Athene Holding (ATH-PE) 10-Q 8 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 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	Sep. 30, 2021
Entity File Number	001-37963
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Common Stock, Shares Outstanding		192,141,537
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	Sep. 30, 2021	Dec. 31, 2020
Investments
Available-for-sale securities	$ 107,418	$ 89,373
Mortgage loans	20,810	15,938
Investment funds	8,021	6,087
Derivative assets	3,786	3,523
Cash and cash equivalents (consolidated variable interest entities: 2021 – $303 and 2020 – $0)	7,753	7,704
Restricted cash	757	738
Accrued investment income (related party: 2021 – $43 and 2020 – $38)	1,016	905
Reinsurance recoverable (portion at fair value: 2021 – $1,969 and 2020 – $2,100)	4,565	4,848
Deferred acquisition costs, deferred sales inducements and value of business acquired	5,110	4,906
Other assets (consolidated variable interest entities: 2021 – $16 and 2020 – $1)	1,371	1,249
Total assets	224,396	202,771
Liabilities
Interest sensitive contract liabilities (related party: 2021 – $13,236 and 2020 – $14,150; portion at fair value: 2021 – $15,297 and 2020 – $14,181)	152,200	144,566
Future policy benefits (related party: 2021 – $1,804 and 2020 – $1,610; portion at fair value: 2021 – $2,289 and 2020 – $2,376)	39,666	29,258
Other policy claims and benefits	130	130
Dividends payable to policyholders	103	110
Long-term debt	2,469	1,976
Derivative liabilities	303	298
Payables for collateral on derivatives and securities to repurchase	4,129	3,801
Funds withheld liability (portion at fair value: 2021 – $45 and 2020 – $59)	437	452
Other liabilities (related party: 2021 – $109 and 2020 – $112; consolidated variable interest entities: 2021 – $320 and 2020 – $134)	2,587	2,040
Total liabilities	202,024	182,631
Commitments and Contingencies (Note 11)
Equity
Additional paid-in capital	6,651	6,613
Retained earnings	10,727	8,073
Accumulated other comprehensive income (related party: 2021 – $54 and 2020 – $59)	3,011	3,971
Total Athene Holding Ltd. shareholders’ equity	20,389	18,657
Noncontrolling interests	1,983	1,483
Total equity	22,372	20,140
Total liabilities and equity	224,396	202,771
Consolidated Entity Excluding Affiliated Entity
Investments
Available-for-sale securities	100,262	82,853
Trading securities, at fair value	2,115	2,093
Equity securities (portion at fair value: 2021 – $666 and 2020 – $330)	666	532
Mortgage loans	19,700	15,264
Investment funds	1,427	803
Policy loans	320	369
Funds withheld at interest	44,362	48,612
Derivative assets	3,786	3,523
Short-term Investments	125	222
Other investments	1,725	572
Total investments	174,488	154,843
Related Party
Investments
Available-for-sale securities	7,156	6,520
Trading securities, at fair value	1,742	1,529
Equity securities, at fair value	115	72
Mortgage loans	1,110	674
Investment funds	6,594	5,284
Funds withheld at interest	12,441	13,030
Other investments	178	469
Accrued investment income (related party: 2021 – $43 and 2020 – $38)	43	38
Liabilities
Interest sensitive contract liabilities (related party: 2021 – $13,236 and 2020 – $14,150; portion at fair value: 2021 – $15,297 and 2020 – $14,181)	13,236	14,150
Future policy benefits (related party: 2021 – $1,804 and 2020 – $1,610; portion at fair value: 2021 – $2,289 and 2020 – $2,376)	1,804	1,610
Other liabilities (related party: 2021 – $109 and 2020 – $112; consolidated variable interest entities: 2021 – $320 and 2020 – $134)	109	112
Equity
Accumulated other comprehensive income (related party: 2021 – $54 and 2020 – $59)	54	59
Variable Interest Entities
Investments
Mortgage loans	230	0
Investment funds	403	0
Cash and cash equivalents (consolidated variable interest entities: 2021 – $303 and 2020 – $0)	303	0
Other assets (consolidated variable interest entities: 2021 – $16 and 2020 – $1)	16	1
Liabilities
Other liabilities (related party: 2021 – $109 and 2020 – $112; consolidated variable interest entities: 2021 – $320 and 2020 – $134)	320	134
Consolidated Entity, Affiliated Entity
Investments
Mortgage loans	1,812	1,880
Investment funds	261	0
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

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Available-for-sale securities	$ 102,753	$ 82,544
AFS securities allowance for credit losses	116	104
Mortgage loans allowance for credit losses	226	253
Mortgage loans	20,810	15,938
Investment funds	8,021	6,087
Accrued investment income, related party	1,016	905
Reinsurance recoverable, fair value portion	4,565	4,848
Other assets, consolidated variable interest entities	1,371	1,249
Interest sensitive contract liabilities	152,200	144,566
Future policy benefits	39,666	29,258
Funds withheld liability, fair value portion	437	452
Other liabilities	2,587	2,040
Accumulated other comprehensive income (related party: 2021 – $54 and 2020 – $59)	3,011	3,971
Cash and cash equivalents (consolidated variable interest entities: 2021 – $303 and 2020 – $0)	7,753	7,704
Variable Interest Entities
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Mortgage loans	230	0
Investment funds	403	0
Other assets, consolidated variable interest entities	16	1
Other liabilities	320	134
Cash and cash equivalents (consolidated variable interest entities: 2021 – $303 and 2020 – $0)	303	0
Consolidated Entity Excluding Affiliated Entity
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Available-for-sale securities	95,628	76,100
AFS securities allowance for credit losses	112	103
Mortgage loans allowance for credit losses	223	232
Mortgage loans	19,700	15,264
Investment funds	428	161
Investment funds	1,427	803
Funds withheld at interest	44,362	48,612
Short-term Investments, fair value portion	125	222
Other Investments allowance for credit losses	0	3
Other investments	1,725	572
Related Party
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Available-for-sale securities	7,125	6,444
AFS securities allowance for credit losses	4	1
Equity securities, at fair value	115	72
Mortgage loans allowance for credit losses	3	14
Mortgage loans	1,110	674
Investment funds	2,955	2,119
Investment funds	6,594	5,284
Funds withheld at interest	12,441	13,030
Other Investments allowance for credit losses	0	4
Other investments	178	469
Accrued investment income, related party	43	38
Interest sensitive contract liabilities	13,236	14,150
Future policy benefits	1,804	1,610
Other liabilities	109	112
Accumulated other comprehensive income (related party: 2021 – $54 and 2020 – $59)	$ 54	$ 59
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)	192.1	191.5
Common stock outstanding (in shares)	192.1	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	$ 104,414	$ 98,945
Funds withheld liability, fair value portion	392	393
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	1,969	2,100
Interest sensitive contract liabilities	15,297	14,181
Future policy benefits	2,289	2,376
Funds withheld liability, fair value portion	45	59
Recurring | Fair Value | Consolidated Entity Excluding Affiliated Entity
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Equity securities, at fair value	666	330
Mortgage loans	18	19
Funds withheld at interest	1,142	1,944
Other investments	100	105
Recurring | Fair Value | Related Party
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Funds withheld at interest	$ 687	$ 862

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Premiums Earned, Net	$ 6,686	$ 112	$ 11,295	$ 1,607
Insurance Commissions and Fees	154	144	461	425
Net Investment Income	1,474	1,209	5,216	3,290
Gain (Loss) on Investments	386	1,797	2,508	773
Other Income	24	13	58	29
Total revenues	8,724	3,275	19,538	6,124
Benefits and expenses
Interest Sensitive Contract Benefits Expense	572	1,225	2,945	1,982
Amortization of deferred sales inducements	32	48	138	37
Policyholder Benefits and Claims Incurred, Net	7,014	439	12,281	2,469
Amortization of deferred acquisition costs and value of business acquired	136	299	530	247
Dividends to policyholders	3	9	23	29
Other Cost and Expense, Operating	247	231	772	637
Total benefits and expenses	8,004	2,251	16,689	5,401
Income before income taxes	720	1,024	2,849	723
Income tax expense (benefit)	(50)	140	196	124
Net income	770	884	2,653	599
Less: Net income (loss) attributable to noncontrolling interests	37	232	(111)	151
Net income attributable to Athene Holding Ltd. shareholders	733	652	2,764	448
Less: Preferred stock dividends	35	30	106	67
Net income available to Athene Holding Ltd. common shareholders	698	622	2,658	381
Common Class A
Benefits and expenses
Net income available to Athene Holding Ltd. common shareholders	$ 698	$ 622	$ 2,658	$ 508
Earnings per share
Basic (in USD per share)	$ 3.64	$ 3.22	$ 13.88	$ 2.78
Diluted (in USD per share)	$ 3.51	$ 3.16	$ 13.42	$ 2.73
Common Class B
Benefits and expenses
Net income 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 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 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 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 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Premiums earned	$ 6,686	$ 112	$ 11,295	$ 1,607
Product charges	154	144	461	425
Net Investment Income	1,474	1,209	5,216	3,290
Investment expense	153	114	443	370
Investment gains (losses), net of offsets	386	1,797	2,508	773
Interest Sensitive Contract Benefits Expense	572	1,225	2,945	1,982
Policyholder Benefits and Claims Incurred, Net	7,014	439	12,281	2,469
Policy and other operating expenses	247	231	772	637
Other Income	24	13	58	29
Related Party
Premiums earned	69	71	226	234
Product charges	10	13	33	41
Net Investment Income	314	239	1,770	515
Investment expense	146	111	430	362
Investment gains (losses), net of offsets	86	299	227	429
Interest Sensitive Contract Benefits Expense	58	43	269	143
Policyholder Benefits and Claims Incurred, Net	85	106	285	298
Policy and other operating expenses	12	14	36	41
Other Income	2	0	17	0
Variable Interest Entities
Net Investment Income	2	18	58	34
Investment gains (losses), net of offsets	$ 1	$ 26	$ (47)	$ 20

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 770	$ 884	$ 2,653	$ 599
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities, net of offsets	(684)	1,043	(1,583)	710
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax	200	(178)	261	140
Foreign currency translation and other adjustments	(6)	10	(5)	9
Other Comprehensive Income (Loss), before Tax, Total	(490)	875	(1,327)	859
Income tax expense (benefit)	(88)	157	(239)	165
Other Comprehensive Income (Loss), Net of Tax, Total	(402)	718	(1,088)	694
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total	368	1,602	1,565	1,293
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	(39)	246	(239)	232
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 407	$ 1,356	$ 1,804	$ 1,061

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	Total Athene Holding Ltd. shareholders’ equity	Noncontrolling interests	Preferred stock	Preferred stockAdditional paid-in capital	Preferred stockTotal Athene Holding Ltd. shareholders’ equity	Common stock	Common stockAdditional paid-in capital	Common stockTotal Athene Holding Ltd. shareholders’ equity	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, AdjustmentRetained earnings	Cumulative Effect, Period of Adoption, AdjustmentAccumulated other comprehensive income	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	599				448		448	151
Other comprehensive loss	694					613	613	81
Issuance of common shares, net of expenses									$ 583	$ 583	$ 583	$ 1,509	$ 1,509	$ 1,509
Stock-based compensation	14			14			14
Retirement or repurchase of shares	(425)			(232)	(193)		(425)
Preferred stock dividends	(67)				(67)		(67)
Contributions from noncontrolling interests	240							240
Distributions to noncontrolling interests	(46)							(46)
Ending Balance at Sep. 30, 2020	17,117	0	0	6,045	7,010	2,888	15,943	1,174
Beginning Balance at Jun. 30, 2020	15,639	0	0	6,090	6,437	2,184	14,711	928
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	884				652		652	232
Other comprehensive loss	718					704	704	14
Stock-based compensation	3			3			3
Retirement or repurchase of shares	(97)			(48)	(49)		(97)
Preferred stock dividends	(30)				(30)		(30)
Contributions from noncontrolling interests								0
Distributions to noncontrolling interests								0
Ending Balance at Sep. 30, 2020	17,117	0	0	6,045	7,010	2,888	15,943	1,174
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	2,653				2,764		2,764	(111)
Other comprehensive loss	(1,088)					(960)	(960)	(128)
Issuance of common shares, net of expenses	10												10	10
Stock-based compensation	28			28			28
Retirement or repurchase of shares	(4)			0	(4)		(4)
Preferred stock dividends	(106)				(106)		(106)
Contributions from noncontrolling interests	648							648
Other changes in equity of noncontrolling interests	91							91
Distributions to noncontrolling interests								0
Ending Balance at Sep. 30, 2021	22,372	0	0	6,651	10,727	3,011	20,389	1,983
Beginning Balance at Jun. 30, 2021	21,671	0	0	6,640	10,029	3,337	20,006	1,665
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	770				733		733	37
Other comprehensive loss	(402)					(326)	(326)	(76)
Issuance of common shares, net of expenses	3												$ 3	$ 3
Stock-based compensation	8			8			8
Preferred stock dividends	(35)				(35)		(35)
Contributions from noncontrolling interests	328							328
Other changes in equity of noncontrolling interests	29							29
Distributions to noncontrolling interests								0
Ending Balance at Sep. 30, 2021	$ 22,372	$ 0	$ 0	$ 6,651	$ 10,727	$ 3,011	$ 20,389	$ 1,983

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net income		$ 2,653	$ 599
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred acquisition costs and value of business acquired		530	247
Amortization of deferred sales inducements		138	37
Accretion of net investment premiums, discounts and other		(169)	(139)
Payment at recapture of reinsurance agreement		0	(723)
Net investment (income) loss (related party: 2021 – $(986) and 2020 – $(72); consolidated variable interest entities: 2021 – $(32), 2020 – $(24))		(1,070)	(90)
Net recognized (gains) losses on investments and derivatives (related party: 2021 – $(162) and 2020 – $15; consolidated variable interest entities: 2021 – $56 and 2020 – $6)		2,027	(462)
Policy acquisition costs deferred		(471)	(470)
Changes in operating assets and liabilities:
Accrued investment income (related party: 2021 – $(5) and 2020 – $(18))		(111)	(27)
Interest sensitive contract liabilities (related party: 2021 – $237 and 2020 – $135)		2,095	1,691
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable (related party: 2021 – $196 and 2020 – $209)		5,864	338
Funds withheld assets and liabilities (related party: 2021 – $(332) and 2020 – $(644))		(444)	(856)
Other assets and liabilities		273	(144)
Net cash provided by operating activities		7,261	925
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2021 – $1,228 and 2020 – $238)		13,955	8,850
Trading securities (related party: 2021 – $66 and 2020 – $31; consolidated variable interest entities: 2021 – $0 and 2020 – $10)		151	133
Equity securities (related party: 2021 – $7 and 2020 – $4)		226	6
Mortgage loans (related party: 2021 – $16 and 2020 – $0)		1,917	1,593
Investment funds (related party: 2021 – $1,142 and 2020 – $408; consolidated variable interest entities: 2021 – $102 and 2020 – $20)		1,332	465
Derivative instruments and other invested assets (related party: 2021 – $330 and 2020 – $0)		3,879	1,331
Short-term investments (related party: 2021 – $98 and 2020 – $28)		448	766
Purchases of:
Available-for-sale securities (related party: 2021 – $(2,091) and 2020 – $(1,526))		(28,994)	(14,071)
Trading securities (related party: 2021 – $(207) and 2020 – $(150))		(422)	(188)
Equity securities (related party: 2021 – $(46) and 2020 – $(3))		(326)	(481)
Mortgage loans (related party: 2021 – $(440) and 2020 – $(17); consolidated variable interest entities: 2021 – $(230) and 2020 – $0)		(6,794)	(2,971)
Investment funds (related party: 2021 – $(1,192) and 2020 – $(914); consolidated variable interest entities: 2021 – $(642) and 2020 – $0)		(1,876)	(970)
Derivative instruments and other invested assets (related party: 2021 – $(31) and 2020 – $0)		(3,042)	(1,451)
Short-term investments (related party: 2021 – $(100) and 2020 – $(28))		(350)	(449)
Other investing activities, net		447	338
Net cash used in investing activities		(19,449)	(7,099)
Cash flows from financing activities
Issuance of common stock		10	350
Repayment of short-term debt		0	75
Proceeds from long-term debt		497	499
Deposits on investment-type policies and contracts (related party: 2021 – $64 and 2020 – $63)		16,030	13,994
Withdrawals on investment-type policies and contracts (related party: 2021 – $(287) and 2020 – $(292))		(5,272)	(5,320)
Payments for coinsurance agreements on investment-type contracts, net		(5)	(17)
Capital contributions from noncontrolling interests		648	240
Capital distributions to noncontrolling interests		0	(46)
Net change in cash collateral posted for derivative transactions and securities to repurchase		(328)	(487)
Issuance of preferred stock, net of expenses		0	583
Preferred stock dividends		106	67
Repurchase of common stock		(4)	(425)
Other financing activities, net		133	131
Net cash provided by financing activities		12,259	10,334
Effect of exchange rate changes on cash and cash equivalents		(3)	(28)
Net increase in cash and cash equivalents		68	4,132
Cash and cash equivalents at beginning of year	[1]	8,442	4,642
Cash and cash equivalents at end of period	[1]	8,510	8,774
Non-cash transactions
Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2021 – $258 and 2020 – $252)		980	29,876
Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2021 – $1,179 and 2020 – $1,063)		6,144	3,313
Assets contributed to consolidated VIEs		169	0
Related Party
Adjustments to reconcile net income to net cash provided by operating activities:
Net investment (income) loss (related party: 2021 – $(986) and 2020 – $(72); consolidated variable interest entities: 2021 – $(32), 2020 – $(24))		(986)	(72)
Net recognized (gains) losses on investments and derivatives (related party: 2021 – $(162) and 2020 – $15; consolidated variable interest entities: 2021 – $56 and 2020 – $6)		162	(15)
Changes in operating assets and liabilities:
Accrued investment income (related party: 2021 – $(5) and 2020 – $(18))		(5)	(18)
Interest sensitive contract liabilities (related party: 2021 – $237 and 2020 – $135)		237	135
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable (related party: 2021 – $196 and 2020 – $209)		196	209
Funds withheld assets and liabilities (related party: 2021 – $(332) and 2020 – $(644))		(332)	(644)
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2021 – $1,228 and 2020 – $238)		1,228	238
Trading securities (related party: 2021 – $66 and 2020 – $31; consolidated variable interest entities: 2021 – $0 and 2020 – $10)		66	31
Mortgage loans (related party: 2021 – $16 and 2020 – $0)		16	0
Investment funds (related party: 2021 – $1,142 and 2020 – $408; consolidated variable interest entities: 2021 – $102 and 2020 – $20)		1,142	408
Derivative instruments and other invested assets (related party: 2021 – $330 and 2020 – $0)		330	0
Short-term investments (related party: 2021 – $98 and 2020 – $28)		98	28
Purchases of:
Available-for-sale securities (related party: 2021 – $(2,091) and 2020 – $(1,526))		(2,091)	(1,526)
Trading securities (related party: 2021 – $(207) and 2020 – $(150))		(207)	(150)
Mortgage loans (related party: 2021 – $(440) and 2020 – $(17); consolidated variable interest entities: 2021 – $(230) and 2020 – $0)		(440)	(17)
Investment funds (related party: 2021 – $(1,192) and 2020 – $(914); consolidated variable interest entities: 2021 – $(642) and 2020 – $0)		(1,192)	(914)
Short-term investments (related party: 2021 – $(100) and 2020 – $(28))		(100)	(28)
Cash flows from financing activities
Deposits on investment-type policies and contracts (related party: 2021 – $64 and 2020 – $63)		64	63
Withdrawals on investment-type policies and contracts (related party: 2021 – $(287) and 2020 – $(292))		(287)	(292)
Non-cash transactions
Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2021 – $258 and 2020 – $252)		258	252
Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2021 – $1,179 and 2020 – $1,063)		1,179	1,063
Reinsurance Settlements
Non-cash transactions
Transfer to Investments		104	53
Transfer from Investments		0	4,298
Pension Risk Transfer Premiums
Non-cash transactions
Transfer to Investments		4,971	829
Investment funds | Related Party
Non-cash transactions
Transfer to Investments		0	1,147
Trading securities | Related Party
Non-cash transactions
Transfer to Investments		$ 0	$ 516
[1]	1 Includes cash and cash equivalents and restricted cash.

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Amortization of deferred acquisition costs and value of business acquired	$ 530	$ 247
Net investments (income) loss	(1,070)	(90)
Net recognized (gains) losses on investments and derivatives	(2,027)	462
Accrued investment income	(111)	(27)
Policy acquisition costs deferred	(471)	(470)
Increase (Decrease) in Interest Sensitive Contract Liabilities	2,095	1,691
Increase (Decrease) in Insurance Liabilities	5,864	338
Funds withheld assets and liabilities	(444)	(856)
Sales, maturities and repayments of:
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale	13,955	8,850
Mortgage loans (related party: 2021 – $16 and 2020 – $0)	1,917	1,593
Investment funds (related party: 2021 – $1,142 and 2020 – $408; consolidated variable interest entities: 2021 – $102 and 2020 – $20)	1,332	465
Derivative instruments and other invested assets (related party: 2021 – $330 and 2020 – $0)	3,879	1,331
Short-term investments	448	766
Purchases of:
Payments to Acquire Debt Securities, Available-for-sale	(28,994)	(14,071)
Mortgage loans (related party: 2021 – $(440) and 2020 – $(17); consolidated variable interest entities: 2021 – $(230) and 2020 – $0)	(6,794)	(2,971)
Trading securities	(422)	(188)
Investment funds	(1,876)	(970)
Derivative instruments and other invested assets (related party: 2021 – $(31) and 2020 – $0)	(3,042)	(1,451)
Short-term investments	(350)	(449)
Deposits on investment-type policies and contracts	16,030	13,994
Repayments of Annuities and Investment Certificates	(5,272)	(5,320)
Payments for coinsurance agreements on investment-type contracts, net	(5)	(17)
Deposits on investment-type policies and contracts through reinsurance agreements	980	29,876
Withdrawals on investment-type policies and contracts through reinsurance agreements	6,144	3,313
Trading securities (related party: 2021 – $66 and 2020 – $31; consolidated variable interest entities: 2021 – $0 and 2020 – $10)	151	133
Variable Interest Entities
Net investments (income) loss	(32)	(24)
Net recognized (gains) losses on investments and derivatives	56	6
Sales, maturities and repayments of:
Investment funds (related party: 2021 – $1,142 and 2020 – $408; consolidated variable interest entities: 2021 – $102 and 2020 – $20)	102	20
Purchases of:
Investment funds	(642)	0
Trading securities (related party: 2021 – $66 and 2020 – $31; consolidated variable interest entities: 2021 – $0 and 2020 – $10)	0	10
Related Party
Net investments (income) loss	(986)	(72)
Net recognized (gains) losses on investments and derivatives	(162)	15
Accrued investment income	(5)	(18)
Increase (Decrease) in Interest Sensitive Contract Liabilities	237	135
Increase (Decrease) in Insurance Liabilities	196	209
Funds withheld assets and liabilities	(332)	(644)
Sales, maturities and repayments of:
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale	1,228	238
Mortgage loans (related party: 2021 – $16 and 2020 – $0)	16	0
Investment funds (related party: 2021 – $1,142 and 2020 – $408; consolidated variable interest entities: 2021 – $102 and 2020 – $20)	1,142	408
Derivative instruments and other invested assets (related party: 2021 – $330 and 2020 – $0)	330	0
Short-term investments	98	28
Purchases of:
Payments to Acquire Debt Securities, Available-for-sale	(2,091)	(1,526)
Mortgage loans (related party: 2021 – $(440) and 2020 – $(17); consolidated variable interest entities: 2021 – $(230) and 2020 – $0)	(440)	(17)
Trading securities	(207)	(150)
Investment funds	(1,192)	(914)
Short-term investments	(100)	(28)
Deposits on investment-type policies and contracts	64	63
Repayments of Annuities and Investment Certificates	(287)	(292)
Deposits on investment-type policies and contracts through reinsurance agreements	258	252
Withdrawals on investment-type policies and contracts through reinsurance agreements	1,179	1,063
Trading securities (related party: 2021 – $66 and 2020 – $31; consolidated variable interest entities: 2021 – $0 and 2020 – $10)	66	31
Equity securities | Related Party
Purchases of:
Equity securities	(46)	(3)
Equity securities (related party: 2020 – $3 and 2019 – $51; consolidated variable interest entities: 2020 – $0 and 2019 – $51)	7	4
Reinsurance Settlements
Purchases of:
Transfer to Investments	$ 104	$ 53

Business, Basis of Presentation

Business, Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 except as noted below, 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. 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. Actual results may differ from estimates used in preparing the condensed consolidated financial statements. During the quarter ended September 30, 2021, we recorded an out-of-period adjustment that affected the condensed consolidated statements of income. The adjustment related to the correction of errors in taxable income by jurisdiction, which resulted in the misstatement of income tax expense. The adjustment overstated consolidated net income for the three and nine months ended September 30, 2021 by $116 million and $63 million, respectively. We evaluated the out-of-period adjustment and determined it was not material to the condensed consolidated financial statements for either the three or nine months ended September 30, 2021, or any other previously reported period. 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, 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	9 Months Ended
	Sep. 30, 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: September 30, 2021 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 419 $ — $ 2 $ (19) $ 402 US state, municipal and political subdivisions 982 — 135 (2) 1,115 Foreign governments 930 — 23 (22) 931 Corporate 65,158 (4) 4,723 (547) 69,330 CLO 13,433 (4) 67 (117) 13,379 ABS 6,052 (16) 173 (45) 6,164 CMBS 2,626 (1) 79 (64) 2,640 RMBS 6,028 (87) 377 (17) 6,301 Total AFS securities 95,628 (112) 5,579 (833) 100,262 AFS securities – related party Corporate 496 — 10 (3) 503 CLO 2,104 (4) 13 (16) 2,097 ABS 4,525 — 73 (42) 4,556 Total AFS securities – related party 7,125 (4) 96 (61) 7,156 Total AFS securities including related party $ 102,753 $ (116) $ 5,675 $ (894) $ 107,418 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: September 30, 2021 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 1,122 $ 1,140 Due after one year through five years 10,519 10,982 Due after five years through ten years 18,079 18,869 Due after ten years 37,769 40,787 CLO, ABS, CMBS and RMBS 28,139 28,484 Total AFS securities 95,628 100,262 AFS securities – related party Due after one year through five years 16 17 Due after five years through ten years 365 370 Due after ten years 115 116 CLO and ABS 6,629 6,653 Total AFS securities – related party 7,125 7,156 Total AFS securities including related party $ 102,753 $ 107,418 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: September 30, 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 $ 336 $ (18) $ 8 $ (1) $ 344 $ (19) US state, municipal and political subdivisions 147 (2) 3 — 150 (2) Foreign governments 599 (22) 1 — 600 (22) Corporate 16,978 (446) 544 (44) 17,522 (490) CLO 5,605 (35) 1,935 (40) 7,540 (75) ABS 820 (16) 240 (21) 1,060 (37) CMBS 702 (19) 194 (39) 896 (58) RMBS 414 (6) 321 (4) 735 (10) Total AFS securities 25,601 (564) 3,246 (149) 28,847 (713) AFS securities – related party Corporate 212 (3) — — 212 (3) CLO 803 (2) 160 (3) 963 (5) ABS 1,213 (33) 14 — 1,227 (33) Total AFS securities – related party 2,228 (38) 174 (3) 2,402 (41) Total AFS securities including related party $ 27,829 $ (602) $ 3,420 $ (152) $ 31,249 $ (754) 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: September 30, 2021 Unrealized loss position Unrealized loss position 12 months or more AFS securities 3,780 393 AFS securities – related party 56 7 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 September 30, 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 $ 5 $ — $ — $ — $ (1) $ 4 CLO 3 4 — — (3) 4 ABS 10 — — — 6 16 CMBS 6 — — — (5) 1 RMBS 83 1 — (4) 7 87 Total AFS securities 107 5 — (4) 4 112 AFS securities – related party, CLO 2 3 — — (1) 4 Total AFS securities including related party $ 109 $ 8 $ — $ (4) $ 3 $ 116 Three months ended September 30, 2020 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS securities Corporate $ 31 $ 1 $ — $ (2) $ — $ 30 CLO 1 — — — — 1 ABS 2 — — — 1 3 CMBS 10 12 — (1) (2) 19 RMBS 129 2 — (12) (32) 87 Total AFS securities 173 15 — (15) (33) 140 AFS securities – related party, CLO 2 1 — (1) — 2 Total AFS securities including related party $ 175 $ 16 $ — $ (16) $ (33) $ 142 Nine months ended September 30, 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 $ 3 $ — $ (2) $ (3) $ 4 CLO 1 7 — — (4) 4 ABS 6 5 — — 5 16 CMBS 10 2 — — (11) 1 RMBS 80 1 6 (10) 10 87 Total AFS securities 103 18 6 (12) (3) 112 AFS securities – related party, CLO 1 5 — (1) (1) 4 Total AFS securities including related party $ 104 $ 23 $ 6 $ (13) $ (4) $ 116 Nine months ended September 30, 2020 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS securities Corporate $ — $ 32 $ — $ (2) $ — $ 30 CLO — 1 — — — 1 ABS — 5 — — (2) 3 CMBS — 21 — (1) (1) 19 RMBS 17 50 61 (14) (27) 87 Total AFS securities 17 109 61 (17) (30) 140 AFS securities – related party, CLO — 2 — (1) 1 2 Total AFS securities including related party $ 17 $ 111 $ 61 $ (18) $ (29) $ 142 Net Investment Income —Net investment income by asset class consists of the following: Three months ended September 30, Nine months ended September 30, (In millions) 2021 2020 2021 2020 AFS securities $ 937 $ 776 $ 2,736 $ 2,403 Trading securities 60 47 183 137 Equity securities 8 4 15 10 Mortgage loans 230 184 625 545 Investment funds 157 148 1,328 242 Funds withheld at interest 188 81 566 165 Other 47 83 206 158 Investment revenue 1,627 1,323 5,659 3,660 Investment expenses (153) (114) (443) (370) Net investment income $ 1,474 $ 1,209 $ 5,216 $ 3,290 Investment Related Gains (Losses) —Investment related gains (losses) by asset class consists of the following: Three months ended September 30, Nine months ended September 30, (In millions) 2021 2020 2021 2020 AFS securities Gross realized gains on investment activity $ 118 $ 192 $ 399 $ 424 Gross realized losses on investment activity (93) (178) (407) (378) Net realized investment gains (losses) on AFS securities 25 14 (8) 46 Net recognized investment gains (losses) on trading securities (23) 24 (31) (8) Net recognized investment gains (losses) on equity securities 57 12 82 (8) Derivative gains 254 1,648 2,300 959 Provision for credit losses (2) 84 10 (205) Other gains (losses) 75 15 155 (11) Investment related gains (losses) $ 386 $ 1,797 $ 2,508 $ 773 Proceeds from sales of AFS securities were $1,243 million and $3,940 million for the three months ended September 30, 2021 and 2020, respectively, and $4,141 million and $7,525 million for the nine months ended September 30, 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 September 30, Nine months ended September 30, (In millions) 2021 2020 2021 2020 Trading securities $ (15) $ 19 $ (70) $ 81 Trading securities – related party 20 1 74 (42) Equity securities 46 11 73 (9) Equity securities – related party 3 — 4 — 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 September 30, 2021 Nine months ended September 30, 2021 (In millions) Fixed maturity securities Mortgage loans Fixed maturity securities Mortgage loans Purchase price $ 2 $ — $ 18 $ 335 Allowance for credit losses at acquisition — — 6 6 Discount (premiums) attributable to other factors — — 1 (26) Par value $ 2 $ — $ 25 $ 315 Repurchase Agreements— The following table summarizes the maturities of our repurchase agreements: September 30, 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 $ — $ — $ — $ — $ 598 $ 598 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: September 30, 2021 December 31, 2020 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities – Corporate $ 564 $ 620 $ 559 $ 644 Mortgage Loans, including related party —Mortgage loans, net of allowances, consists of the following: (In millions) September 30, 2021 December 31, 2020 Commercial mortgage loans $ 14,226 $ 11,383 Commercial mortgage loans under development 381 232 Total commercial mortgage loans 14,607 11,615 Allowance for credit losses on commercial mortgage loans (164) (167) Commercial mortgage loans, net of allowances 14,443 11,448 Residential mortgage loans 6,429 4,569 Allowance for credit losses on residential mortgage loans (62) (79) Residential mortgage loans, net of allowances 6,367 4,490 Mortgage loans, net of allowances $ 20,810 $ 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: September 30, 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 $ 4,157 28.8 % $ 3,589 31.4 % Retail 1,997 13.8 % 2,083 18.2 % Apartment 3,402 23.6 % 2,441 21.3 % Hotels 1,373 9.5 % 1,294 11.3 % Industrial 2,220 15.3 % 1,362 11.9 % Other commercial 1,294 9.0 % 679 5.9 % Total commercial mortgage loans $ 14,443 100.0 % $ 11,448 100.0 % US Region East North Central $ 1,554 10.7 % $ 1,209 10.5 % East South Central 421 2.9 % 402 3.5 % Middle Atlantic 3,348 23.2 % 3,069 26.8 % Mountain 513 3.6 % 487 4.2 % New England 372 2.6 % 350 3.1 % Pacific 3,382 23.4 % 2,746 24.0 % South Atlantic 2,140 14.8 % 1,773 15.5 % West North Central 151 1.0 % 145 1.3 % West South Central 648 4.5 % 640 5.6 % Total US Region 12,529 86.7 % 10,821 94.5 % International Region United Kingdom 1,024 7.1 % — — % Other International 1 890 6.2 % 627 5.5 % Total International Region 1,914 13.3 % 627 5.5 % Total commercial mortgage loans $ 14,443 100.0 % $ 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: September 30, 2021 December 31, 2020 US States California 27.3 % 24.8 % Florida 11.2 % 13.3 % New York 5.4 % 6.2 % New Jersey 5.0 % 4.0 % Other 1 39.0 % 37.1 % Total US residential mortgage loan percentage 87.9 % 85.4 % International Ireland 7.7 % 12.9 % Other 2 4.4 % 1.7 % Total International residential mortgage loan percentage 12.1 % 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 September 30, 2021 Three months ended September 30, 2020 (In millions) Commercial Mortgage Residential Mortgage Other Investments Total Commercial Mortgage Residential Mortgage Other Investments Total Beginning balance $ 165 $ 64 $ — $ 229 $ 294 $ 85 $ 20 $ 399 Provision (reversal) for expected credit losses (1) (2) — (3) (62) 8 (7) (61) Initial credit losses on PCD loans — — — — — 3 — 3 Ending balance $ 164 $ 62 $ — $ 226 $ 232 $ 96 $ 13 $ 341 Nine months ended September 30, 2021 Nine months ended September 30, 2020 (In millions) Commercial Mortgage Residential Mortgage Other Investments Total Commercial Mortgage Residential Mortgage Other Investments Total Beginning balance $ 167 $ 79 $ 7 $ 253 $ 10 $ 1 $ — $ 11 Adoption of accounting standard — — — — 167 43 11 221 Provision (reversal) for expected credit losses (3) (22) (7) (32) 55 50 2 107 Initial credit losses on PCD loans — 6 — 6 — 3 — 3 Loans charged-off — (1) — (1) — (1) — (1) Ending balance $ 164 $ 62 $ — $ 226 $ 232 $ 96 $ 13 $ 341 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, London Inter-bank Offered Rate (LIBOR), commercial real estate price index, and market liquidity score. 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 September 30, 2021, our reasonable and supportable forecast period was one year, after which, we revert to the 20-year or greater historical average over one year. 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 September 30, 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 10 – 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: September 30, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Current (less than 30 days past due) $ 1,607 $ 328 $ 31 $ 518 $ 43 $ 2,850 $ 5,377 30 to 59 days past due 5 4 1 1 3 113 127 60 to 89 days past due 3 3 2 2 2 49 61 90 days or more past due 1 5 97 71 66 128 497 864 Total residential mortgages $ 1,620 $ 432 $ 105 $ 587 $ 176 $ 3,509 $ 6,429 1 Includes $737 million of residential mortgage loans that are guaranteed by US government-sponsored agencies. December 31, 2020 1 (In millions) 2020 2019 2018 2017 2016 Prior Total Current (less than 30 days past due) $ 274 $ 68 $ 845 $ 72 $ 7 $ 2,993 $ 4,259 30 to 59 days past due 28 1 3 — — 121 153 60 to 89 days past due 2 — 1 — — 47 50 90 days or more past due — 8 5 — — 94 107 Total residential mortgages $ 304 $ 77 $ 854 $ 72 $ 7 $ 3,255 $ 4,569 1 Previously reported amounts have been revised to correct a misstatement, which was not material, in the classification of residential mortgage loans by origination year. As of September 30, 2021 and December 31, 2020, we had $737 million and $0 million respectively, of residential mortgage loans that were 90 days or more past due and are accruing interest. The following represents our residential loan portfolio in non-accrual status: (In millions) September 30, 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 126 107 Amortized cost of residential mortgage loans in non-accrual status without a related allowance for credit losses 78 13 During the three months ended September 30, 2021 and 2020, we recognized $2 million and $2 million, respectively, and during the nine months ended September 30, 2021 and 2020, we recognized $6 million and $3 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: September 30, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Current (less than 30 days past due) $ 3,330 $ 1,897 $ 4,266 $ 2,738 $ 1,026 $ 1,325 $ 14,582 90 days or more past due — — — — 25 — 25 Total commercial mortgages $ 3,330 $ 1,897 $ 4,266 $ 2,738 $ 1,051 $ 1,325 $ 14,607 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 The following represents our commercial mortgage loan portfolio in non-accrual status: (In millions) September 30, 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 62 38 Amortized cost of commercial mortgage loans in non-accrual status without a related allowance for credit losses 25 — During the three and nine months ended September 30, 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 National Association of Insurance Commissioners (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: September 30, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Less than 50% $ 203 $ 288 $ 595 $ 262 $ 149 $ 993 $ 2,490 50% to 59% 1,042 479 1,333 722 351 174 4,101 60% to 69% 1,382 563 1,929 1,317 449 121 5,761 70% to 79% 563 460 340 373 101 — 1,837 100% or greater — — — — — 37 37 Commercial mortgage loans $ 3,190 $ 1,790 $ 4,197 $ 2,674 $ 1,050 $ 1,325 $ 14,226 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: September 30, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Greater than 1.20x $ 2,245 $ 920 $ 2,147 $ 2,076 $ 838 $ 1,214 $ 9,440 1.00x – 1.20x 885 701 1,390 115 29 75 3,195 Less than 1.00x 60 169 660 483 183 36 1,591 Commercial mortgage loans $ 3,190 $ 1,790 $ 4,197 $ 2,674 $ 1,050 $ 1,325 $ 14,226 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: September 30, 2021 December 31, 2020 (In millions, except for percentages) Carrying value Percent of total Carrying value Percent of total Investment funds Real estate $ 837 58.7 % $ 348 43.3 % Credit funds 96 6.7 % 107 13.3 % Private equity 327 22.9 % 267 33.3 % Real assets 167 11.7 % 81 10.1 % Total investment funds 1,427 100.0 % 803 100.0 % Investment funds – related parties Differentiated investments A-A Mortgage Opportunities, L.P. (A-A Mortgage) 1 77 1.2 % 444 8.4 % Catalina Holdings Ltd. (Catalina) 421 6.4 % 334 6.3 % Athora Holding Ltd. (Athora) 1 728 11.0 % 709 13.4 % Venerable Holdings, Inc. (Venerable) 1 235 3.6 % 123 2.3 % Other 445 6.7 % 279 5.3 % Total differentiated investments 1,906 28.9 % 1,889 35.7 % Real estate 1,270 19.3 % 828 15.7 % Credit funds 623 9.4 % 375 7.1 % Private equity 585 8.9 % 473 8.9 % Real assets 319 4.8 % 172 3.3 % Natural resources 138 2.1 % 113 2.1 % Public equities 27 0.4 % 110 2.1 % Investment in Apollo 1 1,726 26.2 % 1,324 25.1 % Total investment funds – related parties 6,594 100.0 % 5,284 100.0 % Total investment funds including related party $ 8,021 $ 6,087 1 Our Venerable investment is in its parent company, VA Capital Company LLC (VA Capital). See further discussion on this investment and our investments in Apollo, Athora and A-A Mortgage in Note 10 – Related Parties. Non-Consolidated Securities and Investment Funds Fixed maturity securities – We invest in securitization entities as a debt holder or an investor in the residual interest of the securitization vehicle. These entities are deemed VIEs due to insufficient equity within the structure and lack of control by the equity investors over the activities that significantly impact the economics of the entity. In general, we are a debt investor within these entities and, as such, hold a variable interest; however, due to the debt holders’ lack of ability to control the decisions within the trust that significantly impact the entity, and the fact the debt holders are protected from losses due to the subordination of the equity tranche, the debt holders are not deemed the primary beneficiary. Securitization vehicles in which we hold the residual tranche are not consolidated because we do not unilaterally have substantive rights to remove the general partner, or when assessing related party interests, we are not under common control, as defined by GAAP, with the related party, nor are substantially all of the activities conducted on our behalf; therefore, we are not deemed the primary beneficiary. Debt investments and investments in the residual tranche of securitization entities are considered debt instruments and are held at fair value on the balance sheet and classified as AFS or trading. Investment funds – Investment funds include non-fixed income, alternative investments in the form of limited partnerships or similar legal structures. Equity securities – We invest in preferred equity securities issued by entities deemed to be VIEs due to insufficient equity within the structure. Our risk of loss associated with our non-consolidated investments depends on the investment. Investment funds, equity securities and trading securities are limited to the carrying value plus unfunded commitments. AFS securities are limited to amortized cost plus unfunded commitments. The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: September 30, 2021 December 31, 2020 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 1,427 $ 2,312 $ 803 $ 1,265 Investment in related parties – investment funds 6,594 9,295 5,284 7,989 Investment in fixed maturity securities 28,896 28,551 23,325 23,027 Investment in related parties – fixed maturity securities 8,395 9,809 7,834 8,126 Investment in related parties – equity securities 115 115 72 72 Total non-consolidated investments $ 45,427 $ 50,082 $ 37,318 $ 40,479

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 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: September 30, 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 5,765 $ 202 $ 71 4,417 $ 134 $ 181 Foreign currency forwards 2,584 — 136 2,038 3 9 Foreign currency interest rate swaps 5,571 210 4 — — — Foreign currency forwards on net investments 232 5 — 173 — 2 Total derivatives designated as hedges 417 211 137 192 Derivatives not designated as hedges Equity options 55,746 3,093 45 53,666 3,209 22 Futures 38 62 — 24 58 2 Total return swaps 155 — 2 97 6 — Foreign currency swaps 1,897 34 10 1,510 96 — Interest rate swaps 482 71 1 803 — 34 Credit default swaps 10 — 4 10 — 4 Foreign currency forwards 5,781 109 30 3,595 17 44 Embedded derivatives Funds withheld including related party 1,829 45 2,806 59 Interest sensitive contract liabilities — 14,102 — 12,873 Total derivatives not designated as hedges 5,198 14,239 6,192 13,038 Total derivatives $ 5,615 $ 14,450 $ 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) related to cash flow hedges: Three months ended September 30, Nine months ended September 30, (In millions) 2021 2020 2021 2020 Foreign currency swaps – Other comprehensive income $ 114 $ (178) $ 171 $ 140 Foreign currency swaps – Investment related gains (losses) (21) — 6 — There were no amounts deemed ineffective during the three and nine months ended September 30, 2021 and 2020 . As of September 30, 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: September 30, 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 $ 3,598 $ (64) $ 1,932 $ 117 Mortgage loans – Foreign currency forwards 1,316 (24) — — Interest sensitive contract liabilities Foreign currency forwards 87 4 65 (1) Foreign currency interest rate swaps 2,574 98 — — 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 Net Amount Excluded 1 Three months ended September 30, 2021 Investment related gains (losses) Foreign currency forwards $ 133 $ (149) $ (16) $ (37) Foreign currency interest rate swaps (51) 50 (1) — Interest sensitive contract benefits Foreign currency interest rate swaps 7 (6) 1 — Three months ended September 30, 2020 Investment related gains (losses) – Foreign currency forwards $ (52) $ 50 $ (2) $ — 1 Amount of derivative gains (losses) excluded from the assessment of hedge effectiveness are primarily recognized in income through changes in fair value. (In millions) Derivatives Hedged Items Net Amount Excluded 1 Nine months ended September 30, 2021 Investment related gains (losses) Foreign currency forwards $ 338 $ (337) $ 1 $ (37) Foreign currency interest rate swaps (82) 82 — — Interest sensitive contract benefits Foreign currency interest rate swaps 13 (11) 2 — Nine months ended September 30, 2020 Investment related gains (losses) – Foreign currency forwards $ (60) $ 59 $ (1) $ — 1 Amount of derivative gains (losses) excluded from the assessment of hedge effectiveness are primarily recognized in income through changes in fair value. Foreign currency forward gains and losses excluded from the assessment of hedge effectiveness that were recognized in OCI were gains of $86 million and $0 million for the three months ended September 30, 2021 and 2020, respectively, and gains of $90 million and $0 million for the nine months ended September 30, 2021 and 2020, respectively. 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 September 30, 2021 and 2020, these derivatives had gains of $7 million and $3 million, respectively. During the nine months ended September 30, 2021 and 2020 , these derivatives had gains of $5 million and $5 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive income. As of September 30, 2021 and December 31, 2020, the cumulative foreign currency translation recorded in accumulated other comprehensive income (AOCI) related to these net investment hedges were gains of $5 million and $0 million, respectively. During the three and nine months ended September 30, 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 September 30, Nine months ended September 30, (In millions) 2021 2020 2021 2020 Equity options $ (45) $ 606 $ 1,501 $ (303) Futures (2) 50 53 63 Swaps (40) 29 (4) 9 Foreign currency forwards 75 (114) 25 (70) Embedded derivatives on funds withheld 205 1,077 463 1,260 Amounts recognized in investment related gains (losses) 193 1,648 2,038 959 Embedded derivatives in indexed annuity products 1 132 (553) (716) (910) Total gains (losses) on derivatives not designated as hedges $ 325 $ 1,095 $ 1,322 $ 49 1 Included in interest sensitive contract benefits on the condensed consolidated statements of income. Credit Risk —We may be exposed to credit-related losses in the event of counterparty nonperformance on derivative financial instruments. Generally, the current credit exposure of our derivative contracts is the fair value at the reporting date less any collateral received from the counterparty. We manage credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties. Where possible, we maintain collateral arrangements and use master netting agreements that provide for a single net payment from one counterparty to another at each due date and upon termination. We have also established counterparty exposure limits, where possible, in order to evaluate if there is sufficient collateral to support the net exposure. Collateral arrangements typically require the posting of collateral in connection with its derivative instruments. Collateral agreements often contain posting thresholds, some of which may vary depending on the posting party’s financial strength ratings. Additionally, a decrease in our financial strength rating to a specified level can result in settlement of the derivative position. The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated balance sheets (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral September 30, 2021 Derivative assets $ 3,786 $ (277) $ (3,531) $ (22) $ — $ (22) Derivative liabilities (303) 277 18 (8) — (8) 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 September 30, 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	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	4. Variable Interest Entities As of September 30, 2021, we consolidate the following primary 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) • NNN AGP Opportunities Fund, L.P. and NNN AGP Opportunities Fund II, L.P. (collectively, NNN AGP Opportunities) • A-A Debt Euro Investment Fund (Lux) SCSP and A-A Euro Investment Fund (Lux) SCSP (collectively, A-A Euro) • AOP Finance Partners, LP (AOP) The following summarizes the investments of these consolidated VIEs: (In millions) September 30, 2021 December 31, 2020 Mortgage loans Hamlet $ 1,795 $ 1,880 A-A Euro 230 — Other 17 — Investment funds AOP 241 — A-A SPN-9 181 — NNN AGP Opportunities 106 — Java 80 — A-A Euro 56 — 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 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 11 – Commitments and Contingencies . A-A SPN-9 is comprised of limited partnership entities that invest in an underlying investment fund. We are a limited partner in these entities and receive a significant portion of the economic benefits and losses, other than management fees and carried interest, as applicable, paid to the general partner in each entity, which are Apollo affiliates and 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 receive a significant portion of the economics of each of the entities, we are deemed to be the primary beneficiary of the VIEs. Java is an investment fund. We are both the general partner and the only limited partner in this investment fund and receive all of the economic benefits and losses. As the general partner, we hired an Apollo affiliate as the 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. NNN AGP Opportunities is an investment fund formed to purchase US-based net lease properties. We are both the general partner and a limited partner of the fund. As the general partner, we hired an Apollo affiliate as the 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. A-A Euro is an investment fund formed to purchase investments in European real estate. We are both the general partner and a limited partner in the entity and receive a significant portion of its economic benefits and losses. As the general partner, we hired an Apollo affiliate as the related party investment manager who receives management fees and service fees, as applicable. As we control this entity and receive a significant portion of its economic benefits and losses, we are deemed to be the primary beneficiary of the VIE. AOP is an investment fund formed to participate in a platform that originates loans. We are a limited partner in this entity and receive a significant portion of its economic benefits and losses, other than management fees and carried interest, as applicable, paid to the general partner, which is an Apollo affiliate and related party. We do not have any direct voting rights as a limited partner, but we do have a unilateral ability to dissolve the entity; therefore, we are deemed to be the primary beneficiary of the VIE. 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	9 Months Ended
	Sep. 30, 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: September 30, 2021 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 402 $ — $ 393 $ 9 $ — US state, municipal and political subdivisions 1,115 — — 1,115 — Foreign governments 931 — — 929 2 Corporate 69,330 — — 68,271 1,059 CLO 13,379 — — 13,365 14 ABS 6,164 — — 4,435 1,729 CMBS 2,640 — — 2,615 25 RMBS 6,301 — — 6,301 — Total AFS securities 100,262 — 393 97,040 2,829 Trading securities US government and agencies 6 — 3 3 — US state, municipal and political subdivisions 104 — — 104 — Foreign governments 16 — — 16 — Corporate 1,577 — — 1,577 — CLO 6 — — 3 3 ABS 136 — — 94 42 CMBS 97 — — 97 — RMBS 173 — — 123 50 Total trading securities 2,115 — 3 2,017 95 Equity securities 666 — 84 558 24 Mortgage loans 18 — — — 18 Investment funds 428 148 — — 280 Funds withheld at interest – embedded derivative 1,142 — — — 1,142 Derivative assets 3,786 — 62 3,724 — Short-term investments 125 — 69 27 29 Other investments 100 — — 100 — Cash and cash equivalents 7,753 — 7,753 — — Restricted cash 757 — 757 — — Investments in related parties AFS securities Corporate 503 — — 175 328 CLO 2,097 — — 2,097 — ABS 4,556 — — 603 3,953 Total AFS securities – related party 7,156 — — 2,875 4,281 Trading securities CLO 66 — — 29 37 ABS 1,676 — — — 1,676 Total trading securities – related party 1,742 — — 29 1,713 Equity securities 115 — — — 115 Investment funds 2,955 98 — — 2,857 Funds withheld at interest – embedded derivative 687 — — — 687 Reinsurance recoverable 1,969 — — — 1,969 Total assets measured at fair value $ 131,776 $ 246 $ 9,121 $ 106,370 $ 16,039 Liabilities Interest sensitive contract liabilities Embedded derivative $ 14,102 $ — $ — $ — $ 14,102 Universal life benefits 1,195 — — — 1,195 Future policy benefits AmerUs Life Insurance Company (AmerUs) Closed Block 1,530 — — — 1,530 Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits 759 — — — 759 Derivative liabilities 303 — — 299 4 Funds withheld liability – embedded derivative 45 — — 45 — Total liabilities measured at fair value $ 17,934 $ — $ — $ 344 $ 17,590 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 September 30, Nine months ended September 30, (In millions) 2021 2020 2021 2020 Trading securities $ (23) $ 24 $ (31) $ (8) Investment funds 4 (57) 439 109 Future policy benefits 21 (4) 70 (31) Total gains (losses) $ 2 $ (37) $ 478 $ 70 Gains and losses on trading securities are recorded in investment related gains (losses) on the condensed consolidated statements of income. For fair valu e option mortgage loans, we record interest income in net investment income and subsequent changes in fair value in investment related gains (losses) on the condensed consolidated statements of income. Gains and losses related to investment funds, including related party investment funds, are recorded in net investment income on the condensed consolidated statements of income. We record the change in fair value of future policy benefits to future policy and other policy benefits on the condensed consolidated statements of income. The following summarizes information for fair value option mortgage loans: (In millions) September 30, 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 September 30, 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 September 30, 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 income 1 Total gains (losses) included in OCI 1 Assets AFS securities Foreign governments $ 2 $ — $ — $ — $ — $ 2 $ — $ — Corporate 983 (2) 3 136 (61) 1,059 — 3 CLO 276 2 — (22) (242) 14 — — ABS 1,481 (5) 5 139 109 1,729 — 11 CMBS 51 — (1) 1 (26) 25 — (1) Trading securities CLO 3 — — — — 3 — — ABS 38 — — 4 — 42 — — CMBS 2 — — (2) — — — — RMBS 56 (6) — 1 (1) 50 (3) — Equity securities 22 2 — — — 24 2 — Mortgage loans 18 — — — — 18 — — Investment funds 366 1 — (87) — 280 1 — Funds withheld at interest – embedded derivative 1,373 (231) — — — 1,142 — — Short-term investments — — — 29 — 29 — — Investments in related parties AFS securities Corporate — — 1 115 212 328 — (3) ABS 4,237 (5) (2) 45 (322) 3,953 — — Trading securities CLO 30 — — 7 — 37 — — ABS 1,680 (4) — 23 (23) 1,676 (3) — Equity securities 115 3 — (3) — 115 3 — Investment funds 2,521 3 — 333 — 2,857 3 — Funds withheld at interest – embedded derivative 752 (65) — — — 687 — — Reinsurance recoverable 1,946 23 — — — 1,969 — — Total Level 3 assets $ 15,952 $ (284) $ 6 $ 719 $ (354) $ 16,039 $ 3 $ 10 Liabilities Interest sensitive contract liabilities Embedded derivative $ (13,635) $ 132 $ — $ (599) $ — $ (14,102) $ — $ — Universal life benefits (1,188) (7) — — — (1,195) — — Future policy benefits AmerUs Closed Block (1,551) 21 — — — (1,530) — — ILICO Closed Block and life benefits (743) (16) — — — (759) — — Derivative liabilities (4) — — — — (4) — — Total Level 3 liabilities $ (17,121) $ 130 $ — $ (599) $ — $ (17,590) $ — $ — 1 Related to instruments held at end of period. Three months ended September 30, 2020 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in income 1 Total gains (losses) included in OCI 1 Assets AFS securities US state, municipal and political subdivisions $ 40 $ — $ (1) $ (5) $ — $ 34 $ — $ (1) Foreign governments — — — 1 — 1 — — Corporate 874 (26) 62 39 (49) 900 — 75 CLO 160 — 2 (7) 36 191 — 2 ABS 868 (4) 12 (44) 147 979 — 13 CMBS 49 — 5 — 16 70 — 5 RMBS 16 — 2 (2) (16) — — — Trading securities Corporate 6 — — — — 6 — — CLO 3 — — — — 3 — — ABS — — — 35 — 35 — — RMBS 55 (3) — — 7 59 — — Equity securities 6 — — 10 — 16 2 — Mortgage loans 25 — — (6) — 19 — — Investment funds 17 — — — — 17 — — Funds withheld at interest – embedded derivative 763 496 — — — 1,259 — — Short-term investments 114 — — (16) (88) 10 — — Investments in related parties AFS securities Corporate — 1 2 761 — 764 — 2 CLO — — — 11 — 11 — — ABS 2,061 8 25 (31) — 2,063 — 25 Trading securities CLO 45 3 — — (20) 28 3 — ABS 824 14 — 507 — 1,345 13 — Equity securities 52 — — (2) — 50 1 — Investment funds 1,810 (56) — 16 — 1,770 — — Funds withheld at interest – embedded derivative 560 161 — — — 721 — — Reinsurance recoverable 2,099 56 — — — 2,155 — — Total Level 3 assets $ 10,447 $ 650 $ 109 $ 1,267 $ 33 $ 12,506 $ 19 $ 121 Liabilities Interest sensitive contract liabilities Embedded derivative $ (11,140) $ (553) $ — $ (48) $ — $ (11,741) $ — $ — Universal life benefits (1,323) (40) — — — (1,363) — — Future policy benefits AmerUs Closed Block (1,573) (4) — — — (1,577) — — ILICO Closed Block and life benefits (761) (16) — — — (777) — — Derivative liabilities (5) — — — — (5) — — Total Level 3 liabilities $ (14,802) $ (613) $ — $ (48) $ — $ (15,463) $ — $ — 1 Related to instruments held at end of period. Nine months ended September 30, 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 income 1 Total gains (losses) included in OCI 1 Assets AFS securities US state, municipal and political subdivisions $ 34 $ — $ — $ (1) $ (33) $ — $ — $ — Foreign governments 2 — — — — 2 — — Corporate 778 6 37 108 130 1,059 — 37 CLO 208 — 1 (37) (158) 14 — 1 ABS 800 (4) 34 894 5 1,729 — 47 CMBS 43 1 4 — (23) 25 — 4 Trading securities CLO 4 — — (1) — 3 — — ABS 35 — — 7 — 42 — — RMBS 47 (4) — 4 3 50 (2) — Equity securities 11 13 — — — 24 13 — Mortgage loans 19 — — (1) — 18 — — Investment funds 17 17 — 137 109 280 18 — Funds withheld at interest – embedded derivative 1,944 (802) — — — 1,142 — — Short-term investments 2 — — 29 (2) 29 — — Investments in related parties AFS securities Corporate 195 — (2) 330 (195) 328 — (3) ABS 4,109 (5) (27) (63) (61) 3,953 — (27) Trading securities CLO 50 9 — 7 (29) 37 18 — ABS 1,475 30 — 248 (77) 1,676 33 — Equity securities 72 4 — 39 — 115 4 — Investment funds 2,033 422 — 402 — 2,857 422 — Funds withheld at interest – embedded derivative 862 (175) — — — 687 — — Reinsurance recoverable 2,100 (131) — — — 1,969 — — Total Level 3 assets $ 14,840 $ (619) $ 47 $ 2,102 $ (331) $ 16,039 $ 506 $ 59 Liabilities Interest sensitive contract liabilities Embedded derivative $ (12,873) $ (716) $ — $ (513) $ — $ (14,102) $ — $ — Universal life benefits (1,308) 113 — — — (1,195) — — Future policy benefits AmerUs Closed Block (1,600) 70 — — — (1,530) — — ILICO Closed Block and life benefits (776) 17 — — — (759) — — Derivative liabilities (4) — — — — (4) — — Total Level 3 liabilities $ (16,561) $ (516) $ — $ (513) $ — $ (17,590) $ — $ — 1 Related to instruments held at end of period. Nine months ended September 30, 2020 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in income 1 Total gains (losses) included in OCI 1 Assets AFS securities US state, municipal and political subdivisions $ 40 $ — $ — $ (6) $ — $ 34 $ — $ — Foreign governments — — — 1 — 1 — — Corporate 725 1 (1) 118 57 900 — (1) CLO 121 — — 56 14 191 — — ABS 1,374 19 (71) (301) (42) 979 — (69) CMBS 46 (5) (5) (5) 39 70 — (5) Trading securities Corporate — — — — 6 6 — — CLO 6 (3) — — — 3 (1) — ABS 16 — — 19 — 35 — — RMBS 52 (4) — — 11 59 5 — Equity securities 3 3 — 10 — 16 3 — Mortgage loans 27 — — (8) — 19 — — Investment funds 22 (5) — — — 17 (4) — Funds withheld at interest – embedded derivative 801 458 — — — 1,259 — — Short-term investments 41 — — (31) — 10 — — Investments in related parties AFS securities Corporate — 1 2 761 — 764 — 2 CLO — — — 11 — 11 — — ABS 2,324 9 (20) (85) (165) 2,063 — (20) Trading securities CLO 38 (11) — 1 — 28 (11) — ABS 711 (13) — 647 — 1,345 (14) — Equity securities 64 (5) — (3) (6) 50 (5) — Investment funds 132 113 — 1,525 — 1,770 113 — Funds withheld at interest – embedded derivative 594 127 — — — 721 — — Reinsurance recoverable 1,821 334 — — — 2,155 — — Total Level 3 assets $ 8,958 $ 1,019 $ (95) $ 2,710 $ (86) $ 12,506 $ 86 $ (93) Liabilities Interest sensitive contract liabilities Embedded derivative $ (10,942) $ (910) $ — $ 111 $ — $ (11,741) $ — $ — Universal life benefits (1,050) (313) — — — (1,363) — — Future policy benefits AmerUs Closed Block (1,546) (31) — — — (1,577) — — ILICO Closed Block and life benefits (755) (22) — — — (777) — — Derivative liabilities (3) (2) — — — (5) (2) — Total Level 3 liabilities $ (14,296) $ (1,278) $ — $ 111 $ — $ (15,463) $ (2) $ — 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 September 30, 2021 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities Corporate $ 147 $ — $ — $ (11) $ 136 $ 25 $ (86) $ (61) CLO — — — (22) (22) — (242) (242) ABS 443 — — (304) 139 166 (57) 109 CMBS 1 — — — 1 — (26) (26) Trading securities CLO 1 — (1) — — — — — ABS 4 — — — 4 — — — CMBS — — (2) — (2) — — — RMBS 1 — — — 1 4 (5) (1) Investment funds 6 — (93) — (87) — — — Short-term investments 29 — — — 29 — — — Investments in related parties AFS securities Corporate 115 — — — 115 212 — 212 ABS 65 — — (20) 45 — (322) (322) Trading securities CLO 42 — — (35) 7 — — — ABS 23 — — — 23 — (23) (23) Equity securities — — — (3) (3) — — — Investment funds 333 — — — 333 — — — Total Level 3 assets $ 1,210 $ — $ (96) $ (395) $ 719 $ 407 $ (761) $ (354) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (832) $ — $ 233 $ (599) $ — $ — $ — Total Level 3 liabilities $ — $ (832) $ — $ 233 $ (599) $ — $ — $ — Three months ended September 30, 2020 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities US state, municipal and political subdivisions $ — $ — $ (5) $ — $ (5) $ — $ — $ — Foreign governments 1 — — — 1 — — — Corporate 58 — — (19) 39 157 (206) (49) CLO 12 — (18) (1) (7) 36 — 36 ABS 47 — (43) (48) (44) 218 (71) 147 CMBS — — — — — 39 (23) 16 RMBS — — (1) (1) (2) — (16) (16) Trading securities ABS 35 — — — 35 — — — RMBS — — — — — 8 (1) 7 Equity securities 10 — — — 10 — — — Mortgage loans — — — (6) (6) — — — Short-term investments 1 — (7) (10) (16) — (88) (88) Investments in related parties AFS securities Corporate 761 — — — 761 — — — CLO 11 — — — 11 — — — ABS 2 — (10) (23) (31) — — — Trading securities CLO — — — — — 4 (24) (20) ABS 517 — (10) — 507 — — — Equity securities 2 — (1) (3) (2) — — — Investment funds 16 — — — 16 — — — Total Level 3 assets $ 1,473 $ — $ (95) $ (111) $ 1,267 $ 462 $ (429) $ 33 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (202) $ — $ 154 $ (48) $ — $ — $ — Total Level 3 liabilities $ — $ (202) $ — $ 154 $ (48) $ — $ — $ — Nine months ended September 30, 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 $ — $ — $ — $ (1) $ (1) $ — $ (33) $ (33) Foreign governments 1 — — (1) — — — — Corporate 172 — (8) (56) 108 252 (122) 130 CLO — — — (37) (37) — (158) (158) ABS 1,387 — (1) (492) 894 175 (170) 5 CMBS 1 — — (1) — — (23) (23) Trading securities CLO 4 — (5) — (1) — — — ABS 47 — — (40) 7 — — — RMBS 4 — — — 4 5 (2) 3 Equity securities 11 — (11) — — — — — Mortgage loans — — — (1) (1) — — — Investment funds 230 — (93) — 137 109 — 109 Short-term investments 29 — — — 29 — (2) (2) Investments in related parties AFS securities Corporate 330 — — — 330 — (195) (195) ABS 103 — (25) (141) (63) — (61) (61) Trading securities CLO 71 — — (64) 7 — (29) (29) ABS 248 — — — 248 — (77) (77) Equity securities 46 — — (7) 39 — — — Investment funds 402 — — — 402 — — — Total Level 3 assets $ 3,086 $ — $ (143) $ (841) $ 2,102 $ 541 $ (872) $ (331) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (1,204) $ — $ 691 $ (513) $ — $ — $ — Total Level 3 liabilities $ — $ (1,204) $ — $ 691 $ (513) $ — $ — $ — Nine months ended September 30, 2020 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities US state, municipal and political subdivisions $ — $ — $ (5) $ (1) $ (6) $ — $ — $ — Foreign governments 1 — — — 1 — — — Corporate 245 — — (127) 118 97 (40) 57 CLO 90 — (25) (9) 56 36 (22) 14 ABS 95 — (6) (390) (301) 64 (106) (42) CMBS — — (4) (1) (5) 39 — 39 Trading securities Corporate — — — — — 6 — 6 ABS 35 — (16) — 19 — — — RMBS — — — — — 12 (1) 11 Equity securities 10 — — — 10 — — — Mortgage loans — — — (8) (8) — — — Short-term investments 1 — (7) (25) (31) — — — Investments in related parties AFS securities Corporate 761 — — — 761 — — — CLO 11 — — — 11 — — — ABS 7 — (15) (77) (85) — (165) (165) Trading securities CLO 13 — (12) — 1 — — — ABS 671 — (10) (14) 647 — — — Equity securities 3 — (2) (4) (3) — (6) (6) Investment funds 1,525 — — — 1,525 — — — Total Level 3 assets $ 3,468 $ — $ (102) $ (656) $ 2,710 $ 254 $ (340) $ (86) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (964) $ — $ 1,075 $ 111 $ — $ — $ — Total Level 3 liabilities $ — $ (964) $ — $ 1,075 $ 111 $ — $ — $ — 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: September 30, 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 $ 7,351 Discounted cash flow Discount rate 1.4 % 17.7 % 4.9 % 1 Decrease Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives $ 14,102 Option budget method Nonperformance risk 0.1 % 0.9 % 0.5 % 2 Decrease Option budget 0.4 % 3.3 % 1.8 % 3 Increase Surrender rate 5.1 % 9.7 % 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 had elected the measurement alternative for certain equity securities that did not have a readily determinable fair value. During the third quarter of 2021, these equity securities no longer qualified for the measurement alternative and, effective September 30, 2021, are measured at fair value. As of December 31, 2020, the carrying amount of the equity securities was $202 million, with a cumulative recorded impairment of $231 million. Fair Value of Financial Instru

Deferred Acquisition Costs, Def

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired	9 Months Ended
	Sep. 30, 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 471 186 — 657 Amortization (408) (138) (122) (668) Impact of unrealized investment (gains) losses 120 35 60 215 Balance at September 30, 2021 $ 3,419 $ 940 $ 751 $ 5,110 (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 470 124 — 594 Unlocking (36) (13) (11) (60) Amortization (175) (24) (25) (224) Impact of unrealized investment (gains) losses (116) (45) (14) (175) Balance at September 30, 2020 $ 3,429 $ 867 $ 869 $ 5,165

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	9. Earnings Per Share The following represents our basic and diluted earnings per share (EPS) calculations, which are calculated using unrounded amounts: Class A Three months ended Nine months ended (In millions, except per share data) September 30, 2021 September 30, 2020 September 30, 2021 Net income available to Athene Holding Ltd. common shareholders – basic and diluted $ 698 $ 622 $ 2,658 Basic weighted average shares outstanding 191.7 193.1 191.5 Dilutive effect of stock compensation plans and warrants 7.1 4.0 6.5 Diluted weighted average shares outstanding 198.8 197.1 198.0 Earnings per share Basic $ 3.64 $ 3.22 $ 13.88 Diluted $ 3.51 $ 3.16 $ 13.42 Nine months ended September 30, 2020 (In millions, except per share data) Class A Class B Class M-1 Class M-2 Class M-3 Class M-4 Net income (loss) available to Athene Holding Ltd. common shareholders – basic and diluted $ 508 $ (98) $ (13) $ (3) $ (4) $ (9) Basic weighted average shares outstanding 182.8 25.4 3.3 0.8 1.0 2.4 Dilutive effect of stock compensation plans and warrants 3.1 — — — — — Diluted weighted average shares outstanding 185.9 25.4 3.3 0.8 1.0 2.4 Earnings per share Basic $ 2.78 $ (3.87) $ (3.87) $ (3.87) $ (3.87) $ (3.87) Diluted $ 2.73 $ (3.87) $ (3.87) $ (3.87) $ (3.87) $ (3.87) 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 10 – 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 nine months ended September 30, 2020 allocated all net income for the second and third quarters of 2020 to Class A shares and, for the first quarter of 2020, used only the weighted average shares for the first quarter to allocate first quarter net loss to Class B and Class M shares; however, for Class B and Class M shares, the weighted average shares outstanding represented 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 2.8 million shares, restricted stock units, options and warrants as of September 30, 2021 and 2020, respectively, for the three and nine months then ended.

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	7. Debt Senior Notes —The following is a summary of our senior notes: Issue date January 12, 2018 April 3, 2020 October 8, 2020 May 25, 2021 Principal balance (in millions) $ 1,000 $ 500 $ 500 $ 500 Interest rate 4.125 % 6.150 % 3.500 % 3.950 % Maturity date January 12, 2028 April 3, 2030 January 15, 2031 May 25, 2051 The senior notes are callable by AHL at any time. If called prior to three months before the scheduled maturity date, the price is equal to the greater of (1) 100% of the principal and any accrued and unpaid interest and (2) an amount equal to the sum of the present values of remaining scheduled payments, discounted from the scheduled payment date to the redemption date treasury rate plus a spread as defined in the applicable prospectus supplement and any accrued and unpaid interest. Interest expense on long-term debt was $28 million and $18 million for the three months ended September 30, 2021 and 2020, respectively, and $76 million and $47 million for the nine months ended September 30, 2021 and 2020, respectively.

Equity

Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income	8. Equity Acc umulated 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 Balance at June 30, 2021 $ 4,423 $ (36) $ (1,082) $ 23 $ 9 $ 3,337 Other comprehensive income (loss) before reclassifications (868) 41 122 179 (6) (532) Less: Reclassification adjustments for gains (losses) realized 1 (29) (2) 10 (21) — (42) Less: Income tax expense (benefit) (161) 8 23 42 — (88) Less: Other comprehensive income (loss) attributable to noncontrolling interests (96) — — 20 — (76) Balance at September 30, 2021 $ 3,841 $ (1) $ (993) $ 161 $ 3 $ 3,011 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income. (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance 2 Unrealized investment gains (losses) on AFS securities with a credit allowance 2 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 Balance at June 30, 2020 $ 2,776 $ (34) $ (873) $ 320 $ (5) $ 2,184 Other comprehensive income (loss) before reclassifications 1,396 18 (306) (178) 10 940 Less: Reclassification adjustments for gains (losses) realized 1 85 — (20) — — 65 Less: Income tax expense (benefit) 256 4 (61) (42) — 157 Less: Other comprehensive income (loss) attributable to noncontrolling interests — 4 — 8 2 14 Balance at September 30, 2020 $ 3,831 $ (24) $ (1,098) $ 176 $ 3 $ 2,888 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income. 2 Previously reported amounts have been revised to correct a misstatement, which was not material, in the classification of balances and changes attributable to AFS securities with and without credit allowances. (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance 2 Unrealized investment gains (losses) on AFS securities with a credit allowance 2 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 Balance at December 31, 2020 $ 5,352 $ (53) $ (1,310) $ (26) $ 8 $ 3,971 Other comprehensive income (loss) before reclassifications (2,100) 58 416 267 (5) (1,364) Less: Reclassification adjustments for gains (losses) realized 1 (53) (5) 15 6 — (37) Less: Income tax expense (benefit) (393) 12 84 58 — (239) Less: Other comprehensive income (loss) attributable to noncontrolling interests (143) (1) — 16 — (128) Balance at September 30, 2021 $ 3,841 $ (1) $ (993) $ 161 $ 3 $ 3,011 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income.. 2 Previously reported amounts have been revised to correct a misstatement, which was not material, in the classification of balances and changes attributable to AFS securities with and without credit allowances. (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance 2 Unrealized investment gains (losses) on AFS securities with a credit allowance 2 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 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 1,313 (26) (358) 140 9 1,078 Less: Reclassification adjustments for gains (losses) realized 1 306 — (87) — — 219 Less: Income tax expense (benefit) 195 (5) (58) 33 — 165 Less: Other comprehensive income (loss) attributable to noncontrolling interests 87 (1) — (8) 3 81 Balance at September 30, 2020 $ 3,831 $ (24) $ (1,098) $ 176 $ 3 $ 2,888 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income. 2 Previously reported amounts have been revised to correct a misstatement, which was not material, in the classification of balances and changes attributable to AFS securities with and without credit allowances.

Related Parties

Related Parties	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Parties	10. Related Parties Apollo 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) September 30, 2021 Percent of Total December 31, 2020 Percent of Total Core $ 50,562 25.2 % $ 49,392 27.3 % Core Plus 45,593 22.7 % 41,516 23.0 % Yield 77,947 38.9 % 64,693 35.8 % High Alpha 7,474 3.7 % 6,200 3.4 % Other 19,118 9.5 % 19,088 10.5 % Total sub-allocation assets $ 200,694 100.0 % $ 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 September 30, 2021 and 2020, we incurred management fees, inclusive of the base and sub-allocation fees, of $146 million and $111 million, respectively. During the nine months ended September 30, 2021 and 2020, we incurred management fees, inclusive of the base and sub-allocation fees, of $430 million and $362 million, respectively. Management fees are included within net investment income on the condensed consolidated statements of income. As of September 30, 2021 and December 31, 2020, management fees payable were $53 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 have an equity method investment of $77 million and $444 million as of September 30, 2021 and December 31, 2020, respectively, in A-A Mortgage, which previously held 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 recognized $182 million of revenue from the premium of the platform sale, net of carry and transaction expenses. Of the total, $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 no residential mortgage loans under this agreement during the three months ended September 30, 2021 or 2020. We purchased $0 million and $169 million of residential mortgage loans under this agreement during the nine months ended September 30, 2021 and 2020, respectively. Additionally, as of December 31, 2020, we held $360 million of investments issued by AmeriHome or AmeriHome affiliates as related party AFS securities on the condensed consolidated balances sheets. MidCap – We have multiple investments in MidCap including profit participating notes, senior unsecured notes and redeemable preferred stock, which are included in related party AFS or trading securities on the condensed consolidated balance sheets. We also had advanced amounts to MidCap under a subordinated debt facility, which was included in related party other investments on the condensed consolidated balance sheets. During the second quarter 2021, the principal balance of the MidCap subordinated debt facility of $330 million was repaid and we received $19 million as a result of the early repayment. The following summarizes our investments in MidCap: (In millions) September 30, 2021 December 31, 2020 Profit participating notes $ 618 $ 534 Senior unsecured notes 157 — Redeemable preferred stock 8 77 Subordinated debt facility — 328 Total investment in MidCap $ 783 $ 939 Additionally, we hold ABS and CLO securities issued by MidCap affiliates of $801 million and $630 million as of September 30, 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 September 30, 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 $728 million and $709 million as of September 30, 2021 and December 31, 2020, respectively. Additionally, as of September 30, 2021 and December 31, 2020, we had $116 million and $122 million, respectively, of funding agreements outstanding to Athora . We also have commitments to make additional equity investments in Athora of $695 million as of September 30, 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 $235 million and $123 million as of September 30, 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 III Management, LLC (Crestview) and Reverence Capital Partners L.P. (Reverence), and is the parent of Venerable, which is the parent of VIAC. On June 1, 2021, Apollo Hybrid Value Fund, L.P., AA Direct, L.P. and certain entities affiliated with Athora, collectively through an acquisition vehicle, AP Violet, L.P. (AP Violet), along with Crestview and Reverence agreed to acquire a portion of the minority equity investment in VA Capital from us and Apollo. In the second and third quarters of 2021, we sold portions of our equity investment for $124 million, of which $25 million was deferred consideration, to Crestview, Reverence and AP Violet. We also have term loans receivable from Venerable due in 2033, which are included in related party other investments on the condensed consolidated balance sheets. The loans are held at the principal balance less allowances and were $178 million and $145 million as of September 30, 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 initial term loan to Venerable represented 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 September 30, 2021 and December 31, 2020, we had $274 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 September 30, 2021 and December 31, 2020, our investment in securitizations of loans originated by PK was $1,364 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 $1,232 million as of September 30, 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 September 30, 2021 and 2020, we received capital contributions of $328 million and $0 million, respectively, from ADIP and paid dividends of $0 million and $0 million, respectively, to ADIP. During the nine months ended September 30, 2021 and 2020, we received capital contributions of $648 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	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. 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 $13,564 million a nd $7,472 million as of September 30, 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 September 30, 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 September 30, 2021 and December 31, 2020, we had $18,292 million and $8,822 million, respectively, of FABN f unding agreements outstanding . We had $6,648 million of board-authorized FABN capacity remaining as of September 30, 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 September 30, 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) September 30, 2021 December 31, 2020 AFS securities $ 9,081 $ 9,884 Trading securities 75 60 Equity securities 27 26 Mortgage loans 4,831 5,028 Investment funds 168 68 Derivative assets 92 107 Short-term investments — 52 Other investments 100 105 Restricted cash 757 738 Total restricted assets $ 15,131 $ 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 $1,394 million as of September 30, 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 September 30, 2021, had an asset value of $423 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 $199 million as of September 30, 2021 . Regulatory Matters – From 2015 to 2018, our US insurance subsidiaries 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. Pursuant to the terms of the reinsurance agreements between us and the relevant affiliates of Global Atlantic, the applicable affiliates of Global Atlantic have financial responsibility for the ceded life block and are subject to significant administrative service requirements, including compliance with applicable law. The agreements also provide for indemnification to us, including for administration issues.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Information	12. 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: Three months ended September 30, Nine months ended September 30, (In millions) 2021 2020 2021 2020 Retirement Services $ 5,193 $ 1,711 $ 11,520 $ 5,769 Corporate and Other 89 (15) 666 101 Non-operating adjustments Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets (59) 637 1,526 (280) Investment gains (losses), net of offsets (37) 468 (209) 29 Noncontrolling interests, VIE expenses and other adjustments to revenues 3,538 474 6,035 505 Total revenues $ 8,724 $ 3,275 $ 19,538 $ 6,124 Adjusted operating income available to common shareholders is an internal measure used to evaluate our financial performance excluding market volatility and expenses related to integration, restructuring, stock compensation and certain other expenses. Our adjusted operating income available to common shareholders equals net income available to Athene Holding Ltd. common shareholders adjusted to eliminate the impact of the following non-operating adjustments: • Investment gains (losses), net of offsets; • Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets; • Integration, restructuring and other non-operating expenses; • Stock-based compensation, excluding the long-term incentive plan (LTIP); and • Income tax (expense) benefit – non-operating. The table below reconciles segment adjusted operating income available to common shareholders to net income available to Athene Holding Ltd. common shareholders presented on the condensed consolidated statements of income: Three months ended September 30, Nine months ended September 30, (In millions) 2021 2020 2021 2020 Retirement Services $ 537 $ 361 $ 1,955 $ 773 Corporate and Other 4 (59) 334 (89) Non-operating adjustments Investment gains (losses), net of offsets 2 346 (86) (18) Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets 70 72 490 (268) Integration, restructuring and other non-operating expenses (8) — (64) (13) Stock-based compensation, excluding LTIP (1) (1) (2) (11) Income tax (expense) benefit – non-operating 94 (97) 31 7 Net income available to Athene Holding Ltd. common shareholders $ 698 $ 622 $ 2,658 $ 381 The following represents total assets by segment: (In millions) September 30, 2021 December 31, 2020 Retirement Services $ 218,427 $ 197,295 Corporate and Other 5,969 5,476 Total assets $ 224,396 $ 202,771 Deposits and premiums by the geographical location are as follows: Nine months ended September 30, Years ended December 31, (In millions) 2021 2020 2020 1 2019 1 United States $ 19,414 $ 11,171 $ 19,187 $ 16,614 Bermuda 8,827 34,236 35,692 1,893 Total premiums and deposits, net of ceded $ 28,241 $ 45,407 $ 54,879 $ 18,507 1 Previously reported amounts have been revised to correct a misstatement, which was not material, in the classification between the United States and Bermuda geographical locations.

Business, Basis of Presentati_2

Business, Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 except as noted below, 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.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 except as noted below, 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.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. 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)	9 Months Ended
	Sep. 30, 2021
Schedule of Investments [Abstract]
Financing Receivable, Nonaccrual	The following represents our residential loan portfolio in non-accrual status: (In millions) September 30, 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 126 107 Amortized cost of residential mortgage loans in non-accrual status without a related allowance for credit losses 78 13 The following represents our commercial mortgage loan portfolio in non-accrual status: (In millions) September 30, 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 62 38 Amortized cost of commercial mortgage loans in non-accrual status without a related allowance for credit losses 25 —
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 September 30, 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 $ 5 $ — $ — $ — $ (1) $ 4 CLO 3 4 — — (3) 4 ABS 10 — — — 6 16 CMBS 6 — — — (5) 1 RMBS 83 1 — (4) 7 87 Total AFS securities 107 5 — (4) 4 112 AFS securities – related party, CLO 2 3 — — (1) 4 Total AFS securities including related party $ 109 $ 8 $ — $ (4) $ 3 $ 116 Three months ended September 30, 2020 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS securities Corporate $ 31 $ 1 $ — $ (2) $ — $ 30 CLO 1 — — — — 1 ABS 2 — — — 1 3 CMBS 10 12 — (1) (2) 19 RMBS 129 2 — (12) (32) 87 Total AFS securities 173 15 — (15) (33) 140 AFS securities – related party, CLO 2 1 — (1) — 2 Total AFS securities including related party $ 175 $ 16 $ — $ (16) $ (33) $ 142 Nine months ended September 30, 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 $ 3 $ — $ (2) $ (3) $ 4 CLO 1 7 — — (4) 4 ABS 6 5 — — 5 16 CMBS 10 2 — — (11) 1 RMBS 80 1 6 (10) 10 87 Total AFS securities 103 18 6 (12) (3) 112 AFS securities – related party, CLO 1 5 — (1) (1) 4 Total AFS securities including related party $ 104 $ 23 $ 6 $ (13) $ (4) $ 116 Nine months ended September 30, 2020 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS securities Corporate $ — $ 32 $ — $ (2) $ — $ 30 CLO — 1 — — — 1 ABS — 5 — — (2) 3 CMBS — 21 — (1) (1) 19 RMBS 17 50 61 (14) (27) 87 Total AFS securities 17 109 61 (17) (30) 140 AFS securities – related party, CLO — 2 — (1) 1 2 Total AFS securities including related party $ 17 $ 111 $ 61 $ (18) $ (29) $ 142
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: September 30, 2021 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 419 $ — $ 2 $ (19) $ 402 US state, municipal and political subdivisions 982 — 135 (2) 1,115 Foreign governments 930 — 23 (22) 931 Corporate 65,158 (4) 4,723 (547) 69,330 CLO 13,433 (4) 67 (117) 13,379 ABS 6,052 (16) 173 (45) 6,164 CMBS 2,626 (1) 79 (64) 2,640 RMBS 6,028 (87) 377 (17) 6,301 Total AFS securities 95,628 (112) 5,579 (833) 100,262 AFS securities – related party Corporate 496 — 10 (3) 503 CLO 2,104 (4) 13 (16) 2,097 ABS 4,525 — 73 (42) 4,556 Total AFS securities – related party 7,125 (4) 96 (61) 7,156 Total AFS securities including related party $ 102,753 $ (116) $ 5,675 $ (894) $ 107,418 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: September 30, 2021 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 1,122 $ 1,140 Due after one year through five years 10,519 10,982 Due after five years through ten years 18,079 18,869 Due after ten years 37,769 40,787 CLO, ABS, CMBS and RMBS 28,139 28,484 Total AFS securities 95,628 100,262 AFS securities – related party Due after one year through five years 16 17 Due after five years through ten years 365 370 Due after ten years 115 116 CLO and ABS 6,629 6,653 Total AFS securities – related party 7,125 7,156 Total AFS securities including related party $ 102,753 $ 107,418
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: September 30, 2021 Unrealized loss position Unrealized loss position 12 months or more AFS securities 3,780 393 AFS securities – related party 56 7
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: September 30, 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 $ 336 $ (18) $ 8 $ (1) $ 344 $ (19) US state, municipal and political subdivisions 147 (2) 3 — 150 (2) Foreign governments 599 (22) 1 — 600 (22) Corporate 16,978 (446) 544 (44) 17,522 (490) CLO 5,605 (35) 1,935 (40) 7,540 (75) ABS 820 (16) 240 (21) 1,060 (37) CMBS 702 (19) 194 (39) 896 (58) RMBS 414 (6) 321 (4) 735 (10) Total AFS securities 25,601 (564) 3,246 (149) 28,847 (713) AFS securities – related party Corporate 212 (3) — — 212 (3) CLO 803 (2) 160 (3) 963 (5) ABS 1,213 (33) 14 — 1,227 (33) Total AFS securities – related party 2,228 (38) 174 (3) 2,402 (41) Total AFS securities including related party $ 27,829 $ (602) $ 3,420 $ (152) $ 31,249 $ (754)
Net Investment Income	Net Investment Income —Net investment income by asset class consists of the following: Three months ended September 30, Nine months ended September 30, (In millions) 2021 2020 2021 2020 AFS securities $ 937 $ 776 $ 2,736 $ 2,403 Trading securities 60 47 183 137 Equity securities 8 4 15 10 Mortgage loans 230 184 625 545 Investment funds 157 148 1,328 242 Funds withheld at interest 188 81 566 165 Other 47 83 206 158 Investment revenue 1,627 1,323 5,659 3,660 Investment expenses (153) (114) (443) (370) Net investment income $ 1,474 $ 1,209 $ 5,216 $ 3,290
Investment Related Gains (Losses)	Investment Related Gains (Losses) —Investment related gains (losses) by asset class consists of the following: Three months ended September 30, Nine months ended September 30, (In millions) 2021 2020 2021 2020 AFS securities Gross realized gains on investment activity $ 118 $ 192 $ 399 $ 424 Gross realized losses on investment activity (93) (178) (407) (378) Net realized investment gains (losses) on AFS securities 25 14 (8) 46 Net recognized investment gains (losses) on trading securities (23) 24 (31) (8) Net recognized investment gains (losses) on equity securities 57 12 82 (8) Derivative gains 254 1,648 2,300 959 Provision for credit losses (2) 84 10 (205) Other gains (losses) 75 15 155 (11) Investment related gains (losses) $ 386 $ 1,797 $ 2,508 $ 773 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 September 30, Nine months ended September 30, (In millions) 2021 2020 2021 2020 Trading securities $ (15) $ 19 $ (70) $ 81 Trading securities – related party 20 1 74 (42) Equity securities 46 11 73 (9) Equity securities – related party 3 — 4 —
Mortgage Loans, Net	Mortgage Loans, including related party —Mortgage loans, net of allowances, consists of the following: (In millions) September 30, 2021 December 31, 2020 Commercial mortgage loans $ 14,226 $ 11,383 Commercial mortgage loans under development 381 232 Total commercial mortgage loans 14,607 11,615 Allowance for credit losses on commercial mortgage loans (164) (167) Commercial mortgage loans, net of allowances 14,443 11,448 Residential mortgage loans 6,429 4,569 Allowance for credit losses on residential mortgage loans (62) (79) Residential mortgage loans, net of allowances 6,367 4,490 Mortgage loans, net of allowances $ 20,810 $ 15,938 The distribution of commercial mortgage loans, including those under development, net of allowances, by property type and geographic region, is as follows: September 30, 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 $ 4,157 28.8 % $ 3,589 31.4 % Retail 1,997 13.8 % 2,083 18.2 % Apartment 3,402 23.6 % 2,441 21.3 % Hotels 1,373 9.5 % 1,294 11.3 % Industrial 2,220 15.3 % 1,362 11.9 % Other commercial 1,294 9.0 % 679 5.9 % Total commercial mortgage loans $ 14,443 100.0 % $ 11,448 100.0 % US Region East North Central $ 1,554 10.7 % $ 1,209 10.5 % East South Central 421 2.9 % 402 3.5 % Middle Atlantic 3,348 23.2 % 3,069 26.8 % Mountain 513 3.6 % 487 4.2 % New England 372 2.6 % 350 3.1 % Pacific 3,382 23.4 % 2,746 24.0 % South Atlantic 2,140 14.8 % 1,773 15.5 % West North Central 151 1.0 % 145 1.3 % West South Central 648 4.5 % 640 5.6 % Total US Region 12,529 86.7 % 10,821 94.5 % International Region United Kingdom 1,024 7.1 % — — % Other International 1 890 6.2 % 627 5.5 % Total International Region 1,914 13.3 % 627 5.5 % Total commercial mortgage loans $ 14,443 100.0 % $ 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: September 30, 2021 December 31, 2020 US States California 27.3 % 24.8 % Florida 11.2 % 13.3 % New York 5.4 % 6.2 % New Jersey 5.0 % 4.0 % Other 1 39.0 % 37.1 % Total US residential mortgage loan percentage 87.9 % 85.4 % International Ireland 7.7 % 12.9 % Other 2 4.4 % 1.7 % Total International residential mortgage loan percentage 12.1 % 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 September 30, 2021 Three months ended September 30, 2020 (In millions) Commercial Mortgage Residential Mortgage Other Investments Total Commercial Mortgage Residential Mortgage Other Investments Total Beginning balance $ 165 $ 64 $ — $ 229 $ 294 $ 85 $ 20 $ 399 Provision (reversal) for expected credit losses (1) (2) — (3) (62) 8 (7) (61) Initial credit losses on PCD loans — — — — — 3 — 3 Ending balance $ 164 $ 62 $ — $ 226 $ 232 $ 96 $ 13 $ 341 Nine months ended September 30, 2021 Nine months ended September 30, 2020 (In millions) Commercial Mortgage Residential Mortgage Other Investments Total Commercial Mortgage Residential Mortgage Other Investments Total Beginning balance $ 167 $ 79 $ 7 $ 253 $ 10 $ 1 $ — $ 11 Adoption of accounting standard — — — — 167 43 11 221 Provision (reversal) for expected credit losses (3) (22) (7) (32) 55 50 2 107 Initial credit losses on PCD loans — 6 — 6 — 3 — 3 Loans charged-off — (1) — (1) — (1) — (1) Ending balance $ 164 $ 62 $ — $ 226 $ 232 $ 96 $ 13 $ 341
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 September 30, 2021 Nine months ended September 30, 2021 (In millions) Fixed maturity securities Mortgage loans Fixed maturity securities Mortgage loans Purchase price $ 2 $ — $ 18 $ 335 Allowance for credit losses at acquisition — — 6 6 Discount (premiums) attributable to other factors — — 1 (26) Par value $ 2 $ — $ 25 $ 315 September 30, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Less than 50% $ 203 $ 288 $ 595 $ 262 $ 149 $ 993 $ 2,490 50% to 59% 1,042 479 1,333 722 351 174 4,101 60% to 69% 1,382 563 1,929 1,317 449 121 5,761 70% to 79% 563 460 340 373 101 — 1,837 100% or greater — — — — — 37 37 Commercial mortgage loans $ 3,190 $ 1,790 $ 4,197 $ 2,674 $ 1,050 $ 1,325 $ 14,226 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: September 30, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Greater than 1.20x $ 2,245 $ 920 $ 2,147 $ 2,076 $ 838 $ 1,214 $ 9,440 1.00x – 1.20x 885 701 1,390 115 29 75 3,195 Less than 1.00x 60 169 660 483 183 36 1,591 Commercial mortgage loans $ 3,190 $ 1,790 $ 4,197 $ 2,674 $ 1,050 $ 1,325 $ 14,226 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: September 30, 2021 December 31, 2020 (In millions, except for percentages) Carrying value Percent of total Carrying value Percent of total Investment funds Real estate $ 837 58.7 % $ 348 43.3 % Credit funds 96 6.7 % 107 13.3 % Private equity 327 22.9 % 267 33.3 % Real assets 167 11.7 % 81 10.1 % Total investment funds 1,427 100.0 % 803 100.0 % Investment funds – related parties Differentiated investments A-A Mortgage Opportunities, L.P. (A-A Mortgage) 1 77 1.2 % 444 8.4 % Catalina Holdings Ltd. (Catalina) 421 6.4 % 334 6.3 % Athora Holding Ltd. (Athora) 1 728 11.0 % 709 13.4 % Venerable Holdings, Inc. (Venerable) 1 235 3.6 % 123 2.3 % Other 445 6.7 % 279 5.3 % Total differentiated investments 1,906 28.9 % 1,889 35.7 % Real estate 1,270 19.3 % 828 15.7 % Credit funds 623 9.4 % 375 7.1 % Private equity 585 8.9 % 473 8.9 % Real assets 319 4.8 % 172 3.3 % Natural resources 138 2.1 % 113 2.1 % Public equities 27 0.4 % 110 2.1 % Investment in Apollo 1 1,726 26.2 % 1,324 25.1 % Total investment funds – related parties 6,594 100.0 % 5,284 100.0 % Total investment funds including related party $ 8,021 $ 6,087 1 Our Venerable investment is in its parent company, VA Capital Company LLC (VA Capital). See further discussion on this investment and our investments in Apollo, Athora and A-A Mortgage in Note 10 – Related Parties.
Schedule of Variable Interest Entities	The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: September 30, 2021 December 31, 2020 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 1,427 $ 2,312 $ 803 $ 1,265 Investment in related parties – investment funds 6,594 9,295 5,284 7,989 Investment in fixed maturity securities 28,896 28,551 23,325 23,027 Investment in related parties – fixed maturity securities 8,395 9,809 7,834 8,126 Investment in related parties – equity securities 115 115 72 72 Total non-consolidated investments $ 45,427 $ 50,082 $ 37,318 $ 40,479
Financing Receivable, Past Due	The following represents our residential loan portfolio by origination year and performance status: September 30, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Current (less than 30 days past due) $ 1,607 $ 328 $ 31 $ 518 $ 43 $ 2,850 $ 5,377 30 to 59 days past due 5 4 1 1 3 113 127 60 to 89 days past due 3 3 2 2 2 49 61 90 days or more past due 1 5 97 71 66 128 497 864 Total residential mortgages $ 1,620 $ 432 $ 105 $ 587 $ 176 $ 3,509 $ 6,429 1 Includes $737 million of residential mortgage loans that are guaranteed by US government-sponsored agencies. December 31, 2020 1 (In millions) 2020 2019 2018 2017 2016 Prior Total Current (less than 30 days past due) $ 274 $ 68 $ 845 $ 72 $ 7 $ 2,993 $ 4,259 30 to 59 days past due 28 1 3 — — 121 153 60 to 89 days past due 2 — 1 — — 47 50 90 days or more past due — 8 5 — — 94 107 Total residential mortgages $ 304 $ 77 $ 854 $ 72 $ 7 $ 3,255 $ 4,569 1 Previously reported amounts have been revised to correct a misstatement, which was not material, in the classification of residential mortgage loans by origination year. Commercial mortgage loans – The following represents our commercial mortgage loan portfolio by origination year and loan performance status: September 30, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Current (less than 30 days past due) $ 3,330 $ 1,897 $ 4,266 $ 2,738 $ 1,026 $ 1,325 $ 14,582 90 days or more past due — — — — 25 — 25 Total commercial mortgages $ 3,330 $ 1,897 $ 4,266 $ 2,738 $ 1,051 $ 1,325 $ 14,607 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: September 30, 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 $ — $ — $ — $ — $ 598 $ 598 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: September 30, 2021 December 31, 2020 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities – Corporate $ 564 $ 620 $ 559 $ 644

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 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 $ 3,598 $ (64) $ 1,932 $ 117 Mortgage loans – Foreign currency forwards 1,316 (24) — — Interest sensitive contract liabilities Foreign currency forwards 87 4 65 (1) Foreign currency interest rate swaps 2,574 98 — — 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 Net Amount Excluded 1 Three months ended September 30, 2021 Investment related gains (losses) Foreign currency forwards $ 133 $ (149) $ (16) $ (37) Foreign currency interest rate swaps (51) 50 (1) — Interest sensitive contract benefits Foreign currency interest rate swaps 7 (6) 1 — Three months ended September 30, 2020 Investment related gains (losses) – Foreign currency forwards $ (52) $ 50 $ (2) $ — 1 Amount of derivative gains (losses) excluded from the assessment of hedge effectiveness are primarily recognized in income through changes in fair value. (In millions) Derivatives Hedged Items Net Amount Excluded 1 Nine months ended September 30, 2021 Investment related gains (losses) Foreign currency forwards $ 338 $ (337) $ 1 $ (37) Foreign currency interest rate swaps (82) 82 — — Interest sensitive contract benefits Foreign currency interest rate swaps 13 (11) 2 — Nine months ended September 30, 2020 Investment related gains (losses) – Foreign currency forwards $ (60) $ 59 $ (1) $ — 1 Amount of derivative gains (losses) excluded from the assessment of hedge effectiveness are primarily recognized in income through changes in fair value.
Notional Amount and Fair Value of Derivative Instruments	The following table presents the notional amount and fair value of derivative instruments: September 30, 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 5,765 $ 202 $ 71 4,417 $ 134 $ 181 Foreign currency forwards 2,584 — 136 2,038 3 9 Foreign currency interest rate swaps 5,571 210 4 — — — Foreign currency forwards on net investments 232 5 — 173 — 2 Total derivatives designated as hedges 417 211 137 192 Derivatives not designated as hedges Equity options 55,746 3,093 45 53,666 3,209 22 Futures 38 62 — 24 58 2 Total return swaps 155 — 2 97 6 — Foreign currency swaps 1,897 34 10 1,510 96 — Interest rate swaps 482 71 1 803 — 34 Credit default swaps 10 — 4 10 — 4 Foreign currency forwards 5,781 109 30 3,595 17 44 Embedded derivatives Funds withheld including related party 1,829 45 2,806 59 Interest sensitive contract liabilities — 14,102 — 12,873 Total derivatives not designated as hedges 5,198 14,239 6,192 13,038 Total derivatives $ 5,615 $ 14,450 $ 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 September 30, Nine months ended September 30, (In millions) 2021 2020 2021 2020 Equity options $ (45) $ 606 $ 1,501 $ (303) Futures (2) 50 53 63 Swaps (40) 29 (4) 9 Foreign currency forwards 75 (114) 25 (70) Embedded derivatives on funds withheld 205 1,077 463 1,260 Amounts recognized in investment related gains (losses) 193 1,648 2,038 959 Embedded derivatives in indexed annuity products 1 132 (553) (716) (910) Total gains (losses) on derivatives not designated as hedges $ 325 $ 1,095 $ 1,322 $ 49 1 Included in interest sensitive contract benefits on the condensed consolidated statements of income.
Estimated Fair Value of Net Derivative and Other Financial Assets	The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated balance sheets (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral September 30, 2021 Derivative assets $ 3,786 $ (277) $ (3,531) $ (22) $ — $ (22) Derivative liabilities (303) 277 18 (8) — (8) 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 September 30, 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 September 30, 2021 Derivative assets $ 3,786 $ (277) $ (3,531) $ (22) $ — $ (22) Derivative liabilities (303) 277 18 (8) — (8) 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 September 30, 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) related to cash flow hedges: Three months ended September 30, Nine months ended September 30, (In millions) 2021 2020 2021 2020 Foreign currency swaps – Other comprehensive income $ 114 $ (178) $ 171 $ 140 Foreign currency swaps – Investment related gains (losses) (21) — 6 — There were no amounts deemed ineffective during the three and nine months ended September 30, 2021 and 2020 . As of September 30, 2021, no amounts are expected to be reclassified to income within the next 12 months.

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 2021 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 402 $ — $ 393 $ 9 $ — US state, municipal and political subdivisions 1,115 — — 1,115 — Foreign governments 931 — — 929 2 Corporate 69,330 — — 68,271 1,059 CLO 13,379 — — 13,365 14 ABS 6,164 — — 4,435 1,729 CMBS 2,640 — — 2,615 25 RMBS 6,301 — — 6,301 — Total AFS securities 100,262 — 393 97,040 2,829 Trading securities US government and agencies 6 — 3 3 — US state, municipal and political subdivisions 104 — — 104 — Foreign governments 16 — — 16 — Corporate 1,577 — — 1,577 — CLO 6 — — 3 3 ABS 136 — — 94 42 CMBS 97 — — 97 — RMBS 173 — — 123 50 Total trading securities 2,115 — 3 2,017 95 Equity securities 666 — 84 558 24 Mortgage loans 18 — — — 18 Investment funds 428 148 — — 280 Funds withheld at interest – embedded derivative 1,142 — — — 1,142 Derivative assets 3,786 — 62 3,724 — Short-term investments 125 — 69 27 29 Other investments 100 — — 100 — Cash and cash equivalents 7,753 — 7,753 — — Restricted cash 757 — 757 — — Investments in related parties AFS securities Corporate 503 — — 175 328 CLO 2,097 — — 2,097 — ABS 4,556 — — 603 3,953 Total AFS securities – related party 7,156 — — 2,875 4,281 Trading securities CLO 66 — — 29 37 ABS 1,676 — — — 1,676 Total trading securities – related party 1,742 — — 29 1,713 Equity securities 115 — — — 115 Investment funds 2,955 98 — — 2,857 Funds withheld at interest – embedded derivative 687 — — — 687 Reinsurance recoverable 1,969 — — — 1,969 Total assets measured at fair value $ 131,776 $ 246 $ 9,121 $ 106,370 $ 16,039 Liabilities Interest sensitive contract liabilities Embedded derivative $ 14,102 $ — $ — $ — $ 14,102 Universal life benefits 1,195 — — — 1,195 Future policy benefits AmerUs Life Insurance Company (AmerUs) Closed Block 1,530 — — — 1,530 Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits 759 — — — 759 Derivative liabilities 303 — — 299 4 Funds withheld liability – embedded derivative 45 — — 45 — Total liabilities measured at fair value $ 17,934 $ — $ — $ 344 $ 17,590 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 September 30, Nine months ended September 30, (In millions) 2021 2020 2021 2020 Trading securities $ (23) $ 24 $ (31) $ (8) Investment funds 4 (57) 439 109 Future policy benefits 21 (4) 70 (31) Total gains (losses) $ 2 $ (37) $ 478 $ 70 The following summarizes information for fair value option mortgage loans: (In millions) September 30, 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 September 30, 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 income 1 Total gains (losses) included in OCI 1 Assets AFS securities Foreign governments $ 2 $ — $ — $ — $ — $ 2 $ — $ — Corporate 983 (2) 3 136 (61) 1,059 — 3 CLO 276 2 — (22) (242) 14 — — ABS 1,481 (5) 5 139 109 1,729 — 11 CMBS 51 — (1) 1 (26) 25 — (1) Trading securities CLO 3 — — — — 3 — — ABS 38 — — 4 — 42 — — CMBS 2 — — (2) — — — — RMBS 56 (6) — 1 (1) 50 (3) — Equity securities 22 2 — — — 24 2 — Mortgage loans 18 — — — — 18 — — Investment funds 366 1 — (87) — 280 1 — Funds withheld at interest – embedded derivative 1,373 (231) — — — 1,142 — — Short-term investments — — — 29 — 29 — — Investments in related parties AFS securities Corporate — — 1 115 212 328 — (3) ABS 4,237 (5) (2) 45 (322) 3,953 — — Trading securities CLO 30 — — 7 — 37 — — ABS 1,680 (4) — 23 (23) 1,676 (3) — Equity securities 115 3 — (3) — 115 3 — Investment funds 2,521 3 — 333 — 2,857 3 — Funds withheld at interest – embedded derivative 752 (65) — — — 687 — — Reinsurance recoverable 1,946 23 — — — 1,969 — — Total Level 3 assets $ 15,952 $ (284) $ 6 $ 719 $ (354) $ 16,039 $ 3 $ 10 Liabilities Interest sensitive contract liabilities Embedded derivative $ (13,635) $ 132 $ — $ (599) $ — $ (14,102) $ — $ — Universal life benefits (1,188) (7) — — — (1,195) — — Future policy benefits AmerUs Closed Block (1,551) 21 — — — (1,530) — — ILICO Closed Block and life benefits (743) (16) — — — (759) — — Derivative liabilities (4) — — — — (4) — — Total Level 3 liabilities $ (17,121) $ 130 $ — $ (599) $ — $ (17,590) $ — $ — 1 Related to instruments held at end of period. Three months ended September 30, 2020 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in income 1 Total gains (losses) included in OCI 1 Assets AFS securities US state, municipal and political subdivisions $ 40 $ — $ (1) $ (5) $ — $ 34 $ — $ (1) Foreign governments — — — 1 — 1 — — Corporate 874 (26) 62 39 (49) 900 — 75 CLO 160 — 2 (7) 36 191 — 2 ABS 868 (4) 12 (44) 147 979 — 13 CMBS 49 — 5 — 16 70 — 5 RMBS 16 — 2 (2) (16) — — — Trading securities Corporate 6 — — — — 6 — — CLO 3 — — — — 3 — — ABS — — — 35 — 35 — — RMBS 55 (3) — — 7 59 — — Equity securities 6 — — 10 — 16 2 — Mortgage loans 25 — — (6) — 19 — — Investment funds 17 — — — — 17 — — Funds withheld at interest – embedded derivative 763 496 — — — 1,259 — — Short-term investments 114 — — (16) (88) 10 — — Investments in related parties AFS securities Corporate — 1 2 761 — 764 — 2 CLO — — — 11 — 11 — — ABS 2,061 8 25 (31) — 2,063 — 25 Trading securities CLO 45 3 — — (20) 28 3 — ABS 824 14 — 507 — 1,345 13 — Equity securities 52 — — (2) — 50 1 — Investment funds 1,810 (56) — 16 — 1,770 — — Funds withheld at interest – embedded derivative 560 161 — — — 721 — — Reinsurance recoverable 2,099 56 — — — 2,155 — — Total Level 3 assets $ 10,447 $ 650 $ 109 $ 1,267 $ 33 $ 12,506 $ 19 $ 121 Liabilities Interest sensitive contract liabilities Embedded derivative $ (11,140) $ (553) $ — $ (48) $ — $ (11,741) $ — $ — Universal life benefits (1,323) (40) — — — (1,363) — — Future policy benefits AmerUs Closed Block (1,573) (4) — — — (1,577) — — ILICO Closed Block and life benefits (761) (16) — — — (777) — — Derivative liabilities (5) — — — — (5) — — Total Level 3 liabilities $ (14,802) $ (613) $ — $ (48) $ — $ (15,463) $ — $ — 1 Related to instruments held at end of period. Nine months ended September 30, 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 income 1 Total gains (losses) included in OCI 1 Assets AFS securities US state, municipal and political subdivisions $ 34 $ — $ — $ (1) $ (33) $ — $ — $ — Foreign governments 2 — — — — 2 — — Corporate 778 6 37 108 130 1,059 — 37 CLO 208 — 1 (37) (158) 14 — 1 ABS 800 (4) 34 894 5 1,729 — 47 CMBS 43 1 4 — (23) 25 — 4 Trading securities CLO 4 — — (1) — 3 — — ABS 35 — — 7 — 42 — — RMBS 47 (4) — 4 3 50 (2) — Equity securities 11 13 — — — 24 13 — Mortgage loans 19 — — (1) — 18 — — Investment funds 17 17 — 137 109 280 18 — Funds withheld at interest – embedded derivative 1,944 (802) — — — 1,142 — — Short-term investments 2 — — 29 (2) 29 — — Investments in related parties AFS securities Corporate 195 — (2) 330 (195) 328 — (3) ABS 4,109 (5) (27) (63) (61) 3,953 — (27) Trading securities CLO 50 9 — 7 (29) 37 18 — ABS 1,475 30 — 248 (77) 1,676 33 — Equity securities 72 4 — 39 — 115 4 — Investment funds 2,033 422 — 402 — 2,857 422 — Funds withheld at interest – embedded derivative 862 (175) — — — 687 — — Reinsurance recoverable 2,100 (131) — — — 1,969 — — Total Level 3 assets $ 14,840 $ (619) $ 47 $ 2,102 $ (331) $ 16,039 $ 506 $ 59 Liabilities Interest sensitive contract liabilities Embedded derivative $ (12,873) $ (716) $ — $ (513) $ — $ (14,102) $ — $ — Universal life benefits (1,308) 113 — — — (1,195) — — Future policy benefits AmerUs Closed Block (1,600) 70 — — — (1,530) — — ILICO Closed Block and life benefits (776) 17 — — — (759) — — Derivative liabilities (4) — — — — (4) — — Total Level 3 liabilities $ (16,561) $ (516) $ — $ (513) $ — $ (17,590) $ — $ — 1 Related to instruments held at end of period. Nine months ended September 30, 2020 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in income 1 Total gains (losses) included in OCI 1 Assets AFS securities US state, municipal and political subdivisions $ 40 $ — $ — $ (6) $ — $ 34 $ — $ — Foreign governments — — — 1 — 1 — — Corporate 725 1 (1) 118 57 900 — (1) CLO 121 — — 56 14 191 — — ABS 1,374 19 (71) (301) (42) 979 — (69) CMBS 46 (5) (5) (5) 39 70 — (5) Trading securities Corporate — — — — 6 6 — — CLO 6 (3) — — — 3 (1) — ABS 16 — — 19 — 35 — — RMBS 52 (4) — — 11 59 5 — Equity securities 3 3 — 10 — 16 3 — Mortgage loans 27 — — (8) — 19 — — Investment funds 22 (5) — — — 17 (4) — Funds withheld at interest – embedded derivative 801 458 — — — 1,259 — — Short-term investments 41 — — (31) — 10 — — Investments in related parties AFS securities Corporate — 1 2 761 — 764 — 2 CLO — — — 11 — 11 — — ABS 2,324 9 (20) (85) (165) 2,063 — (20) Trading securities CLO 38 (11) — 1 — 28 (11) — ABS 711 (13) — 647 — 1,345 (14) — Equity securities 64 (5) — (3) (6) 50 (5) — Investment funds 132 113 — 1,525 — 1,770 113 — Funds withheld at interest – embedded derivative 594 127 — — — 721 — — Reinsurance recoverable 1,821 334 — — — 2,155 — — Total Level 3 assets $ 8,958 $ 1,019 $ (95) $ 2,710 $ (86) $ 12,506 $ 86 $ (93) Liabilities Interest sensitive contract liabilities Embedded derivative $ (10,942) $ (910) $ — $ 111 $ — $ (11,741) $ — $ — Universal life benefits (1,050) (313) — — — (1,363) — — Future policy benefits AmerUs Closed Block (1,546) (31) — — — (1,577) — — ILICO Closed Block and life benefits (755) (22) — — — (777) — — Derivative liabilities (3) (2) — — — (5) (2) — Total Level 3 liabilities $ (14,296) $ (1,278) $ — $ 111 $ — $ (15,463) $ (2) $ — 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 September 30, 2021 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities Corporate $ 147 $ — $ — $ (11) $ 136 $ 25 $ (86) $ (61) CLO — — — (22) (22) — (242) (242) ABS 443 — — (304) 139 166 (57) 109 CMBS 1 — — — 1 — (26) (26) Trading securities CLO 1 — (1) — — — — — ABS 4 — — — 4 — — — CMBS — — (2) — (2) — — — RMBS 1 — — — 1 4 (5) (1) Investment funds 6 — (93) — (87) — — — Short-term investments 29 — — — 29 — — — Investments in related parties AFS securities Corporate 115 — — — 115 212 — 212 ABS 65 — — (20) 45 — (322) (322) Trading securities CLO 42 — — (35) 7 — — — ABS 23 — — — 23 — (23) (23) Equity securities — — — (3) (3) — — — Investment funds 333 — — — 333 — — — Total Level 3 assets $ 1,210 $ — $ (96) $ (395) $ 719 $ 407 $ (761) $ (354) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (832) $ — $ 233 $ (599) $ — $ — $ — Total Level 3 liabilities $ — $ (832) $ — $ 233 $ (599) $ — $ — $ — Three months ended September 30, 2020 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities US state, municipal and political subdivisions $ — $ — $ (5) $ — $ (5) $ — $ — $ — Foreign governments 1 — — — 1 — — — Corporate 58 — — (19) 39 157 (206) (49) CLO 12 — (18) (1) (7) 36 — 36 ABS 47 — (43) (48) (44) 218 (71) 147 CMBS — — — — — 39 (23) 16 RMBS — — (1) (1) (2) — (16) (16) Trading securities ABS 35 — — — 35 — — — RMBS — — — — — 8 (1) 7 Equity securities 10 — — — 10 — — — Mortgage loans — — — (6) (6) — — — Short-term investments 1 — (7) (10) (16) — (88) (88) Investments in related parties AFS securities Corporate 761 — — — 761 — — — CLO 11 — — — 11 — — — ABS 2 — (10) (23) (31) — — — Trading securities CLO — — — — — 4 (24) (20) ABS 517 — (10) — 507 — — — Equity securities 2 — (1) (3) (2) — — — Investment funds 16 — — — 16 — — — Total Level 3 assets $ 1,473 $ — $ (95) $ (111) $ 1,267 $ 462 $ (429) $ 33 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (202) $ — $ 154 $ (48) $ — $ — $ — Total Level 3 liabilities $ — $ (202) $ — $ 154 $ (48) $ — $ — $ — Nine months ended September 30, 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 $ — $ — $ — $ (1) $ (1) $ — $ (33) $ (33) Foreign governments 1 — — (1) — — — — Corporate 172 — (8) (56) 108 252 (122) 130 CLO — — — (37) (37) — (158) (158) ABS 1,387 — (1) (492) 894 175 (170) 5 CMBS 1 — — (1) — — (23) (23) Trading securities CLO 4 — (5) — (1) — — — ABS 47 — — (40) 7 — — — RMBS 4 — — — 4 5 (2) 3 Equity securities 11 — (11) — — — — — Mortgage loans — — — (1) (1) — — — Investment funds 230 — (93) — 137 109 — 109 Short-term investments 29 — — — 29 — (2) (2) Investments in related parties AFS securities Corporate 330 — — — 330 — (195) (195) ABS 103 — (25) (141) (63) — (61) (61) Trading securities CLO 71 — — (64) 7 — (29) (29) ABS 248 — — — 248 — (77) (77) Equity securities 46 — — (7) 39 — — — Investment funds 402 — — — 402 — — — Total Level 3 assets $ 3,086 $ — $ (143) $ (841) $ 2,102 $ 541 $ (872) $ (331) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (1,204) $ — $ 691 $ (513) $ — $ — $ — Total Level 3 liabilities $ — $ (1,204) $ — $ 691 $ (513) $ — $ — $ — Nine months ended September 30, 2020 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities US state, municipal and political subdivisions $ — $ — $ (5) $ (1) $ (6) $ — $ — $ — Foreign governments 1 — — — 1 — — — Corporate 245 — — (127) 118 97 (40) 57 CLO 90 — (25) (9) 56 36 (22) 14 ABS 95 — (6) (390) (301) 64 (106) (42) CMBS — — (4) (1) (5) 39 — 39 Trading securities Corporate — — — — — 6 — 6 ABS 35 — (16) — 19 — — — RMBS — — — — — 12 (1) 11 Equity securities 10 — — — 10 — — — Mortgage loans — — — (8) (8) — — — Short-term investments 1 — (7) (25) (31) — — — Investments in related parties AFS securities Corporate 761 — — — 761 — — — CLO 11 — — — 11 — — — ABS 7 — (15) (77) (85) — (165) (165) Trading securities CLO 13 — (12) — 1 — — — ABS 671 — (10) (14) 647 — — — Equity securities 3 — (2) (4) (3) — (6) (6) Investment funds 1,525 — — — 1,525 — — — Total Level 3 assets $ 3,468 $ — $ (102) $ (656) $ 2,710 $ 254 $ (340) $ (86) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (964) $ — $ 1,075 $ 111 $ — $ — $ — Total Level 3 liabilities $ — $ (964) $ — $ 1,075 $ 111 $ — $ — $ —
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: September 30, 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 $ 7,351 Discounted cash flow Discount rate 1.4 % 17.7 % 4.9 % 1 Decrease Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives $ 14,102 Option budget method Nonperformance risk 0.1 % 0.9 % 0.5 % 2 Decrease Option budget 0.4 % 3.3 % 1.8 % 3 Increase Surrender rate 5.1 % 9.7 % 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: September 30, 2021 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Mortgage loans $ 19,682 $ 20,254 $ — $ — $ — $ 20,254 Investment funds 999 999 999 — — — Policy loans 320 320 — — 320 — Funds withheld at interest 43,220 43,220 — — — 43,220 Other investments 1,625 1,625 — — — 1,625 Investments in related parties Mortgage loans 1,110 1,122 — — — 1,122 Investment funds 3,639 3,639 3,639 — — — Funds withheld at interest 11,754 11,754 — — — 11,754 Other investments 178 179 — — — 179 Total financial assets not carried at fair value $ 82,527 $ 83,112 $ 4,638 $ — $ 320 $ 78,154 Financial liabilities Interest sensitive contract liabilities $ 102,039 $ 104,414 $ — $ — $ — $ 104,414 Long-term debt 2,469 2,830 — — 2,830 — Securities to repurchase 598 598 — — 598 — Funds withheld liability 392 392 — — 392 — Total financial liabilities not carried at fair value $ 105,498 $ 108,234 $ — $ — $ 3,820 $ 104,414 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)	9 Months Ended
	Sep. 30, 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 471 186 — 657 Amortization (408) (138) (122) (668) Impact of unrealized investment (gains) losses 120 35 60 215 Balance at September 30, 2021 $ 3,419 $ 940 $ 751 $ 5,110 (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 470 124 — 594 Unlocking (36) (13) (11) (60) Amortization (175) (24) (25) (224) Impact of unrealized investment (gains) losses (116) (45) (14) (175) Balance at September 30, 2020 $ 3,429 $ 867 $ 869 $ 5,165
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 471 186 — 657 Amortization (408) (138) (122) (668) Impact of unrealized investment (gains) losses 120 35 60 215 Balance at September 30, 2021 $ 3,419 $ 940 $ 751 $ 5,110 (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 470 124 — 594 Unlocking (36) (13) (11) (60) Amortization (175) (24) (25) (224) Impact of unrealized investment (gains) losses (116) (45) (14) (175) Balance at September 30, 2020 $ 3,429 $ 867 $ 869 $ 5,165

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 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: Class A Three months ended Nine months ended (In millions, except per share data) September 30, 2021 September 30, 2020 September 30, 2021 Net income available to Athene Holding Ltd. common shareholders – basic and diluted $ 698 $ 622 $ 2,658 Basic weighted average shares outstanding 191.7 193.1 191.5 Dilutive effect of stock compensation plans and warrants 7.1 4.0 6.5 Diluted weighted average shares outstanding 198.8 197.1 198.0 Earnings per share Basic $ 3.64 $ 3.22 $ 13.88 Diluted $ 3.51 $ 3.16 $ 13.42 Nine months ended September 30, 2020 (In millions, except per share data) Class A Class B Class M-1 Class M-2 Class M-3 Class M-4 Net income (loss) available to Athene Holding Ltd. common shareholders – basic and diluted $ 508 $ (98) $ (13) $ (3) $ (4) $ (9) Basic weighted average shares outstanding 182.8 25.4 3.3 0.8 1.0 2.4 Dilutive effect of stock compensation plans and warrants 3.1 — — — — — Diluted weighted average shares outstanding 185.9 25.4 3.3 0.8 1.0 2.4 Earnings per share Basic $ 2.78 $ (3.87) $ (3.87) $ (3.87) $ (3.87) $ (3.87) Diluted $ 2.73 $ (3.87) $ (3.87) $ (3.87) $ (3.87) $ (3.87)

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following is a summary of our senior notes: Issue date January 12, 2018 April 3, 2020 October 8, 2020 May 25, 2021 Principal balance (in millions) $ 1,000 $ 500 $ 500 $ 500 Interest rate 4.125 % 6.150 % 3.500 % 3.950 % Maturity date January 12, 2028 April 3, 2030 January 15, 2031 May 25, 2051

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 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 Balance at June 30, 2021 $ 4,423 $ (36) $ (1,082) $ 23 $ 9 $ 3,337 Other comprehensive income (loss) before reclassifications (868) 41 122 179 (6) (532) Less: Reclassification adjustments for gains (losses) realized 1 (29) (2) 10 (21) — (42) Less: Income tax expense (benefit) (161) 8 23 42 — (88) Less: Other comprehensive income (loss) attributable to noncontrolling interests (96) — — 20 — (76) Balance at September 30, 2021 $ 3,841 $ (1) $ (993) $ 161 $ 3 $ 3,011 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income. (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance 2 Unrealized investment gains (losses) on AFS securities with a credit allowance 2 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 Balance at June 30, 2020 $ 2,776 $ (34) $ (873) $ 320 $ (5) $ 2,184 Other comprehensive income (loss) before reclassifications 1,396 18 (306) (178) 10 940 Less: Reclassification adjustments for gains (losses) realized 1 85 — (20) — — 65 Less: Income tax expense (benefit) 256 4 (61) (42) — 157 Less: Other comprehensive income (loss) attributable to noncontrolling interests — 4 — 8 2 14 Balance at September 30, 2020 $ 3,831 $ (24) $ (1,098) $ 176 $ 3 $ 2,888 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income. 2 Previously reported amounts have been revised to correct a misstatement, which was not material, in the classification of balances and changes attributable to AFS securities with and without credit allowances. (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance 2 Unrealized investment gains (losses) on AFS securities with a credit allowance 2 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 Balance at December 31, 2020 $ 5,352 $ (53) $ (1,310) $ (26) $ 8 $ 3,971 Other comprehensive income (loss) before reclassifications (2,100) 58 416 267 (5) (1,364) Less: Reclassification adjustments for gains (losses) realized 1 (53) (5) 15 6 — (37) Less: Income tax expense (benefit) (393) 12 84 58 — (239) Less: Other comprehensive income (loss) attributable to noncontrolling interests (143) (1) — 16 — (128) Balance at September 30, 2021 $ 3,841 $ (1) $ (993) $ 161 $ 3 $ 3,011 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income.. 2 Previously reported amounts have been revised to correct a misstatement, which was not material, in the classification of balances and changes attributable to AFS securities with and without credit allowances. (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance 2 Unrealized investment gains (losses) on AFS securities with a credit allowance 2 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 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 1,313 (26) (358) 140 9 1,078 Less: Reclassification adjustments for gains (losses) realized 1 306 — (87) — — 219 Less: Income tax expense (benefit) 195 (5) (58) 33 — 165 Less: Other comprehensive income (loss) attributable to noncontrolling interests 87 (1) — (8) 3 81 Balance at September 30, 2020 $ 3,831 $ (24) $ (1,098) $ 176 $ 3 $ 2,888 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income. 2 Previously reported amounts have been revised to correct a misstatement, which was not material, in the classification of balances and changes attributable to AFS securities with and without credit allowances.

Related Parties (Tables)

Related Parties (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2021 Percent of Total December 31, 2020 Percent of Total Core $ 50,562 25.2 % $ 49,392 27.3 % Core Plus 45,593 22.7 % 41,516 23.0 % Yield 77,947 38.9 % 64,693 35.8 % High Alpha 7,474 3.7 % 6,200 3.4 % Other 19,118 9.5 % 19,088 10.5 % Total sub-allocation assets $ 200,694 100.0 % $ 180,889 100.0 % The following summarizes our investments in MidCap: (In millions) September 30, 2021 December 31, 2020 Profit participating notes $ 618 $ 534 Senior unsecured notes 157 — Redeemable preferred stock 8 77 Subordinated debt facility — 328 Total investment in MidCap $ 783 $ 939

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2021 December 31, 2020 AFS securities $ 9,081 $ 9,884 Trading securities 75 60 Equity securities 27 26 Mortgage loans 4,831 5,028 Investment funds 168 68 Derivative assets 92 107 Short-term investments — 52 Other investments 100 105 Restricted cash 757 738 Total restricted assets $ 15,131 $ 16,068

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 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: Three months ended September 30, Nine months ended September 30, (In millions) 2021 2020 2021 2020 Retirement Services $ 5,193 $ 1,711 $ 11,520 $ 5,769 Corporate and Other 89 (15) 666 101 Non-operating adjustments Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets (59) 637 1,526 (280) Investment gains (losses), net of offsets (37) 468 (209) 29 Noncontrolling interests, VIE expenses and other adjustments to revenues 3,538 474 6,035 505 Total revenues $ 8,724 $ 3,275 $ 19,538 $ 6,124
Reconciliation of Segment Operating Income to Consolidation	The table below reconciles segment adjusted operating income available to common shareholders to net income available to Athene Holding Ltd. common shareholders presented on the condensed consolidated statements of income: Three months ended September 30, Nine months ended September 30, (In millions) 2021 2020 2021 2020 Retirement Services $ 537 $ 361 $ 1,955 $ 773 Corporate and Other 4 (59) 334 (89) Non-operating adjustments Investment gains (losses), net of offsets 2 346 (86) (18) Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets 70 72 490 (268) Integration, restructuring and other non-operating expenses (8) — (64) (13) Stock-based compensation, excluding LTIP (1) (1) (2) (11) Income tax (expense) benefit – non-operating 94 (97) 31 7 Net income available to Athene Holding Ltd. common shareholders $ 698 $ 622 $ 2,658 $ 381
Total Assets by Segment	The following represents total assets by segment: (In millions) September 30, 2021 December 31, 2020 Retirement Services $ 218,427 $ 197,295 Corporate and Other 5,969 5,476 Total assets $ 224,396 $ 202,771
Revenue from External Customers by Geographic Areas	Deposits and premiums by the geographical location are as follows: Nine months ended September 30, Years ended December 31, (In millions) 2021 2020 2020 1 2019 1 United States $ 19,414 $ 11,171 $ 19,187 $ 16,614 Bermuda 8,827 34,236 35,692 1,893 Total premiums and deposits, net of ceded $ 28,241 $ 45,407 $ 54,879 $ 18,507 1 Previously reported amounts have been revised to correct a misstatement, which was not material, in the classification between the United States and Bermuda geographical locations.

Business, Basis of Presentati_3

Business, Basis of Presentation and Significant Accounting Policies Narrative (Details)	Sep. 30, 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	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Jan. 01, 2020
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	$ 102,753		$ 82,544
AFS securities allowance for credit losses	(116)	$ (109)	(104)	$ (142)	$ (175)	$ (17)
Gross Unrealized Gains	5,675		7,515
Gross Unrealized Losses	(894)		(582)
Available-for-sale securities	107,418		89,373
Investments, excluding investments in Related Party
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	95,628		76,100
AFS securities allowance for credit losses	(112)	(107)	(103)	(140)	(173)	(17)
Gross Unrealized Gains	5,579		7,395
Gross Unrealized Losses	(833)		(539)
Available-for-sale securities	100,262		82,853
U.S. government and agencies | Investments, excluding investments in Related Party
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	419		349
AFS securities allowance for credit losses	0		0
Gross Unrealized Gains	2		3
Gross Unrealized Losses	(19)		(1)
Available-for-sale securities	402		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	982		864
AFS securities allowance for credit losses	0		0
Gross Unrealized Gains	135		169
Gross Unrealized Losses	(2)		0
Available-for-sale securities	1,115		1,033
Foreign governments | Investments, excluding investments in Related Party
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	930		330
AFS securities allowance for credit losses	0		0
Gross Unrealized Gains	23		38
Gross Unrealized Losses	(22)		0
Available-for-sale securities	931		368
Corporate | Investments, excluding investments in Related Party
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	65,158		51,934
AFS securities allowance for credit losses	(4)	(5)	(6)	(30)	(31)	0
Gross Unrealized Gains	4,723		6,368
Gross Unrealized Losses	(547)		(116)
Available-for-sale securities	69,330		58,180
CLO | Investments, excluding investments in Related Party
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	13,433		9,631
AFS securities allowance for credit losses	(4)	(3)	(1)	(1)	(1)	0
Gross Unrealized Gains	67		145
Gross Unrealized Losses	(117)		(206)
Available-for-sale securities	13,379		9,569
ABS | Investments, excluding investments in Related Party
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	6,052		4,259
AFS securities allowance for credit losses	(16)	(10)	(6)	(3)	(2)	0
Gross Unrealized Gains	173		140
Gross Unrealized Losses	(45)		(123)
Available-for-sale securities	6,164		4,270
CMBS | Investments, excluding investments in Related Party
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	2,626		2,165
AFS securities allowance for credit losses	(1)	(6)	(10)	(19)	(10)	0
Gross Unrealized Gains	79		85
Gross Unrealized Losses	(64)		(71)
Available-for-sale securities	2,640		2,169
RMBS | Investments, excluding investments in Related Party
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	6,028		6,568
AFS securities allowance for credit losses	(87)	(83)	(80)	(87)	(129)	(17)
Gross Unrealized Gains	377		447
Gross Unrealized Losses	(17)		(22)
Available-for-sale securities	6,301		6,913
Related Party
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	7,125		6,444
AFS securities allowance for credit losses	(4)		(1)
Gross Unrealized Gains	96		120
Gross Unrealized Losses	(61)		(43)
Available-for-sale securities	7,156		6,520
Related Party | Corporate
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	496		213
AFS securities allowance for credit losses	0		0
Gross Unrealized Gains	10		2
Gross Unrealized Losses	(3)		0
Available-for-sale securities	503		215
Related Party | CLO
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	2,104		1,511
AFS securities allowance for credit losses	(4)	$ (2)	(1)	$ (2)	$ (2)	$ 0
Gross Unrealized Gains	13		23
Gross Unrealized Losses	(16)		(13)
Available-for-sale securities	2,097		1,520
Related Party | ABS
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	4,525		4,720
AFS securities allowance for credit losses	0		0
Gross Unrealized Gains	73		95
Gross Unrealized Losses	(42)		(30)
Available-for-sale securities	$ 4,556		$ 4,785

Investments - Maturities of AFS

Investments - Maturities of AFS Securities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Amortized Cost
Amortized Cost	$ 102,753	$ 82,544
Fair Value
Total AFS fixed maturity securities	107,418	89,373
Investments, excluding investments in Related Party
Amortized Cost
Due in one year or less	1,122
Due after one year through five years	10,519
Due after five years through ten years	18,079
Due after ten years	37,769
CLO, ABS, CMBS and RMBS	28,139
Amortized Cost	95,628	76,100
Fair Value
Due in one year or less	1,140
Due after one year through five years	10,982
Due after five years through ten years	18,869
Due after ten years	40,787
CLO, ABS, CMBS and RMBS	28,484
Total AFS fixed maturity securities	100,262	82,853
Related Party
Amortized Cost
Due after one year through five years	16
Due after five years through ten years	365
Due after ten years	115
CLO, ABS, CMBS and RMBS	6,629
Amortized Cost	7,125	6,444
Fair Value
Due after one year through five years	17
Due after five years through ten years	370
Due after ten years	116
CLO, ABS, CMBS and RMBS	6,653
Total AFS fixed maturity securities	$ 7,156	$ 6,520

Investments - Unrealized Losses

Investments - Unrealized Losses on AFS Securities (Details) $ in Millions	Sep. 30, 2021USD ($)security	Dec. 31, 2020USD ($)
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	$ 27,829	$ 7,684
Fair Value, 12 months or greater	3,420	3,834
Total	31,249	11,518
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(602)	(254)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	152	234
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(754)	(488)
Investments, excluding investments in Related Party
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	25,601	6,336
Fair Value, 12 months or greater	3,246	3,602
Total	28,847	9,938
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(564)	(221)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	149	224
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ (713)	(445)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security	393
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security	3,780
Related Party
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	$ 2,228	1,348
Fair Value, 12 months or greater	174	232
Total	2,402	1,580
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(38)	(33)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	3	10
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ (41)	(43)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security	7
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	$ 336	31
Fair Value, 12 months or greater	8	0
Total	344	31
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(18)	(1)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	1	0
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(19)	(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	147	9
Fair Value, 12 months or greater	3	6
Total	150	15
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(2)	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	(2)	0
Foreign governments | Investments, excluding investments in Related Party
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	599	2
Fair Value, 12 months or greater	1	0
Total	600	2
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(22)	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	(22)	0
Corporate | Investments, excluding investments in Related Party
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	16,978	2,218
Fair Value, 12 months or greater	544	248
Total	17,522	2,466
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(446)	(66)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	44	24
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(490)	(90)
Corporate | Related Party
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	212
Fair Value, 12 months or greater	0
Total	212
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(3)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(3)
CLO | Investments, excluding investments in Related Party
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	5,605	1,649
Fair Value, 12 months or greater	1,935	3,179
Total	7,540	4,828
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(35)	(33)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	40	167
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(75)	(200)
CLO | Related Party
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	803	336
Fair Value, 12 months or greater	160	232
Total	963	568
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(2)	(3)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	3	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	820	1,169
Fair Value, 12 months or greater	240	84
Total	1,060	1,253
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(16)	(73)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	21	18
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(37)	(91)
ABS | Related Party
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	1,213	1,012
Fair Value, 12 months or greater	14	0
Total	1,227	1,012
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(33)	(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	(33)	(30)
CMBS | Investments, excluding investments in Related Party
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	702	710
Fair Value, 12 months or greater	194	48
Total	896	758
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(19)	(37)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	39	13
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(58)	(50)
RMBS | Investments, excluding investments in Related Party
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	414	548
Fair Value, 12 months or greater	321	37
Total	735	585
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(6)	(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	$ (10)	$ (13)

Investments Investments - Allow

Investments Investments - Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance	$ 109	$ 175	$ 104
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	8	16	23	$ 111
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	0	0	6	61
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	(4)	(16)	(13)	(18)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	3	(33)	(4)	(29)
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	107	173	103
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	5	15	18	109
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	0	0	6	61
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	(4)	(15)	(12)	(17)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	4	(33)	(3)	(30)
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	5	31	6
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	0	1	3	32
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	0	0	0	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	0	(2)	(2)	(2)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	(1)	0	(3)	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	3	1	1
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	4	0	7	1
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	0	0	0	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	0	0	0	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	(3)	0	(4)	0
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	10	2	6
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	0	0	5	5
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	0	0	0	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	0	0	0	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	6	1	5	(2)
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	6	10	10
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	0	12	2	21
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	0	0	0	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	0	(1)	0	(1)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	(5)	(2)	(11)	(1)
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	83	129	80
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	1	2	1	50
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	0	0	6	61
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	(4)	(12)	(10)	(14)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	7	(32)	10	(27)
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	2	2	1
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	3	1	5	2
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	0	0	0	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	0	(1)	(1)	(1)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	$ (1)	$ 0	(1)	$ 1
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net Investment Income [Line Items]
Investment revenue	$ 1,627	$ 1,323	$ 5,659	$ 3,660
Investment expenses	(153)	(114)	(443)	(370)
Net investment income	1,474	1,209	5,216	3,290
Trading securities
Net Investment Income [Line Items]
Investment revenue	60	47	183	137
Equity securities
Net Investment Income [Line Items]
Investment revenue	8	4	15	10
Mortgage loans
Net Investment Income [Line Items]
Investment revenue	230	184	625	545
Investment funds
Net Investment Income [Line Items]
Investment revenue	157	148	1,328	242
Funds withheld at interest
Net Investment Income [Line Items]
Investment revenue	188	81	566	165
Other
Net Investment Income [Line Items]
Investment revenue	47	83	206	158
Available-for-sale Securities
Net Investment Income [Line Items]
Investment revenue	$ 937	$ 776	$ 2,736	$ 2,403

Investments - Investment Relate

Investments - Investment Related Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
AFS fixed maturity securities
Gross realized gains on investment activity	$ 118	$ 192	$ 399	$ 424
Gross realized losses on investment activity	(93)	(178)	(407)	(378)
Net realized investment gains (losses) on AFS securities	25	14	(8)	46
Debt Securities, Trading, Gain (Loss)	(23)	24	(31)	(8)
Net recognized investment gains (losses) on equity securities	57	12	82	(8)
Derivative gains	254	1,648	2,300	959
Provision for Loan, Lease, and Other Losses	(2)	84	10	(205)
Other gains (losses)	75	15	155	(11)
Gain (Loss) on Investments	386	1,797	2,508	773
Proceeds from Sale of Debt Securities, Available-for-sale	$ 1,243	$ 3,940	$ 4,141	$ 7,525

Investments - Unrealized gains

Investments - Unrealized gains (losses) recognized in income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investments, excluding investments in Related Party
Gain (Loss) on Securities [Line Items]
Debt Securities, Trading, Unrealized Gain (Loss)	$ (15)	$ 19	$ (70)	$ 81
Equity Securities, FV-NI, Unrealized Gain (Loss)	46	11	73	(9)
Related Party
Gain (Loss) on Securities [Line Items]
Debt Securities, Trading, Unrealized Gain (Loss)	20	1	74	(42)
Equity Securities, FV-NI, Unrealized Gain (Loss)	$ 3	$ 0	$ 4	$ 0

Investments - Mortgage Loans, N

Investments - Mortgage Loans, Net (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 20,810	$ 15,938
Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, before allowance for credit losses	14,607	11,615
Mortgage loan valuation allowance	(164)	(167)
Mortgage loans, net of allowances	14,443	11,448
Commercial mortgage loans | Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, before allowance for credit losses	14,226	11,383
Commercial mortgage loans | Commercial mortgage loans under development
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, before allowance for credit losses	381	232
Residential mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, before allowance for credit losses	6,429	4,569
Mortgage loan valuation allowance	(62)	(79)
Mortgage loans, net of allowances	$ 6,367	$ 4,490

Investments - Mortgage Loans,_2

Investments - Mortgage Loans, Net by Property Type and Geographic Region (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 20,810	$ 15,938
Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 14,443	$ 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	$ 12,529	$ 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	86.70%	94.50%
Commercial mortgage loans | East North Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,554	$ 1,209
Commercial mortgage loans | East North Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	10.70%	10.50%
Commercial mortgage loans | East South Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 421	$ 402
Commercial mortgage loans | East South Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	2.90%	3.50%
Commercial mortgage loans | Middle Atlantic
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 3,348	$ 3,069
Commercial mortgage loans | Middle Atlantic | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	23.20%	26.80%
Commercial mortgage loans | Mountain
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 513	$ 487
Commercial mortgage loans | Mountain | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	3.60%	4.20%
Commercial mortgage loans | New England
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 372	$ 350
Commercial mortgage loans | New England | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	2.60%	3.10%
Commercial mortgage loans | Pacific
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 3,382	$ 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	$ 2,140	$ 1,773
Commercial mortgage loans | South Atlantic | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	14.80%	15.50%
Commercial mortgage loans | West North Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 151	$ 145
Commercial mortgage loans | West North Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	1.00%	1.30%
Commercial mortgage loans | West South Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 648	$ 640
Commercial mortgage loans | West South Central | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	4.50%	5.60%
Commercial mortgage loans | UNITED KINGDOM
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,024	$ 0
Commercial mortgage loans | UNITED KINGDOM | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	7.10%	0.00%
Commercial mortgage loans | Other
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 890	$ 627
Commercial mortgage loans | Other | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	6.20%	5.50%
Commercial mortgage loans | International
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,914	$ 627
Commercial mortgage loans | International | Geographic Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	13.30%	5.50%
Commercial mortgage loans | Hotels
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,373	$ 1,294
Commercial mortgage loans | Hotels | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	9.50%	11.30%
Commercial mortgage loans | Retail
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,997	$ 2,083
Commercial mortgage loans | Retail | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	13.80%	18.20%
Commercial mortgage loans | Office building
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 4,157	$ 3,589
Commercial mortgage loans | Office building | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	28.80%	31.40%
Commercial mortgage loans | Industrial
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 2,220	$ 1,362
Commercial mortgage loans | Industrial | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	15.30%	11.90%
Commercial mortgage loans | Apartment
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 3,402	$ 2,441
Commercial mortgage loans | Apartment | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	23.60%	21.30%
Commercial mortgage loans | Other commercial
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,294	$ 679
Commercial mortgage loans | Other commercial | Property Type Concentration Risk | Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	9.00%	5.90%

Investments - Mortgage Loans, R

Investments - Mortgage Loans, Residential by State (Details) - Geographic Concentration Risk - Residential mortgage loans - Mortgage Loans, Net	Sep. 30, 2021	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	27.30%		24.80%
Florida
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	11.20%		13.30%
NEW YORK
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	5.40%		6.20%
Other U.S. States
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	39.00%		37.10%
Total U.S. Region
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	87.90%		85.40%
IRELAND
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	7.70%		12.90%
Other
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	4.40%		1.70%
International
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	12.10%		14.60%
NEW JERSEY
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk		5.00%	4.00%

Investments - Mortgage Loans,_3

Investments - Mortgage Loans, Net Past Due (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Residential mortgage loans
Financing Receivable, Past Due [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 1,620	$ 304
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	3,509	3,255
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	176	7
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	587	72
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	105	854
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	432	77
Mortgage loan valuation allowance	62	79
Mortgage loans, before allowance for credit losses	6,429	4,569
Financing Receivable, 90 Days or More Past Due, Still Accruing		0
Commercial mortgage loans
Financing Receivable, Past Due [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	3,330	1,913
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,325	1,478
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	1,051	130
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	2,738	1,012
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	4,266	2,662
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,897	4,420
Mortgage loan valuation allowance	164	167
Mortgage loans, before allowance for credit losses	14,607	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	3,190	1,807
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,325	1,478
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	1,050	130
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	2,674	1,012
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	4,197	2,563
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,790	4,393
Mortgage loans, before allowance for credit losses	14,226	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	1,607	274
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	2,850	2,993
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	43	7
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	518	72
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	31	845
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	328	68
Mortgage loans, before allowance for credit losses	5,377	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	3,330	1,913
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,325	1,452
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	1,026	130
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	2,738	987
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	4,266	2,617
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,897	4,400
Mortgage loans, before allowance for credit losses	14,582	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	5	28
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	113	121
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	3	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	1	3
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	4	1
Mortgage loans, before allowance for credit losses	127	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
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		5
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		45
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		20
Mortgage loans, before allowance for credit losses		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	3	2
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	49	47
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	2	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	2	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2	1
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	3	0
Mortgage loans, before allowance for credit losses	61	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	5	0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	497	94
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	128	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	66	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	71	5
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	97	8
Mortgage loans, before allowance for credit losses	864	107
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential mortgage loans | Loans Insured or Guaranteed by US Government Authorities
Financing Receivable, Past Due [Line Items]
Mortgage loans, before allowance for credit losses	737
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Residential mortgage loans
Financing Receivable, Nonaccrual [Line Items]
Financing Receivable, Nonaccrual	$ 126		$ 126		$ 107	$ 67
Financing Receivable, Not Past Due	2	$ 2	6	$ 3
Financing Receivable, Nonaccrual, No Allowance	78		78		13
Commercial mortgage loans
Financing Receivable, Nonaccrual [Line Items]
Financing Receivable, Nonaccrual	62		62		38	$ 0
Financing Receivable, Not Past Due	0	$ 0	0	$ 0
Financing Receivable, Nonaccrual, No Allowance	$ 25		$ 25		$ 0

Investments - Mortgage Loans, L

Investments - Mortgage Loans, Loan to Value Ratio (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net of allowances	$ 20,810	$ 15,938
Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	3,330	1,913
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,325	1,478
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	1,051	130
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	2,738	1,012
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	4,266	2,662
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,897	4,420
Mortgage loans, net of allowances	14,443	11,448
Mortgage loans, before allowance for credit losses	14,607	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	3,190	1,807
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,325	1,478
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	1,050	130
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	2,674	1,012
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	4,197	2,563
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,790	4,393
Mortgage loans, before allowance for credit losses	14,226	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	203	431
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	993	1,153
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	149	44
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	262	152
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	595	201
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	288	600
Mortgage loans, before allowance for credit losses	2,490	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	1,042	315
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	174	147
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	351	40
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	722	300
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	1,333	765
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	479	1,320
Mortgage loans, before allowance for credit losses	4,101	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	1,382	583
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	121	106
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	449	46
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,317	440
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	1,929	1,222
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	563	1,988
Mortgage loans, before allowance for credit losses	5,761	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	563	478
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	0	13
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	101	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	373	95
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	340	375
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	460	485
Mortgage loans, before allowance for credit losses	1,837	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	Sep. 30, 2021	Dec. 31, 2020
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 20,810	$ 15,938
Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	3,330	1,913
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,325	1,478
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	1,051	130
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	2,738	1,012
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	4,266	2,662
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,897	4,420
Mortgage loans, net of allowances	14,443	11,448
Mortgage loans, before allowance for credit losses	14,607	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	3,190	1,807
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,325	1,478
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	1,050	130
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	2,674	1,012
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	4,197	2,563
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,790	4,393
Mortgage loans, before allowance for credit losses	14,226	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	2,245	1,274
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,214	1,369
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	838	129
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	2,076	846
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,147	2,440
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	920	2,964
Mortgage loans, before allowance for credit losses	9,440	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	885	533
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	75	101
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	29	1
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	115	70
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	1,390	36
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	701	1,122
Mortgage loans, before allowance for credit losses	3,195	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	60	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	183	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	483	96
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	660	87
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	169	307
Mortgage loans, before allowance for credit losses	$ 1,591	$ 498

Investments - Investment Funds

Investments - Investment Funds (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 8,021	$ 6,087
Investments, excluding investments in Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 1,427	$ 803
Carrying Amount, Assets, Percent of Total	100.00%	100.00%
Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 6,594	$ 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	$ 327	$ 267
Carrying Amount, Assets, Percent of Total	22.90%	33.30%
Private equity | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 585	$ 473
Carrying Amount, Assets, Percent of Total	8.90%	8.90%
Real assets | Investments, excluding investments in Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 167	$ 81
Carrying Amount, Assets, Percent of Total	11.70%	10.10%
Real assets | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 319	$ 172
Carrying Amount, Assets, Percent of Total	4.80%	3.30%
Real estate | Investments, excluding investments in Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 837	$ 348
Carrying Amount, Assets, Percent of Total	58.70%	43.30%
Real estate | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 1,270	$ 828
Carrying Amount, Assets, Percent of Total	19.30%	15.70%
Natural resources | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 138	$ 113
Carrying Amount, Assets, Percent of Total	2.10%	2.10%
Differentiated investments | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 1,906	$ 1,889
Carrying Amount, Assets, Percent of Total	28.90%	35.70%
Credit funds | Investments, excluding investments in Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 96	$ 107
Carrying Amount, Assets, Percent of Total	6.70%	13.30%
Credit funds | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 623	$ 375
Carrying Amount, Assets, Percent of Total	9.40%	7.10%
Public equities | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 27	$ 110
Carrying Amount, Assets, Percent of Total	0.40%	2.10%
Catalina Holdings (Bermuda) Ltd [Member] | Differentiated investments | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 421	$ 334
Carrying Amount, Assets, Percent of Total	6.40%	6.30%
Athora Holding Ltd. | Differentiated investments | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 728	$ 709
Carrying Amount, Assets, Percent of Total	11.00%	13.40%
Venerable | Differentiated investments | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 235	$ 123
Carrying Amount, Assets, Percent of Total	3.60%	2.30%
Apollo | Other fund | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 1,726	$ 1,324
Carrying Amount, Assets, Percent of Total	26.20%	25.10%
Individually Immaterial Counterparties | Differentiated investments | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 445	$ 279
Carrying Amount, Assets, Percent of Total	6.70%	5.30%
A-A Mortgage | Differentiated investments | Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 77	$ 444
Carrying Amount, Assets, Percent of Total	1.20%	8.40%

Investments - Summary of Maximu

Investments - Summary of Maximum Loss Exposure (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Assets	$ 224,396	$ 202,771
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	50,082	40,479
Investment funds | Investments, excluding investments in Related Party
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	2,312	1,265
Related Party | Investment funds
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	9,295	7,989
Debt Securities [Member] | Investments, excluding investments in Related Party
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	28,551	23,027
Debt Securities [Member] | Related Party
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	9,809	8,126
Equity securities | Related Party
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	115	72
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets	45,427	37,318
Variable Interest Entity, Not Primary Beneficiary [Member] | Investment funds | Investments, excluding investments in Related Party
Variable Interest Entity [Line Items]
Assets	1,427	803
Variable Interest Entity, Not Primary Beneficiary [Member] | Related Party | Investment funds
Variable Interest Entity [Line Items]
Assets	6,594	5,284
Variable Interest Entity, Not Primary Beneficiary [Member] | Debt Securities [Member] | Investments, excluding investments in Related Party
Variable Interest Entity [Line Items]
Assets	28,896	23,325
Variable Interest Entity, Not Primary Beneficiary [Member] | Debt Securities [Member] | Related Party
Variable Interest Entity [Line Items]
Assets	8,395	7,834
Variable Interest Entity, Not Primary Beneficiary [Member] | Equity securities | Related Party
Variable Interest Entity [Line Items]
Assets	$ 115	$ 72

Investments - Repurchase Agreem

Investments - Repurchase Agreements (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Schedule of Repurchase Agreements [Line Items]
Payables for repurchase agreements	$ 598	$ 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	598	598
Available-for-sale Securities | Corporate
Schedule of Repurchase Agreements [Line Items]
Amortized Cost	564	559
Fair Value	$ 620	$ 644

Investments - Purchased with Cr

Investments - Purchased with Credit Deterioration (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Purchased financial assets with credit deterioration [Line Items]
Debt Securities, Available-for-sale, Purchased with Credit Deterioration, Amount at Purchase Price	$ 2	$ 18
Debt Securities, Available-for-sale, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date	0	6
Debt Securities, Available-for-sale, Purchased with Credit Deterioration, Discount (Premium)	0	1
Debt Securities, Available-for-sale, Purchased with Credit Deterioration, Amount at Par Value	2	25
Mortgage loans
Purchased financial assets with credit deterioration [Line Items]
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price	0	335
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date	0	6
Financing Receivable, Purchased with Credit Deterioration, Discount (Premium)	0	(26)
Financing Receivable, Purchased with Credit Deterioration, Amount at Par Value	$ 0	$ 315

Investments - Allowance for Cre

Investments - Allowance for Credit Losses on Mortgage Loans (Details) - USD ($)	Jan. 01, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans allowance for credit losses		$ 226,000,000	$ 341,000,000	$ 226,000,000	$ 341,000,000	$ 229,000,000	$ 253,000,000	$ 399,000,000	$ 11,000,000
Financing Receivable, Credit Loss, Expense (Reversal)		(3,000,000)	(61,000,000)	(32,000,000)	107,000,000
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase		0	3,000,000	6,000,000	3,000,000
Financing Receivable, Allowance for Credit Loss, Writeoff				(1,000,000)	(1,000,000)
Commercial mortgage loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans allowance for credit losses		164,000,000	232,000,000	164,000,000	232,000,000	165,000,000	167,000,000	294,000,000	10,000,000
Financing Receivable, Credit Loss, Expense (Reversal)		(1,000,000)	(62,000,000)	(3,000,000)	55,000,000
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase		0	0	0	0
Financing Receivable, Allowance for Credit Loss, Writeoff				0	0
Residential mortgage loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans allowance for credit losses		62,000,000	96,000,000	62,000,000	96,000,000	64,000,000	79,000,000	85,000,000	1,000,000
Financing Receivable, Credit Loss, Expense (Reversal)		(2,000,000)	8,000,000	(22,000,000)	50,000,000
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase		0	3,000,000	$ 6,000,000	3,000,000
Forecast Period				1 year
Financing Receivable, Allowance for Credit Loss, Writeoff				$ (1,000,000)	(1,000,000)
Other
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans allowance for credit losses		0	13,000,000	0	13,000,000	$ 0	$ 7,000,000	$ 20,000,000	$ 0
Financing Receivable, Credit Loss, Expense (Reversal)		0	(7,000,000)	(7,000,000)	2,000,000
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase		$ 0	$ 0	0	0
Financing Receivable, Allowance for Credit Loss, Writeoff				$ 0	$ 0
Commercial Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Forecast Period				1 year
Commercial Loan | Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Forecast Period				1 year
Accounting Standards Update 2016-13 [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)	$ 221,000,000
Accounting Standards Update 2016-13 [Member] | Commercial mortgage loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)	167,000,000
Accounting Standards Update 2016-13 [Member] | Residential mortgage loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)	43,000,000
Accounting Standards Update 2016-13 [Member] | Other
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)	$ 11,000,000

Derivative Instruments - Summar

Derivative Instruments - Summary of Notional and Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Funds withheld liability (portion at fair value: 2021 – $45 and 2020 – $59)	$ 437	$ 452
Derivative assets, fair value	3,786	3,523
Derivative liabilities, fair value	303	298
Total derivative assets	5,615	6,329
Total derivative liabilities	14,450	13,230
Derivatives designated as hedges
Derivative [Line Items]
Derivative assets, fair value	417	137
Derivative liabilities, fair value	$ 211	$ 192
Derivatives designated as hedges | Foreign currency swaps
Derivative [Line Items]
Notional Amount	5,765	4,417
Derivative assets, fair value	$ 202	$ 134
Derivative liabilities, fair value	$ 71	$ 181
Derivatives designated as hedges | Foreign currency forwards
Derivative [Line Items]
Notional Amount	2,584	2,038
Derivative assets, fair value	$ 0	$ 3
Derivative liabilities, fair value	$ 136	$ 9
Derivatives designated as hedges | Cross Currency Interest Rate Contract
Derivative [Line Items]
Notional Amount	5,571	0
Derivative assets, fair value	$ 210	$ 0
Derivative liabilities, fair value	4	0
Derivatives not designated as hedges
Derivative [Line Items]
Total derivative assets	5,198	6,192
Total derivative liabilities	$ 14,239	$ 13,038
Derivatives not designated as hedges | Foreign currency swaps
Derivative [Line Items]
Notional Amount	1,897	1,510
Derivative assets, fair value	$ 34	$ 96
Derivative liabilities, fair value	$ 10	$ 0
Derivatives not designated as hedges | Interest rate swaps
Derivative [Line Items]
Notional Amount	482	803
Derivative assets, fair value	$ 71	$ 0
Derivative liabilities, fair value	$ 1	$ 34
Derivatives not designated as hedges | Equity options
Derivative [Line Items]
Notional Amount	55,746	53,666
Derivative assets, fair value	$ 3,093	$ 3,209
Derivative liabilities, fair value	$ 45	$ 22
Derivatives not designated as hedges | Futures
Derivative [Line Items]
Notional Amount	38	24
Derivative assets, fair value	$ 62	$ 58
Derivative liabilities, fair value	$ 0	$ 2
Derivatives not designated as hedges | Total return swaps
Derivative [Line Items]
Notional Amount	155	97
Derivative assets, fair value	$ 0	$ 6
Derivative liabilities, fair value	$ 2	$ 0
Derivatives not designated as hedges | Credit default swaps
Derivative [Line Items]
Notional Amount	10	10
Derivative assets, fair value	$ 0	$ 0
Derivative liabilities, fair value	$ 4	$ 4
Derivatives not designated as hedges | Foreign currency forwards
Derivative [Line Items]
Notional Amount	5,781	3,595
Derivative assets, fair value	$ 109	$ 17
Derivative liabilities, fair value	30	44
Derivatives not designated as hedges | Embedded derivatives | Funds withheld
Derivative [Line Items]
Funds withheld at interest	1,829
Funds withheld liability (portion at fair value: 2021 – $45 and 2020 – $59)	45
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	$ 14,102	$ 12,873
Net Investment Hedging [Member] | Derivatives designated as hedges | Foreign currency forwards
Derivative [Line Items]
Notional Amount	232	173
Derivative assets, fair value	$ 5	$ 0
Derivative liabilities, fair value	$ 0	$ 2

Derivative Instruments - Gains

Derivative Instruments - Gains (Losses) on Derivatives Not Designated as Hedging (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	$ 325	$ 1,095	$ 1,322	$ 49
Investment related gains (losses)
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	193	1,648	2,038	959
Investment related gains (losses) | Equity options
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	(45)	606	1,501	(303)
Investment related gains (losses) | Futures
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	(2)	50	53	63
Investment related gains (losses) | Swap [Member]
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	(40)	29	(4)	9
Investment related gains (losses) | Foreign currency forwards
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	75	(114)	25	(70)
Investment related gains (losses) | Embedded derivatives
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	205	1,077	463	1,260
Interest sensitive contract benefits | Embedded derivatives
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	132	(553)	(716)	(910)
Cash flow hedges | Derivatives designated as hedges | Foreign currency swaps
Derivative [Line Items]
Foreign currency swap gain (loss) reclassified to income	$ (21)	$ 0	$ 6	$ 0

Derivative Instruments - Offset

Derivative Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Derivative assets
Gross amount recognized	$ 3,786	$ 3,523
Financial instruments	(277)	(165)
Collateral (received)/pledged	(3,531)	(3,196)
Off-balance sheet securities collateral	0	(46)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	0	0
Derivative liabilities
Gross amount recognized	(303)	(298)
Financial instruments	277	165
Collateral (received)/pledged	18	144
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	(22)	(116)
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	(8)	(11)
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election, Excluding Obligation to Return Securities	(22)	162
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election, Excluding Right to Reclaim Securities	$ (8)	$ 11

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Derivative [Line Items]
Other Comprehensive Income (Loss), before Tax	$ (490,000,000)	$ 875,000,000	$ (1,327,000,000)	$ 859,000,000
Derivatives used in Net Investment Hedge, Net of Tax	5,000,000		5,000,000		$ 0
Amount of Ineffectiveness on Net Investment Hedges	0	0	0	0
Cash flow hedges | Derivatives designated as hedges | Foreign currency swaps
Derivative [Line Items]
Foreign currency swap gains (losses)	114,000,000	(178,000,000)	171,000,000	140,000,000
Foreign currency swap gain (loss) reclassified to income	(21,000,000)	0	6,000,000	0
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			0
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness	0	0	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		(52,000,000)		(60,000,000)
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge		50,000,000		59,000,000
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net		0		0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net, Recorded in Other Comprehensive Income	86,000,000	0	90,000,000	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	133,000,000		338,000,000
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	(149,000,000)		(337,000,000)
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	(37,000,000)		(37,000,000)
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss)	(16,000,000)	(2,000,000)	1,000,000	(1,000,000)
Fair Value Hedging [Member] | Derivatives designated as hedges | Foreign currency forwards | Available-for-sale Securities
Derivative [Line Items]
Derivative, Amount of Hedged Item	3,598,000,000		3,598,000,000		1,932,000,000
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	(64,000,000)		(64,000,000)		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	87,000,000		87,000,000		65,000,000
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	4,000,000		4,000,000		(1,000,000)
Fair Value Hedging [Member] | Derivatives designated as hedges | Foreign currency forwards | Mortgage Loans, Net
Derivative [Line Items]
Derivative, Amount of Hedged Item	1,316,000,000		1,316,000,000		0
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	(24,000,000)		(24,000,000)		0
Fair Value Hedging [Member] | Derivatives designated as hedges | Net Investment Hedging [Member]
Derivative [Line Items]
Other Comprehensive Income (Loss), before Tax	7,000,000	$ 3,000,000	5,000,000	$ 5,000,000
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	(51,000,000)		(82,000,000)
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	50,000,000		82,000,000
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0		0
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss)	(1,000,000)		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	7,000,000		13,000,000
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	(6,000,000)		(11,000,000)
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0		0
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss)	1,000,000		2,000,000
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	2,574,000,000		2,574,000,000		0
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	$ 98,000,000		$ 98,000,000		$ 0

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Mortgage loans, net of allowances	$ 20,810	$ 15,938
Investment funds	8,021	6,087
Other assets (consolidated variable interest entities: 2021 – $16 and 2020 – $1)	1,371	1,249
Related Party
Variable Interest Entity [Line Items]
Investment funds	6,594	5,284
Investments, excluding investments in Related Party
Variable Interest Entity [Line Items]
Investment funds	1,427	803
Variable Interest Entities
Variable Interest Entity [Line Items]
Mortgage loans, net of allowances	230	0
Investment funds	403	0
Other assets (consolidated variable interest entities: 2021 – $16 and 2020 – $1)	16	1
Variable Interest Entities | NNN AGP Opportunities | Related Party
Variable Interest Entity [Line Items]
Investment funds	106	0
Variable Interest Entities | Investments, excluding investments in Related Party | Hamlet
Variable Interest Entity [Line Items]
Mortgage loans, net of allowances	1,795	1,880
Variable Interest Entities | Investments, excluding investments in Related Party | Java
Variable Interest Entity [Line Items]
Investment funds	80	0
Variable Interest Entities | Investments, excluding investments in Related Party | A-A SPN-9
Variable Interest Entity [Line Items]
Investment funds	181	0
Variable Interest Entities | Investments, excluding investments in Related Party | A-A Euro
Variable Interest Entity [Line Items]
Mortgage loans, net of allowances	230	0
Investment funds	56	0
Variable Interest Entities | Investments, excluding investments in Related Party | Other fund
Variable Interest Entity [Line Items]
Mortgage loans, net of allowances	17	0
Variable Interest Entities | Investments, excluding investments in Related Party | AOP
Variable Interest Entity [Line Items]
Investment funds	$ 241	$ 0

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets
Available-for-sale securities	$ 107,418	$ 89,373
Mortgage loans	20,810	15,938
Derivative assets	3,786	3,523
Restricted cash	757	738
Reinsurance recoverable (portion at fair value: 2021 – $1,969 and 2020 – $2,100)	4,565	4,848
Liabilities
Interest sensitive contract liabilities	152,200	144,566
Future policy benefits	39,666	29,258
Derivative liabilities	303	298
Funds withheld liability (portion at fair value: 2021 – $45 and 2020 – $59)	437	452
Related Party
Assets
Available-for-sale securities	7,156	6,520
Corporate | Related Party
Assets
Available-for-sale securities	503	215
CLO | Related Party
Assets
Available-for-sale securities	2,097	1,520
ABS | Related Party
Assets
Available-for-sale securities	4,556	4,785
Level 3
Assets
Available-for-sale securities	7,351	5,858
Recurring
Assets
Investment funds		230
Recurring | Level 1
Assets
Cash and cash equivalents	7,753	7,704
Restricted cash	757	738
Reinsurance recoverable (portion at fair value: 2021 – $1,969 and 2020 – $2,100)	0	0
Total assets measured at fair value	9,121	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 – $45 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 – $1,969 and 2020 – $2,100)	0	0
Total assets measured at fair value	106,370	88,786
Liabilities
Derivative liabilities	299	292
Total liabilities measured at fair value	344	351
Recurring | Level 2 | Related Party
Assets
Available-for-sale securities	2,875	2,216
Trading securities, at fair value	29	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 – $45 and 2020 – $59)	45	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	175	20
Recurring | Level 2 | CLO | Related Party
Assets
Available-for-sale securities	2,097	1,520
Trading securities, at fair value	29	4
Recurring | Level 2 | ABS | Related Party
Assets
Available-for-sale securities	603	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 – $1,969 and 2020 – $2,100)	1,969	2,100
Total assets measured at fair value	16,039	14,840
Liabilities
Derivative liabilities	4	4
Total liabilities measured at fair value	17,590	16,561
Recurring | Level 3 | Related Party
Assets
Available-for-sale securities	4,281	4,304
Trading securities, at fair value	1,713	1,525
Equity securities, at fair value	115	72
Investment funds	2,857	2,033
Recurring | Level 3 | Universal life
Liabilities
Interest sensitive contract liabilities	1,195	1,308
Recurring | Level 3 | AmerUs Closed Block
Liabilities
Future policy benefits	1,530	1,600
Recurring | Level 3 | ILICO Closed Block and life benefits
Liabilities
Future policy benefits	759	776
Recurring | Level 3 | Embedded derivatives
Liabilities
Interest sensitive contract liabilities	14,102	12,873
Funds withheld liability (portion at fair value: 2021 – $45 and 2020 – $59)	0	0
Recurring | Level 3 | Embedded derivatives | Related Party
Assets
Funds withheld at interest	687	862
Recurring | Level 3 | Corporate | Related Party
Assets
Available-for-sale securities	328	195
Recurring | Level 3 | CLO | Related Party
Assets
Available-for-sale securities	0	0
Trading securities, at fair value	37	50
Recurring | Level 3 | ABS | Related Party
Assets
Available-for-sale securities	3,953	4,109
Trading securities, at fair value	1,676	1,475
Recurring | NAV
Assets
Total assets measured at fair value	246
Recurring | NAV | Related Party
Assets
Investment funds	98	86
Fair Value
Assets
Total assets measured at fair value	83,112	80,487
Liabilities
Interest sensitive contract liabilities	104,414	98,945
Funds withheld liability (portion at fair value: 2021 – $45 and 2020 – $59)	392	393
Fair Value | Related Party
Assets
Mortgage loans	1,122	694
Investment funds	3,639	3,165
Funds withheld at interest	11,754	12,168
Other investments	179	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 – $45 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	320	369
Liabilities
Interest sensitive contract liabilities	0	0
Funds withheld liability (portion at fair value: 2021 – $45 and 2020 – $59)	392	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	78,154	76,311
Liabilities
Interest sensitive contract liabilities	104,414	98,945
Funds withheld liability (portion at fair value: 2021 – $45 and 2020 – $59)	0	0
Fair Value | Level 3 | Related Party
Assets
Mortgage loans	1,122	694
Investment funds	0	0
Funds withheld at interest	11,754	12,168
Other investments	179	499
Fair Value | NAV
Assets
Total assets measured at fair value	4,638	3,807
Fair Value | NAV | Related Party
Assets
Investment funds	3,639	3,165
Fair Value | Recurring
Assets
Cash and cash equivalents	7,753	7,704
Restricted cash	757	738
Reinsurance recoverable (portion at fair value: 2021 – $1,969 and 2020 – $2,100)	1,969	2,100
Total assets measured at fair value	131,776	112,894
Liabilities
Interest sensitive contract liabilities	15,297	14,181
Future policy benefits	2,289	2,376
Derivative liabilities	303	298
Funds withheld liability (portion at fair value: 2021 – $45 and 2020 – $59)	45	59
Total liabilities measured at fair value	17,934	16,914
Fair Value | Recurring | Related Party
Assets
Available-for-sale securities	7,156	6,520
Trading securities, at fair value	1,742	1,529
Equity securities, at fair value	115	72
Investment funds	2,955	2,119
Fair Value | Recurring | Universal life
Liabilities
Interest sensitive contract liabilities	1,195	1,308
Fair Value | Recurring | AmerUs Closed Block
Liabilities
Future policy benefits	1,530	1,600
Fair Value | Recurring | ILICO Closed Block and life benefits
Liabilities
Future policy benefits	759	776
Fair Value | Recurring | Embedded derivatives
Liabilities
Interest sensitive contract liabilities	14,102	12,873
Funds withheld liability (portion at fair value: 2021 – $45 and 2020 – $59)	45	59
Fair Value | Recurring | Embedded derivatives | Related Party
Assets
Funds withheld at interest	687	862
Fair Value | Recurring | Corporate | Related Party
Assets
Available-for-sale securities	503	215
Fair Value | Recurring | CLO | Related Party
Assets
Available-for-sale securities	2,097	1,520
Trading securities, at fair value	66	54
Fair Value | Recurring | ABS | Related Party
Assets
Available-for-sale securities	4,556	4,785
Trading securities, at fair value	1,676	1,475
Investments, excluding investments in Related Party
Assets
Available-for-sale securities	100,262	82,853
Investments, excluding investments in Related Party | U.S. government and agencies
Assets
Available-for-sale securities	402	351
Investments, excluding investments in Related Party | U.S. state, municipal and political subdivisions
Assets
Available-for-sale securities	1,115	1,033
Investments, excluding investments in Related Party | Foreign governments
Assets
Available-for-sale securities	931	368
Investments, excluding investments in Related Party | Corporate
Assets
Available-for-sale securities	69,330	58,180
Investments, excluding investments in Related Party | CLO
Assets
Available-for-sale securities	13,379	9,569
Investments, excluding investments in Related Party | ABS
Assets
Available-for-sale securities	6,164	4,270
Investments, excluding investments in Related Party | CMBS
Assets
Available-for-sale securities	2,640	2,169
Investments, excluding investments in Related Party | RMBS
Assets
Available-for-sale securities	6,301	6,913
Investments, excluding investments in Related Party | Recurring | Level 1
Assets
Available-for-sale securities	393	332
Trading securities, at fair value	3	3
Equity securities, at fair value	84	57
Mortgage loans	0	0
Investment funds	0	0
Derivative assets	62	58
Short-term investments	69	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	393	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
Trading securities, at fair value	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	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	97,040	80,656
Trading securities, at fair value	2,017	2,004
Equity securities, at fair value	558	262
Mortgage loans	0	0
Investment funds	0	0
Derivative assets	3,724	3,465
Short-term investments	27	74
Other investments	100	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	1,115	999
Trading securities, at fair value	104	106
Investments, excluding investments in Related Party | Recurring | Level 2 | Foreign governments
Assets
Available-for-sale securities	929	366
Trading securities, at fair value	16
Investments, excluding investments in Related Party | Recurring | Level 2 | Corporate
Assets
Available-for-sale securities	68,271	57,402
Trading securities, at fair value	1,577	1,577
Investments, excluding investments in Related Party | Recurring | Level 2 | CLO
Assets
Available-for-sale securities	13,365	9,361
Trading securities, at fair value	3	0
Investments, excluding investments in Related Party | Recurring | Level 2 | ABS
Assets
Available-for-sale securities	4,435	3,470
Trading securities, at fair value	94	93
Investments, excluding investments in Related Party | Recurring | Level 2 | CMBS
Assets
Available-for-sale securities	2,615	2,126
Trading securities, at fair value	97	52
Investments, excluding investments in Related Party | Recurring | Level 2 | RMBS
Assets
Available-for-sale securities	6,301	6,913
Trading securities, at fair value	123	173
Investments, excluding investments in Related Party | Recurring | Level 3
Assets
Available-for-sale securities	2,829	1,865
Trading securities, at fair value	95	86
Equity securities, at fair value	24	11
Mortgage loans	18	19
Investment funds	280	17
Derivative assets	0	0
Short-term investments	29	2
Other investments	0	0
Investments, excluding investments in Related Party | Recurring | Level 3 | Embedded derivatives
Assets
Funds withheld at interest	1,142	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
Trading securities, at fair value	0
Investments, excluding investments in Related Party | Recurring | Level 3 | Corporate
Assets
Available-for-sale securities	1,059	778
Trading securities, at fair value	0	0
Investments, excluding investments in Related Party | Recurring | Level 3 | CLO
Assets
Available-for-sale securities	14	208
Trading securities, at fair value	3	4
Investments, excluding investments in Related Party | Recurring | Level 3 | ABS
Assets
Available-for-sale securities	1,729	800
Trading securities, at fair value	42	35
Investments, excluding investments in Related Party | Recurring | Level 3 | CMBS
Assets
Available-for-sale securities	25	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	50	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	20,254	15,811
Investment funds	999	642
Funds withheld at interest	43,220	46,668
Other investments	1,625	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
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
Other investments	0	0
Investments, excluding investments in Related Party | Fair Value | Level 3
Assets
Mortgage loans	20,254	15,811
Investment funds	0	0
Funds withheld at interest	43,220	46,668
Other investments	1,625	471
Investments, excluding investments in Related Party | Fair Value | NAV
Assets
Investment funds	999	642
Investments, excluding investments in Related Party | Fair Value | Recurring
Assets
Available-for-sale securities	100,262	82,853
Trading securities, at fair value	2,115	2,093
Equity securities, at fair value	666	330
Mortgage loans	18	19
Investment funds	428	161
Derivative assets	3,786	3,523
Short-term investments	125	222
Other investments	100	105
Investments, excluding investments in Related Party | Fair Value | Recurring | Embedded derivatives
Assets
Funds withheld at interest	1,142	1,944
Investments, excluding investments in Related Party | Fair Value | Recurring | U.S. government and agencies
Assets
Available-for-sale securities	402	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	1,115	1,033
Trading securities, at fair value	104	106
Investments, excluding investments in Related Party | Fair Value | Recurring | Foreign governments
Assets
Available-for-sale securities	931	368
Trading securities, at fair value	16
Investments, excluding investments in Related Party | Fair Value | Recurring | Corporate
Assets
Available-for-sale securities	69,330	58,180
Trading securities, at fair value	1,577	1,577
Investments, excluding investments in Related Party | Fair Value | Recurring | CLO
Assets
Available-for-sale securities	13,379	9,569
Trading securities, at fair value	6	4
Investments, excluding investments in Related Party | Fair Value | Recurring | ABS
Assets
Available-for-sale securities	6,164	4,270
Trading securities, at fair value	136	128
Investments, excluding investments in Related Party | Fair Value | Recurring | CMBS
Assets
Available-for-sale securities	2,640	2,169
Trading securities, at fair value	97	52
Investments, excluding investments in Related Party | Fair Value | Recurring | RMBS
Assets
Available-for-sale securities	6,301	6,913
Trading securities, at fair value	$ 173	$ 220

Fair Value - Fair Value Option

Fair Value - Fair Value Option (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	$ 2,000,000	$ (37,000,000)	$ 478,000,000	$ 70,000,000
Mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option, loans, 90 days or more past due	0		0		$ 0
Unpaid principal balance	16,000,000		16,000,000		17,000,000
Mark to fair value	2,000,000		2,000,000		2,000,000
Fair value	18,000,000		18,000,000		$ 19,000,000
Investment related gains (losses) | Trading securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	(23,000,000)	24,000,000	(31,000,000)	(8,000,000)
Net investment income | Investment funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	4,000,000	(57,000,000)	439,000,000	109,000,000
Future policy and other policy benefits | Future policy benefits
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	$ 21,000,000	$ (4,000,000)	$ 70,000,000	$ (31,000,000)

Fair Value Fair Value - Reconci

Fair Value Fair Value - Reconciliation of Level 3 Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	$ 15,952	$ 10,447	$ 14,840	$ 8,958
Total realized and unrealized gains (losses) included in income	(284)	650	(619)	1,019
Total realized and unrealized gains (losses) included in OCI	6	109	47	(95)
Purchases, issuances, sales and settlements, net	719	1,267	2,102	2,710
Transfers in	(354)	33	(331)	(86)
Transfers (out)	(761)	(429)	(872)	(340)
Ending balance	16,039	12,506	16,039	12,506
Total gains (losses) included in earnings	3	19	506	86
Beginning balance	(17,121)	(14,802)	(16,561)	(14,296)
Total realized and unrealized gains (losses) included in income	130	(613)	(516)	(1,278)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(599)	(48)	(513)	111
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	(17,590)	(15,463)	(17,590)	(15,463)
Total gains (losses) included in earnings	0	0	0	(2)
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	10	121	59	(93)
Reinsurance Recoverable Including Reinsurance Premium Paid [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	1,946	2,099	2,100	1,821
Total realized and unrealized gains (losses) included in income	23	56	(131)	334
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	0
Ending balance	1,969	2,155	1,969	2,155
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	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	0	114	2	41
Total realized and unrealized gains (losses) included in income	0	0	0	0
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	29	(16)	29	(31)
Transfers in	0	(88)	(2)	0
Ending balance	29	10	29	10
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	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	18	25	19	27
Total realized and unrealized gains (losses) included in income	0	0	0	0
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	(6)	(1)	(8)
Transfers in	0	0	0	0
Transfers (out)		0	0	0
Ending balance	18	19	18	19
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	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	366	17	17	22
Total realized and unrealized gains (losses) included in income	1	0	17	(5)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(87)	0	137	0
Transfers in	0	0	109	0
Transfers (out)	0		0
Ending balance	280	17	280	17
Total gains (losses) included in earnings	1	0	18	(4)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	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	22	6	11	3
Total realized and unrealized gains (losses) included in income	2	0	13	3
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	10	0	10
Transfers in	0	0	0	0
Transfers (out)		0	0	0
Ending balance	24	16	24	16
Total gains (losses) included in earnings	2	2	13	3
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	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	1,373	763	1,944	801
Total realized and unrealized gains (losses) included in income	(231)	496	(802)	458
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	0
Ending balance	1,142	1,259	1,142	1,259
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	0	0
Related Party | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	2,521	1,810	2,033	132
Total realized and unrealized gains (losses) included in income	3	(56)	422	113
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	333	16	402	1,525
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	2,857	1,770	2,857	1,770
Total gains (losses) included in earnings	3	0	422	113
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	0	0
Related Party | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	115	52	72	64
Total realized and unrealized gains (losses) included in income	3	0	4	(5)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(3)	(2)	39	(3)
Transfers in	0	0	0	(6)
Transfers (out)	0	0	0	(6)
Ending balance	115	50	115	50
Total gains (losses) included in earnings	3	1	4	(5)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	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	752	560	862	594
Total realized and unrealized gains (losses) included in income	(65)	161	(175)	127
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	0
Ending balance	687	721	687	721
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	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	56	55	47	52
Total realized and unrealized gains (losses) included in income	(6)	(3)	(4)	(4)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	1	0	4	0
Transfers in	(1)	7	3	11
Transfers (out)	(5)	(1)	(2)	(1)
Ending balance	50	59	50	59
Total gains (losses) included in earnings	(3)	0	(2)	5
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	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		16
Total realized and unrealized gains (losses) included in income		0
Total realized and unrealized gains (losses) included in OCI		2
Purchases, issuances, sales and settlements, net		(2)
Transfers in		(16)
Transfers (out)		(16)
Ending balance		0		0
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	38	0	35	16
Total realized and unrealized gains (losses) included in income	0	0	0	0
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	4	35	7	19
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	42	35	42	35
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	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	1,481	868	800	1,374
Total realized and unrealized gains (losses) included in income	(5)	(4)	(4)	19
Total realized and unrealized gains (losses) included in OCI	5	12	34	(71)
Purchases, issuances, sales and settlements, net	139	(44)	894	(301)
Transfers in	109	147	5	(42)
Transfers (out)	(57)	(71)	(170)	(106)
Ending balance	1,729	979	1,729	979
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	11	13	47	(69)
ABS | Related Party | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	1,680	824	1,475	711
Total realized and unrealized gains (losses) included in income	(4)	14	30	(13)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	23	507	248	647
Transfers in	(23)	0	(77)	0
Transfers (out)	(23)	0	(77)	0
Ending balance	1,676	1,345	1,676	1,345
Total gains (losses) included in earnings	(3)	13	33	(14)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	0	0
ABS | Related Party | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	4,237	2,061	4,109	2,324
Total realized and unrealized gains (losses) included in income	(5)	8	(5)	9
Total realized and unrealized gains (losses) included in OCI	(2)	25	(27)	(20)
Purchases, issuances, sales and settlements, net	45	(31)	(63)	(85)
Transfers in	(322)	0	(61)	(165)
Transfers (out)	(322)	0	(61)	(165)
Ending balance	3,953	2,063	3,953	2,063
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	25	(27)	(20)
CLO | Trading securities | Investments, excluding investments in Related Party
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	3	3	4	6
Total realized and unrealized gains (losses) included in income	0	0	0	(3)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	(1)	0
Transfers in	0	0	0	0
Transfers (out)	0		0
Ending balance	3	3	3	3
Total gains (losses) included in earnings	0	0	0	(1)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	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	276	160	208	121
Total realized and unrealized gains (losses) included in income	2	0	0	0
Total realized and unrealized gains (losses) included in OCI	0	2	1	0
Purchases, issuances, sales and settlements, net	(22)	(7)	(37)	56
Transfers in	(242)	36	(158)	14
Transfers (out)	(242)	0	(158)	(22)
Ending balance	14	191	14	191
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	2	1	0
CLO | Related Party | Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	30	45	50	38
Total realized and unrealized gains (losses) included in income	0	3	9	(11)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	7	0	7	1
Transfers in	0	(20)	(29)	0
Transfers (out)	0	(24)	(29)	0
Ending balance	37	28	37	28
Total gains (losses) included in earnings	0	3	18	(11)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	0	0
CLO | Related Party | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance		0		0
Total realized and unrealized gains (losses) included in income		0		0
Total realized and unrealized gains (losses) included in OCI		0		0
Purchases, issuances, sales and settlements, net		11		11
Transfers in		0		0
Transfers (out)		0		0
Ending balance		11		11
Total gains (losses) included in earnings		0		0
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		6		0
Total realized and unrealized gains (losses) included in income		0		0
Total realized and unrealized gains (losses) included in OCI		0		0
Purchases, issuances, sales and settlements, net		0		0
Transfers in		0		6
Transfers (out)				0
Ending balance		6		6
Total gains (losses) included in earnings		0		0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI		0		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	983	874	778	725
Total realized and unrealized gains (losses) included in income	(2)	(26)	6	1
Total realized and unrealized gains (losses) included in OCI	3	62	37	(1)
Purchases, issuances, sales and settlements, net	136	39	108	118
Transfers in	(61)	(49)	130	57
Transfers (out)	(86)	(206)	(122)	(40)
Ending balance	1,059	900	1,059	900
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	3	75	37	(1)
Corporate | Related Party | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	0	0	195	0
Total realized and unrealized gains (losses) included in income	0	1	0	1
Total realized and unrealized gains (losses) included in OCI	1	2	(2)	2
Purchases, issuances, sales and settlements, net	115	761	330	761
Transfers in	212	0	(195)	0
Transfers (out)	0	0	(195)	0
Ending balance	328	764	328	764
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	(3)	2	(3)	2
CMBS | Trading 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	(2)
Transfers in	0
Transfers (out)	0
Ending balance	0		0
Total gains (losses) included in earnings	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0
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	51	49	43	46
Total realized and unrealized gains (losses) included in income	0	0	1	(5)
Total realized and unrealized gains (losses) included in OCI	(1)	5	4	(5)
Purchases, issuances, sales and settlements, net	1	0	0	(5)
Transfers in	(26)	16	(23)	39
Transfers (out)	(26)	(23)	(23)	0
Ending balance	25	70	25	70
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	(1)	5	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	0	2	0
Total realized and unrealized gains (losses) included in income	0	0	0	0
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	1	0	1
Transfers in	0	0	0	0
Transfers (out)		0	0	0
Ending balance	2	1	2	1
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	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 and Nonrecurring Basis [Line Items]
Beginning balance		40	34	40
Total realized and unrealized gains (losses) included in income		0	0	0
Total realized and unrealized gains (losses) included in OCI		(1)	0	0
Purchases, issuances, sales and settlements, net		(5)	(1)	(6)
Transfers in		0	(33)	0
Transfers (out)		0	(33)	0
Ending balance	0	34	0	34
Total gains (losses) included in earnings		0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI		(1)	0	0
Derivative Financial Instruments, Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(4)	(5)	(4)	(3)
Total realized and unrealized gains (losses) included in income	0	0	0	(2)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	0
Ending balance	(4)	(5)	(4)	(5)
Total gains (losses) included in earnings	0	0	0	(2)
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	0	0
Interest sensitive contract liabilities | Embedded derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(13,635)	(11,140)	(12,873)	(10,942)
Total realized and unrealized gains (losses) included in income	132	(553)	(716)	(910)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	(599)	(48)	(513)	111
Transfers in	0	0	0	0
Transfers (out)	0	0	0	0
Ending balance	(14,102)	(11,741)	(14,102)	(11,741)
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	0	0
Universal life | Interest sensitive contract liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(1,188)	(1,323)	(1,308)	(1,050)
Total realized and unrealized gains (losses) included in income	(7)	(40)	113	(313)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	0
Ending balance	(1,195)	(1,363)	(1,195)	(1,363)
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	0	0
AmerUs Closed Block | Future policy benefits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	(1,551)	(1,573)	(1,600)	(1,546)
Total realized and unrealized gains (losses) included in income	21	(4)	70	(31)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	0
Ending balance	(1,530)	(1,577)	(1,530)	(1,577)
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	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	(743)	(761)	(776)	(755)
Total realized and unrealized gains (losses) included in income	(16)	(16)	17	(22)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Purchases, issuances, sales and settlements, net	0	0	0	0
Transfers in	0	0	0	0
Ending balance	(759)	(777)	(759)	(777)
Total gains (losses) included in earnings	0	0	0	0
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	$ 0	$ 0	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	$ 1,210	$ 1,473	$ 3,086	$ 3,468
Issuances	0	0	0	0
Sales	(96)	(95)	(143)	(102)
Settlements	(395)	(111)	(841)	(656)
Purchases, (Sales), Issuances, (Settlements)	719	1,267	2,102	2,710
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	407	462	541	254
Transfers (out)	(761)	(429)	(872)	(340)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	(354)	33	(331)	(86)
Purchases	0	0	0	0
Issuances	(832)	(202)	(1,204)	(964)
Sales	0	0	0	0
Settlements	233	154	691	1,075
Purchases, (Sales), Issuances, (Settlements), Liabilities	(599)	(48)	(513)	111
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3	0	0	0	0
Transfers (out)	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net	0	0	0	0
Short-term Investments [Member] | Investments, excluding investments in Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	29	1	29	1
Sales	0	(7)	0	(7)
Settlements	0	(10)	0	(25)
Purchases, (Sales), Issuances, (Settlements)	29	(16)	29	(31)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0	0	0
Transfers (out)	0	(88)	(2)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	(88)	(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		10	11	10
Sales		0	(11)	0
Settlements		0	0	0
Purchases, (Sales), Issuances, (Settlements)	0	10	0	10
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0	0	0
Transfers (out)		0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0	0	0
Equity securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	2	46	3
Sales	0	(1)	0	(2)
Settlements	(3)	(3)	(7)	(4)
Purchases, (Sales), Issuances, (Settlements)	(3)	(2)	39	(3)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0	0	0
Transfers (out)	0	0	0	(6)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0	0	(6)
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	0	0
Sales		(5)	0	(5)
Settlements		0	(1)	(1)
Purchases, (Sales), Issuances, (Settlements)		(5)	(1)	(6)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0	0	0
Transfers (out)		0	(33)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net		0	(33)	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		1	1	1
Sales		0	0	0
Settlements		0	(1)	0
Purchases, (Sales), Issuances, (Settlements)	0	1	0	1
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0	0	0
Transfers (out)		0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0	0	0
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		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3				6
Transfers (out)				0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net		0		6
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	147	58	172	245
Sales	0	0	(8)	0
Settlements	(11)	(19)	(56)	(127)
Purchases, (Sales), Issuances, (Settlements)	136	39	108	118
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	25	157	252	97
Transfers (out)	(86)	(206)	(122)	(40)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	(61)	(49)	130	57
Corporate | Available-for-sale Securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	115	761	330	761
Sales	0	0	0	0
Settlements	0	0	0	0
Purchases, (Sales), Issuances, (Settlements)	115	761	330	761
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	212	0	0	0
Transfers (out)	0	0	(195)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	212	0	(195)	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	1		4
Sales	(1)		(5)
Settlements	0		0
Purchases, (Sales), Issuances, (Settlements)	0	0	(1)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0		0
Transfers (out)	0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0	0	0
CLO | Trading securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	42	0	71	13
Sales	0	0	0	(12)
Settlements	(35)	0	(64)	0
Purchases, (Sales), Issuances, (Settlements)	7	0	7	1
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	4	0	0
Transfers (out)	0	(24)	(29)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	(20)	(29)	0
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	12	0	90
Sales	0	(18)	0	(25)
Settlements	(22)	(1)	(37)	(9)
Purchases, (Sales), Issuances, (Settlements)	(22)	(7)	(37)	56
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	36	0	36
Transfers (out)	(242)	0	(158)	(22)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	(242)	36	(158)	14
CLO | Available-for-sale Securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		11		11
Sales		0		0
Settlements		0		0
Purchases, (Sales), Issuances, (Settlements)		11		11
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
RMBS | Trading securities | Investments, excluding investments in Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	1	0	4	0
Sales	0	0	0	0
Settlements	0	0	0	0
Purchases, (Sales), Issuances, (Settlements)	1	0	4	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	4	8	5	12
Transfers (out)	(5)	(1)	(2)	(1)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	(1)	7	3	11
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		(1)
Settlements		(1)
Purchases, (Sales), Issuances, (Settlements)		(2)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0
Transfers (out)		(16)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net		(16)
ABS | Trading securities | Investments, excluding investments in Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	4	35	47	35
Sales	0	0	0	(16)
Settlements	0	0	(40)	0
Purchases, (Sales), Issuances, (Settlements)	4	35	7	19
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0	0	0
Transfers (out)	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0	0	0
ABS | Trading securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	23	517	248	671
Sales	0	(10)	0	(10)
Settlements	0	0	0	(14)
Purchases, (Sales), Issuances, (Settlements)	23	507	248	647
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0	0	0
Transfers (out)	(23)	0	(77)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	(23)	0	(77)	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	443	47	1,387	95
Sales	0	(43)	(1)	(6)
Settlements	(304)	(48)	(492)	(390)
Purchases, (Sales), Issuances, (Settlements)	139	(44)	894	(301)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	166	218	175	64
Transfers (out)	(57)	(71)	(170)	(106)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	109	147	5	(42)
ABS | Available-for-sale Securities | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	65	2	103	7
Sales	0	(10)	(25)	(15)
Settlements	(20)	(23)	(141)	(77)
Purchases, (Sales), Issuances, (Settlements)	45	(31)	(63)	(85)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0	0	0
Transfers (out)	(322)	0	(61)	(165)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	(322)	0	(61)	(165)
CMBS | 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)	(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
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	1	0	1	0
Sales	0	0	0	(4)
Settlements	0	0	(1)	(1)
Purchases, (Sales), Issuances, (Settlements)	1	0	0	(5)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	39	0	39
Transfers (out)	(26)	(23)	(23)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	(26)	16	(23)	39
Mortgage loans | Investments, excluding investments in Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		0	0	0
Sales		0	0	0
Settlements		(6)	(1)	(8)
Purchases, (Sales), Issuances, (Settlements)	0	(6)	(1)	(8)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0	0	0
Transfers (out)		0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0	0	0
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)	29	(16)	29	(31)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	(88)	(2)	0
Investment funds | Investments, excluding investments in Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	6		230
Issuances	0
Sales	(93)		(93)
Settlements	0		0
Purchases, (Sales), Issuances, (Settlements)	(87)	0	137	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0		109
Transfers (out)	0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0	109	0
Investment funds | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	333	16	402	1,525
Issuances	0		0	0
Sales	0	0	0	0
Settlements	0	0	0	0
Purchases, (Sales), Issuances, (Settlements)	333	16	402	1,525
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0	0	0
Transfers (out)	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0	0	0
Reinsurance Recoverable Including Reinsurance Premium Paid [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0	0	0
Embedded derivatives | Funds withheld at interest | 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	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0	0	0
Embedded derivatives | Funds withheld at interest | Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0	0	0
Interest sensitive contract liabilities | Embedded derivatives
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	0	0	0
Issuances	(832)	(202)	(1,204)	(964)
Sales	0	0	0	0
Settlements	233	154	691	1,075
Purchases, (Sales), Issuances, (Settlements), Liabilities	(599)	(48)	(513)	111
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3	0	0	0	0
Transfers (out)	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net	0	0	0	0
Derivative Financial Instruments, Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements), Liabilities	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net	$ 0	$ 0	$ 0	$ 0

Fair Value - Summary of Unobser

Fair Value - Summary of Unobservable Inputs for the Embedded Derivatives of Interest Sensitive Contract Liabilities (Details) $ in Millions	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale securities	$ 107,418	$ 89,373
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale securities	$ 7,351	$ 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	0.009	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	0.004	0.006
Option budget | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.033	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	0.051	0.053
Surrender rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.097	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	0.177	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	0.049	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	$ 14,102	$ 12,873

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets
Mortgage loans	$ 20,810	$ 15,938
Investment funds	8,021	6,087
Liabilities
Interest sensitive contract liabilities	152,200	144,566
Long-term debt	2,469	1,976
Funds withheld liability	437	452
Investments, excluding investments in Related Party
Assets
Investment funds	1,427	803
Carrying Value
Assets
Total assets measured at fair value	82,527	79,867
Liabilities
Interest sensitive contract liabilities	102,039	94,685
Long-term debt	2,469	1,976
Securities Sold under Agreements to Repurchase	598	598
Funds withheld liability	392	393
Total liabilities not carried at fair value	105,498	97,652
Carrying Value | Investments, excluding investments in Related Party
Assets
Mortgage loans	19,682	15,245
Investment funds	999	642
Policy loans	320	369
Funds withheld at interest	43,220	46,668
Other investments	1,625	467
Fair Value
Assets
Total assets measured at fair value	83,112	80,487
Liabilities
Interest sensitive contract liabilities	104,414	98,945
Long-term debt	2,830	2,259
Securities Sold under Agreements to Repurchase	598	598
Funds withheld liability	392	393
Total liabilities not carried at fair value	108,234	102,195
Fair Value | Investments, excluding investments in Related Party
Assets
Mortgage loans	20,254	15,811
Investment funds	999	642
Policy loans	320	369
Funds withheld at interest	43,220	46,668
Other investments	1,625	471
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
Level 3 | Fair Value
Assets
Total assets measured at fair value	78,154	76,311
Liabilities
Interest sensitive contract liabilities	104,414	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	104,414	98,945
Level 3 | Fair Value | Investments, excluding investments in Related Party
Assets
Mortgage loans	20,254	15,811
Investment funds	0	0
Policy loans	0	0
Funds withheld at interest	43,220	46,668
Other investments	1,625	471
NAV | Fair Value
Assets
Total assets measured at fair value	4,638	3,807
NAV | Fair Value | Investments, excluding investments in Related Party
Assets
Investment funds	999	642
Level 2 | Fair Value
Assets
Total assets measured at fair value	320	369
Liabilities
Interest sensitive contract liabilities	0	0
Long-term debt	2,830	2,259
Securities Sold under Agreements to Repurchase	598	598
Funds withheld liability	392	393
Total liabilities not carried at fair value	3,820	3,250
Level 2 | Fair Value | Investments, excluding investments in Related Party
Assets
Mortgage loans	0	0
Investment funds	0	0
Policy loans	320	369
Funds withheld at interest	0	0
Other investments	0	0
Related Party
Assets
Investment funds	6,594	5,284
Related Party | Carrying Value
Assets
Mortgage loans	1,110	674
Investment funds	3,639	3,165
Funds withheld at interest	11,754	12,168
Other investments	178	469
Related Party | Fair Value
Assets
Mortgage loans	1,122	694
Investment funds	3,639	3,165
Funds withheld at interest	11,754	12,168
Other investments	179	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	1,122	694
Investment funds	0	0
Funds withheld at interest	11,754	12,168
Other investments	179	499
Related Party | NAV | Fair Value
Assets
Investment funds	3,639	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) $ in Millions	Dec. 31, 2020USD ($)
Fair Value Disclosures [Abstract]
Carrying amount of equity securities	$ 202
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Cumulative Amount	$ 231

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	Sep. 30, 2021	Sep. 30, 2020
DAC
Beginning balance	$ 3,274	$ 3,236	$ 3,274
Additions		471	470
Deferred Policy Acquisition Cost, Amortization Expense, Assumption Change			(36)
Deferred Sales Inducement Cost, Amortization Expense, Assumption Change			(13)
Present Value of Future Insurance Profits, Amortization Expense, Assumption Change			(11)
Deferred Policy Acquisition Costs, Deferred Sales Inducements, and Present Value of Future Profits, Unlocking			(60)
Amortization		(408)	(175)
Impact of unrealized investment (gains) losses		120	(116)
Ending balance		3,419	3,429
DSI
Beginning balance	820	857	820
Additions		186	124
Deferred sales inducement amortization expense excluding unlocking		(138)	(24)
Impact of unrealized investment (gains) losses		35	(45)
Ending balance		940	867
VOBA
Beginning balance	914	813	914
Additions		0	0
Amortization		(122)	(25)
Impact of unrealized investment (gains) losses		60	(14)
Ending balance		751	869
Total
Beginning balance	5,008	4,906	5,008
Additions		657	594
Amortization		(668)	(224)
Impact of unrealized investment (gains) losses		215	(175)
Ending balance		$ 5,110	$ 5,165
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss) available to Athene Holding Ltd. common shareholders	$ 698	$ 622	$ 2,658	$ 381
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	698	622	2,658	508
Net income available to AHL shareholders – diluted	$ 698	$ 622	$ 2,658	$ 508
Basic weighted average shares outstanding (in shares)	191.7	193.1	191.5	182.8
Dilutive effect of stock compensation plans (in shares)	7.1	4	6.5	3.1
Diluted weighted average shares outstanding (in shares)	198.8	197.1	198	185.9
Earnings per share
Basic (in USD per share)	$ 3.64	$ 3.22	$ 13.88	$ 2.78
Diluted (in USD per share)	$ 3.51	$ 3.16	$ 13.42	$ 2.73
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	1	2.8	1	2.8

Debt - Senior Note Issuance (De

Debt - Senior Note Issuance (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Interest Expense, Long-term Debt	$ 28	$ 18	$ 76	$ 47
Senior Notes due 2028
Debt Instrument [Line Items]
Debt Instrument, Issuance Date			Jan. 12, 2018
Debt Instrument, Face Amount	$ 1,000		$ 1,000		$ 1,000
Debt Instrument, Interest Rate, Stated Percentage	4.125%		4.125%		4.125%
Long-term Debt, Maturity Date	Jan. 12, 2028		Jan. 12, 2028
Senior Notes due 2030 [Member]
Debt Instrument [Line Items]
Debt Instrument, Issuance Date			Apr. 3, 2020
Debt Instrument, Face Amount	$ 500		$ 500		$ 500
Debt Instrument, Interest Rate, Stated Percentage	6.15%		6.15%		6.15%
Long-term Debt, Maturity Date	Apr. 3, 2030		Apr. 3, 2030
Senior Notes due 2031 [Member]
Debt Instrument [Line Items]
Debt Instrument, Issuance Date			Oct. 8, 2020
Debt Instrument, Face Amount	$ 500		$ 500		$ 500
Debt Instrument, Interest Rate, Stated Percentage	3.50%		3.50%		3.50%
Long-term Debt, Maturity Date	Jan. 15, 2031		Jan. 15, 2031
Senior Notes due 2051
Debt Instrument [Line Items]
Debt Instrument, Issuance Date			May 25, 2021
Debt Instrument, Face Amount	$ 500		$ 500
Debt Instrument, Interest Rate, Stated Percentage	3.95%		3.95%
Long-term Debt, Maturity Date	May 25, 2051		May 25, 2051

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jan. 01, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 3,337	$ 2,184	$ 3,971	$ 2,281
Accumulated Other Comprehensive Income (Loss), Net of Tax	3,011	2,888	3,011	2,888
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(532)	940	(1,364)	1,078
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(42)	65	(37)	219
Income tax expense (benefit)	(88)	157	(239)	165
Other comprehensive income (loss) attributable to NCI	76	(14)	128	(81)
Ending balance	3,011	2,888	3,011	2,888
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	4,423	2,776	5,352	3,102
Accumulated Other Comprehensive Income (Loss), Net of Tax	3,841	3,831	3,841	3,831
Other comprehensive income (loss) attributable to NCI	96	0	143	(87)
Ending balance	3,841	3,831	3,841	3,831
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(36)	(34)	(53)	0
Accumulated Other Comprehensive Income (Loss), Net of Tax	(1)	(24)	(1)	(24)
Ending balance	(1)	(24)	(1)	(24)
DAC, DSI, VOBA, future policy benefits and dividends payable to policyholders adjustments on AFS securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(1,082)	(873)	(1,310)	(879)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(993)	(1,098)	(993)	(1,098)
Ending balance	(993)	(1,098)	(993)	(1,098)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	23	320	(26)	61
Accumulated Other Comprehensive Income (Loss), Net of Tax	161	176	161	176
Ending balance	161	176	161	176
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	(4)	1	1
Accumulated Foreign Currency Adjustment and Other Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	9	(5)	8	(3)
Accumulated Other Comprehensive Income (Loss), Net of Tax	3	3	3	3
Ending balance	3	3	3	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	3,841	3,831	3,841	3,831
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(868)	1,396	(2,100)	1,313
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(29)	85	(53)	306
Income tax expense (benefit)	(161)	256	(393)	195
Ending balance	3,841	3,831	3,841	3,831
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	(1)	(24)	(1)	(24)
Other Comprehensive Income (Loss), before Reclassifications, before Tax	41	18	58	(26)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(2)	0	(5)	0
Income tax expense (benefit)	8	4	12	(5)
Ending balance	(1)	(24)	(1)	(24)
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	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	(993)	(1,098)	(993)	(1,098)
Other Comprehensive Income (Loss), before Reclassifications, before Tax	122	(306)	416	(358)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	10	(20)	15	(87)
Income tax expense (benefit)	23	(61)	84	(58)
Ending balance	(993)	(1,098)	(993)	(1,098)
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	161	176	161	176
Other Comprehensive Income (Loss), before Reclassifications, before Tax	179	(178)	267	140
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(21)	0	6	0
Income tax expense (benefit)	42	(42)	58	33
Ending balance	161	176	161	176
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	3	3	3	3
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(6)	10	(5)	9
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0	0	0	0
Income tax expense (benefit)	0	0	0	0
Ending balance	3	3	3	3
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	(20)	(8)	(16)	8
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	$ (2)	$ 0	$ (3)
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	Sep. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 200,694	$ 180,889
Percentage of Sub-allocation Assets	100.00%	100.00%
Core Sub-allocation Assets [Member]
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 50,562	$ 49,392
Percentage of Sub-allocation Assets	25.20%	27.30%
Core Plus [Member]
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 45,593	$ 41,516
Percentage of Sub-allocation Assets	22.70%	23.00%
Yield [Member]
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 77,947	$ 64,693
Percentage of Sub-allocation Assets	38.90%	35.80%
High Alpha [Member]
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 7,474	$ 6,200
Percentage of Sub-allocation Assets	3.70%	3.40%
Other Sub-allocation Assets [Member]
Related Party Transaction [Line Items]
Sub-allocation Assets	$ 19,118	$ 19,088
Percentage of Sub-allocation Assets	9.50%	10.50%

Related Parties - Management Fe

Related Parties - Management Fees Incurred (Details) - Related Party - Asset management fees - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Due to related parties	$ 53		$ 53		$ 41
Expenses from transactions with related parties	$ 146	$ 111	$ 430	$ 362

Related Parties - Narrative (De

Related Parties - Narrative (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Feb. 28, 2020	Dec. 31, 2018
Related Party Transaction [Line Items]
Investment funds	$ 8,021				$ 8,021		$ 6,087
Payments to Acquire Investment Funds					1,876	$ 970
Contributions from noncontrolling interests	328				648	240
Distributions to noncontrolling interests						46
Interest sensitive contract liabilities	152,200				152,200		144,566
Other assets (consolidated variable interest entities: 2021 – $16 and 2020 – $1)	1,371				1,371		1,249
Issuance of common stock					10	350
Payments to Acquire Debt Securities, Available-for-sale					28,994	14,071
Available-for-sale securities	107,418				107,418		89,373
Proceeds from Investment Funds					1,332	465
Related Party
Related Party Transaction [Line Items]
Investment funds	6,594				6,594		5,284
Available-for-sale securities	7,156				7,156		6,520
Related Party | Management fees associated with investment funds
Related Party Transaction [Line Items]
Due to related parties	53				53		41
Expenses from transactions with related parties	146			$ 111	430	362
Related Party | MidCap
Related Party Transaction [Line Items]
Available-for-sale securities	157				157		0
Related Party | MidCap affiliates
Related Party Transaction [Line Items]
Available-for-sale securities	801				801		630
MidCap | Related Party
Related Party Transaction [Line Items]
Other investments	0				0		328
Investments	783				$ 783		939
Proceeds from Sale and Maturity of Other Investments		$ 330
Interest and Other Income		$ 19
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 | Investment funds
Related Party Transaction [Line Items]
Gain (Loss) on Sale of Investments			$ 174		$ 182
AmeriHome | Related Party | Purchase of residential mortgage loans under agreement
Related Party Transaction [Line Items]
Related party purchases	$ 0			$ 0	$ 0	169
Venerable | Related Party
Related Party Transaction [Line Items]
Investment Interest Rate	6.257%				6.257%
Apollo Athene Strategic Partnership Advisors, LLC [Member] | Related Party
Related Party Transaction [Line Items]
Investment funds	$ 274				$ 274		214
Strategic Partnership Capacity	2,500				2,500
PK AirFinance [Member] | Related Party
Related Party Transaction [Line Items]
Debt Securities	1,364				1,364		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	116				116		122
Investments
Related Party Transaction [Line Items]
Investment commitment	13,564				13,564		7,472
Investments | Athora Holding Ltd. | Related Party
Related Party Transaction [Line Items]
Investment commitment	695				695
Investments | PK AirFinance [Member] | Related Party
Related Party Transaction [Line Items]
Investment commitment	1,232				1,232
Redeemable Preferred Stock [Member] | Related Party | MidCap
Related Party Transaction [Line Items]
Trading securities, at fair value	8				8		77
Private equity | Related Party
Related Party Transaction [Line Items]
Investment funds	585				585		473
Private equity | Venerable | Related Party
Related Party Transaction [Line Items]
Other investments	178				178		145
Differentiated investments | Related Party
Related Party Transaction [Line Items]
Investment funds	1,906				1,906		1,889
Differentiated investments | Athora Holding Ltd. | Related Party
Related Party Transaction [Line Items]
Investment funds	728				728		709
Differentiated investments | Venerable | Related Party
Related Party Transaction [Line Items]
Investment funds	235				235		123
Proceeds from Investment Funds					124
Deferred Revenue	25				25
Differentiated investments | A-A Mortgage | Related Party
Related Party Transaction [Line Items]
Investment funds	77				77		444
Variable Interest Entities
Related Party Transaction [Line Items]
Investment funds	403				403		0
Payments to Acquire Investment Funds					642	0
Other assets (consolidated variable interest entities: 2021 – $16 and 2020 – $1)	16				16		1
Proceeds from Investment Funds					$ 102	20
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	4,556				$ 4,556		4,785
ABS | Related Party | MidCap
Related Party Transaction [Line Items]
Trading securities, at fair value	$ 618				$ 618		534
ABS | Related Party | AmeriHome
Related Party Transaction [Line Items]
Available-for-sale securities							$ 360
Common Class A
Related Party Transaction [Line Items]
Common stock issued (in shares)	192,100,000				192,100,000		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%				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%				63.45%
Noncontrolling Interest, Ownership Percentage by Parent	36.55%				36.55%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Other Commitments [Line Items]
Letters of Credit Outstanding, Amount	$ 1,394
Advances from FHLB	2,001	$ 2,002
Interest sensitive contract liabilities	152,200	144,566
COLI asset value	423
Value of guarantees on COLI	199
Investments
Other Commitments [Line Items]
Investment commitment	13,564	7,472
Funding Agreement Backed Repurchase Agreements [Member]
Other Commitments [Line Items]
Interest sensitive contract liabilities	1,000	1,000
Athene Global Funding | Funding Agreements
Other Commitments [Line Items]
Maximum borrowing capacity	6,648
Interest sensitive contract liabilities	$ 18,292	$ 8,822

Commitments and Contingencies_2

Commitments and Contingencies - Pledged Assets and Funds in Trust (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
AFS securities	$ 9,081	$ 9,884
Debt Securities, Trading, Restricted	75	60
Equity securities	27	26
Investment funds	168	68
Derivative assets pledged as collateral	92	107
Mortgage loans	4,831	5,028
Short-term investments	0	52
Other investments	100	105
Restricted cash	757	738
Total restricted assets	$ 15,131	$ 16,068

Segment Information - Reconcili

Segment Information - Reconciliation of Segment Operating Revenues to Consolidation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 8,724	$ 3,275	$ 19,538	$ 6,124
Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets	254	1,648	2,300	959
Investment gains (losses), net of offsets	386	1,797	2,508	773
Operating Segments | Retirement Services
Segment Reporting Information [Line Items]
Total revenues	5,193	1,711	11,520	5,769
Operating Segments | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	89	(15)	666	101
Non-operating adjustments
Segment Reporting Information [Line Items]
Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets	(59)	637	1,526	(280)
Investment gains (losses), net of offsets	(37)	468	(209)	29
Variable Interest Entity Expense and Noncontrolling Interest	$ (3,538)	$ (474)	$ (6,035)	$ (505)

Segment Information - Reconci_2

Segment Information - Reconciliation of Segment Operating Income to Consolidation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income tax (expense) benefit – non-operating	$ 50	$ (140)	$ (196)	$ (124)
Net income available to Athene Holding Ltd. common shareholders	698	622	2,658	381
Operating Segments | Retirement Services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income available to Athene Holding Ltd. common shareholders	537	361	1,955	773
Operating Segments | Corporate and Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income available to Athene Holding Ltd. common shareholders	4	(59)	334	(89)
Non-operating adjustments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Investment gains (losses), net of offsets	2	346	(86)	(18)
Change in fair values of derivatives and embedded derivatives – index annuities, net of offsets	70	72	490	(268)
Integration, restructuring and other non-operating expenses	(8)	0	(64)	(13)
Stock-based compensation, excluding LTIP	(1)	(1)	(2)	(11)
Income tax (expense) benefit – non-operating	$ 94	$ (97)	$ 31	$ 7

Segment Information - Assets by

Segment Information - Assets by Segment (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 224,396	$ 202,771
Retirement Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	218,427	197,295
Corporate and Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 5,969	$ 5,476

Segment Information - Premiums

Segment Information - Premiums and Deposits by Geographic Area (Details) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Premiums and Annuity Deposits	$ 28,241	$ 45,407	$ 54,879	$ 18,507
Total U.S. Region
Segment Reporting Information [Line Items]
Premiums and Annuity Deposits	19,414	11,171	19,187	16,614
BERMUDA
Segment Reporting Information [Line Items]
Premiums and Annuity Deposits	$ 8,827	$ 34,236	$ 35,692	$ 1,893

Segment Information - Narrative

Segment Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2021segment
Segment Reporting [Abstract]
Number of reportable segments	1