
Assets | ||
Available-for-sale securities | 1,006 | 999 |
Trading securities, at fair value | 100 | 106 |
Investments, excluding investments in Related Party | Recurring | Level 2 | Foreign governments | ||
Assets | ||
Available-for-sale securities | 380 | 366 |
Investments, excluding investments in Related Party | Recurring | Level 2 | Corporate | ||
Assets | ||
Available-for-sale securities | 58,066 | 57,402 |
Trading securities, at fair value | 1,486 | 1,577 |
Investments, excluding investments in Related Party | Recurring | Level 2 | CLO | ||
Assets | ||
Available-for-sale securities | 11,098 | 9,361 |
Trading securities, at fair value | 0 | |
Investments, excluding investments in Related Party | Recurring | Level 2 | ABS | ||
Assets | ||
Available-for-sale securities | 3,625 | 3,470 |
Trading securities, at fair value | 97 | 93 |
Investments, excluding investments in Related Party | Recurring | Level 2 | CMBS | ||
Assets | ||
Available-for-sale securities | 2,158 | 2,126 |
Trading securities, at fair value | 57 | 52 |
Investments, excluding investments in Related Party | Recurring | Level 2 | RMBS | ||
Assets | ||
Available-for-sale securities | 6,627 | 6,913 |
Trading securities, at fair value | 139 | 173 |
Investments, excluding investments in Related Party | Recurring | Level 3 | ||
Assets | ||
Available-for-sale securities | 2,213 | 1,865 |
Trading securities, at fair value | 94 | 86 |
Equity securities, at fair value | 14 | 11 |
Mortgage loans | 18 | 19 |
Investment funds | 171 | 17 |
Derivative assets | 0 | 0 |
Short-term investments | 0 | 2 |
Other investments | 0 | 0 |
Investments, excluding investments in Related Party | Recurring | Level 3 | Embedded derivatives | ||
Assets | ||
Funds withheld at interest | 636 | 1,944 |
Investments, excluding investments in Related Party | Recurring | Level 3 | U.S. government and agencies | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Trading securities, at fair value | 0 | 0 |
Investments, excluding investments in Related Party | Recurring | Level 3 | U.S. state, municipal and political subdivisions | ||
Assets | ||
Available-for-sale securities | 0 | 34 |
Trading securities, at fair value | 0 | 0 |
Investments, excluding investments in Related Party | Recurring | Level 3 | Foreign governments | ||
Assets | ||
Available-for-sale securities | 2 | 2 |
Investments, excluding investments in Related Party | Recurring | Level 3 | Corporate | ||
Assets | ||
Available-for-sale securities | 782 | 778 |
Trading securities, at fair value | 0 | 0 |
Investments, excluding investments in Related Party | Recurring | Level 3 | CLO | ||
Assets | ||
Available-for-sale securities | 174 | 208 |
Trading securities, at fair value | 4 | |
Investments, excluding investments in Related Party | Recurring | Level 3 | ABS | ||
Assets | ||
Available-for-sale securities | 1,207 | 800 |
Trading securities, at fair value | 35 | 35 |
Investments, excluding investments in Related Party | Recurring | Level 3 | CMBS | ||
Assets | ||
Available-for-sale securities | 48 | 43 |
Trading securities, at fair value | 0 | 0 |
Investments, excluding investments in Related Party | Recurring | Level 3 | RMBS | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Trading securities, at fair value | 59 | 47 |
Investments, excluding investments in Related Party | Recurring | NAV | ||
Assets | ||
Investment funds | 148 | 144 |
Investments, excluding investments in Related Party | Fair Value | ||
Assets | ||
Mortgage loans | 17,176 | 15,811 |
Investment funds | 647 | 642 |
Funds withheld at interest | 45,388 | 46,668 |
Short-term investments | 8 | |
Other investments | 1,617 | 471 |
Investments, excluding investments in Related Party | 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 |
Investments, excluding investments in Related Party | 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 |
Investments, excluding investments in Related Party | Fair Value | Level 3 | ||
Assets | ||
Mortgage loans | 17,176 | 15,811 |
Investment funds | 0 | 0 |
Funds withheld at interest | 45,388 | 46,668 |
Short-term investments | 8 | |
Other investments | 1,617 | 471 |
Investments, excluding investments in Related Party | Fair Value | NAV | ||
Assets | ||
Investment funds | 647 | 642 |
Investments, excluding investments in Related Party | Fair Value | Recurring | ||
Assets | ||
Available-for-sale securities | 85,524 | 82,853 |
Trading securities, at fair value | 1,979 | 2,093 |
Equity securities, at fair value | 322 | 330 |
Mortgage loans | 18 | 19 |
Investment funds | 319 | 161 |
Funds withheld at interest | 636 | 1,944 |
Derivative assets | 3,677 | 3,523 |
Short-term investments | 117 | 222 |
Other investments | 105 | 105 |
Investments, excluding investments in Related Party | Fair Value | Recurring | Embedded derivatives | ||
Assets | ||
Funds withheld at interest | 636 | 1,944 |
Investments, excluding investments in Related Party | Fair Value | Recurring | U.S. government and agencies | ||
Assets | ||
Available-for-sale securities | 351 | 351 |
Trading securities, at fair value | 6 | 6 |
Investments, excluding investments in Related Party | Fair Value | Recurring | U.S. state, municipal and political subdivisions | ||
Assets | ||
Available-for-sale securities | 1,006 | 1,033 |
Trading securities, at fair value | 100 | 106 |
Investments, excluding investments in Related Party | Fair Value | Recurring | Foreign governments | ||
Assets | ||
Available-for-sale securities | 382 | 368 |
Investments, excluding investments in Related Party | Fair Value | Recurring | Corporate | ||
Assets | ||
Available-for-sale securities | 58,848 | 58,180 |
Trading securities, at fair value | 1,486 | 1,577 |
Investments, excluding investments in Related Party | Fair Value | Recurring | CLO | ||
Assets | ||
Available-for-sale securities | 11,272 | 9,569 |
Trading securities, at fair value | 4 | |
Investments, excluding investments in Related Party | Fair Value | Recurring | ABS | ||
Assets | ||
Available-for-sale securities | 4,832 | 4,270 |
Trading securities, at fair value | 132 | 128 |
Investments, excluding investments in Related Party | Fair Value | Recurring | CMBS | ||
Assets | ||
Available-for-sale securities | 2,206 | 2,169 |
Trading securities, at fair value | 57 | 52 |
Investments, excluding investments in Related Party | Fair Value | Recurring | RMBS | ||
Assets | ||
Available-for-sale securities | 6,627 | 6,913 |
Trading securities, at fair value | $ 198 | $ 220 |
Fair Value - Fair Value Option
Fair Value - Fair Value Option (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total gains (losses) | $ (26,000,000) | $ (458,000,000) | |
Mortgage loans | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair value option, loans, 90 days or more past due | 0 | $ 0 | |
Unpaid principal balance | 16,000,000 | 17,000,000 | |
Mark to fair value | 2,000,000 | 2,000,000 | |
Fair value | 18,000,000 | $ 19,000,000 | |
Investment related gains (losses) | Trading securities | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total gains (losses) | (69,000,000) | (223,000,000) | |
Net investment income | Investment funds | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total gains (losses) | (60,000,000) | (300,000,000) | |
Future policy and other policy benefits | Future policy benefits | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total gains (losses) | $ 103,000,000 | $ 65,000,000 |
Fair Value Fair Value - Reconci
Fair Value Fair Value - Reconciliation of Level 3 Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | $ 14,840 | $ 8,958 |
Total realized and unrealized gains (losses) included in income | (1,811) | (1,904) |
Total realized and unrealized gains (losses) included in OCI | 32 | (390) |
Purchases, issuances, sales and settlements, net | 770 | 1,073 |
Transfers in | (124) | 248 |
Transfers (out) | (382) | (419) |
Ending balance | 13,707 | 7,985 |
Total gains (losses) included in earnings | 12 | (434) |
Beginning balance | (16,561) | (14,296) |
Total realized and unrealized gains (losses) included in income | 656 | 943 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Purchases, issuances, sales and settlements, net | 65 | 676 |
Transfers in | 0 | 0 |
Transfers (out) | 0 | 0 |
Ending balance | (15,840) | (12,677) |
Total gains (losses) included in earnings | (1) | 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 | 39 | (356) |
Reinsurance Recoverable Including Reinsurance Premium Paid [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 2,100 | 1,821 |
Total realized and unrealized gains (losses) included in income | (220) | 294 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Purchases, issuances, sales and settlements, net | 0 | 0 |
Transfers in | 0 | 0 |
Ending balance | 1,880 | 2,115 |
Total gains (losses) included in earnings | 0 | 0 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 |
Short-term Investments [Member] | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 2 | 41 |
Total realized and unrealized gains (losses) included in income | 0 | 0 |
Total realized and unrealized gains (losses) included in OCI | 0 | (1) |
Purchases, issuances, sales and settlements, net | 0 | 27 |
Transfers in | (2) | 0 |
Ending balance | 0 | 67 |
Total gains (losses) included in earnings | 0 | 0 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 |
Mortgage loans | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 19 | 27 |
Total realized and unrealized gains (losses) included in income | 0 | 0 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Purchases, issuances, sales and settlements, net | (1) | (1) |
Transfers in | 0 | 0 |
Transfers (out) | 0 | 0 |
Ending balance | 18 | 26 |
Total gains (losses) included in earnings | 0 | 0 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 |
Equity securities | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 11 | 3 |
Total realized and unrealized gains (losses) included in income | 3 | 4 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Purchases, issuances, sales and settlements, net | 0 | 0 |
Transfers in | 0 | 0 |
Ending balance | 14 | 7 |
Total gains (losses) included in earnings | 4 | 4 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 |
Investment funds | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 17 | 22 |
Total realized and unrealized gains (losses) included in income | 3 | (1) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Purchases, issuances, sales and settlements, net | 42 | 0 |
Transfers in | 109 | 0 |
Transfers (out) | 0 | |
Ending balance | 171 | 21 |
Total gains (losses) included in earnings | 3 | (1) |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 |
Embedded derivatives | Funds withheld at interest | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 1,944 | 801 |
Total realized and unrealized gains (losses) included in income | (1,308) | (1,175) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Purchases, issuances, sales and settlements, net | 0 | 0 |
Transfers in | 0 | 0 |
Ending balance | 636 | (374) |
Total gains (losses) included in earnings | 0 | 0 |
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 | 72 | 64 |
Total realized and unrealized gains (losses) included in income | 8 | (10) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Purchases, issuances, sales and settlements, net | 34 | 1 |
Transfers in | 0 | (6) |
Transfers (out) | 0 | (6) |
Ending balance | 114 | 49 |
Total gains (losses) included in earnings | 8 | (10) |
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 | 2,033 | 132 |
Total realized and unrealized gains (losses) included in income | (63) | (300) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Purchases, issuances, sales and settlements, net | 0 | 1,147 |
Transfers in | 0 | 0 |
Transfers (out) | 0 | |
Ending balance | 1,970 | 979 |
Total gains (losses) included in earnings | (63) | (300) |
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 | 862 | 594 |
Total realized and unrealized gains (losses) included in income | (282) | (609) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Purchases, issuances, sales and settlements, net | 0 | 0 |
Transfers in | 0 | 0 |
Ending balance | 580 | (15) |
Total gains (losses) included in earnings | 0 | 0 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 |
RMBS | Trading securities | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 47 | 52 |
Total realized and unrealized gains (losses) included in income | (5) | (1) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Purchases, issuances, sales and settlements, net | 0 | 0 |
Transfers in | 17 | 19 |
Transfers (out) | (3) | (1) |
Ending balance | 59 | 70 |
Total gains (losses) included in earnings | (2) | 1 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 |
RMBS | Available-for-sale Securities | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 0 | |
Total realized and unrealized gains (losses) included in income | 0 | |
Total realized and unrealized gains (losses) included in OCI | 0 | |
Purchases, issuances, sales and settlements, net | 0 | |
Transfers in | 42 | |
Transfers (out) | 0 | |
Ending balance | 42 | |
Total gains (losses) included in earnings | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | |
ABS | Trading securities | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 35 | 16 |
Total realized and unrealized gains (losses) included in income | 0 | 0 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Purchases, issuances, sales and settlements, net | 0 | (2) |
Transfers in | 0 | 0 |
Transfers (out) | 0 | |
Ending balance | 35 | 14 |
Total gains (losses) included in earnings | 0 | 0 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 |
ABS | Available-for-sale Securities | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 800 | 1,374 |
Total realized and unrealized gains (losses) included in income | 3 | 22 |
Total realized and unrealized gains (losses) included in OCI | 27 | (119) |
Purchases, issuances, sales and settlements, net | 468 | (183) |
Transfers in | (91) | (177) |
Transfers (out) | (138) | (190) |
Ending balance | 1,207 | 917 |
Total gains (losses) included in earnings | 0 | 0 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 35 | (103) |
ABS | Related Party | Trading securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 1,475 | 711 |
Total realized and unrealized gains (losses) included in income | 35 | (101) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Purchases, issuances, sales and settlements, net | 131 | 66 |
Transfers in | 0 | 0 |
Transfers (out) | 0 | |
Ending balance | 1,641 | 676 |
Total gains (losses) included in earnings | 37 | (101) |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 |
ABS | Related Party | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 4,109 | 2,324 |
Total realized and unrealized gains (losses) included in income | (5) | (3) |
Total realized and unrealized gains (losses) included in OCI | (27) | (220) |
Purchases, issuances, sales and settlements, net | 115 | (50) |
Transfers in | (61) | (164) |
Transfers (out) | (61) | (164) |
Ending balance | 4,131 | 1,887 |
Total gains (losses) included in earnings | 0 | 0 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (27) | (205) |
CLO | Trading securities | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 4 | 6 |
Total realized and unrealized gains (losses) included in income | 0 | (3) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Purchases, issuances, sales and settlements, net | (4) | 0 |
Transfers in | 0 | 0 |
Transfers (out) | 0 | |
Ending balance | 0 | 3 |
Total gains (losses) included in earnings | 0 | (3) |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 |
CLO | Available-for-sale Securities | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 208 | 121 |
Total realized and unrealized gains (losses) included in income | 0 | 0 |
Total realized and unrealized gains (losses) included in OCI | 0 | (9) |
Purchases, issuances, sales and settlements, net | (34) | 30 |
Transfers in | 0 | (20) |
Transfers (out) | 0 | (23) |
Ending balance | 174 | 122 |
Total gains (losses) included in earnings | 0 | 0 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | (9) |
CLO | Related Party | Trading securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 50 | 38 |
Total realized and unrealized gains (losses) included in income | 16 | (16) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Purchases, issuances, sales and settlements, net | (3) | 1 |
Transfers in | (19) | 9 |
Transfers (out) | (25) | 0 |
Ending balance | 44 | 32 |
Total gains (losses) included in earnings | 25 | (24) |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 |
Corporate | Trading securities | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 0 | |
Total realized and unrealized gains (losses) included in income | 0 | |
Total realized and unrealized gains (losses) included in OCI | 0 | |
Purchases, issuances, sales and settlements, net | 0 | |
Transfers in | 32 | |
Transfers (out) | 0 | |
Ending balance | 32 | |
Total gains (losses) included in earnings | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | |
Corporate | Available-for-sale Securities | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 778 | 725 |
Total realized and unrealized gains (losses) included in income | 4 | (5) |
Total realized and unrealized gains (losses) included in OCI | 21 | (33) |
Purchases, issuances, sales and settlements, net | 22 | 33 |
Transfers in | (43) | 513 |
Transfers (out) | (119) | (35) |
Ending balance | 782 | 1,233 |
Total gains (losses) included in earnings | 0 | 0 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 21 | (31) |
Corporate | Related Party | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 195 | |
Total realized and unrealized gains (losses) included in income | 0 | |
Total realized and unrealized gains (losses) included in OCI | 6 | |
Purchases, issuances, sales and settlements, net | 0 | |
Transfers in | 0 | |
Ending balance | 201 | |
Total gains (losses) included in earnings | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 6 | |
CMBS | Available-for-sale Securities | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 43 | 46 |
Total realized and unrealized gains (losses) included in income | 0 | 0 |
Total realized and unrealized gains (losses) included in OCI | 5 | (5) |
Purchases, issuances, sales and settlements, net | 0 | 4 |
Transfers in | 0 | 0 |
Transfers (out) | 0 | |
Ending balance | 48 | 45 |
Total gains (losses) included in earnings | 0 | 0 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 4 | (5) |
Foreign governments | Available-for-sale Securities | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 2 | |
Total realized and unrealized gains (losses) included in income | 0 | |
Total realized and unrealized gains (losses) included in OCI | 0 | |
Purchases, issuances, sales and settlements, net | 0 | |
Transfers in | 0 | |
Ending balance | 2 | |
Total gains (losses) included in earnings | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | |
U.S. state, municipal and political subdivisions | Available-for-sale Securities | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 34 | 40 |
Total realized and unrealized gains (losses) included in income | 0 | 0 |
Total realized and unrealized gains (losses) included in OCI | 0 | (3) |
Purchases, issuances, sales and settlements, net | 0 | 0 |
Transfers in | (34) | 0 |
Transfers (out) | (34) | |
Ending balance | 0 | 37 |
Total gains (losses) included in earnings | 0 | 0 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | (3) |
Derivative Financial Instruments, Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | (4) | (3) |
Total realized and unrealized gains (losses) included in income | (1) | (4) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Purchases, issuances, sales and settlements, net | 0 | 0 |
Transfers in | 0 | 0 |
Ending balance | (5) | (7) |
Total gains (losses) included in earnings | (1) | 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 | (12,873) | (10,942) |
Total realized and unrealized gains (losses) included in income | 335 | 1,177 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Purchases, issuances, sales and settlements, net | 65 | 676 |
Transfers in | 0 | 0 |
Transfers (out) | 0 | 0 |
Ending balance | (12,473) | (9,089) |
Total gains (losses) included in earnings | 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 | (1,308) | (1,050) |
Total realized and unrealized gains (losses) included in income | 200 | (272) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Purchases, issuances, sales and settlements, net | 0 | 0 |
Transfers in | 0 | 0 |
Ending balance | (1,108) | (1,322) |
Total gains (losses) included in earnings | 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 | (1,600) | (1,546) |
Total realized and unrealized gains (losses) included in income | 103 | 65 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Purchases, issuances, sales and settlements, net | 0 | 0 |
Transfers in | 0 | 0 |
Ending balance | (1,497) | (1,481) |
Total gains (losses) included in earnings | 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 | (776) | (755) |
Total realized and unrealized gains (losses) included in income | 19 | (23) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Purchases, issuances, sales and settlements, net | 0 | 0 |
Transfers in | 0 | 0 |
Ending balance | (757) | (778) |
Total gains (losses) included in earnings | 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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | $ 1,636 | $ 1,459 |
Issuances | 0 | 0 |
Sales | (764) | (38) |
Settlements | (102) | (348) |
Purchases, (Sales), Issuances, (Settlements) | 770 | 1,073 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 258 | 667 |
Transfers (out) | (382) | (419) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (124) | 248 |
Purchases | 0 | 0 |
Issuances | (175) | (116) |
Sales | 0 | 0 |
Settlements | 240 | 792 |
Purchases, (Sales), Issuances, (Settlements), Liabilities | 65 | 676 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 |
Transfers (out) | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | 0 | 0 |
Short-term Investments [Member] | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 0 | 41 |
Sales | 0 | 0 |
Settlements | 0 | (14) |
Purchases, (Sales), Issuances, (Settlements) | 0 | 27 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 |
Transfers (out) | (2) | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (2) | 0 |
Equity securities | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 |
Equity securities | Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 35 | 3 |
Sales | 0 | 0 |
Settlements | (1) | (2) |
Purchases, (Sales), Issuances, (Settlements) | 34 | 1 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 |
Transfers (out) | 0 | (6) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | (6) |
Investment funds | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 42 | |
Sales | 0 | |
Settlements | 0 | |
Purchases, (Sales), Issuances, (Settlements) | 42 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 109 | |
Transfers (out) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 109 | 0 |
Investment funds | Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 1,147 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | 0 | |
Purchases, (Sales), Issuances, (Settlements) | 0 | 1,147 |
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 |
U.S. state, municipal and political subdivisions | Available-for-sale Securities | Investments, excluding investments in Related Party | ||
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 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |
Transfers (out) | (34) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (34) | 0 |
Foreign governments | Available-for-sale Securities | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases, (Sales), Issuances, (Settlements) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | |
Corporate | Trading securities | Investments, excluding investments in Related Party | ||
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 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 32 | |
Transfers (out) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 32 | |
Corporate | Available-for-sale Securities | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 39 | 74 |
Sales | (9) | (10) |
Settlements | (8) | (31) |
Purchases, (Sales), Issuances, (Settlements) | 22 | 33 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 76 | 548 |
Transfers (out) | (119) | (35) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (43) | 513 |
Corporate | Available-for-sale Securities | Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases, (Sales), Issuances, (Settlements) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | |
CLO | Trading securities | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 0 | |
Sales | (4) | |
Settlements | 0 | |
Purchases, (Sales), Issuances, (Settlements) | (4) | 0 |
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 |
CLO | Trading securities | Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 3 | 13 |
Sales | 0 | (12) |
Settlements | (6) | 0 |
Purchases, (Sales), Issuances, (Settlements) | (3) | 1 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 6 | 9 |
Transfers (out) | (25) | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (19) | 9 |
CLO | Available-for-sale Securities | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 0 | 33 |
Sales | 0 | 0 |
Settlements | (34) | (3) |
Purchases, (Sales), Issuances, (Settlements) | (34) | 30 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 3 |
Transfers (out) | 0 | (23) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | (20) |
RMBS | Trading securities | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 20 | 20 |
Transfers (out) | (3) | (1) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 17 | 19 |
RMBS | Available-for-sale Securities | Investments, excluding investments in Related Party | ||
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 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 42 | |
Transfers (out) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 42 | |
ABS | Trading securities | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 0 | |
Sales | (2) | |
Settlements | 0 | |
Purchases, (Sales), Issuances, (Settlements) | 0 | (2) |
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 |
ABS | Trading securities | Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 131 | 66 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Purchases, (Sales), Issuances, (Settlements) | 131 | 66 |
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 |
ABS | Available-for-sale Securities | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 513 | 73 |
Sales | 0 | (14) |
Settlements | (45) | (242) |
Purchases, (Sales), Issuances, (Settlements) | 468 | (183) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 47 | 13 |
Transfers (out) | (138) | (190) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (91) | (177) |
ABS | Available-for-sale Securities | Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 873 | 5 |
Sales | (751) | 0 |
Settlements | (7) | (55) |
Purchases, (Sales), Issuances, (Settlements) | 115 | (50) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 |
Transfers (out) | (61) | (164) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (61) | (164) |
CMBS | Available-for-sale Securities | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 4 | |
Sales | 0 | |
Settlements | 0 | |
Purchases, (Sales), Issuances, (Settlements) | 0 | 4 |
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 |
Mortgage loans | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Settlements | (1) | (1) |
Purchases, (Sales), Issuances, (Settlements) | (1) | (1) |
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 |
Short-term Investments [Member] | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases, (Sales), Issuances, (Settlements) | 0 | 27 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (2) | 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 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 |
Embedded derivatives | Funds withheld at interest | Investments, excluding investments in Related Party | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 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 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 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 | 0 | |
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 |
Issuances | (175) | (116) |
Sales | 0 | 0 |
Settlements | 240 | 792 |
Purchases, (Sales), Issuances, (Settlements), Liabilities | 65 | 676 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 |
Transfers (out) | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | 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 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | $ 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 | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | $ 92,429 | $ 89,373 |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | $ 5,982 | $ 5,858 |
Nonperformance risk | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.001 | 0 |
Nonperformance risk | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.010 | 0.011 |
Nonperformance risk | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.005 | 0.005 |
Option budget | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.005 | 0.006 |
Option budget | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.035 | 0.035 |
Option budget | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.018 | 0.019 |
Surrender rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.052 | 0.053 |
Surrender rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.096 | 0.095 |
Surrender rate | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.071 | 0.071 |
Measurement Input, Discount Rate [Member] | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.014 | 0.017 |
Measurement Input, Discount Rate [Member] | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.180 | 0.350 |
Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.047 | 0.046 |
Embedded derivatives | Interest sensitive contract liabilities | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total liabilities measured at fair value | $ 12,473 | $ 12,873 |
Fair Value - Financial Instrume
Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Mortgage loans | $ 17,385 | $ 15,938 |
Investment funds | 6,865 | 6,087 |
Liabilities | ||
Interest sensitive contract liabilities | 146,247 | 144,566 |
Long-term debt | 1,977 | 1,976 |
Funds withheld liability | 422 | 452 |
Investments, excluding investments in Related Party | ||
Assets | ||
Mortgage loans | 16,671 | 15,264 |
Investment funds | 966 | 803 |
Investment funds | 319 | 161 |
Policy loans | 356 | 369 |
Funds withheld at interest | 46,024 | 48,612 |
Other investments | 1,722 | 572 |
Short-term investments | 125 | 222 |
Carrying Value | ||
Assets | ||
Total assets measured at fair value | 81,683 | 79,867 |
Liabilities | ||
Interest sensitive contract liabilities | 97,239 | 94,685 |
Long-term debt | 1,977 | 1,976 |
Securities Sold under Agreements to Repurchase | 599 | 598 |
Funds withheld liability | 388 | 393 |
Total liabilities not carried at fair value | 100,203 | 97,652 |
Carrying Value | Investments, excluding investments in Related Party | ||
Assets | ||
Mortgage loans | 16,653 | 15,245 |
Investment funds | 647 | 642 |
Policy loans | 356 | 369 |
Funds withheld at interest | 45,388 | 46,668 |
Other investments | 1,617 | 467 |
Short-term investments | 8 | |
Fair Value | ||
Assets | ||
Total assets measured at fair value | 82,249 | 80,487 |
Liabilities | ||
Interest sensitive contract liabilities | 99,298 | 98,945 |
Long-term debt | 2,215 | 2,259 |
Securities Sold under Agreements to Repurchase | 599 | 598 |
Funds withheld liability | 388 | 393 |
Total liabilities not carried at fair value | 102,500 | 102,195 |
Fair Value | Investments, excluding investments in Related Party | ||
Assets | ||
Mortgage loans | 17,176 | 15,811 |
Investment funds | 647 | 642 |
Policy loans | 356 | 369 |
Funds withheld at interest | 45,388 | 46,668 |
Other investments | 1,617 | 471 |
Short-term investments | 8 | |
Level 1 | Fair Value | ||
Assets | ||
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 |
Level 1 | Fair Value | Investments, excluding investments in Related Party | ||
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 | |
Level 3 | Fair Value | ||
Assets | ||
Total assets measured at fair value | 77,407 | 76,311 |
Liabilities | ||
Interest sensitive contract liabilities | 99,298 | 98,945 |
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 | 99,298 | 98,945 |
Level 3 | Fair Value | Investments, excluding investments in Related Party | ||
Assets | ||
Mortgage loans | 17,176 | 15,811 |
Investment funds | 0 | 0 |
Policy loans | 0 | 0 |
Funds withheld at interest | 45,388 | 46,668 |
Other investments | 1,617 | 471 |
Short-term investments | 8 | |
NAV | Fair Value | ||
Assets | ||
Total assets measured at fair value | 4,486 | 3,807 |
NAV | Fair Value | Investments, excluding investments in Related Party | ||
Assets | ||
Investment funds | 647 | 642 |
Level 2 | Fair Value | ||
Assets | ||
Total assets measured at fair value | 356 | 369 |
Liabilities | ||
Interest sensitive contract liabilities | 0 | 0 |
Long-term debt | 2,215 | 2,259 |
Securities Sold under Agreements to Repurchase | 599 | 598 |
Funds withheld liability | 388 | 393 |
Total liabilities not carried at fair value | 3,202 | 3,250 |
Level 2 | Fair Value | Investments, excluding investments in Related Party | ||
Assets | ||
Mortgage loans | 0 | 0 |
Investment funds | 0 | 0 |
Policy loans | 356 | 369 |
Funds withheld at interest | 0 | 0 |
Other investments | 0 | 0 |
Short-term investments | 0 | |
Related Party | ||
Assets | ||
Mortgage loans | 714 | 674 |
Investment funds | 5,899 | 5,284 |
Investment funds | 2,060 | 2,119 |
Funds withheld at interest | 12,572 | 13,030 |
Other investments | 469 | 469 |
Liabilities | ||
Interest sensitive contract liabilities | 13,830 | 14,150 |
Related Party | Carrying Value | ||
Assets | ||
Mortgage loans | 714 | 674 |
Investment funds | 3,839 | 3,165 |
Funds withheld at interest | 11,992 | 12,168 |
Other investments | 469 | 469 |
Related Party | Fair Value | ||
Assets | ||
Mortgage loans | 734 | 694 |
Investment funds | 3,839 | 3,165 |
Funds withheld at interest | 11,992 | 12,168 |
Other investments | 492 | 499 |
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 | 734 | 694 |
Investment funds | 0 | 0 |
Funds withheld at interest | 11,992 | 12,168 |
Other investments | 492 | 499 |
Related Party | NAV | Fair Value | ||
Assets | ||
Investment funds | 3,839 | 3,165 |
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) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Carrying amount of equity securities | $ 202,000,000 | $ 202,000,000 |
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Cumulative Amount | $ (231,000,000) | $ (231,000,000) |
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 | Jan. 01, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
DAC | |||
Beginning balance | $ 3,274 | $ 3,236 | $ 3,274 |
Additions | 143 | 112 | |
Amortization | (98) | 436 | |
Impact of unrealized investment (gains) losses | 271 | 489 | |
Ending balance | 3,552 | 4,323 | |
DSI | |||
Beginning balance | 820 | 857 | 820 |
Additions | 54 | 38 | |
Deferred sales inducement amortization expense excluding unlocking | (84) | (10) | |
Impact of unrealized investment (gains) losses | 87 | 139 | |
Ending balance | 914 | 992 | |
VOBA | |||
Beginning balance | 914 | 813 | 914 |
Additions | 0 | 0 | |
Amortization | (66) | (23) | |
Impact of unrealized investment (gains) losses | 90 | 181 | |
Ending balance | 837 | 1,077 | |
Total | |||
Beginning balance | 5,008 | 4,906 | 5,008 |
Additions | 197 | 150 | |
Amortization | (248) | 403 | |
Impact of unrealized investment (gains) losses | 448 | 809 | |
Ending balance | $ 5,303 | $ 6,392 | |
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 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net income (loss) available to Athene Holding Ltd. common shareholders | $ 578 | $ (1,065) |
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 | 578 | (938) |
Net income available to AHL shareholders – diluted | $ 578 | $ (938) |
Basic weighted average shares outstanding (in shares) | 191.3 | 161.4 |
Dilutive effect of stock compensation plans (in shares) | 5.5 | 0 |
Diluted weighted average shares outstanding (in shares) | 196.8 | 161.4 |
Earnings per share | ||
Basic (in USD per share) | $ 3.02 | $ (5.81) |
Diluted (in USD per share) | $ 2.94 | $ (5.81) |
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 | $ (98) | |
Net income available to AHL shareholders – diluted | $ (98) | |
Basic weighted average shares outstanding (in shares) | 25.4 | |
Dilutive effect of stock compensation plans (in shares) | 0 | |
Diluted weighted average shares outstanding (in shares) | 25.4 | |
Earnings per share | ||
Basic (in USD per share) | $ (3.87) | |
Diluted (in USD per share) | $ (3.87) | |
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) | |
Net income available to AHL shareholders – diluted | $ (13) | |
Basic weighted average shares outstanding (in shares) | 3.3 | |
Dilutive effect of stock compensation plans (in shares) | 0 | |
Diluted weighted average shares outstanding (in shares) | 3.3 | |
Earnings per share | ||
Basic (in USD per share) | $ (3.87) | |
Diluted (in USD per share) | $ (3.87) | |
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) | |
Net income available to AHL shareholders – diluted | $ (3) | |
Basic weighted average shares outstanding (in shares) | 0.8 | |
Dilutive effect of stock compensation plans (in shares) | 0 | |
Diluted weighted average shares outstanding (in shares) | 0.8 | |
Earnings per share | ||
Basic (in USD per share) | $ (3.87) | |
Diluted (in USD per share) | $ (3.87) | |
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) | |
Net income available to AHL shareholders – diluted | $ (4) | |
Basic weighted average shares outstanding (in shares) | 1 | |
Dilutive effect of stock compensation plans (in shares) | 0 | |
Diluted weighted average shares outstanding (in shares) | 1 | |
Earnings per share | ||
Basic (in USD per share) | $ (3.87) | |
Diluted (in USD per share) | $ (3.87) | |
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 | $ (9) | |
Net income available to AHL shareholders – diluted | $ (9) | |
Basic weighted average shares outstanding (in shares) | 2.4 | |
Dilutive effect of stock compensation plans (in shares) | 0 | |
Diluted weighted average shares outstanding (in shares) | 2.4 | |
Earnings per share | ||
Basic (in USD per share) | $ (3.87) | |
Diluted (in USD per share) | $ (3.87) |
Earnings Per Share - Shares Exc
Earnings Per Share - Shares Excluded from Dilutive Calculation (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Common Class A | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares (in shares) | 1 | 11.1 |
Equity - Accumulated Other Comp
Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Jan. 01, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 3,971 | $ 2,281 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 2,021 | (1,174) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (2,630) | (4,273) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (8) | 156 | |
Income tax expense (benefit) | (496) | (797) | |
Other comprehensive income (loss) attributable to NCI | 176 | 183 | |
Ending balance | 2,021 | (1,174) | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 5,338 | 3,102 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 5,338 | 3,102 | |
Other comprehensive income (loss) attributable to NCI | 175 | 159 | |
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (39) | 0 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (39) | 0 | |
DAC, DSI, VOBA, future policy benefits and dividends payable to policyholders adjustments on AFS securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (1,310) | (879) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1,310) | (879) | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (26) | 61 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (26) | 61 | |
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 | 0 | 0 | |
Accumulated Foreign Currency Adjustment and Other Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 8 | (3) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 8 | (3) | |
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), Net of Tax | 2,883 | (1,540) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (3,271) | (5,762) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (10) | 171 | |
Income tax expense (benefit) | (631) | (1,128) | |
Ending balance | 2,883 | (1,540) | |
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), Net of Tax | (104) | (224) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (81) | (273) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | |
Income tax expense (benefit) | (16) | (53) | |
Ending balance | (104) | (224) | |
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] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (717) | 195 | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 753 | 1,352 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 2 | (15) | |
Income tax expense (benefit) | 158 | 287 | |
Ending balance | (717) | 195 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (49) | 395 | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (31) | 401 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | |
Income tax expense (benefit) | (7) | 97 | |
Ending balance | (49) | 395 | |
Accumulated Foreign Currency Adjustment and Other Including Portion Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 8 | 0 | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 9 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | |
Income tax expense (benefit) | 0 | 0 | |
Ending balance | 8 | 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 | 1 | 30 | |
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 | $ 0 | $ (6) | |
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (6) | ||
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), Net of Tax | (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), Net of Tax | 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), Net of Tax | 0 | ||
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), Net of Tax | 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), Net of Tax | $ (4) |
Related Parties Related Parties
Related Parties Related Parties - Summary of Sub-allocation Assets (Details) - Apollo - Related Party - Sub-allocated assets [Member] - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Sub-allocation Assets | $ 182,691 | $ 180,889 |
Percentage of Sub-allocation Assets | 100.00% | 100.00% |
Core Sub-allocation Assets [Member] | ||
Related Party Transaction [Line Items] | ||
Sub-allocation Assets | $ 46,343 | $ 49,392 |
Percentage of Sub-allocation Assets | 25.40% | 27.30% |
Core Plus [Member] | ||
Related Party Transaction [Line Items] | ||
Sub-allocation Assets | $ 41,810 | $ 41,516 |
Percentage of Sub-allocation Assets | 22.90% | 23.00% |
Yield [Member] | ||
Related Party Transaction [Line Items] | ||
Sub-allocation Assets | $ 70,497 | $ 64,693 |
Percentage of Sub-allocation Assets | 38.50% | 35.80% |
High Alpha [Member] | ||
Related Party Transaction [Line Items] | ||
Sub-allocation Assets | $ 7,038 | $ 6,200 |
Percentage of Sub-allocation Assets | 3.90% | 3.40% |
Other Sub-allocation Assets [Member] | ||
Related Party Transaction [Line Items] | ||
Sub-allocation Assets | $ 17,003 | $ 19,088 |
Percentage of Sub-allocation Assets | 9.30% | 10.50% |
Related Parties - Management Fe
Related Parties - Management Fees Incurred (Details) - Related Party - Asset management fees - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Due to related parties | $ 48 | $ 41 | |
Expenses from transactions with related parties | $ 144 | $ 128 |
Related Parties - Narrative (De
Related Parties - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Feb. 28, 2020 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | ||||||
Investment funds | $ 6,865 | $ 6,087 | ||||
Payments to Acquire Investment Funds | 467 | $ 375 | ||||
Contributions from noncontrolling interests | 235 | 240 | ||||
Distributions to noncontrolling interests | 46 | |||||
Interest sensitive contract liabilities | 146,247 | 144,566 | ||||
Other assets (consolidated variable interest entities: 2021 – $173 and 2020 – $1) | 1,785 | 1,249 | ||||
Issuance of common stock | 1 | 350 | ||||
Payments to Acquire Debt Securities, Available-for-sale | 8,275 | 4,226 | ||||
Available-for-sale securities | 92,429 | 89,373 | ||||
Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Other investments | 469 | 469 | ||||
Investment funds | 5,899 | 5,284 | ||||
Payments to Acquire Investment Funds | 429 | 358 | ||||
Interest sensitive contract liabilities | 13,830 | 14,150 | ||||
Equity securities, at fair value | 114 | 72 | ||||
Trading securities, at fair value | 1,710 | 1,529 | ||||
Payments to Acquire Debt Securities, Available-for-sale | 767 | 425 | ||||
Available-for-sale securities | 6,905 | 6,520 | ||||
Related Party | Management fees associated with investment funds | ||||||
Related Party Transaction [Line Items] | ||||||
Due to related parties | 48 | 41 | ||||
Expenses from transactions with related parties | 144 | 128 | ||||
Related Party | MidCap | ||||||
Related Party Transaction [Line Items] | ||||||
Available-for-sale securities | 801 | 630 | ||||
MidCap | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Other investments | 321 | 328 | ||||
Investments | $ 971 | 939 | ||||
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 | 169 | ||||
Venerable | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.257% | |||||
Apollo Athene Strategic Partnership Advisors, LLC [Member] | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Investment funds | $ 229 | 214 | ||||
Strategic Partnership Capacity | 2,500 | |||||
PK AirFinance [Member] | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Debt Securities | 1,353 | 1,373 | ||||
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 | |||||
Funding Agreements | Athora Holding Ltd. | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Interest sensitive contract liabilities | 117 | 122 | ||||
Investments | ||||||
Related Party Transaction [Line Items] | ||||||
Investment commitment | 11,198 | 7,472 | ||||
Investments | A-A Mortgage | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Investment commitment | 381 | |||||
Investments | Athora Holding Ltd. | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Investment commitment | 293 | |||||
Investments | PK AirFinance [Member] | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Investment commitment | 1,270 | |||||
Redeemable Preferred Stock [Member] | Related Party | MidCap | ||||||
Related Party Transaction [Line Items] | ||||||
Trading securities, at fair value | 77 | 77 | ||||
Private equity | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Investment funds | 689 | 473 | ||||
Private equity | Venerable | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Other investments | 147 | 145 | ||||
Differentiated investments | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Investment funds | 2,240 | 1,889 | ||||
Differentiated investments | AmeriHome | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Investment funds | 583 | 444 | ||||
Differentiated investments | Athora Holding Ltd. | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Investment funds | 689 | 709 | ||||
Differentiated investments | Venerable | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Investment funds | 316 | 123 | ||||
Variable Interest Entities | ||||||
Related Party Transaction [Line Items] | ||||||
Other assets (consolidated variable interest entities: 2021 – $173 and 2020 – $1) | $ 173 | 1 | ||||
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 | ||||||
Related Party Transaction [Line Items] | ||||||
Available-for-sale securities | $ 4,815 | 4,785 | ||||
ABS | Related Party | MidCap | ||||||
Related Party Transaction [Line Items] | ||||||
Trading securities, at fair value | 573 | 534 | ||||
ABS | Related Party | AmeriHome | ||||||
Related Party Transaction [Line Items] | ||||||
Available-for-sale securities | $ 372 | $ 360 | ||||
Subsequent Event | AmeriHome | Related Party | Investment funds | ||||||
Related Party Transaction [Line Items] | ||||||
Gain (Loss) on Sale of Investments | $ 184 | |||||
Common Class A | ||||||
Related Party Transaction [Line Items] | ||||||
Common stock issued (in shares) | 191,700,000 | 191,500,000 | ||||
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 | |||||
Minimum Ownership, Proxy | 7.50% | |||||
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% | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 36.55% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Other Commitments [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 1,401 | |
Advances from FHLB | 2,001 | $ 2,002 |
Interest sensitive contract liabilities | 146,247 | 144,566 |
COLI asset value | 413 | |
Value of guarantees on COLI | 196 | |
Investments | ||
Other Commitments [Line Items] | ||
Investment commitment | 11,198 | 7,472 |
Funding Agreement Backed Repurchase Agreements [Member] | ||
Other Commitments [Line Items] | ||
Interest sensitive contract liabilities | 1,000 | 1,000 |
Athene Global Funding | Senior notes | ||
Other Commitments [Line Items] | ||
Maximum borrowing capacity | 3,058 | |
Athene Global Funding | Funding Agreements | ||
Other Commitments [Line Items] | ||
Interest sensitive contract liabilities | $ 11,958 | $ 8,822 |
Commitments and Contingencies_2
Commitments and Contingencies - Pledged Assets and Funds in Trust (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
AFS securities | $ 9,056 | $ 9,884 |
Debt Securities, Trading, Restricted | 69 | 60 |
Equity securities | 27 | 26 |
Investment funds | 152 | 68 |
Derivative assets pledged as collateral | 107 | 107 |
Mortgage loans | 4,916 | 5,028 |
Short-term investments | 13 | 52 |
Other investments | 105 | 105 |
Restricted cash | 546 | 738 |
Total restricted assets | $ 14,991 | $ 16,068 |
Segment Information - Reconcili
Segment Information - Reconciliation of Segment Operating Revenues to Consolidation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Total revenues | $ 4,391 | $ (1,549) |
Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets | (438) | (3,019) |
Investment gains (losses), net of offsets | (488) | (3,572) |
Operating Segments | Retirement Services | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 3,637 | 2,469 |
Operating Segments | Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 38 | (330) |
Non-operating adjustments | ||
Segment Reporting Information [Line Items] | ||
Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets | 493 | (1,671) |
Investment gains (losses), net of offsets | (857) | (1,685) |
Variable Interest Entity Expense and Noncontrolling Interest | $ (1,080) | $ 332 |
Segment Information - Reconci_2
Segment Information - Reconciliation of Segment Operating Income to Consolidation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income tax (expense) benefit – non-operating | $ (62) | $ 166 |
Net income (loss) available to Athene Holding Ltd. common shareholders | 578 | (1,065) |
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 | 784 | 204 |
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 | (36) | (312) |
Non-operating adjustments | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Investment gains (losses), net of offsets | (605) | (1,139) |
Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets | 488 | 65 |
Integration, restructuring and other non-operating expenses | (45) | (4) |
Stock-based compensation, excluding LTIP | 0 | (10) |
Income tax (expense) benefit – non-operating | $ (8) | $ 131 |
Segment Information - Assets by
Segment Information - Assets by Segment (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | $ 205,670 | $ 202,771 |
Retirement Services | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | 200,093 | 197,295 |
Corporate and Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | $ 5,577 | $ 5,476 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 3 Months Ended |
Mar. 31, 2021segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |