Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2022 | |
Document Information [Line Items] | ||
Entity Incorporation, State or Country Code | D0 | |
Entity Tax Identification Number | 98-0630022 | |
Entity Registrant Name | ATHENE HOLDING LTD | |
Entity Address, Address Line One | Second Floor, Washington House | |
Entity Address, City or Town | Hamilton | |
Entity Address, Postal Zip Code | HM 11 | |
Entity Address, Country | BM | |
Entity Central Index Key | 0001527469 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Entity File Number | 001-37963 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 203,805,432 | |
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 | |
Preference Share, Series A | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Share, Series A | |
Trading Symbol | ATHPrA | |
Security Exchange Name | NYSE | |
Preference Share, Series B | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.625% Fixed-Rate Perpetual Non-Cumulative Preference Share, Series B | |
Trading Symbol | ATHPrB | |
Security Exchange Name | NYSE | |
Preference Share, Series C | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preference Share, Series C | |
Trading Symbol | ATHPrC | |
Security Exchange Name | NYSE | |
Series D Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 4.875% Fixed-Rate Perpetual Non-Cumulative Preference Share, Series D | |
Trading Symbol | ATHPrD | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Investments | |||
Available-for-sale securities | $ 105,223 | $ 110,561 | |
Mortgage loans | 24,148 | ||
Investment funds | 17,899 | 9,866 | |
Derivative assets | 3,668 | 4,387 | |
Cash and cash equivalents | 8,523 | 9,479 | |
Restricted cash | 834 | 796 | |
Accrued investment income (related party: 2022 – $44 and 2021 – $54) | 885 | 962 | |
Reinsurance recoverable (portion at fair value: 2022 – $1,814 and 2021 – $1,991) | 4,648 | 4,594 | |
Deferred acquisition costs, deferred sales inducements and value of business acquired | 4,713 | 5,362 | $ 5,303 |
Goodwill | 4,181 | 0 | |
Other assets (related party: 2022 – $81 and 2021 – $0) | 7,094 | 1,257 | |
Total assets | 246,134 | 235,149 | |
Liabilities | |||
Interest sensitive contract liabilities (related party: 2022 – $13,023 and 2021 – $12,948; portion at fair value: 2022 – $7,800 and 2021 – $16,142) | 164,369 | 156,325 | |
Future policy benefits (related party: 2022 – $2,041 and 2021 – $1,853; portion at fair value: 2022 – $2,082 and 2021 – $2,262) | 48,093 | 42,488 | |
Long-term debt | 3,287 | 2,964 | |
Derivative liabilities | 631 | 472 | |
Payables for collateral on derivatives and securities to repurchase | 7,071 | 7,044 | |
Other liabilities (related party: 2022 – $225 and 2021 – $936) | 2,190 | 3,214 | |
Total liabilities | 232,442 | 212,968 | |
Commitments and Contingencies (Note 10) | |||
Equity | |||
Additional paid-in capital | 17,555 | 6,667 | |
Retained earnings (accumulated deficit) | (1,732) | 11,033 | |
Accumulated other comprehensive income (loss) (related party: 2022 – $(62) and 2021 – $33) | (4,674) | 2,430 | 2,021 |
Total Athene Holding Ltd. shareholders’ equity | 11,149 | 20,130 | |
Noncontrolling interests | 2,543 | 2,051 | |
Total equity | 13,692 | 22,181 | 18,336 |
Total liabilities and equity | 246,134 | 235,149 | |
Fair Value | |||
Liabilities | |||
Interest sensitive contract liabilities (related party: 2022 – $13,023 and 2021 – $12,948; portion at fair value: 2022 – $7,800 and 2021 – $16,142) | 107,961 | 108,621 | |
Long-term debt | 2,931 | 3,295 | |
Recurring | Fair Value | |||
Investments | |||
Restricted cash | 834 | 796 | |
Reinsurance recoverable (portion at fair value: 2022 – $1,814 and 2021 – $1,991) | 1,814 | 1,991 | |
Liabilities | |||
Interest sensitive contract liabilities (related party: 2022 – $13,023 and 2021 – $12,948; portion at fair value: 2022 – $7,800 and 2021 – $16,142) | 7,800 | 16,142 | |
Future policy benefits (related party: 2022 – $2,041 and 2021 – $1,853; portion at fair value: 2022 – $2,082 and 2021 – $2,262) | 2,082 | 2,262 | |
Derivative liabilities | 631 | 472 | |
Variable Interest Entities | |||
Investments | |||
Mortgage loans | 1,880 | 2,040 | |
Investment funds | 13,568 | 1,297 | |
Other investments | 2,567 | 0 | |
Cash and cash equivalents | 521 | 154 | |
Other assets (related party: 2022 – $81 and 2021 – $0) | 315 | 32 | |
Liabilities | |||
Other Borrowings | 5,905 | 430 | |
Other liabilities (related party: 2022 – $225 and 2021 – $936) | 896 | 31 | |
Variable Interest Entities | Fair Value | |||
Investments | |||
Mortgage loans | 2,152 | ||
Liabilities | |||
Other Borrowings | 1,838 | 113 | |
Variable Interest Entities | Recurring | Fair Value | |||
Investments | |||
Mortgage loans | 1,880 | 0 | |
Other investments | 2,567 | ||
Liabilities | |||
Other Borrowings | 4,067 | 317 | |
Consolidated Entity, excluding Affiliated Entity | |||
Investments | |||
Available-for-sale securities | 96,899 | 100,159 | |
Trading securities, at fair value | 1,852 | 2,056 | |
Equity securities (portion at fair value: 2022 – $754 and 2021 – $1,170) | 1,154 | 1,170 | |
Mortgage loans | 23,696 | 20,748 | |
Investment funds | 1,243 | 1,178 | |
Policy loans | 296 | 312 | |
Funds withheld at interest | 41,173 | 43,907 | |
Derivative assets | 3,668 | 4,387 | |
Short-term Investments | 175 | 139 | |
Other investments | 1,214 | 1,473 | |
Total investments | 171,370 | 175,529 | |
Consolidated Entity, excluding Affiliated Entity | Fair Value | |||
Investments | |||
Mortgage loans | 21,138 | ||
Policy loans | 296 | 312 | |
Funds withheld at interest | 43,055 | 43,125 | |
Short-term Investments | 26 | ||
Other investments | 1,064 | 1,343 | |
Consolidated Entity, excluding Affiliated Entity | Recurring | Fair Value | |||
Investments | |||
Available-for-sale securities | 96,899 | 100,159 | |
Trading securities, at fair value | 1,852 | 2,056 | |
Equity securities, at fair value | 754 | 1,170 | |
Mortgage loans | 23,696 | 17 | |
Funds withheld at interest | (1,882) | 782 | |
Derivative assets | 3,668 | 4,387 | |
Short-term Investments | 149 | 139 | |
Other investments | 150 | 130 | |
Related Party | |||
Investments | |||
Available-for-sale securities | 8,324 | 10,402 | |
Trading securities, at fair value | 262 | 1,781 | |
Equity securities, at fair value | 166 | 284 | |
Mortgage loans | 1,456 | 1,360 | |
Investment funds | 3,088 | 7,391 | |
Funds withheld at interest | 11,431 | 12,207 | |
Short-term Investments | 53 | 0 | |
Other investments | 255 | 222 | |
Accrued investment income (related party: 2022 – $44 and 2021 – $54) | 44 | 54 | |
Other assets (related party: 2022 – $81 and 2021 – $0) | 81 | 0 | |
Liabilities | |||
Interest sensitive contract liabilities (related party: 2022 – $13,023 and 2021 – $12,948; portion at fair value: 2022 – $7,800 and 2021 – $16,142) | 13,023 | 12,948 | |
Future policy benefits (related party: 2022 – $2,041 and 2021 – $1,853; portion at fair value: 2022 – $2,082 and 2021 – $2,262) | 2,041 | 1,853 | |
Other liabilities (related party: 2022 – $225 and 2021 – $936) | 225 | 936 | |
Equity | |||
Accumulated other comprehensive income (loss) (related party: 2022 – $(62) and 2021 – $33) | (62) | 33 | |
Related Party | Fair Value | |||
Investments | |||
Mortgage loans | 1,369 | ||
Funds withheld at interest | 12,001 | 11,629 | |
Other investments | 255 | 223 | |
Related Party | Recurring | Fair Value | |||
Investments | |||
Available-for-sale securities | 8,324 | 10,402 | |
Trading securities, at fair value | 262 | 1,781 | |
Equity securities, at fair value | 166 | 284 | |
Mortgage loans | 1,456 | 0 | |
Funds withheld at interest | (570) | 578 | |
Short-term Investments | 53 | ||
Consolidated Entity, Affiliated Entity and VIE Primary Beneficiary | |||
Investments | |||
Mortgage loans | 231 | $ 224 | |
Investment funds | 2,856 | 1,068 | |
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 | |
Investments, excluding investments in Related Party | Recurring | Fair Value | |||
Investments | |||
Equity securities, at fair value | 754 | 1,170 | |
Short-term Investments | $ 149 | $ 139 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Available-for-sale securities | $ 112,651 | $ 106,859 |
AFS securities allowance for credit losses | 488 | 123 |
Mortgage loans, net of allowances | 24,148 | |
Investment funds | 17,899 | 9,866 |
Accrued investment income, related party | 885 | 962 |
Reinsurance recoverable, fair value portion | 4,648 | 4,594 |
Other assets, consolidated variable interest entities | 7,094 | 1,257 |
Interest sensitive contract liabilities | 164,369 | 156,325 |
Future policy benefits | 48,093 | 42,488 |
Other liabilities | 2,190 | 3,214 |
Accumulated other comprehensive income (loss) (related party: 2022 – $(62) and 2021 – $33) | (4,674) | 2,430 |
Variable Interest Entities | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Mortgage loans, net of allowances | 1,880 | 2,040 |
Mortgage loans allowance for credit losses | 78 | |
Investment funds | 12,779 | 1,297 |
Investment funds | 13,568 | 1,297 |
Other investments | 2,567 | 0 |
Other assets, consolidated variable interest entities | 315 | 32 |
Other liabilities | 896 | 31 |
Other Borrowings | 5,905 | 430 |
Related Party | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Available-for-sale securities | 8,429 | 10,401 |
AFS securities allowance for credit losses | 20 | 0 |
Equity securities, at fair value | 166 | 284 |
Mortgage loans, net of allowances | 1,456 | 1,360 |
Mortgage loans allowance for credit losses | 5 | |
Investment funds | 814 | 2,958 |
Investment funds | 3,088 | 7,391 |
Funds withheld at interest | 11,431 | 12,207 |
Short-term Investments, fair value portion | 53 | 0 |
Other investments | 255 | 222 |
Accrued investment income, related party | 44 | 54 |
Other assets, consolidated variable interest entities | 81 | 0 |
Interest sensitive contract liabilities | 13,023 | 12,948 |
Future policy benefits | 2,041 | 1,853 |
Other liabilities | 225 | 936 |
Accumulated other comprehensive income (loss) (related party: 2022 – $(62) and 2021 – $33) | (62) | 33 |
Consolidated Entity, excluding Affiliated Entity | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Available-for-sale securities | 104,222 | 96,458 |
AFS securities allowance for credit losses | 468 | 123 |
Mortgage loans, net of allowances | 23,696 | 20,748 |
Mortgage loans allowance for credit losses | 154 | |
Investment funds | 180 | 183 |
Investment funds | 1,243 | 1,178 |
Funds withheld at interest | 41,173 | 43,907 |
Short-term Investments, fair value portion | 175 | 139 |
Other investments | $ 1,214 | $ 1,473 |
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) | 203.8 | 192.2 |
Common stock outstanding (in shares) | 203.8 | 192.2 |
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 | $ 107,961 | $ 108,621 |
Fair Value | Variable Interest Entities | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Mortgage loans, net of allowances | 2,152 | |
Investment funds | 789 | |
Other Borrowings | 1,838 | 113 |
Fair Value | Related Party | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Mortgage loans, net of allowances | 1,369 | |
Investment funds | 2,274 | 4,433 |
Funds withheld at interest | 12,001 | 11,629 |
Other investments | 255 | 223 |
Fair Value | Consolidated Entity, excluding Affiliated Entity | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Mortgage loans, net of allowances | 21,138 | |
Investment funds | 1,063 | 995 |
Funds withheld at interest | 43,055 | 43,125 |
Short-term Investments, fair value portion | 26 | |
Other investments | 1,064 | 1,343 |
Recurring | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Investment funds | 268 | |
Recurring | Fair Value | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Reinsurance recoverable, fair value portion | 1,814 | 1,991 |
Interest sensitive contract liabilities | 7,800 | 16,142 |
Future policy benefits | 2,082 | 2,262 |
Recurring | Fair Value | Investments, excluding investments in Related Party | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Equity securities, at fair value | 754 | 1,170 |
Short-term Investments, fair value portion | 149 | 139 |
Recurring | Fair Value | Variable Interest Entities | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Mortgage loans, net of allowances | 1,880 | 0 |
Investment funds | 12,779 | 1,297 |
Other investments | 2,567 | |
Other Borrowings | 4,067 | 317 |
Recurring | Fair Value | Related Party | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Equity securities, at fair value | 166 | 284 |
Mortgage loans, net of allowances | 1,456 | 0 |
Investment funds | 814 | 2,958 |
Funds withheld at interest | (570) | 578 |
Short-term Investments, fair value portion | 53 | |
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 | 754 | 1,170 |
Mortgage loans, net of allowances | 23,696 | 17 |
Investment funds | 180 | 183 |
Funds withheld at interest | (1,882) | 782 |
Short-term Investments, fair value portion | 149 | 139 |
Other investments | $ 150 | $ 130 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | ||
Premiums Earned, Net | $ 2,110 | $ 3,011 |
Insurance Commissions and Fees | 166 | 150 |
Net Investment Income | 1,683 | 1,669 |
Gain (Loss) on Investments | (4,200) | (422) |
Other Income | (3) | 14 |
Total revenues | (269) | 4,391 |
Benefits and expenses | ||
Interest Sensitive Contract Benefits Expense | (41) | 394 |
Amortization of deferred sales inducements | 0 | 84 |
Policyholder Benefits and Claims Incurred, Net | 2,085 | 3,317 |
Amortization of deferred acquisition costs and value of business acquired | 125 | 164 |
Other Cost and Expense, Operating | 335 | 293 |
Total benefits and expenses | 2,504 | 4,252 |
Income (loss) before income taxes | (2,773) | 139 |
Income tax expense (benefit) | (407) | 62 |
Net income (loss) | (2,366) | 77 |
Less: Net loss attributable to noncontrolling interests | (883) | (537) |
Net income (loss) attributable to Athene Holding Ltd. shareholders | (1,483) | 614 |
Less: Preferred stock dividends | 35 | 36 |
Net income (loss) available to Athene Holding Ltd. common shareholder | (1,518) | 578 |
Variable Interest Entities | ||
Revenues | ||
Net Investment Income | 17 | 35 |
Gain (Loss) on Investments | (42) | (66) |
Consolidated Entity Excluding Variable Interest Entities (VIE) | ||
Revenues | ||
Net Investment Income | 1,683 | 1,669 |
Gain (Loss) on Investments | $ (4,200) | $ (422) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income (Loss) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Premiums earned | $ 2,110 | $ 3,011 |
Product charges | 166 | 150 |
Net Investment Income | 1,683 | 1,669 |
Investment expense | 191 | 148 |
Investment gains (losses), net of offsets | (4,200) | (422) |
Interest Sensitive Contract Benefits Expense | (41) | 394 |
Policyholder Benefits and Claims Incurred, Net | 2,085 | 3,317 |
Policy and other operating expenses | 335 | 293 |
Variable Interest Entities | ||
Net Investment Income | 17 | 35 |
Investment gains (losses), net of offsets | (42) | (66) |
Related Party | ||
Premiums earned | 71 | 79 |
Product charges | 10 | 11 |
Net Investment Income | 501 | 596 |
Investment expense | 186 | 144 |
Investment gains (losses), net of offsets | (604) | (139) |
Interest Sensitive Contract Benefits Expense | (11) | 76 |
Policyholder Benefits and Claims Incurred, Net | 63 | 89 |
Policy and other operating expenses | $ 57 | $ 12 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (2,366) | $ 77 |
Other comprehensive income (loss), before tax | ||
Unrealized investment gains (losses) on available-for-sale securities, net of offsets | (6,430) | (2,591) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | (129) | (31) |
Foreign currency translation and other adjustments | 4 | 0 |
Other Comprehensive Income (Loss), before Tax, Total | (6,555) | (2,622) |
Income tax expense (benefit) | (1,170) | (496) |
Other Comprehensive Income (Loss), Net of Tax, Total | (5,385) | (2,126) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (7,751) | (2,049) |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (1,594) | (713) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (6,157) | $ (1,336) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity - USD ($) $ in Millions | Total | Preferred stock | Common stock | Additional paid-in capital | Retained earnings (accumulated deficit) | Accumulated other comprehensive income (loss) | Total Athene Holding Ltd. shareholders’ equity | Noncontrolling interests | Common stock | Common stockAdditional paid-in capital | Common stockTotal Athene Holding Ltd. shareholders’ equity |
Beginning Balance at Dec. 31, 2020 | $ 20,140 | $ 0 | $ 0 | $ 6,613 | $ 8,073 | $ 3,971 | $ 18,657 | $ 1,483 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | 77 | 614 | 614 | (537) | |||||||
Other comprehensive loss | (2,126) | (1,950) | (1,950) | (176) | |||||||
Issuance of common shares, net of expenses | $ 1 | $ 1 | $ 1 | ||||||||
Stock-based compensation allocation from parent | 9 | 9 | 9 | ||||||||
Retirement or repurchase of shares | (4) | 0 | (4) | (4) | |||||||
Preferred stock dividends | (36) | (36) | (36) | ||||||||
Contributions from noncontrolling interests | 235 | 235 | |||||||||
Noncontrolling Interest, Increase from Business Combination | 40 | 40 | |||||||||
Ending Balance at Mar. 31, 2021 | 18,336 | 0 | 0 | 6,623 | 8,647 | 2,021 | 17,291 | 1,045 | |||
Beginning Balance at Dec. 31, 2021 | 22,181 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | (2,366) | ||||||||||
Other comprehensive loss | (5,385) | ||||||||||
Ending Balance at Mar. 31, 2022 | 13,692 | 0 | 0 | 17,555 | (1,732) | (4,674) | 11,149 | 2,543 | |||
Beginning Balance at Jan. 01, 2022 | 22,546 | 0 | 0 | 20,270 | 0 | 0 | 20,270 | 2,276 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | (2,366) | (1,483) | (1,483) | (883) | |||||||
Other comprehensive loss | (5,385) | (4,674) | (4,674) | (711) | |||||||
Stock-based compensation allocation from parent | 11 | 11 | 11 | ||||||||
Preferred stock dividends | (35) | (35) | (35) | ||||||||
Dividends, Common Stock | 188 | 188 | 188 | ||||||||
Dividends | (2,752) | (2,726) | (26) | (2,752) | |||||||
Contributions from noncontrolling interests | 311 | 311 | |||||||||
Other changes in equity of noncontrolling interests | (84) | (84) | |||||||||
Noncontrolling Interest, Increase from Business Combination | 1,634 | 1,634 | |||||||||
Ending Balance at Mar. 31, 2022 | $ 13,692 | $ 0 | $ 0 | $ 17,555 | $ (1,732) | $ (4,674) | $ 11,149 | $ 2,543 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Cash flows from operating activities | ||||
Net income (loss) | $ (2,366) | $ (2,366) | $ 77 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Amortization of deferred acquisition costs and value of business acquired | 125 | 164 | ||
Amortization of deferred sales inducements | 0 | 84 | ||
Net amortization (accretion) of net investment premiums, discounts and other | 73 | (49) | ||
Net investment (income) loss (related party: 2022 – $(199) and 2021 – $(416)) | (238) | (381) | ||
Net recognized (gains) losses on investments and derivatives (related party: 2022 – $101 and 2021 – $(77)) | (1,813) | 651 | ||
Policy acquisition costs deferred | (214) | (214) | (143) | |
Changes in operating assets and liabilities: | ||||
Accrued investment income (related party: 2022 – $11 and 2021 – $(23)) | 77 | (63) | ||
Interest sensitive contract liabilities (related party: 2022 – $(21) and 2021 – $64) | (480) | (34) | ||
Future policy benefits and reinsurance recoverable (related party: 2022 – $34 and 2021 – $59) | (266) | 1,245 | ||
Funds withheld assets (related party: 2022 – $475 and 2021 – $153) | 2,365 | 1,278 | ||
Other assets and liabilities | (734) | 99 | ||
Net cash provided by operating activities | 155 | 1,626 | ||
Sales, maturities and repayments of: | ||||
Available-for-sale securities (related party: 2022 – $913 and 2021 – $350) | 9,264 | 3,431 | ||
Trading securities (related party: 2022 – $51 and 2021 – $7) | 77 | 18 | ||
Equity securities | 87 | 38 | ||
Mortgage loans (related party: 2022 – $28 and 2021 – $0) | 985 | 325 | ||
Investment funds (related party: 2022 – $351 and 2021 – $155) | 427 | 173 | ||
Derivative instruments and other invested assets (related party: 2022 – $44 and 2021 – $0) | 1,179 | 915 | ||
Short-term investments (related party: 2022 – $0 and 2021 – $98) | 59 | 330 | ||
Purchases of: | ||||
Available-for-sale securities (related party: 2022 – $(1,055) and 2021 – $(767)) | (11,100) | (8,275) | ||
Trading securities (related party: 2022 – $(143) and 2021 – $(120)) | (173) | (149) | ||
Equity securities (related party: 2022 – $(13) and 2021 – $(35)) | (59) | (48) | ||
Mortgage loans (related party: 2022 – $(167) and 2021 – $(42)) | (4,258) | (1,786) | ||
Investment funds (related party: 2022 – $(1,833) and 2021 – $(429)) | (1,956) | (467) | ||
Derivative instruments and other invested assets (related party: 2022 – $(77) and 2021 – $0) | (736) | (1,613) | ||
Short-term investments (related party: 2022 – $(33) and 2021 – $(100)) | (129) | (232) | ||
Cash Acquired from Acquisition | 393 | 0 | ||
Other investing activities, net | (225) | 457 | ||
Net cash used in investing activities | (6,165) | (6,883) | ||
Cash flows from financing activities | ||||
Issuance of common stock | 0 | 1 | ||
Deposits on investment-type policies and contracts (related party: 2022 – $18 and 2021 – $26) | 8,342 | 5,162 | ||
Withdrawals on investment-type policies and contracts (related party: 2022 – $(88) and 2021 – $(100)) | (2,245) | (1,684) | ||
Payments for coinsurance agreements on investment-type contracts, net | (13) | (8) | ||
Capital contributions from noncontrolling interests | 311 | 235 | ||
Capital distributions to noncontrolling interests | 0 | 0 | ||
Net change in cash collateral posted for derivative transactions and securities to repurchase | (27) | (151) | ||
Preferred stock dividends | 35 | 36 | ||
Payments of Ordinary Dividends, Common Stock | (938) | 0 | ||
Repurchase of common stock | 0 | (4) | ||
Other financing activities, net | 14 | (29) | ||
Net cash provided by financing activities | 5,463 | 3,788 | ||
Effect of exchange rate changes on cash and cash equivalents | (4) | 0 | ||
Net decrease in cash and cash equivalents | (551) | (1,469) | ||
Cash and cash equivalents at beginning of year | [1] | 10,429 | 8,442 | |
Cash and cash equivalents at end of period | [1] | $ 9,878 | 9,878 | 6,973 |
Non-cash transactions | ||||
Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2022 – $72 and 2021 – $102) | 563 | 214 | ||
Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2022 – $375 and 2021 – $408) | 1,774 | 1,925 | ||
Assets contributed to consolidated VIEs | 0 | 169 | ||
Related Party | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Net investment (income) loss (related party: 2022 – $(199) and 2021 – $(416)) | (199) | (416) | ||
Net recognized (gains) losses on investments and derivatives (related party: 2022 – $101 and 2021 – $(77)) | (101) | 77 | ||
Changes in operating assets and liabilities: | ||||
Accrued investment income (related party: 2022 – $11 and 2021 – $(23)) | 10 | (23) | ||
Interest sensitive contract liabilities (related party: 2022 – $(21) and 2021 – $64) | (21) | 64 | ||
Future policy benefits and reinsurance recoverable (related party: 2022 – $34 and 2021 – $59) | 34 | 59 | ||
Funds withheld assets (related party: 2022 – $475 and 2021 – $153) | 475 | 153 | ||
Sales, maturities and repayments of: | ||||
Available-for-sale securities (related party: 2022 – $913 and 2021 – $350) | 913 | 350 | ||
Trading securities (related party: 2022 – $51 and 2021 – $7) | 51 | 7 | ||
Mortgage loans (related party: 2022 – $28 and 2021 – $0) | 28 | 0 | ||
Investment funds (related party: 2022 – $351 and 2021 – $155) | 351 | 155 | ||
Derivative instruments and other invested assets (related party: 2022 – $44 and 2021 – $0) | 44 | 0 | ||
Short-term investments (related party: 2022 – $0 and 2021 – $98) | 0 | 98 | ||
Purchases of: | ||||
Available-for-sale securities (related party: 2022 – $(1,055) and 2021 – $(767)) | (1,055) | (767) | ||
Trading securities (related party: 2022 – $(143) and 2021 – $(120)) | (143) | (120) | ||
Mortgage loans (related party: 2022 – $(167) and 2021 – $(42)) | (167) | (42) | ||
Investment funds (related party: 2022 – $(1,833) and 2021 – $(429)) | (1,833) | (429) | ||
Derivative instruments and other invested assets (related party: 2022 – $(77) and 2021 – $0) | (77) | 0 | ||
Short-term investments (related party: 2022 – $(33) and 2021 – $(100)) | (33) | (100) | ||
Cash flows from financing activities | ||||
Deposits on investment-type policies and contracts (related party: 2022 – $18 and 2021 – $26) | 18 | 26 | ||
Withdrawals on investment-type policies and contracts (related party: 2022 – $(88) and 2021 – $(100)) | (88) | (100) | ||
Non-cash transactions | ||||
Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2022 – $72 and 2021 – $102) | 72 | 102 | ||
Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2022 – $375 and 2021 – $408) | 375 | 408 | ||
Reinsurance Settlements | ||||
Non-cash transactions | ||||
Transfer to Investments | 0 | 54 | ||
Pension Risk Transfer Premiums | ||||
Non-cash transactions | ||||
Transfer to Investments | 1,759 | 1,723 | ||
Dividend Declared | ||||
Non-cash transactions | ||||
Payments of Distributions to Affiliates | $ 2,145 | $ 0 | ||
[1] | 1 Includes cash and cash equivalents, restricted cash and cash and cash equivalents of consolidated variable interest entities. |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Amortization of deferred acquisition costs and value of business acquired | $ 125 | $ 164 |
Net investments (income) loss | (238) | (381) |
Net recognized (gains) losses on investments and derivatives | 1,813 | (651) |
Accrued investment income | 77 | (63) |
Policy acquisition costs deferred | (214) | (143) |
Increase (Decrease) in Interest Sensitive Contract Liabilities | (480) | (34) |
Increase (Decrease) in Insurance Liabilities | (266) | 1,245 |
Funds withheld assets and liabilities | 2,365 | 1,278 |
Sales, maturities and repayments of: | ||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | 9,264 | 3,431 |
Trading securities (related party: 2022 – $51 and 2021 – $7) | 77 | 18 |
Mortgage loans (related party: 2022 – $28 and 2021 – $0) | 985 | 325 |
Investment funds (related party: 2022 – $351 and 2021 – $155) | 427 | 173 |
Derivative instruments and other invested assets (related party: 2022 – $44 and 2021 – $0) | 1,179 | 915 |
Short-term investments | 59 | 330 |
Purchases of: | ||
Payments to Acquire Debt Securities, Available-for-sale | (11,100) | (8,275) |
Mortgage loans (related party: 2022 – $(167) and 2021 – $(42)) | (4,258) | (1,786) |
Trading securities | (173) | (149) |
Investment funds | (1,956) | (467) |
Derivative instruments and other invested assets (related party: 2022 – $(77) and 2021 – $0) | (736) | (1,613) |
Short-term investments | (129) | (232) |
Deposits on investment-type policies and contracts | 8,342 | 5,162 |
Repayments of Annuities and Investment Certificates | (2,245) | (1,684) |
Payments for coinsurance agreements on investment-type contracts, net | (13) | (8) |
Deposits on investment-type policies and contracts through reinsurance agreements | 563 | 214 |
Withdrawals on investment-type policies and contracts through reinsurance agreements | 1,774 | 1,925 |
Payments of Ordinary Dividends, Common Stock | 938 | 0 |
Related Party | ||
Net investments (income) loss | (199) | (416) |
Net recognized (gains) losses on investments and derivatives | 101 | (77) |
Accrued investment income | 10 | (23) |
Increase (Decrease) in Interest Sensitive Contract Liabilities | (21) | 64 |
Increase (Decrease) in Insurance Liabilities | 34 | 59 |
Funds withheld assets and liabilities | 475 | 153 |
Sales, maturities and repayments of: | ||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | 913 | 350 |
Trading securities (related party: 2022 – $51 and 2021 – $7) | 51 | 7 |
Mortgage loans (related party: 2022 – $28 and 2021 – $0) | 28 | 0 |
Investment funds (related party: 2022 – $351 and 2021 – $155) | 351 | 155 |
Derivative instruments and other invested assets (related party: 2022 – $44 and 2021 – $0) | 44 | 0 |
Short-term investments | 0 | 98 |
Purchases of: | ||
Payments to Acquire Debt Securities, Available-for-sale | (1,055) | (767) |
Mortgage loans (related party: 2022 – $(167) and 2021 – $(42)) | (167) | (42) |
Trading securities | (143) | (120) |
Investment funds | (1,833) | (429) |
Derivative instruments and other invested assets (related party: 2022 – $(77) and 2021 – $0) | (77) | 0 |
Short-term investments | (33) | (100) |
Deposits on investment-type policies and contracts | 18 | 26 |
Repayments of Annuities and Investment Certificates | (88) | (100) |
Deposits on investment-type policies and contracts through reinsurance agreements | 72 | 102 |
Withdrawals on investment-type policies and contracts through reinsurance agreements | 375 | 408 |
Equity securities | Related Party | ||
Purchases of: | ||
Equity securities | (13) | (35) |
Reinsurance Settlements | ||
Purchases of: | ||
Transfer to Investments | $ 0 | $ 54 |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
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 5 – Variable Interest Entities for further information on VIEs. Consolidation and Basis of Presentation —We have prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the United States Securities and Exchange Commission’s rules and regulations for Form 10-Q and Article 10 of Regulation S-X. The accompanying condensed consolidated financial statements are unaudited and reflect all adjustments, consisting only of normal recurring items, considered necessary for fair statement of the results for the interim periods presented. All intercompany accounts and transactions have been eliminated. Interim operating results are not necessarily indicative of the results expected for the entire year. 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 condensed consolidated financial statements. The condensed consolidated balance sheet as of December 31, 2021 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, 2021. 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. Merger – On January 1, 2022, we completed our merger with Apollo Global Management, Inc. (AGM, and together with its subsidiaries other than us or our subsidiaries, Apollo) and are now a direct wholly owned subsidiary of AGM. We have elected pushdown accounting in which we use AGM’s basis of accounting, which reflects the fair market value of our assets and liabilities at the time of the merger, unless otherwise prescribed by GAAP. Our condensed consolidated financial statements are presented as Predecessor for the periods prior to the merger and Successor for subsequent periods. We, along with certain of our non-US subsidiaries, are Bermuda exempted companies that have historically not been subject to US corporate income taxes on earnings. Due to the merger, our non-US earnings will generally be subject to US corporate income taxes. See Note 2 – Business Combination for further information on the merger. Segments —We operate our core business strategies out of one reportable segment. As a wholly owned subsidiary of AGM, we no longer report certain other operations in a corporate and other segment. Significant Accounting Policies Mortgage loans —Effective January 1, 2022, we elected the fair value option on our mortgage loan portfolio. Interest income is accrued on the principal amount of the loan based on its contractual interest rate. We accrue interest on loans until it is probable we will not receive interest, or the loan is 90 days past due unless guaranteed by US government-sponsored agencies. Interest income and prepayment fees are reported in net investment income on the condensed consolidated statements of income (loss). Changes in the fair value of the mortgage loan portfolio are reported in investment related gains (losses) on the condensed consolidated statements of income (loss). Derivative Instruments Embedded Derivatives – We issue and reinsure products, primarily indexed annuity products, or purchase investments that contain embedded derivatives. If we determine the embedded derivative has economic characteristics not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract and accounted for separately, unless the fair value option is elected on the host contract. Under the fair value option, bifurcation of the embedded derivative is not necessary as the entire contract is carried at fair value with all related gains and losses recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). Embedded derivatives are carried on the condensed consolidated balance sheets at fair value in the same line item as the host contract. Fixed indexed annuity, index-linked variable annuity and indexed universal life insurance contracts allow the policyholder to elect a fixed interest rate return or an equity market component for which interest credited is based on the performance of certain stock market indices. The equity market option is an embedded derivative. The benefit reserve is equal to the sum of the fair value of the embedded derivative and the host (or guaranteed) component of the contracts. The fair value of the embedded derivatives represents the present value of cash flows attributable to the indexed strategies. The embedded derivative cash flows are based on assumptions for future policy growth, which include assumptions for expected index credits on the next policy anniversary date, future equity option costs, volatility, interest rates and policyholder behavior assumptions including lapses and the use of benefit riders. The embedded derivative cash flows are discounted using a rate that reflects our own credit rating. The host contract is established at contract inception as the initial account value less the initial fair value of the embedded derivative and accreted over the policy’s life. Contracts acquired through a business combination which contain an embedded derivative are re-bifurcated as of the acquisition date. Changes in the fair value of embedded derivatives associated with fixed indexed annuities, index-linked variable annuities and indexed universal life insurance contracts are included in interest sensitive contract benefits on the condensed consolidated statements of income (loss). Additionally, reinsurance agreements written on a funds withheld or modco basis contain embedded derivatives. We have determined that the right to receive or obligation to pay the total return on the assets supporting the funds withheld at interest or funds withheld liability, respectively, represents a total return swap with a floating rate leg. The fair value of embedded derivatives on funds withheld and modco agreements is computed as the unrealized gain (loss) on the underlying assets and is included within funds withheld at interest and funds withheld liability on the condensed consolidated balance sheets for assumed and ceded agreements, respectively. The change in the fair value of the embedded derivatives is recorded in investment related gains (losses) on the condensed consolidated statements of income (loss). Assumed and ceded earnings from funds withheld at interest, funds withheld liability and changes in the fair value of embedded derivatives are reported in operating activities on the condensed consolidated statements of cash flows. Contributions to and withdrawals from funds withheld at interest and funds withheld liability are reported in operating activities on the condensed consolidated statements of cash flows. Variable Interest Entities —An entity that does not have sufficient equity to finance its activities without additional financial support, or in which the equity investors, as a group, do not have the characteristics typically afforded to common shareholders is a VIE. The determination as to whether an entity qualifies as a VIE depends on the facts and circumstances surrounding each entity and may require significant judgment. Our investment funds typically qualify as VIEs and are evaluated for consolidation under the VIE model. We are required to consolidate a VIE if we are the primary beneficiary, defined as the variable interest holder with both the power to direct the activities that most significantly impact the VIE’s economic performance and rights to receive benefits or obligations to absorb losses that could be potentially significant to the VIE. We determine whether we are the primary beneficiary of an entity based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose and our relative exposure to the related risks of the VIE. Since affiliates of AGM, a related party under common control, are the decision makers in certain of the investment funds and securitization vehicles, we and a member of our related party group may together have the characteristics of the primary beneficiary in a VIE. In this situation, we have concluded we must consolidate the VIE when we have significant economic exposure to the entity. We reassess the VIE and primary beneficiary determinations on an ongoing basis. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired Deferred Acquisition Costs and Deferred Sales Inducements – Costs related directly to the successful acquisition of new, or renewal of, insurance or investment contracts are deferred to the extent they are recoverable from future premiums or gross profits. These costs consist of commissions and policy issuance costs, as well as sales inducements credited to policyholder account balances, and are included in deferred acquisition costs (DAC), deferred sales inducements (DSI) and value of business acquired (VOBA) on the condensed consolidated balance sheets. We perform periodic tests, including at issuance, to determine if the deferred costs are recoverable. If we determine that the deferred costs are not recoverable, we record a cumulative charge to the current period. Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds are amortized over the lives of the policies, based upon the proportion of the present value of actual and expected deferred costs to the present value of actual and expected gross profits to be earned over the life of the policies. Gross profits include investment spread margins, surrender charge income, policy administration charges and expenses, changes in the guaranteed lifetime withdrawal benefit (GLWB) and guaranteed minimum death benefit (GMDB) reserves and realized gains and losses on investments. Current period gross profits for fixed indexed annuities also include the change in fair value of both freestanding and embedded derivatives. Estimates of the expected gross profits and margins are based on assumptions using accepted actuarial methods related to policyholder behavior, including lapses and the utilization of benefit riders, mortality, yields on investments supporting the liabilities, future interest credited amounts (including indexed related credited amounts on fixed indexed annuity products), and other policy changes as applicable, and the level of expenses necessary to maintain the policies over their expected lives. Each reporting period, we update estimated gross profits with actual gross profits as part of the amortization process and adjust the DAC and DSI balances due to the other comprehensive income (OCI) effects of unrealized investment gains and losses on AFS securities. We also periodically revise the key assumptions used in the amortization calculation, which results in revisions to the estimated future gross profits. The effects of changes in assumptions are recorded as unlocking in the period in which the changes are made. Deferred costs related to investment contracts without significant revenue streams from sources other than investment of the policyholder funds are amortized using the effective interest method. The effective interest method amortizes the deferred costs by discounting the future liability cash flows at a break-even rate. The break-even rate is solved for such that the present value of future liability cash flows is equal to the net liability at the inception of the contract. Value of Business Acquired – We establish VOBA for blocks of insurance contracts acquired through the acquisition of insurance entities and through application of pushdown accounting. We record the fair value of the liabilities assumed in two components: reserves and VOBA. Reserves are established using our best estimate assumptions consistent with our policies for future policy benefits and interest sensitive contract liabilities. VOBA is the difference between the fair value of the liabilities and the reserves. VOBA can be either positive or negative. Any negative VOBA is recorded to the same financial statement line on the condensed consolidated balance sheets as the associated reserves. Positive VOBA is recorded in deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated balance sheets. We perform periodic tests to determine if the VOBA remains recoverable. If we determine that VOBA is not recoverable, we record a cumulative charge to the current period. In connection with the application of pushdown accounting, we changed our VOBA amortization method such that all VOBA and negative VOBA balances are amortized in relation to applicable policyholder liabilities. VOBA and negative VOBA are amortized in relation to applicable policyholder liabilities. Significant assumptions that impact VOBA and negative VOBA amortization are consistent with those that impact the measurement of policyholder liabilities. See Note 7 – Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired for further information. Recognition of Revenues and Related Expenses —Revenues for universal life-type policies and investment contracts, including surrender and market value adjustments, costs of insurance, policy administration, GMDB, GLWB and no-lapse guarantee charges, are earned when assessed against policyholder account balances during the period. Interest credited to policyholder account balances and the change in fair value of embedded derivatives within fixed indexed annuity contracts is included in interest sensitive contract benefits on the condensed consolidated statements of income (loss). Premiums for long-duration contracts, including products with fixed and guaranteed premiums and benefits, are recognized as revenue when due from policyholders. When premiums are due over a significantly shorter period than the period over which benefits are provided, such as immediate annuities with life contingencies (which includes pension group annuities), a deferred profit liability is established equal to the excess of the gross premium over the net premium. The deferred profit liability is recognized in future policy benefits on the condensed consolidated balance sheets and amortized into income in relation to applicable policyholder liabilities through future policy and other policy benefits on the condensed consolidated statements of income (loss). All insurance related revenue is reported net of reinsurance ceded. 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 GLWB and 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 condensed consolidated financial statements. |
Business Combinations and Asset
Business Combinations and Asset Acquisitions | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combination Disclosure | 2. Business Combination At the closing of the merger with AGM, each issued and outstanding AHL Class A common share (other than shares held by Apollo, the Apollo Operating Group (AOG) or the respective direct or indirect wholly owned subsidiaries of Athene or the AOG) was converted automatically into 1.149 shares of AGM common shares and any cash paid in lieu of fractional AGM common shares. In connection with the merger, AGM issued to AHL Class A common shareholders 158.2 million AGM common shares in exchange for 137.6 million AHL Class A common shares that were issued and outstanding as of the acquisition date, exclusive of the 54.6 million shares previously held by Apollo immediately before the acquisition date. The consideration was calculated based on historical AGM’s December 31, 2021 closing share price multiplied by the AGM common shares issued in the share exchange, as well as the fair value of stock-based compensation awards replaced, fair value of warrants converted to AGM common shares and other equity consideration, and effective settlement of pre-existing relationships and other consideration. The following represents the calculation of consideration: (In millions, except exchange ratio and share price data) Consideration AHL common shares purchased 138 Exchange ratio 1.149 Shares of common stock issued in exchange 158 AGM Class A shares closing price $ 72.43 Total merger consideration at closing $ 11,455 Fair value of estimated RSUs, options and warrants assumed and other equity consideration 699 Effective settlement of pre-existing relationships 896 Total merger consideration 13,050 Fair value of AHL common shares previously held by Apollo and other adjustments 4,554 Total AHL equity value held by AGM 17,604 Fair value of preferred stock 2,666 Noncontrolling interest 2,276 Total AHL equity value $ 22,546 The following represents the calculation of goodwill and fair value amounts recognized: (In millions) Fair value and goodwill calculation Merger consideration $ 13,050 Fair value of AHL common shares previously held by Apollo and other adjustments 4,554 Total AHL equity value held by AGM 17,604 Assets Investments $ 175,987 Cash and cash equivalents 9,479 Restricted cash 796 Investment in related parties 33,786 Reinsurance recoverable 4,977 VOBA 4,547 Other assets 5,779 Assets of consolidated variable interest entities 3,635 Estimated fair value of total assets acquired by AGM 238,986 Liabilities Interest sensitive contract liabilities 160,248 Future policy benefits 47,130 Long-term debt 3,295 Payables for collateral on derivatives and securities to repurchase 7,044 Other liabilities 2,443 Liabilities of consolidated variable interest entities 461 Estimated fair value of total liabilities assumed by AGM 220,621 Identifiable net assets 18,365 Less: Fair value of preferred stock 2,666 Less: Fair value of noncontrolling interests 2,276 Estimated fair value of net assets acquired by AGM, excluding goodwill 13,423 Goodwill attributable to AHL $ 4,181 Included within the above are provisional amounts for (1) VOBA, (2) interest sensitive contract liabilities, (3) future policy benefits, and (4) other assets and other liabilities for the portion of our net assets AGM acquired relating to other identifiable intangible assets and deferred taxes, based on the availability of data as of the date the financial statements were available to be issued. Any adjustment to provisional amounts will be made prospectively as data becomes available. The income effects from changes to provisional amounts will be recorded in the period the adjustment is made, as if the adjustment had been recorded on the merger date. We expect to finalize pushdown accounting as soon as practicable but no later than one year from the merger date. As part of pushdown accounting, we recorded the calculated goodwill based on the amount that our AHL equity value to be held by AGM exceeded the fair value of identifiable net assets less the amounts attributable to fair values of preferred stock and noncontrolling interests. Goodwill is primarily attributable to the scale, skill sets, operations, and synergies that can be achieved subsequent to the merger. The goodwill recorded is not expected to be deductible for tax purposes. We incurred transaction costs of $70 million associated with the merger which were included in policy and other operating expenses on the consolidated statements of income for the year ended December 31, 2021. We also recorded VOBA and other identifiable intangible assets. Other identifiable intangible assets are included in other assets on the condensed consolidated balance sheets, as follows: Distribution channels These assets are valued using the excess earnings method, which derives value based on the present value of the cash flow attributable to the distribution channels, less returns for contributory assets. Trade name This represents the Athene trade name and was valued using the relief-from-royalty method considering publicly available third-party trade name royalty rates as well as expected premiums generated by the use of the trade name over its anticipated life. Insurance licenses Licenses are protected through registration and were valued using the market approach based on third-party market transactions from which the prices paid for state insurance licenses could be derived. The fair value and weighted average estimated useful life of identifiable intangible assets consists of the following: Fair value (in millions) Weighted average useful life (in years) VOBA $ 4,547 7 Distribution channels 1,870 18 Trade name 160 20 Insurance licenses 26 Indefinite Total $ 6,603 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2022 | |
Schedule of Investments [Abstract] | |
Investments | 3. 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: Successor March 31, 2022 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 3,123 $ — $ 1 $ (163) $ 2,961 US state, municipal and political subdivisions 1,209 — — (117) 1,092 Foreign governments 1,173 (66) 11 (107) 1,011 Corporate 65,935 (55) 34 (5,675) 60,239 CLO 14,282 (18) 3 (239) 14,028 ABS 9,572 (11) 4 (281) 9,284 CMBS 2,883 (6) 14 (144) 2,747 RMBS 6,045 (312) 8 (204) 5,537 Total AFS securities 104,222 (468) 75 (6,930) 96,899 AFS securities – related party Corporate 948 — 10 (26) 932 CLO 2,776 (3) 2 (43) 2,732 ABS 4,705 (17) 4 (32) 4,660 Total AFS securities – related party 8,429 (20) 16 (101) 8,324 Total AFS securities including related party $ 112,651 $ (488) $ 91 $ (7,031) $ 105,223 Predecessor December 31, 2021 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 231 $ — $ 2 $ (10) $ 223 US state, municipal and political subdivisions 1,081 — 134 (2) 1,213 Foreign governments 1,110 — 35 (17) 1,128 Corporate 62,817 — 4,060 (651) 66,226 CLO 13,793 — 44 (185) 13,652 ABS 8,890 (17) 151 (35) 8,989 CMBS 2,764 (3) 56 (59) 2,758 RMBS 5,772 (103) 326 (25) 5,970 Total AFS securities 96,458 (123) 4,808 (984) 100,159 AFS securities – related party Corporate 842 — 19 (2) 859 CLO 2,573 — 5 (29) 2,549 ABS 6,986 — 61 (53) 6,994 Total AFS securities – related party 10,401 — 85 (84) 10,402 Total AFS securities including related party $ 106,859 $ (123) $ 4,893 $ (1,068) $ 110,561 The amortized cost and fair value of AFS securities, including related party, are shown by contractual maturity below: Successor March 31, 2022 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 1,047 $ 1,041 Due after one year through five years 9,154 8,734 Due after five years through ten years 18,960 17,605 Due after ten years 42,279 37,923 CLO, ABS, CMBS and RMBS 32,782 31,596 Total AFS securities 104,222 96,899 AFS securities – related party Due after one year through five years 24 23 Due after five years through ten years 776 752 Due after ten years 148 157 CLO and ABS 7,481 7,392 Total AFS securities – related party 8,429 8,324 Total AFS securities including related party $ 112,651 $ 105,223 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: Successor March 31, 2022 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 $ 2,919 $ (163) $ — $ — $ 2,919 $ (163) US state, municipal and political subdivisions 1,080 (117) — — 1,080 (117) Foreign governments 951 (107) — — 951 (107) Corporate 59,336 (5,674) — — 59,336 (5,674) CLO 12,066 (214) — — 12,066 (214) ABS 6,098 (247) — — 6,098 (247) CMBS 2,360 (134) — — 2,360 (134) RMBS 3,677 (157) — — 3,677 (157) Total AFS securities 88,487 (6,813) — — 88,487 (6,813) AFS securities – related party Corporate 775 (26) — — 775 (26) CLO 2,069 (38) — — 2,069 (38) ABS 1,521 (28) — — 1,521 (28) Total AFS securities – related party 4,365 (92) — — 4,365 (92) Total AFS securities including related party $ 92,852 $ (6,905) $ — $ — $ 92,852 $ (6,905) Predecessor December 31, 2021 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities US government and agencies $ 164 $ (8) $ 22 $ (2) $ 186 $ (10) US state, municipal and political subdivisions 122 (2) 1 — 123 (2) Foreign governments 387 (17) 1 — 388 (17) Corporate 18,995 (523) 863 (59) 19,858 (582) CLO 7,685 (124) 1,537 (35) 9,222 (159) ABS 4,038 (16) 165 (12) 4,203 (28) CMBS 880 (29) 177 (22) 1,057 (51) RMBS 437 (9) 274 (5) 711 (14) Total AFS securities 32,708 (728) 3,040 (135) 35,748 (863) AFS securities – related party Corporate 313 (2) — — 313 (2) CLO 1,245 (20) 163 (3) 1,408 (23) ABS 3,801 (52) 13 (1) 3,814 (53) Total AFS securities – related party 5,359 (74) 176 (4) 5,535 (78) Total AFS securities including related party $ 38,067 $ (802) $ 3,216 $ (139) $ 41,283 $ (941) 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: Successor March 31, 2022 Unrealized loss position Unrealized loss position 12 months or more AFS securities 8,329 — AFS securities – related party 106 — The unrealized losses on AFS securities can primarily be attributed to changes in market interest rates since application of pushdown accounting or acquisition. We did not recognize the unrealized losses in income as we intend to hold these securities and it is not more likely than not we will be required to sell a security before the recovery of its amortized cost. Allowance for Credit Losses — The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type: Successor Three months ended March 31, 2022 Additions Reductions (In millions) January 1, 2022 Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS securities Foreign governments $ — $ 66 $ — $ — $ — $ 66 Corporate — 55 — — — 55 CLO — 18 — — — 18 ABS 5 5 — — 1 11 CMBS — 6 — — — 6 RMBS 306 9 — (8) 5 312 Total AFS securities 311 159 — (8) 6 468 AFS securities – related party CLO — 3 — — — 3 ABS — 17 — — — 17 Total AFS securities – related party — 20 — — — 20 Total AFS securities including related party $ 311 $ 179 $ — $ (8) $ 6 $ 488 Predecessor Three months ended March 31, 2021 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS securities Corporate $ 6 $ 2 $ — $ (2) $ 2 $ 8 CLO 1 — — — (1) — ABS 6 5 — — — 11 CMBS 10 2 — — 2 14 RMBS 80 — 2 (3) (1) 78 Total AFS securities 103 9 2 (5) 2 111 AFS securities - related party, CLO 1 — — (1) — — Total AFS securities including related party $ 104 $ 9 $ 2 $ (6) $ 2 $ 111 Net Investment Income —Net investment income by asset class, including related party, consists of the following: Successor Predecessor (In millions) Three months ended March 31, 2022 Three months ended March 31, 2021 AFS securities $ 876 $ 860 Trading securities 63 63 Equity securities 15 4 Mortgage loans 237 178 Investment funds 304 442 Funds withheld at interest 337 206 Other 42 64 Investment revenue 1,874 1,817 Investment expenses (191) (148) Net investment income $ 1,683 $ 1,669 Investment Related Gains (Losses) —Investment related gains (losses) by asset class, including related party, consists of the following: Successor Predecessor (In millions) Three months ended March 31, 2022 Three months ended March 31, 2021 AFS securities Gross realized gains on investment activity $ 103 $ 73 Gross realized losses on investment activity (410) (143) Net realized investment losses on AFS securities (307) (70) Net recognized investment losses on trading securities (207) (69) Net recognized investment gains on equity securities 23 17 Net recognized investment losses on mortgage loans (796) — Derivative losses (3,041) (438) Provision for credit losses (192) 58 Other gains 320 80 Investment related gains (losses) $ (4,200) $ (422) Proceeds from sales of AFS securities were $298 million and $892 million for the three months ended March 31, 2022 and 2021, respectively. The following table summarizes the change in unrealized gains (losses) on trading and equity securities, including related party, we held as of the respective period end: Successor Predecessor (In millions) Three months ended March 31, 2022 Three months ended March 31, 2021 Trading securities $ (189) $ (121) Trading securities – related party (4) 58 Equity securities 17 9 Equity securities – related party (5) 6 Repurchase Agreements— The following table summarizes the maturities of our repurchase agreements: Successor March 31, 2022 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 $ — $ 1,927 $ 344 $ 200 $ 1,495 $ 3,966 1 Included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets. Predecessor December 31, 2021 Remaining Contractual Maturity (In millions) Overnight and continuous Less than 30 days 30-90 days 91 days to 1 year Greater than 1 year Total Payables for repurchase agreements 1 $ — $ 2,512 $ — $ — $ 598 $ 3,110 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: Successor Predecessor March 31, 2022 December 31, 2021 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities U.S. government and agencies $ 2,671 $ 2,536 $ — $ — Corporate 1,264 1,170 2,923 3,208 CLO 263 261 — — Total securities pledged under repurchase agreements $ 4,198 $ 3,967 $ 2,923 $ 3,208 Reverse Repurchase Agreements — As of March 31, 2022, amounts loaned under reverse repurchase agreements were $26 million, and collateral received was $616 million. Mortgage Loans, including related party and VIEs —Mortgage loans includes both commercial and residential loans. In connection with the merger, we elected the fair value option on our mortgage loan portfolio. See Note 6 – Fair Value for further fair value option information. The following represents the mortgage loan portfolio: Successor (In millions) March 31, 2022 Commercial mortgage loans $ 18,428 Commercial mortgage loans under development 602 Total commercial mortgage loans – unpaid principal balance 19,030 Mark to fair value (640) Commercial mortgage loans 18,390 Residential mortgage loans – unpaid principal balance 8,706 Mark to fair value (64) Residential mortgage loans 8,642 Mortgage loans $ 27,032 The following represents the mortgage loan portfolio based on amortized cost: Predecessor (In millions) December 31, 2021 Commercial mortgage loans $ 16,565 Commercial mortgage loans under development 499 Total commercial mortgage loans 17,064 Allowance for credit losses on commercial mortgage loans (167) Commercial mortgage loans 16,897 Residential mortgage loans 7,321 Allowance for credit losses on residential mortgage loans (70) Residential mortgage loans 7,251 Mortgage loans $ 24,148 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, by property type and geographic region, is as follows: Successor Predecessor March 31, 2022 December 31, 2021 (In millions, except for percentages) Fair Value Percentage of Total Net Carrying Value Percentage of Total Property type Office building $ 4,857 26.4 % $ 4,870 28.8 % Retail 2,086 11.3 % 2,022 12.0 % Apartment 5,602 30.5 % 4,626 27.4 % Hotels 1,731 9.4 % 1,727 10.2 % Industrial 2,320 12.6 % 2,336 13.8 % Other commercial 1,794 9.8 % 1,316 7.8 % Total commercial mortgage loans $ 18,390 100.0 % $ 16,897 100.0 % US region East North Central $ 1,635 8.9 % $ 1,697 10.0 % East South Central 453 2.4 % 470 2.8 % Middle Atlantic 3,752 20.4 % 3,637 21.5 % Mountain 809 4.4 % 460 2.7 % New England 1,132 6.1 % 453 2.7 % Pacific 3,993 21.7 % 3,994 23.6 % South Atlantic 3,008 16.4 % 2,817 16.7 % West North Central 288 1.6 % 271 1.6 % West South Central 969 5.3 % 997 5.9 % Total US region 16,039 87.2 % 14,796 87.5 % International region United Kingdom 1,543 8.4 % 1,279 7.6 % Other International 1 808 4.4 % 822 4.9 % Total international region 2,351 12.8 % 2,101 12.5 % Total commercial mortgage loans $ 18,390 100.0 % $ 16,897 100.0 % 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: Successor Predecessor March 31, 2022 December 31, 2021 US states California 30.9 % 28.4 % Florida 10.0 % 11.4 % New Jersey 5.2 % 5.1 % Other 1 42.9 % 43.3 % Total US residential mortgage loan percentage 89.0 % 88.2 % International Ireland 4.9 % 6.4 % Other 2 6.1 % 5.4 % Total international residential mortgage loan percentage 11.0 % 11.8 % 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. 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 5 – Variable Interest Entities . Our investment funds do not specify timing of distributions on the funds’ underlying assets. The following summarizes our investment funds, including related party and consolidated VIEs: Successor Predecessor March 31, 2022 December 31, 2021 (In millions, except for percentages) Carrying value Percent of total Carrying value Percent of total Investment funds Real estate $ 748 60.2 % $ 662 56.2 % Credit funds 84 6.8 % 86 7.3 % Private equity 353 28.4 % 343 29.1 % Real assets 58 4.6 % 87 7.4 % Total investment funds 1,243 100.0 % 1,178 100.0 % Investment funds – related parties Differentiated investments Athora Holding Ltd. (Athora) 1 814 26.4 % 743 10.1 % Athene Freedom Holdings LP (Athene Freedom) 1,2 — — % 700 9.5 % Catalina Holdings Ltd. (Catalina) 2 — — % 441 6.0 % Venerable Holdings, Inc. (Venerable) 1 230 7.4 % 219 3.0 % Other 266 8.6 % 459 6.2 % Total differentiated investments 1,310 42.4 % 2,562 34.8 % Real estate 520 16.8 % 1,187 16.1 % Credit funds 392 12.7 % 450 6.1 % Private equity 621 20.1 % 751 10.1 % Natural resources 89 2.9 % 172 2.3 % Real assets 138 4.5 % 157 2.1 % Public equities 18 0.6 % — — % Investment in Apollo 1 — — % 2,112 28.5 % Total investment funds – related parties 3,088 100.0 % 7,391 100.0 % Investment funds owned by consolidated VIEs Differentiated investments 1,350 9.9 % — — % Private equity 981 7.2 % — — % Natural resources 256 1.9 % — — % Real estate 1,599 11.8 % 514 39.6 % Credit funds 8,001 59.0 % 748 57.7 % Real assets 1,381 10.2 % 35 2.7 % Total investment funds owned by consolidated VIEs 13,568 100.0 % 1,297 100.0 % Total investment funds including related party and funds owned by consolidated VIEs $ 17,899 $ 9,866 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 Athene Freedom in Note 9 – Related Parties. 2 Investment is held as a consolidated VIE as of March 31, 2022. 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 at risk 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 securitization entity 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 sheets 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 at risk 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: Successor Predecessor March 31, 2022 December 31, 2021 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 1,243 $ 1,954 $ 1,178 $ 1,792 Investment in related parties – investment funds 3,088 5,504 7,391 10,922 Assets of consolidated VIEs – investment funds 13,568 18,514 1,297 1,647 Investment in fixed maturity securities 31,934 34,112 31,769 31,622 Investment in related parties – fixed maturity securities 7,654 7,932 11,324 12,681 Investment in related parties – equity securities 166 166 284 284 Total non-consolidated investments $ 57,653 $ 68,182 $ 53,243 $ 58,948 Concentrations —The following represents our investment concentrations in excess of 10% of shareholders’ equity: Successor Predecessor (In millions) March 31, 2022 December 31, 2021 Athene Freedom 1 $ 3,199 $ 3,119 AP Tundra Holdings LLC 2 3,079 N/A MidCap 1 2,740 N/A PK Air 1 1,466 N/A SoftBank Vision Fund II 1,170 N/A AP Aristotle Holdings LLC 2 1,167 N/A 1 Includes investments of the consolidated VIE, in which an underlying investment includes single issuers exceeding concentration threshold, and affiliated securities if applicable and attributable to the single issuer. See further discussion of these investments in Note – 9 Related Parties. 2 Represents a consolidated VIE investment in which an underlying investment includes a single issuer exceeding concentration threshold. N/A – Not applicable as investment did not meet single issuer concentration threshold for the period. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 4. Derivative Instruments We use a variety of derivative instruments to manage risks, primarily equity, interest rate, credit, foreign currency and market volatility. See Note 6 – Fair Value for information about the fair value hierarchy for derivatives. The following table presents the notional amount and fair value of derivative instruments: Successor Predecessor March 31, 2022 December 31, 2021 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency hedges Swaps 6,629 $ 350 $ 74 6,371 $ 281 $ 56 Forwards 5,004 172 — 6,395 189 2 Interest rate swaps 3,586 — 334 2,783 — 173 Forwards on net investments 236 — 1 231 — 4 Interest rate swaps 1,995 — 2 500 — 1 Total derivatives designated as hedges 522 411 470 236 Derivatives not designated as hedges Equity options 58,908 2,675 101 57,890 3,629 115 Futures 27 48 — 33 67 — Total return swaps 256 8 1 231 10 — Foreign currency swaps 2,784 98 21 2,592 57 19 Interest rate swaps 1,822 125 2 483 78 1 Credit default swaps 10 — 3 10 — 3 Foreign currency forwards 10,832 192 92 7,382 76 98 Embedded derivatives Funds withheld including related party (2,452) — 1,360 45 Interest sensitive contract liabilities — 6,704 — 14,907 Total derivatives not designated as hedges 694 6,924 5,277 15,188 Total derivatives $ 1,216 $ 7,335 $ 5,747 $ 15,424 Derivatives Designated as Hedges Cash Flow Hedges – We used 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. Effective January 1, 2022, our cash flow hedges were redesignated to fair value hedges as they no longer qualified for cash flow hedge accounting. The following is a summary of the gains (losses) related to cash flow hedges: Predecessor (In millions) Three months ended March 31, 2021 Foreign currency swaps – Other comprehensive income $ (31) Foreign currency swaps – Investment related gains (losses) — There were no amounts deemed ineffective during the three months ended March 31, 2021. Fair Value Hedges – We use foreign currency forward contracts, foreign currency swaps, foreign currency interest rate swaps and interest rate swaps that are designated and accounted for as fair value hedges to hedge certain exposures to foreign currency risk and interest rate risk. The foreign currency forward price is agreed upon at the time of the contract and payment is made at a specified future date. The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities: Successor Predecessor March 31, 2022 December 31, 2021 (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 $ 4,327 $ (124) $ 4,224 $ (136) Foreign currency swaps 5,249 (119) — — Mortgage loans – Foreign currency forwards — — 1,686 (44) Interest sensitive contract liabilities Foreign currency swaps 1,067 24 — — Foreign currency interest rate swaps 3,574 197 2,773 121 Interest rate swaps 1,995 83 500 — 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: Amount Excluded (In millions) Derivatives Hedged Items Net Recognized in income through amortization approach Recognized in income through changes in fair value Three months ended March 31, 2022 (Successor) Investment related gains (losses) Foreign currency forwards $ 127 $ (126) $ 1 $ 14 $ 1 Foreign currency swaps 91 (95) (4) — — Foreign currency interest rate swaps (159) 197 38 — — Interest rate swaps (72) 75 3 — — Interest sensitive contract benefits Foreign currency interest rate swaps 10 (9) 1 — — Three months ended March 31, 2021 (Predecessor) Investment related gains (losses) Foreign currency forwards $ 218 $ (217) $ 1 $ — $ — Foreign currency interest rate swaps (36) 41 5 — — Interest sensitive contract benefits Foreign currency interest rate swaps 1 (1) — — — The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI : Successor Predecessor (In millions) Three months ended March 31, 2022 Three months ended March 31, 2021 Foreign currency forwards $ (73) $ — Foreign currency swaps (56) — Net Investment Hedges – We use foreign currency forwards to hedge the foreign currency exchange rate risk of our investments in subsidiaries that have a reporting currency other than the US dollar. We assess hedge effectiveness based on the changes in forward rates. During the three months ended March 31, 2022 and 2021 , these derivatives had gains of $2 million and losses of $2 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive loss. As of March 31, 2022 and December 31, 2021, the cumulative foreign currency translations recorded in accumulated other comprehensive income (loss) (AOCI) related to these net investment hedges were gains of $2 million and $1 million, respectively. During the three months ended March 31, 2022 and 2021 , 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: Successor Predecessor (In millions) Three months ended March 31, 2022 Three months ended March 31, 2021 Equity options $ (708) $ 502 Futures (33) 11 Swaps 63 31 Foreign currency forwards 155 (31) Embedded derivatives on funds withheld (2,520) (1,133) Amounts recognized in investment related gains (losses) (3,043) (620) Embedded derivatives in indexed annuity products 1 957 335 Total net gains (losses) on derivatives not designated as hedges $ (2,086) $ (285) 1 Included in interest sensitive contract benefits on the condensed consolidated statements of income (loss). Credit Risk —We may be exposed to credit-related losses in the event of counterparty nonperformance on derivative financial instruments. Generally, the current credit exposure of our derivative contracts is the fair value at the reporting date less any collateral received from the counterparty. We manage credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties. Where possible, we maintain collateral arrangements and use master netting agreements that provide for a single net payment from one counterparty to another at each due date and upon termination. We have also established counterparty exposure limits, where possible, in order to evaluate if there is sufficient collateral to support the net exposure. Collateral arrangements typically require the posting of collateral in connection with its derivative instruments. Collateral agreements often contain posting thresholds, some of which may vary depending on the posting party’s financial strength ratings. Additionally, a decrease in our financial strength rating to a specified level can result in settlement of the derivative position. The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated balance sheets (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral March 31, 2022 (Successor) Derivative assets $ 3,668 $ (661) $ (3,105) $ (98) $ — $ (98) Derivative liabilities (631) 661 164 194 — 194 December 31, 2021 (Predecessor) Derivative assets $ 4,387 $ (430) $ (3,934) $ 23 $ — $ 23 Derivative liabilities (472) 430 32 (10) — (10) 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of March 31, 2022 and December 31, 2021, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated balance sheets. 3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 5. Variable Interest Entities As a result of our merger with AGM, we reassessed consolidation conclusions for VIEs. We determined that we are required to consolidate additional Apollo-managed investment funds and certain entities that issue CLOs where Apollo is the collateral manager. Since the criteria for the primary beneficiary are satisfied by our related party group, we are deemed the primary beneficiary. 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. The following summarizes the income statement activity of the consolidated VIEs: Successor Predecessor (In millions) Three months ended March 31, 2022 Three months ended March 31, 2021 Mortgage loans $ 20 $ 14 Investment funds (3) 21 Net investment income $ 17 $ 35 Provision for credit losses $ — $ (66) Other gains (losses) (42) — Investment related gains (losses) $ (42) $ (66) The following summarizes the debt of consolidated VIEs as of March 31, 2022: Principal balance (in millions) Weighted average interest rate Weighted average remaining maturity (in years ) Senior secured notes $ 3,282 2.92 % 14.3 Subordinated notes 1 1,663 N/A N/A Secured and other borrowings 1 1,180 N/A N/A Total VIE debt $ 6,125 1 The principal outstanding balances of the subordinated notes do not have contractual interest rates or maturities but instead receive distributions from the excess cash flows of the VIEs. Secured and other borrowings do not generally have principal balances, stated rates and maturities and are included at carrying value. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 6. 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: Successor March 31, 2022 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 2,961 $ — $ 2,940 $ 21 $ — US state, municipal and political subdivisions 1,092 — — 1,092 — Foreign governments 1,011 — — 1,009 2 Corporate 60,239 — — 58,740 1,499 CLO 14,028 — — 14,023 5 ABS 9,284 — — 5,501 3,783 CMBS 2,747 — — 2,737 10 RMBS 5,537 — — 5,537 — Total AFS securities 96,899 — 2,940 88,660 5,299 Trading securities US government and agencies 30 — 27 3 — US state, municipal and political subdivisions 91 — — 91 — Foreign governments 18 — — 18 — Corporate 1,375 — — 1,375 — CLO 14 — — 10 4 ABS 137 — — 92 45 CMBS 77 — — 77 — RMBS 110 — — 69 41 Total trading securities 1,852 — 27 1,735 90 Equity securities 754 — 114 202 438 Mortgage loans 23,696 — — — 23,696 Investment funds 180 161 — — 19 Funds withheld at interest – embedded derivative (1,882) — — — (1,882) Derivative assets 3,668 — 48 3,620 — Short-term investments 149 — 68 22 59 Other investments 150 — — 150 — Cash and cash equivalents 8,523 — 8,523 — — Restricted cash 834 — 834 — — Investments in related parties AFS securities Corporate 932 — — 171 761 CLO 2,732 — — 2,400 332 ABS 4,660 — — 251 4,409 Total AFS securities – related party 8,324 — — 2,822 5,502 Trading securities CLO 38 — — 10 28 ABS 224 — — — 224 Total trading securities – related party 262 — — 10 252 Equity securities 166 — — — 166 Mortgage loans 1,456 — — — 1,456 Investment funds 814 — — — 814 Funds withheld at interest – embedded derivative (570) — — — (570) Short-term investments 53 — — — 53 (Continued) Successor March 31, 2022 (In millions) Total NAV Level 1 Level 2 Level 3 Reinsurance recoverable 1,814 — — — 1,814 Assets of consolidated VIEs Mortgage loans 1,880 — — — 1,880 Investment funds 12,779 1,875 3 324 10,577 Other investments 2,567 — — 665 1,902 Cash and cash equivalents 521 — 521 — — Total assets measured at fair value $ 164,889 $ 2,036 $ 13,078 $ 98,210 $ 51,565 Liabilities Interest sensitive contract liabilities Embedded derivative $ 6,704 $ — $ — $ — $ 6,704 Universal life benefits 1,096 — — — 1,096 Future policy benefits AmerUs Life Insurance Company (AmerUs) Closed Block 1,378 — — — 1,378 Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits 704 — — — 704 Derivative liabilities 631 — (3) 631 3 Liabilities of consolidated VIEs – debt 4,067 — — 422 3,645 Total liabilities measured at fair value $ 14,580 $ — $ (3) $ 1,053 $ 13,530 (Concluded) Predecessor December 31, 2021 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 223 $ — $ 214 $ 9 $ — US state, municipal and political subdivisions 1,213 — — 1,213 — Foreign governments 1,128 — — 1,126 2 Corporate 66,226 — — 64,887 1,339 CLO 13,652 — — 13,638 14 ABS 8,989 — — 5,370 3,619 CMBS 2,758 — — 2,715 43 RMBS 5,970 — — 5,970 — Total AFS securities 100,159 — 214 94,928 5,017 Trading securities US government and agencies 6 — 3 3 — US state, municipal and political subdivisions 101 — — 101 — Foreign governments 19 — — 19 — Corporate 1,530 — — 1,530 — CLO 11 — — 6 5 ABS 141 — — 96 45 CMBS 94 — — 94 — RMBS 154 — — 135 19 Total trading securities 2,056 — 3 1,984 69 Equity securities 1,170 — 86 655 429 Mortgage loans 17 — — — 17 Investment funds 183 165 — — 18 Funds withheld at interest – embedded derivative 782 — — — 782 Derivative assets 4,387 — 67 4,320 — Short-term investments 139 — 49 61 29 Other investments 130 — — 130 — (Continued) Predecessor December 31, 2021 (In millions) Total NAV Level 1 Level 2 Level 3 Cash and cash equivalents 9,479 — 9,479 — — Restricted cash 796 — 796 — — Investments in related parties AFS securities Corporate 859 — — 189 670 CLO 2,549 — — 2,347 202 ABS 6,994 — — 549 6,445 Total AFS securities – related party 10,402 — — 3,085 7,317 Trading securities CLO 52 — — 10 42 ABS 1,729 — — — 1,729 Total trading securities – related party 1,781 — — 10 1,771 Equity securities 284 — — — 284 Investment funds 2,958 103 — — 2,855 Funds withheld at interest – embedded derivative 578 — — — 578 Reinsurance recoverable 1,991 — — — 1,991 Assets of consolidated VIEs Investment funds 1,297 — — — 1,297 Cash and cash equivalents 154 — 154 — — Total assets measured at fair value $ 138,743 $ 268 $ 10,848 $ 105,173 $ 22,454 Liabilities Interest sensitive contract liabilities Embedded derivative $ 14,907 $ — $ — $ — $ 14,907 Universal life benefits 1,235 — — — 1,235 Future policy benefits AmerUs Closed Block 1,520 — — — 1,520 ILICO Closed Block and life benefits 742 — — — 742 Derivative liabilities 472 — — 469 3 Funds withheld liability – embedded derivative 45 — — 45 — Liabilities of consolidated VIEs – debt 317 — — 317 — Total liabilities measured at fair value $ 19,238 $ — $ — $ 831 $ 18,407 (Concluded) Fair Value Valuation Methods —We used the following valuation methods and assumptions to estimate fair value: AFS and trading securities – We obtain the fair value for most marketable securities without an active market from several commercial pricing services. These are classified as Level 2 assets. The pricing services incorporate a variety of market observable information in their valuation techniques, including benchmark yields, trading activity, credit quality, issuer spreads, bids, offers and other reference data. This category typically includes 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 – 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 3 based on the valuation methods used for the assets held supporting the reinsurance agreements. Derivatives – Derivative contracts can be exchange traded or over-the-counter. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy depending on trading activity. Over-the-counter derivatives are valued using valuation models or an income approach using third-party broker valuations. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, prepayment rates and correlation of the inputs. We consider and incorporate counterparty credit risk in the valuation process through counterparty credit rating requirements and monitoring of overall exposure. We also evaluate and include our own nonperformance risk in valuing derivatives. The majority of our derivatives trade in liquid markets; therefore, we can verify model inputs and model selection does not involve significant management judgment. These are typically classified within Level 2 of the fair value hierarchy. Cash and cash equivalents, including restricted cash – The carrying amount for cash equals fair value. We estimate the fair value for cash equivalents based on quoted market prices. These assets are classified as Level 1. Interest sensitive contract liabilities embedded derivative – Embedded derivatives related to interest sensitive contract liabilities with fixed indexed annuity products are classified as Level 3. The valuations include significant unobservable inputs associated with economic assumptions and actuarial assumptions for policyholder behavior. AmerUs Closed Block – We elected the fair value option for the future policy benefits liability in the AmerUs Closed Block. Our valuation technique is to set the fair value of policyholder liabilities equal to the fair value of assets. There is an additional component which captures the fair value of the open block’s obligations to the closed block business. This component is the present value of the projected release of required capital and future earnings before income taxes on required capital supporting the AmerUs Closed Block, discounted at a rate which represents a market participant’s required rate of return, less the initial required capital. Unobservable inputs include estimates for these items. The AmerUs Closed Block policyholder liabilities and any corresponding reinsurance recoverable are classified as Level 3. ILICO Closed Block – We elected the fair value option for the ILICO Closed Block. Our valuation technique is to set the fair value of policyholder liabilities equal to the fair value of assets. There is an additional component which captures the fair value of the open block’s obligations to the closed block business. This component uses the present value of future cash flows which include commissions, administrative expenses, reinsurance premiums and benefits, and an explicit cost of capital. The discount rate includes a margin to reflect the business and nonperformance risk. Unobservable inputs include estimates for these items. The ILICO Closed Block policyholder liabilities and corresponding reinsurance recoverable are classified as Level 3. Universal life liabilities and other life benefits – We elected the fair value option for certain blocks of universal and other life business ceded to Global Atlantic. We use a present value of liability cash flows. Unobservable inputs include estimates of mortality, persistency, expenses, premium payments and a risk margin used in the discount rates that reflects the riskiness of the business. These universal life policyholder liabilities and corresponding reinsurance recoverable are classified as Level 3. Fair Value Option — The following represents the gains (losses) recorded for instruments for which we have elected the fair value option, including related parties and consolidated VIEs: Successor Predecessor (In millions) Three months ended March 31, 2022 Three months ended March 31, 2021 Trading securities $ (207) $ (69) Mortgage loans (916) — Investment funds 20 (60) Future policy benefits 142 103 Total gains (losses) $ (961) $ (26) Gains and losses on trading securities are recorded in investment related gains (losses) on the condensed consolidated statements of income (loss). For fair valu e option mortgage loans, we record interest income in net investment income and subsequent changes in fair value in investment related gains (losses) on the condensed consolidated statements of income (loss). Gains and losses related to investment funds, including related party investment funds, are recorded in net investment income on the condensed consolidated statements of income (loss). We record the change in fair value of future policy benefits to future policy and other policy benefits on the condensed consolidated statements of income (loss). The following summarizes information for fair value option mortgage loans, including related parties and consolidated VIEs: Successor Predecessor (In millions) March 31, 2022 December 31, 2021 Unpaid principal balance $ 27,736 $ 15 Mark to fair value (704) 2 Fair value $ 27,032 $ 17 The following represents our commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: Successor (In millions) March 31, 2022 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 127 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (44) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 83 Fair value of commercial mortgage loans 90 days or more past due $ 83 Fair value of commercial mortgage loans in non-accrual status 83 The following represents our residential loan portfolio 90 days or more past due and/or in non-accrual status: Successor (In millions) March 31, 2022 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 864 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (33) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 831 Fair value of residential mortgage loans 90 days or more past due 1 $ 831 Fair value of residential mortgage loans in non-accrual status 208 1 Includes $623 million of residential mortgage loans that are guaranteed by US government-sponsored agencies. There were no fair value option mortgage loans 90 days or more past due as of December 31, 2021. The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on our mortgage loan portfolio: Successor Predecessor (In millions) Three months ended March 31, 2022 Three months ended March 31, 2021 Mortgage loans $ (18) $ — We estimated the portion of gains and losses attributable to changes in instrument-specific credit risk by identifying commercial loans with loan-to-value ratios meeting credit quality criteria, and residential mortgage loans with delinquency status meeting credit quality criteria. 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. Successor Three months ended March 31, 2022 Total realized and unrealized gains (losses) (In millions) Balance at January 1, 2022 Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets AFS securities Foreign governments $ 2 $ — $ — $ — $ — $ 2 $ — $ — Corporate 1,339 (3) (19) 140 42 1,499 — (19) CLO 14 (1) 2 (10) — 5 — 2 ABS 3,619 6 (31) (148) 337 3,783 — (30) CMBS 43 — (17) — (16) 10 — (17) Trading securities CLO 5 — — 4 (5) 4 — — ABS 45 (2) — 2 — 45 — — RMBS 19 (3) — — 25 41 — — Equity securities 429 9 — — — 438 — — Mortgage loans 21,154 (744) — 3,286 — 23,696 (741) — Investment funds 18 1 — — — 19 1 — Funds withheld at interest – embedded derivative — (1,882) — — — (1,882) — — Short-term investments 29 — — 30 — 59 9 — Investments in related parties AFS securities Corporate 670 (4) 1 94 — 761 — 1 CLO 202 — — 130 — 332 — — ABS 6,445 (17) (10) (145) (1,864) 4,409 — (10) Trading securities CLO 42 (5) — 1 (10) 28 — — ABS 1,729 — — (255) (1,250) 224 — — Equity securities 284 (5) — — (113) 166 — — Mortgage loans 1,369 (52) — 139 — 1,456 (52) — Investment funds 2,855 24 — (34) (2,031) 814 24 — Funds withheld at interest – embedded derivative — (570) — — — (570) — — Short-term investments — — — 53 — 53 — — Reinsurance recoverable 1,991 (177) — — — 1,814 — — Assets of consolidated VIEs Mortgage loans 2,152 (120) — (152) — 1,880 (120) — Investment funds 1,297 (5) — 238 9,047 10,577 (5) — Other investments — — — — 1,902 1,902 — — Total Level 3 assets $ 45,752 $ (3,550) $ (74) $ 3,373 $ 6,064 $ 51,565 $ (884) $ (73) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,559) $ 957 $ — $ (102) $ — $ (6,704) $ — $ — Universal life benefits (1,235) 139 — — — (1,096) — — Future policy benefits AmerUs Closed Block (1,520) 142 — — — (1,378) — — ILICO Closed Block and life benefits (742) 38 — — — (704) — — Derivative liabilities (3) — — — — (3) — — Liabilities of consolidated VIEs – debt — — — — (3,645) (3,645) — — Total Level 3 liabilities $ (11,059) $ 1,276 $ — $ (102) $ (3,645) $ (13,530) $ — $ — 1 Related to instruments held at end of period. Predecessor Three months ended March 31, 2021 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets AFS securities US state, municipal and political subdivisions $ 34 $ — $ — $ — $ (34) $ — $ — $ — Foreign governments 2 — — — — 2 — — Corporate 778 4 21 22 (43) 782 — 21 CLO 208 — — (34) — 174 — — ABS 800 3 27 468 (91) 1,207 — 35 CMBS 43 — 5 — — 48 — 4 Trading securities CLO 4 — — (4) — — — — ABS 35 — — — — 35 — — RMBS 47 (5) — — 17 59 (2) — Equity securities 11 3 — — — 14 4 — Mortgage loans 19 — — (1) — 18 — — Investment funds 17 — — — — 17 — — Funds withheld at interest – embedded derivative 1,944 (1,308) — — — 636 — — Short-term investments 2 — — — (2) — — — Investments in related parties AFS securities Corporate 195 — 6 — — 201 — 6 ABS 4,109 (5) (27) 115 (61) 4,131 — (27) Trading securities CLO 50 16 — (3) (19) 44 25 — ABS 1,475 35 — 131 — 1,641 37 — Equity securities 72 8 — 34 — 114 8 — Investment funds 2,033 (63) — — — 1,970 (63) — Funds withheld at interest – embedded derivative 862 (282) — — — 580 — — Reinsurance recoverable 2,100 (220) — — — 1,880 — — Assets of consolidated VIEs - Investment funds — 3 — 42 109 154 3 — Total Level 3 assets $ 14,840 $ (1,811) $ 32 $ 770 $ (124) $ 13,707 $ 12 $ 39 Liabilities Interest sensitive contract liabilities Embedded derivative $ (12,873) $ 335 $ — $ 65 $ — $ (12,473) $ — $ — Universal life benefits (1,308) 200 — — — (1,108) — — Future policy benefits AmerUs Closed Block (1,600) 103 — — — (1,497) — — ILICO Closed Block and life benefits (776) 19 — — — (757) — — Derivative liabilities (4) (1) — — — (5) (1) — Total Level 3 liabilities $ (16,561) $ 656 $ — $ 65 $ — $ (15,840) $ (1) $ — 1 Related to instruments held at end of period. The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above: Successor Three months ended March 31, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in 1 Transfers out 2 Net transfers in (out) Assets AFS securities Corporate $ 324 $ — $ (168) $ (16) $ 140 $ 43 $ (1) $ 42 CLO — — — (10) (10) — — — ABS 1,489 — (1,450) (187) (148) 338 (1) 337 CMBS — — — — — — (16) (16) Trading securities CLO 4 — — — 4 — (5) (5) ABS 2 — — — 2 — — — RMBS — — — — — 30 (5) 25 Mortgage loans 4,091 — (82) (723) 3,286 — — — Short-term investments 30 — — — 30 — — — Investments in related parties AFS securities Corporate 315 — (217) (4) 94 — — — CLO 130 — — — 130 — — — ABS 374 — (87) (432) (145) — (1,864) (1,864) Trading securities CLO 15 — (1) (13) 1 — (10) (10) ABS 14 — (264) (5) (255) — (1,250) (1,250) Equity securities — — — — — — (113) (113) Mortgage loans 146 — — (7) 139 — — — Investment funds — — (34) — (34) — (2,031) (2,031) Short-term investments 53 — — — 53 — — — Assets of consolidated VIEs Mortgage loans — — — (152) (152) — — — Investment funds 253 — (15) — 238 10,081 (1,034) 9,047 Other investments — — — — — 1,902 — 1,902 Total Level 3 assets $ 7,240 $ — $ (2,318) $ (1,549) $ 3,373 $ 12,394 $ (6,330) $ 6,064 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (255) $ — $ 153 $ (102) $ — $ — $ — Liabilities of consolidated VIEs – debt — — — — — (3,645) — (3,645) Total Level 3 liabilities $ — $ (255) $ — $ 153 $ (102) $ (3,645) $ — $ (3,645) 1 Transfers in includes assets and liabilities of consolidated VIEs that we consolidated effective March 31, 2022 ($10,081 million investment funds, $1,902 million other investments, and $3,645 million debt). 2 Transfers out includes the elimination of investments in related party securities issued by VIEs that we consolidated effective March 31, 2022 ($1,582 million ABS AFS securities, $1,260 million ABS and CLO trading securities, and $113 million equity securities). Predecessor Three months ended March 31, 2021 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities US state, municipal and political subdivisions $ — $ — $ — $ — $ — $ — $ (34) $ (34) Corporate 39 — (9) (8) 22 76 (119) (43) CLO — — — (34) (34) — — — ABS 513 — — (45) 468 47 (138) (91) Trading securities CLO — — (4) — (4) — — — RMBS — — — — — 20 (3) 17 Mortgage loans — — — (1) (1) — — — Short-term investments — — — — — — (2) (2) Investments in related parties AFS securities, ABS 873 — (751) (7) 115 — (61) (61) Trading securities CLO 3 — — (6) (3) 6 (25) (19) ABS 131 — — — 131 — — — Equity securities 35 — — (1) 34 — — — Assets of consolidated VIEs – Investment funds 42 — — — 42 109 — 109 Total Level 3 assets $ 1,636 $ — $ (764) $ (102) $ 770 $ 258 $ (382) $ (124) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (175) $ — $ 240 $ 65 $ — $ — $ — Total Level 3 liabilities $ — $ (175) $ — $ 240 $ 65 $ — $ — $ — 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 – We use discounted cash flow models to calculate the fair value for certain fixed maturity securities. The discount rate is a significant unobservable input because the credit spread includes adjustments made to the base rate. The base rate represents a market comparable rate for securities with similar characteristics. This excludes assets for which fair value is provided by independent broker quotes, but includes assets for which fair value is provided by affiliated quotes. Mortgage loans – We use discounted cash flow models from independent commercial pricing services to calculate the fair value of our mortgage loan portfolio. The discount rate is a significant unobservable input. This approach uses market transaction information and client portfolio-oriented information, such as prepayments or defaults, to support the valuations. 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 US Department of the Treasury (Treasury) curve based on our public credit rating as of the valuation date. This represents our credit risk for use in the estimate of the fair value of embedded derivatives. 2. Option budget – We assume future hedge costs in the derivative’s fair value estimate. The level of option budgets determines the future costs of the options and impacts future policyholder account value growth. 3. Policyholder behavior – We regularly review the lapse and withdrawal assumptions (surrender rate). These are based on our initial pricing assumptions updated for actual experience. Actual experience may be limited for recently issued products. The following summarizes the unobservable inputs for AFS and trading securities, mortgage loans and the embedded derivatives of fixed indexed annuities: Successor March 31, 2022 (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 $ 11,322 Discounted cash flow Discount rate 1.5 % 21.0 % 4.7 % 1 Decrease Mortgage loans $ 27,032 Discounted cash flow Discount rate 1.4 % 15.1 % 4.4 % 1 Decrease Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives $ 6,704 Discounted cash flow Nonperformance risk 0.3 % 2.0 % 0.9 % 2 Decrease Option budget 0.5 % 3.8 % 1.8 % 3 Increase Surrender rate 5.3 % 10.6 % 7.9 % 4 Decrease Predecessor December 31, 2021 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value AFS and trading securities $ 10,167 Discounted cash flow Discount rate 1.4 % 19.4 % 5.2 % 1 Decrease Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives $ 14,907 Option budget method Nonperformance risk 0.1 % 1.0 % 0.6 % 2 Decrease Option budget 0.4 % 3.4 % 1.9 % 3 Increase Surrender rate 5.9 % 10.7 % 8.0 % 4 Decrease 1 The discount rate weighted average is calculated based on the relative fair values of the securities or loans. 2 The nonperformance risk weighted average is based on the projected excess benefits of reserves used in the calculation of the embedded derivative. 3 The option budget weighted average is calculated based on the indexed account values. 4 The surrender rate weighted average is calculated based on projected account values. Financial Instruments Without Readily Determinable Fair Values —We have elected the measurement alternative for certain equity securities that do not have a readily determinable fair value. As of March 31, 2022 and December 31, 2021, the carrying amount of the equity securities was $400 million and $0 million, respectively, with no cumulative recorded impairment. Fair Value of Financial Instruments Not Carried at Fair Value — The following represents our financial instruments not carried at fair value on the condensed consolidated balance sheets: Successor March 31, 2022 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 1,063 $ 1,063 $ 1,063 $ — $ — $ — Policy loans 296 296 — — 296 — Funds withheld at interest 43,055 43,055 — — — 43,055 Short-term investments 26 26 — — — 26 Other investments 1,064 1,064 — — — 1,064 Investments in related parties Investment funds 2,274 2,274 2,274 — — — Funds withheld at interest 12,001 12,001 — — — 12,001 Other investments 255 255 — — — 255 Assets of consolidated VIEs – investment funds 789 789 789 — — — Total financial assets not carried at fair value $ 60,823 $ 60,823 $ 4,126 $ — $ 296 $ 56,401 Financial liabilities Interest sensitive contract liabilities $ 114,493 $ 107,961 $ — $ — $ — $ 107,961 Long-term debt 3,287 2,931 — — 2,931 — Securities to repurchase 3,966 3,966 — — 3,966 — Liabilities of consolidated VIEs – debt 1,838 1,838 — — — 1,838 Total financial liabilities not carried at fair value $ 123,584 $ 116,696 $ — $ — $ 6,897 $ 109,799 Predecessor December 31, 2021 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Mortgage loans $ 20,731 $ 21,138 $ — $ — $ — $ 21,138 Investment funds 995 995 995 — — — Policy loans 312 312 — — 312 — Funds withheld at interest 43,125 43,125 — — — 43,125 Other investments 1,343 1,343 — — — 1,343 Investments in related parties Mortgage loans 1,360 1,369 — — — 1,369 Investment funds 4,433 4,433 4,433 — — — Funds withheld at interest 11,629 11,629 — — — 11,629 Other investments 222 223 — — — 223 Assets of consolidated VIEs – mortgage loans 2,040 2,152 — — — 2,152 Total financial assets not carried at fair value $ 86,190 $ 86,719 $ 5,428 $ — $ 312 $ 80,979 Financial liabilities Interest sensitive contract liabilities $ 105,293 $ 108,621 $ — $ — $ — $ 108,621 Long-term debt 2,964 3,295 — — 3,295 — Securities to repurchase 3,110 3,110 — — 3,110 — Funds withheld liability 394 394 — — 394 — Liabilities of consolidated VIEs – debt 113 113 — — — 113 Total financial liabilities not carried at fair value $ 111,874 $ 115,533 $ |
Deferred Acquisition Costs, Def
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired | 3 Months Ended |
Mar. 31, 2022 | |
Insurance [Abstract] | |
Deferred Acquisition Costs, Deferred Sales Inducements, and Value of Business Acquired | 7. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired The following represents a rollforward of DAC, DSI and VOBA: Successor (In millions) DAC DSI VOBA Total Balance at January 1, 2022 $ — $ — $ 4,547 $ 4,547 Additions 214 77 — 291 Amortization — — (125) (125) Balance at March 31, 2022 $ 214 $ 77 $ 4,422 $ 4,713 Predecessor (In millions) DAC DSI VOBA Total Balance at December 31, 2020 $ 3,236 $ 857 $ 813 $ 4,906 Additions 143 54 — 197 Amortization (98) (84) (66) (248) Impact of unrealized investment (gains) losses 271 87 90 448 Balance at March 31, 2021 $ 3,552 $ 914 $ 837 $ 5,303 The expected amortization of VOBA for the next five years is as follows: (In millions) Expected Amortization 2022 1 $ 362 2023 452 2024 415 2025 380 2026 343 2027 305 1 Expected amortization for the remainder of 2022. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | 8. Equity Distributions to Parent — In the first quarter of 2022, we distributed our investment in AOG units to AGM. See Note 9 – Related Parties for further information on the investment in AOG units. The AOG distribution resulted in a reduction of additional paid-in capital of $1,916 million and an increase in accumulated deficit of $26 million. In connection with the AOG distribution to AGM, we also issued a stock dividend of 11.6 million shares to the Apollo Group shareholders other than AGM. Additionally, we recorded a reestablishment of the liabilities that were considered effectively settled upon merger of $810 million, as these liabilities were settled during the first quarter of 2022 in the normal course of business as intercompany payables to AGM. Acc umulated Other Comprehensive Income (Loss)— The following provides the details and changes in AOCI: (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance DAC, DSI and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at January 1, 2022 $ — $ — $ — $ — $ — $ — Other comprehensive income (loss) before reclassifications (6,645) (97) 268 (129) 4 (6,599) Less: Reclassification adjustments for gains (losses) realized in net income 1 (38) (7) 1 — — (44) Less: Income tax expense (benefit) (1,184) (16) 56 (26) — (1,170) Less: Other comprehensive income (loss) attributable to noncontrolling interests (676) (9) — (24) (2) (711) Balance at March 31, 2022 $ (4,747) $ (65) $ 211 $ (79) $ 6 $ (4,674) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance 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 (loss) Balance at December 31, 2020 $ 5,352 $ (53) $ (1,310) $ (26) $ 8 $ 3,971 Other comprehensive income (loss) before reclassifications (3,384) 32 753 (31) — (2,630) Less: Reclassification adjustments for gains (losses) realized in net income 1 (10) — 2 — — (8) Less: Income tax expense (benefit) (653) 6 158 (7) — (496) Less: Other comprehensive income (loss) attributable to noncontrolling interests (177) 2 — (1) — (176) Balance at March 31, 2021 $ 2,808 $ (29) $ (717) $ (49) $ 8 $ 2,021 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). 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 | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Parties | 9. 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 our fee agreement with Apollo, which was amended and restated as of March 31, 2022, and effective as of January 1, 2022, we pay Apollo a base management fee of (1) 0.225% per year on a monthly basis equal to the lesser of (A) $103.4 billion, which represents the aggregate fair market value of substantially all of the assets in substantially all of the investment accounts of or relating to us (collectively, the Accounts) as of December 31, 2018 (Backbook Value), and (B) the aggregate book value of substantially all of the assets in the Accounts at the end of the respective month, plus (2) 0.15% per year of the amount, if any, by which the aggregate book value of substantially all of the assets in the Accounts at the end of the respective month exceeds the Backbook Value, subject to certain adjustments. Additionally, we pay a sub-allocation fee based on specified asset class tiers ranging from 0.065% to 0.70% of the book value of such assets, with the higher percentages in this range for asset classes that are designed to have more alpha generating abilities. During the three months ended March 31, 2022 and 2021, we incurred management fees, inclusive of the base and sub-allocation fees, of $186 million and $144 million, respectively. Management fees are included within net investment income on the condensed consolidated statements of income (loss). As of March 31, 2022 and December 31, 2021, management fees payable were $84 million and $59 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. Termination of ACRA investment management agreements (IMA) – Our bye-laws currently provide that, with respect to IMAs covering assets backing reserves and surplus in ACRA, whether from internal reinsurance, third-party reinsurance, or inorganic transactions, among us or any of our subsidiaries, on the one hand, and Apollo Insurance Solutions Group LP (ISG), on the other hand, we may not, and will not cause our subsidiaries to, terminate any such IMA with Apollo other than at specified termination dates and with relevant board approvals of independent directors and written notice. Governance – We have a management investment and asset liability 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. Prior to our merger with AGM on January 1, 2022, a significant voting interest in the Company was held by shareholders who are members of the Apollo Group. James Belardi, our Chief Executive Officer, also serves as a member of the board of directors and an executive officer of AGM, and, as Chief Executive Officer of ISG, receives compensation from ISG for services he provides. Mr. Belardi also owns a 5% profit interest in ISG and in connection with such interest receives a specified percentage of other fee streams earned by Apollo from us, including sub-allocation fees. Additionally, six of the sixteen members of our board of directors (including Mr. Belardi) are employees of or consultants to Apollo. 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 general partners, directors (other than independent directors of AGM), managers, 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 Athene Freedom – We have a limited partnership investment in Athene Freedom, for which an Apollo affiliate is the general partner. As of March 31, 2022 and in connection with the reassessment of VIEs resulting from the merger, we consolidated Athene Freedom as a VIE. Athene Freedom indirectly invests in both Wheels, Inc. (Wheels) and Donlen, LLC (Donlen). We own ABS and corporate debt securities issued by Wheels and Donlen of $2,211 million and $2,419 million as of March 31, 2022 and December 31, 2021, respectively, which are held as related party AFS securities on the condensed consolidated balance sheets. MidCap – As of March 31, 2022 and in connection with the reassessment of VIEs resulting from the merger, we consolidated MidCap as a VIE. We hold multiple investments in MidCap including profit participating notes, senior unsecured notes and redeemable preferred stock, which prior to consolidation, were included in related party AFS or trading securities on the condensed consolidated balance sheets for periods prior to March 31, 2022. The following summarizes the Predecessor investments in MidCap: Predecessor (In millions) December 31, 2021 Profit participating notes $ 635 Senior unsecured notes 158 Redeemable preferred stock 7 Total investment in MidCap $ 800 Additionally, we hold ABS and CLO securities issued by MidCap affiliates of $892 million and $897 million as of March 31, 2022 and December 31, 2021, respectively, which are included in related party AFS securities on the condensed consolidated balance sheets. Athora – We have a cooperation agreement with Athora, pursuant to which, among other things, (1) for a period of 30 days from the receipt of notice of a cession, we have the right of first refusal to reinsure (i) up to 50% of the liabilities ceded from Athora’s reinsurance subsidiaries to Athora Life Re Ltd. and (ii) up to 20% of the liabilities ceded from a third party to any of Athora’s insurance subsidiaries, subject to a limitation in the aggregate of 20% of Athora’s liabilities, (2) Athora agreed to cause its insurance subsidiaries to consider the purchase of certain funding agreements and/or other spread instruments issued by our insurance subsidiaries, subject to a limitation that the fair market value of such funding agreements purchased by any of Athora’s insurance subsidiaries may generally not exceed 3% of the fair market value of such subsidiary’s total assets, (3) we provide Athora with a right of first refusal to pursue acquisition and reinsurance transactions in Europe (other than the United Kingdom (UK)) and (4) Athora provides us and our subsidiaries with a right of first refusal to pursue acquisition and reinsurance transactions in North America and the UK. Notwithstanding the foregoing, pursuant to the cooperation agreement, Athora is only required to use its reasonable best efforts to cause its subsidiaries to adhere to the provisions set forth in the cooperation agreement and therefore Athora’s ability to cause its subsidiaries to act pursuant to the cooperation agreement may be limited by, among other things, legal prohibitions or the inability to obtain the approval of the board of directors or other applicable governing body of the applicable subsidiary, which approval is solely at the discretion of such governing body. As of March 31, 2022 , we have not exercised our right of first refusal to reinsure liabilities ceded to Athora’s insurance or reinsurance subsidiaries. The following table summarizes our investments in Athora: Successor Predecessor (In millions) March 31, 2022 December 31, 2021 Investment fund $ 814 $ 743 Non-redeemable preferred equity securities 166 171 Total investment in Athora $ 980 $ 914 Additionally, as of March 31, 2022 and December 31, 2021, we had $61 million and $63 million, respectively, of funding agreements outstanding to Athora . We also have commitments to make additional investments in Athora of $552 million as of March 31, 2022. 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 $230 million and $219 million as of March 31, 2022 and December 31, 2021, 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 Apollo, Crestview Partners III Management , LLC and Reverence Capital Partners L.P., and is the parent of Venerable, which is the parent of VIAC. 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 $255 million and $222 million as of March 31, 2022 and December 31, 2021, 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 $2.875 billion over three years in funds managed by Apollo entities (Strategic Partnership). This arrangement is intended to permit us to invest across the Apollo alternatives platform into credit-oriented, strategic and other alternative investments in a manner and size that is consistent with our existing investment strategy. Fees for such investments payable by us to Apollo would be more favorable to us than market rates, and consistent with our existing alternative investments, investments made under the Strategic Partnership require approval of ISG and remain subject to our existing governance processes, including approval by our conflicts committee where applicable. As of March 31, 2022 and December 31, 2021, we had $823 million and $415 million, respectively, of investments under the Strategic Partnership and these investments are typically included as consolidated VIEs or related party investment funds on the condensed consolidated balance sheets. PK AirFinance – We have investments in PK AirFinance (PK Air), 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 Air 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 a special purpose vehicle (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. We have purchased both senior and subordinated notes of PK Air, which are included in related party AFS or trading securities on the condensed consolidated balance sheets. During the first quarter of 2022, we contributed our investment in the subordinated notes to PK Air Holdings, LP (PK Air Holdings), which is a consolidated VIE investment fund on the condensed consolidated balance sheets. The following summarizes our investments in PK Air notes: Successor Predecessor (In millions) March 31, 2022 December 31, 2021 AFS or trading securities $ 1,132 $ 1,401 We also have commitments to make additional investments in PK Air of $1,252 million as of March 31, 2022. Apollo/Athene Dedicated Investment Program (ADIP) – Our subsidiary, Athene Co-Invest Reinsurance Affiliate Holding Ltd. (together with its subsidiaries, ACRA) is partially owned by ADIP, a series of funds managed by Apollo. ALRe currently holds 36.55% of the economic interests in ACRA and all of ACRA’s voting interests, with ADIP holding the remaining 63.45% of the economic interests. During the three months ended March 31, 2022 and 2021, we received capital contributions of $311 million and $235 million, respectively, from ADIP. Additionally, as of March 31, 2022 and December 31, 2021 , we had $108 million and $81 million, respectively, of related party payables for contingent investment fees payable by ACRA to Apollo. ACRA is obligated to pay the contingent investment fees on behalf of ADIP and, as such, the balance is attributable to noncontrolling interest. 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. As of December 31, 2021, the investment in Apollo was $2,112 million, which was included in related party investment funds on the condensed consolidated balance sheets. Subsequent to our merger with AGM, our investment in Apollo was distributed to AGM in the first quarter of 2022. Apollo Aligned Alternatives, L.P. (AAA) Investment – On April 1, 2022, we contributed certain of our alternative investments to AAA in exchange for limited partnership interests in AAA. Apollo established AAA for the purpose of providing a single vehicle through which we and third-party investors can participate in a portfolio of alternative investments. Additionally, AAA is expected to provide us further diversification in alternatives exposure and provide Apollo the potential to raise additional AUM in alternatives. Third-party investors are expected to invest in AAA at a later date. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Contingent Commitments —We had commitments to make investments, primarily capital contributions to investment funds, inclusive of related party commitments discussed previously, of $16,636 million as of March 31, 2022. 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 Federal Home Loan Bank of Des Moines (FHLB) and, through membership, we have issued funding agreements to the FHLB in exchange for cash advances. As of March 31, 2022 and December 31, 2021, we had $3,246 million and $2,751 million, respectively, of FHLB funding agreements outstanding. We are required to provide collateral in excess of the funding agreement amounts outstanding, considering any discounts to the securities posted and prepayment penalties. We have a funding agreement backed notes (FABN) program, which allows Athene Global Funding, a special-purpose, unaffiliated statutory trust, to offer its senior secured medium-term notes. Athene Global Funding uses the net proceeds from each sale to purchase one or more funding agreements from us. As of March 31, 2022 and December 31, 2021, we had $22,481 million and $19,728 million, respectively, of board-authorized FABN f unding agreements outstanding . We had $12,330 million of board-authorized FABN capacity remaining as of March 31, 2022. We also established a secured funding agreement backed repurchase agreement (FABR) program, in which a special-purpose, unaffiliated entity enters into repurchase agreements with a bank and the proceeds of the repurchase agreements were used by the special-purpose entity to purchase funding agreements from us. As of March 31, 2022 and December 31, 2021, we had $2,000 million and $1,000 million, respectively, 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: Successor Predecessor (In millions) March 31, 2022 December 31, 2021 AFS securities $ 9,877 $ 9,111 Trading securities 57 75 Equity securities 31 30 Mortgage loans 5,333 5,033 Investment funds 208 174 Derivative assets 72 96 Other investments 150 130 Restricted cash 834 796 Total restricted assets $ 16,562 $ 15,445 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 $1,369 million as of March 31, 2022. These letters of credit were issued for our reinsurance program and expire between May 22, 2023 and December 10, 2023. Litigation, Claims and Assessments Corporate-owned Life Insurance (COLI) Matter – In 2000 and 2001, two insurance companies which were subsequently merged into AAIA, purchased broad based variable COLI policies from American General Life Insurance Company (American General). 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 was 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 proceeded 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 were to have been deemed effective, the purported changes to the policies could have impaired AAIA’s ability to access the value of guarantees associated with the policies. The parties engaged in discovery as well as discussions concerning whether the matter could be resolved without further litigation and, at the request of the parties, on August 11, 2021, the court entered an Amended Scheduling Order setting the trial date for June 2023. On December 27, 2021, the parties agreed in principle to a settlement, pursuant to which we will be able to surrender the policies at any time and receive proceeds within six months. During the year ended December 31, 2021, we recorded an impairment of the COLI asset of $53 million, and an adjustment to deferred tax liabilities of $47 million, to reflect the terms of the settlement. 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. In addition to the examinations and proceedings initiated to date, it is possible that other regulators may pursue similar formal examinations, inquiries or enforcement proceedings and that any examinations, inquiries and/or enforcement proceedings may result in fines, administrative penalties and payments to policyholders. |
Business, Basis of Presentati_2
Business, Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation—We have prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the United States Securities and Exchange Commission’s rules and regulations for Form 10-Q and Article 10 of Regulation S-X. The accompanying condensed consolidated financial statements are unaudited and reflect all adjustments, consisting only of normal recurring items, considered necessary for fair statement of the results for the interim periods presented. All intercompany accounts and transactions have been eliminated. Interim operating results are not necessarily indicative of the results expected for the entire year.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 condensed consolidated financial statements.The condensed consolidated balance sheet as of December 31, 2021 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, 2021. |
Consolidation | The accompanying condensed consolidated financial statements are unaudited and reflect all adjustments, consisting only of normal recurring items, considered necessary for fair statement of the results for the interim periods presented. All intercompany accounts and transactions have been eliminated. Interim operating results are not necessarily indicative of the results expected for the entire year.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 condensed consolidated financial statements.The condensed consolidated balance sheet as of December 31, 2021 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 | 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 GLWB and 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 condensed consolidated financial statements. |
Derivatives, Policy | We issue and reinsure products, primarily indexed annuity products, or purchase investments that contain embedded derivatives. If we determine the embedded derivative has economic characteristics not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract and accounted for separately, unless the fair value option is elected on the host contract. Under the fair value option, bifurcation of the embedded derivative is not necessary as the entire contract is carried at fair value with all related gains and losses recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). Embedded derivatives are carried on the condensed consolidated balance sheets at fair value in the same line item as the host contract. Fixed indexed annuity, index-linked variable annuity and indexed universal life insurance contracts allow the policyholder to elect a fixed interest rate return or an equity market component for which interest credited is based on the performance of certain stock market indices. The equity market option is an embedded derivative. The benefit reserve is equal to the sum of the fair value of the embedded derivative and the host (or guaranteed) component of the contracts. The fair value of the embedded derivatives represents the present value of cash flows attributable to the indexed strategies. The embedded derivative cash flows are based on assumptions for future policy growth, which include assumptions for expected index credits on the next policy anniversary date, future equity option costs, volatility, interest rates and policyholder behavior assumptions including lapses and the use of benefit riders. The embedded derivative cash flows are discounted using a rate that reflects our own credit rating. The host contract is established at contract inception as the initial account value less the initial fair value of the embedded derivative and accreted over the policy’s life. Contracts acquired through a business combination which contain an embedded derivative are re-bifurcated as of the acquisition date. Changes in the fair value of embedded derivatives associated with fixed indexed annuities, index-linked variable annuities and indexed universal life insurance contracts are included in interest sensitive contract benefits on the condensed consolidated statements of income (loss). Additionally, reinsurance agreements written on a funds withheld or modco basis contain embedded derivatives. We have determined that the right to receive or obligation to pay the total return on the assets supporting the funds withheld at interest or funds withheld liability, respectively, represents a total return swap with a floating rate leg. The fair value of embedded derivatives on funds withheld and modco agreements is computed as the unrealized gain (loss) on the underlying assets and is included within funds withheld at interest and funds withheld liability on the condensed consolidated balance sheets for assumed and ceded agreements, respectively. The change in the fair value of the embedded derivatives is recorded in investment related gains (losses) on the condensed consolidated statements of income (loss). Assumed and ceded earnings from funds withheld at interest, funds withheld liability and changes in the fair value of embedded derivatives are reported in operating activities on the condensed consolidated statements of cash flows. Contributions to and withdrawals from funds withheld at interest and funds withheld liability are reported in operating activities on the condensed consolidated statements of cash flows. |
Deferred Policy Acquisition Costs, Policy | Costs related directly to the successful acquisition of new, or renewal of, insurance or investment contracts are deferred to the extent they are recoverable from future premiums or gross profits. These costs consist of commissions and policy issuance costs, as well as sales inducements credited to policyholder account balances, and are included in deferred acquisition costs (DAC), deferred sales inducements (DSI) and value of business acquired (VOBA) on the condensed consolidated balance sheets. We perform periodic tests, including at issuance, to determine if the deferred costs are recoverable. If we determine that the deferred costs are not recoverable, we record a cumulative charge to the current period.Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds are amortized over the lives of the policies, based upon the proportion of the present value of actual and expected deferred costs to the present value of actual and expected gross profits to be earned over the life of the policies. Gross profits include investment spread margins, surrender charge income, policy administration charges and expenses, changes in the guaranteed lifetime withdrawal benefit (GLWB) and guaranteed minimum death benefit (GMDB) reserves and realized gains and losses on investments. Current period gross profits for fixed indexed annuities also include the change in fair value of both freestanding and embedded derivatives. Estimates of the expected gross profits and margins are based on assumptions using accepted actuarial methods related to policyholder behavior, including lapses and the utilization of benefit riders, mortality, yields on investments supporting the liabilities, future interest credited amounts (including indexed related credited amounts on fixed indexed annuity products), and other policy changes as applicable, and the level of expenses necessary to maintain the policies over their expected lives. Each reporting period, we update estimated gross profits with actual gross profits as part of the amortization process and adjust the DAC and DSI balances due to the other comprehensive income (OCI) effects of unrealized investment gains and losses on AFS securities. We also periodically revise the key assumptions used in the amortization calculation, which results in revisions to the estimated future gross profits. The effects of changes in assumptions are recorded as unlocking in the period in which the changes are made.Deferred costs related to investment contracts without significant revenue streams from sources other than investment of the policyholder funds are amortized using the effective interest method. The effective interest method amortizes the deferred costs by discounting the future liability cash flows at a break-even rate. The break-even rate is solved for such that the present value of future liability cash flows is equal to the net liability at the inception of the contract. |
Sales Inducements to Contract Holders, Policy | Costs related directly to the successful acquisition of new, or renewal of, insurance or investment contracts are deferred to the extent they are recoverable from future premiums or gross profits. These costs consist of commissions and policy issuance costs, as well as sales inducements credited to policyholder account balances, and are included in deferred acquisition costs (DAC), deferred sales inducements (DSI) and value of business acquired (VOBA) on the condensed consolidated balance sheets. We perform periodic tests, including at issuance, to determine if the deferred costs are recoverable. If we determine that the deferred costs are not recoverable, we record a cumulative charge to the current period.Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds are amortized over the lives of the policies, based upon the proportion of the present value of actual and expected deferred costs to the present value of actual and expected gross profits to be earned over the life of the policies. Gross profits include investment spread margins, surrender charge income, policy administration charges and expenses, changes in the guaranteed lifetime withdrawal benefit (GLWB) and guaranteed minimum death benefit (GMDB) reserves and realized gains and losses on investments. Current period gross profits for fixed indexed annuities also include the change in fair value of both freestanding and embedded derivatives. Estimates of the expected gross profits and margins are based on assumptions using accepted actuarial methods related to policyholder behavior, including lapses and the utilization of benefit riders, mortality, yields on investments supporting the liabilities, future interest credited amounts (including indexed related credited amounts on fixed indexed annuity products), and other policy changes as applicable, and the level of expenses necessary to maintain the policies over their expected lives. Each reporting period, we update estimated gross profits with actual gross profits as part of the amortization process and adjust the DAC and DSI balances due to the other comprehensive income (OCI) effects of unrealized investment gains and losses on AFS securities. We also periodically revise the key assumptions used in the amortization calculation, which results in revisions to the estimated future gross profits. The effects of changes in assumptions are recorded as unlocking in the period in which the changes are made.Deferred costs related to investment contracts without significant revenue streams from sources other than investment of the policyholder funds are amortized using the effective interest method. The effective interest method amortizes the deferred costs by discounting the future liability cash flows at a break-even rate. The break-even rate is solved for such that the present value of future liability cash flows is equal to the net liability at the inception of the contract. |
Present Value of Future Insurance Profits, Policy | We establish VOBA for blocks of insurance contracts acquired through the acquisition of insurance entities and through application of pushdown accounting. We record the fair value of the liabilities assumed in two components: reserves and VOBA. Reserves are established using our best estimate assumptions consistent with our policies for future policy benefits and interest sensitive contract liabilities. VOBA is the difference between the fair value of the liabilities and the reserves. VOBA can be either positive or negative. Any negative VOBA is recorded to the same financial statement line on the condensed consolidated balance sheets as the associated reserves. Positive VOBA is recorded in deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated balance sheets. We perform periodic tests to determine if the VOBA remains recoverable. If we determine that VOBA is not recoverable, we record a cumulative charge to the current period. In connection with the application of pushdown accounting, we changed our VOBA amortization method such that all VOBA and negative VOBA balances are amortized in relation to applicable policyholder liabilities. VOBA and negative VOBA are amortized in relation to applicable policyholder liabilities. Significant assumptions that impact VOBA and negative VOBA amortization are consistent with those that impact the measurement of policyholder liabilities. See Note 7 – Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired for further information. |
Revenue | Revenues for universal life-type policies and investment contracts, including surrender and market value adjustments, costs of insurance, policy administration, GMDB, GLWB and no-lapse guarantee charges, are earned when assessed against policyholder account balances during the period. Interest credited to policyholder account balances and the change in fair value of embedded derivatives within fixed indexed annuity contracts is included in interest sensitive contract benefits on the condensed consolidated statements of income (loss). Premiums for long-duration contracts, including products with fixed and guaranteed premiums and benefits, are recognized as revenue when due from policyholders. When premiums are due over a significantly shorter period than the period over which benefits are provided, such as immediate annuities with life contingencies (which includes pension group annuities), a deferred profit liability is established equal to the excess of the gross premium over the net premium. The deferred profit liability is recognized in future policy benefits on the condensed consolidated balance sheets and amortized into income in relation to applicable policyholder liabilities through future policy and other policy benefits on the condensed consolidated statements of income (loss). All insurance related revenue is reported net of reinsurance ceded. |
Consolidation, Variable Interest Entity, Policy | An entity that does not have sufficient equity to finance its activities without additional financial support, or in which the equity investors, as a group, do not have the characteristics typically afforded to common shareholders is a VIE. The determination as to whether an entity qualifies as a VIE depends on the facts and circumstances surrounding each entity and may require significant judgment. Our investment funds typically qualify as VIEs and are evaluated for consolidation under the VIE model.We are required to consolidate a VIE if we are the primary beneficiary, defined as the variable interest holder with both the power to direct the activities that most significantly impact the VIE’s economic performance and rights to receive benefits or obligations to absorb losses that could be potentially significant to the VIE. We determine whether we are the primary beneficiary of an entity based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose and our relative exposure to the related risks of the VIE. Since affiliates of AGM, a related party under common control, are the decision makers in certain of the investment funds and securitization vehicles, we and a member of our related party group may together have the characteristics of the primary beneficiary in a VIE. In this situation, we have concluded we must consolidate the VIE when we have significant economic exposure to the entity. We reassess the VIE and primary beneficiary determinations on an ongoing basis. |
Investment, Policy | Effective January 1, 2022, we elected the fair value option on our mortgage loan portfolio. Interest income is accrued on the principal amount of the loan based on its contractual interest rate. We accrue interest on loans until it is probable we will not receive interest, or the loan is 90 days past due unless guaranteed by US government-sponsored agencies. Interest income and prepayment fees are reported in net investment income on the condensed consolidated statements of income (loss). Changes in the fair value of the mortgage loan portfolio are reported in investment related gains (losses) on the condensed consolidated statements of income (loss). |
Business Combinations and Ass_2
Business Combinations and Asset Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | (In millions, except exchange ratio and share price data) Consideration AHL common shares purchased 138 Exchange ratio 1.149 Shares of common stock issued in exchange 158 AGM Class A shares closing price $ 72.43 Total merger consideration at closing $ 11,455 Fair value of estimated RSUs, options and warrants assumed and other equity consideration 699 Effective settlement of pre-existing relationships 896 Total merger consideration 13,050 Fair value of AHL common shares previously held by Apollo and other adjustments 4,554 Total AHL equity value held by AGM 17,604 Fair value of preferred stock 2,666 Noncontrolling interest 2,276 Total AHL equity value $ 22,546 The following represents the calculation of goodwill and fair value amounts recognized: (In millions) Fair value and goodwill calculation Merger consideration $ 13,050 Fair value of AHL common shares previously held by Apollo and other adjustments 4,554 Total AHL equity value held by AGM 17,604 Assets Investments $ 175,987 Cash and cash equivalents 9,479 Restricted cash 796 Investment in related parties 33,786 Reinsurance recoverable 4,977 VOBA 4,547 Other assets 5,779 Assets of consolidated variable interest entities 3,635 Estimated fair value of total assets acquired by AGM 238,986 Liabilities Interest sensitive contract liabilities 160,248 Future policy benefits 47,130 Long-term debt 3,295 Payables for collateral on derivatives and securities to repurchase 7,044 Other liabilities 2,443 Liabilities of consolidated variable interest entities 461 Estimated fair value of total liabilities assumed by AGM 220,621 Identifiable net assets 18,365 Less: Fair value of preferred stock 2,666 Less: Fair value of noncontrolling interests 2,276 Estimated fair value of net assets acquired by AGM, excluding goodwill 13,423 Goodwill attributable to AHL $ 4,181 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The fair value and weighted average estimated useful life of identifiable intangible assets consists of the following: Fair value (in millions) Weighted average useful life (in years) VOBA $ 4,547 7 Distribution channels 1,870 18 Trade name 160 20 Insurance licenses 26 Indefinite Total $ 6,603 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule of Investments [Abstract] | |
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 by asset type: Successor Three months ended March 31, 2022 Additions Reductions (In millions) January 1, 2022 Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS securities Foreign governments $ — $ 66 $ — $ — $ — $ 66 Corporate — 55 — — — 55 CLO — 18 — — — 18 ABS 5 5 — — 1 11 CMBS — 6 — — — 6 RMBS 306 9 — (8) 5 312 Total AFS securities 311 159 — (8) 6 468 AFS securities – related party CLO — 3 — — — 3 ABS — 17 — — — 17 Total AFS securities – related party — 20 — — — 20 Total AFS securities including related party $ 311 $ 179 $ — $ (8) $ 6 $ 488 Predecessor Three months ended March 31, 2021 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS securities Corporate $ 6 $ 2 $ — $ (2) $ 2 $ 8 CLO 1 — — — (1) — ABS 6 5 — — — 11 CMBS 10 2 — — 2 14 RMBS 80 — 2 (3) (1) 78 Total AFS securities 103 9 2 (5) 2 111 AFS securities - related party, CLO 1 — — (1) — — Total AFS securities including related party $ 104 $ 9 $ 2 $ (6) $ 2 $ 111 |
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: Successor March 31, 2022 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 3,123 $ — $ 1 $ (163) $ 2,961 US state, municipal and political subdivisions 1,209 — — (117) 1,092 Foreign governments 1,173 (66) 11 (107) 1,011 Corporate 65,935 (55) 34 (5,675) 60,239 CLO 14,282 (18) 3 (239) 14,028 ABS 9,572 (11) 4 (281) 9,284 CMBS 2,883 (6) 14 (144) 2,747 RMBS 6,045 (312) 8 (204) 5,537 Total AFS securities 104,222 (468) 75 (6,930) 96,899 AFS securities – related party Corporate 948 — 10 (26) 932 CLO 2,776 (3) 2 (43) 2,732 ABS 4,705 (17) 4 (32) 4,660 Total AFS securities – related party 8,429 (20) 16 (101) 8,324 Total AFS securities including related party $ 112,651 $ (488) $ 91 $ (7,031) $ 105,223 Predecessor December 31, 2021 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 231 $ — $ 2 $ (10) $ 223 US state, municipal and political subdivisions 1,081 — 134 (2) 1,213 Foreign governments 1,110 — 35 (17) 1,128 Corporate 62,817 — 4,060 (651) 66,226 CLO 13,793 — 44 (185) 13,652 ABS 8,890 (17) 151 (35) 8,989 CMBS 2,764 (3) 56 (59) 2,758 RMBS 5,772 (103) 326 (25) 5,970 Total AFS securities 96,458 (123) 4,808 (984) 100,159 AFS securities – related party Corporate 842 — 19 (2) 859 CLO 2,573 — 5 (29) 2,549 ABS 6,986 — 61 (53) 6,994 Total AFS securities – related party 10,401 — 85 (84) 10,402 Total AFS securities including related party $ 106,859 $ (123) $ 4,893 $ (1,068) $ 110,561 |
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: Successor March 31, 2022 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 1,047 $ 1,041 Due after one year through five years 9,154 8,734 Due after five years through ten years 18,960 17,605 Due after ten years 42,279 37,923 CLO, ABS, CMBS and RMBS 32,782 31,596 Total AFS securities 104,222 96,899 AFS securities – related party Due after one year through five years 24 23 Due after five years through ten years 776 752 Due after ten years 148 157 CLO and ABS 7,481 7,392 Total AFS securities – related party 8,429 8,324 Total AFS securities including related party $ 112,651 $ 105,223 |
Schedule of Unrealized Loss on Investments | Predecessor December 31, 2021 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities US government and agencies $ 164 $ (8) $ 22 $ (2) $ 186 $ (10) US state, municipal and political subdivisions 122 (2) 1 — 123 (2) Foreign governments 387 (17) 1 — 388 (17) Corporate 18,995 (523) 863 (59) 19,858 (582) CLO 7,685 (124) 1,537 (35) 9,222 (159) ABS 4,038 (16) 165 (12) 4,203 (28) CMBS 880 (29) 177 (22) 1,057 (51) RMBS 437 (9) 274 (5) 711 (14) Total AFS securities 32,708 (728) 3,040 (135) 35,748 (863) AFS securities – related party Corporate 313 (2) — — 313 (2) CLO 1,245 (20) 163 (3) 1,408 (23) ABS 3,801 (52) 13 (1) 3,814 (53) Total AFS securities – related party 5,359 (74) 176 (4) 5,535 (78) Total AFS securities including related party $ 38,067 $ (802) $ 3,216 $ (139) $ 41,283 $ (941) 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: Successor March 31, 2022 Unrealized loss position Unrealized loss position 12 months or more AFS securities 8,329 — AFS securities – related party 106 — |
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: Successor March 31, 2022 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 $ 2,919 $ (163) $ — $ — $ 2,919 $ (163) US state, municipal and political subdivisions 1,080 (117) — — 1,080 (117) Foreign governments 951 (107) — — 951 (107) Corporate 59,336 (5,674) — — 59,336 (5,674) CLO 12,066 (214) — — 12,066 (214) ABS 6,098 (247) — — 6,098 (247) CMBS 2,360 (134) — — 2,360 (134) RMBS 3,677 (157) — — 3,677 (157) Total AFS securities 88,487 (6,813) — — 88,487 (6,813) AFS securities – related party Corporate 775 (26) — — 775 (26) CLO 2,069 (38) — — 2,069 (38) ABS 1,521 (28) — — 1,521 (28) Total AFS securities – related party 4,365 (92) — — 4,365 (92) Total AFS securities including related party $ 92,852 $ (6,905) $ — $ — $ 92,852 $ (6,905) |
Net Investment Income | Net Investment Income —Net investment income by asset class, including related party, consists of the following: Successor Predecessor (In millions) Three months ended March 31, 2022 Three months ended March 31, 2021 AFS securities $ 876 $ 860 Trading securities 63 63 Equity securities 15 4 Mortgage loans 237 178 Investment funds 304 442 Funds withheld at interest 337 206 Other 42 64 Investment revenue 1,874 1,817 Investment expenses (191) (148) Net investment income $ 1,683 $ 1,669 |
Investment Related Gains (Losses) | Investment Related Gains (Losses) —Investment related gains (losses) by asset class, including related party, consists of the following: Successor Predecessor (In millions) Three months ended March 31, 2022 Three months ended March 31, 2021 AFS securities Gross realized gains on investment activity $ 103 $ 73 Gross realized losses on investment activity (410) (143) Net realized investment losses on AFS securities (307) (70) Net recognized investment losses on trading securities (207) (69) Net recognized investment gains on equity securities 23 17 Net recognized investment losses on mortgage loans (796) — Derivative losses (3,041) (438) Provision for credit losses (192) 58 Other gains 320 80 Investment related gains (losses) $ (4,200) $ (422) The following table summarizes the change in unrealized gains (losses) on trading and equity securities, including related party, we held as of the respective period end: Successor Predecessor (In millions) Three months ended March 31, 2022 Three months ended March 31, 2021 Trading securities $ (189) $ (121) Trading securities – related party (4) 58 Equity securities 17 9 Equity securities – related party (5) 6 |
Mortgage Loans, Net | Mortgage loans includes both commercial and residential loans. In connection with the merger, we elected the fair value option on our mortgage loan portfolio. See Note 6 – Fair Value for further fair value option information. The following represents the mortgage loan portfolio: Successor (In millions) March 31, 2022 Commercial mortgage loans $ 18,428 Commercial mortgage loans under development 602 Total commercial mortgage loans – unpaid principal balance 19,030 Mark to fair value (640) Commercial mortgage loans 18,390 Residential mortgage loans – unpaid principal balance 8,706 Mark to fair value (64) Residential mortgage loans 8,642 Mortgage loans $ 27,032 The following represents the mortgage loan portfolio based on amortized cost: Predecessor (In millions) December 31, 2021 Commercial mortgage loans $ 16,565 Commercial mortgage loans under development 499 Total commercial mortgage loans 17,064 Allowance for credit losses on commercial mortgage loans (167) Commercial mortgage loans 16,897 Residential mortgage loans 7,321 Allowance for credit losses on residential mortgage loans (70) Residential mortgage loans 7,251 Mortgage loans $ 24,148 The distribution of commercial mortgage loans, including those under development, by property type and geographic region, is as follows: Successor Predecessor March 31, 2022 December 31, 2021 (In millions, except for percentages) Fair Value Percentage of Total Net Carrying Value Percentage of Total Property type Office building $ 4,857 26.4 % $ 4,870 28.8 % Retail 2,086 11.3 % 2,022 12.0 % Apartment 5,602 30.5 % 4,626 27.4 % Hotels 1,731 9.4 % 1,727 10.2 % Industrial 2,320 12.6 % 2,336 13.8 % Other commercial 1,794 9.8 % 1,316 7.8 % Total commercial mortgage loans $ 18,390 100.0 % $ 16,897 100.0 % US region East North Central $ 1,635 8.9 % $ 1,697 10.0 % East South Central 453 2.4 % 470 2.8 % Middle Atlantic 3,752 20.4 % 3,637 21.5 % Mountain 809 4.4 % 460 2.7 % New England 1,132 6.1 % 453 2.7 % Pacific 3,993 21.7 % 3,994 23.6 % South Atlantic 3,008 16.4 % 2,817 16.7 % West North Central 288 1.6 % 271 1.6 % West South Central 969 5.3 % 997 5.9 % Total US region 16,039 87.2 % 14,796 87.5 % International region United Kingdom 1,543 8.4 % 1,279 7.6 % Other International 1 808 4.4 % 822 4.9 % Total international region 2,351 12.8 % 2,101 12.5 % Total commercial mortgage loans $ 18,390 100.0 % $ 16,897 100.0 % 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: Successor Predecessor March 31, 2022 December 31, 2021 US states California 30.9 % 28.4 % Florida 10.0 % 11.4 % New Jersey 5.2 % 5.1 % Other 1 42.9 % 43.3 % Total US residential mortgage loan percentage 89.0 % 88.2 % International Ireland 4.9 % 6.4 % Other 2 6.1 % 5.4 % Total international residential mortgage loan percentage 11.0 % 11.8 % 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. |
Investment Funds | The following summarizes our investment funds, including related party and consolidated VIEs: Successor Predecessor March 31, 2022 December 31, 2021 (In millions, except for percentages) Carrying value Percent of total Carrying value Percent of total Investment funds Real estate $ 748 60.2 % $ 662 56.2 % Credit funds 84 6.8 % 86 7.3 % Private equity 353 28.4 % 343 29.1 % Real assets 58 4.6 % 87 7.4 % Total investment funds 1,243 100.0 % 1,178 100.0 % Investment funds – related parties Differentiated investments Athora Holding Ltd. (Athora) 1 814 26.4 % 743 10.1 % Athene Freedom Holdings LP (Athene Freedom) 1,2 — — % 700 9.5 % Catalina Holdings Ltd. (Catalina) 2 — — % 441 6.0 % Venerable Holdings, Inc. (Venerable) 1 230 7.4 % 219 3.0 % Other 266 8.6 % 459 6.2 % Total differentiated investments 1,310 42.4 % 2,562 34.8 % Real estate 520 16.8 % 1,187 16.1 % Credit funds 392 12.7 % 450 6.1 % Private equity 621 20.1 % 751 10.1 % Natural resources 89 2.9 % 172 2.3 % Real assets 138 4.5 % 157 2.1 % Public equities 18 0.6 % — — % Investment in Apollo 1 — — % 2,112 28.5 % Total investment funds – related parties 3,088 100.0 % 7,391 100.0 % Investment funds owned by consolidated VIEs Differentiated investments 1,350 9.9 % — — % Private equity 981 7.2 % — — % Natural resources 256 1.9 % — — % Real estate 1,599 11.8 % 514 39.6 % Credit funds 8,001 59.0 % 748 57.7 % Real assets 1,381 10.2 % 35 2.7 % Total investment funds owned by consolidated VIEs 13,568 100.0 % 1,297 100.0 % Total investment funds including related party and funds owned by consolidated VIEs $ 17,899 $ 9,866 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 Athene Freedom in Note 9 – Related Parties. 2 Investment is held as a consolidated VIE as of March 31, 2022. |
Schedule of Variable Interest Entities | The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: Successor Predecessor March 31, 2022 December 31, 2021 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 1,243 $ 1,954 $ 1,178 $ 1,792 Investment in related parties – investment funds 3,088 5,504 7,391 10,922 Assets of consolidated VIEs – investment funds 13,568 18,514 1,297 1,647 Investment in fixed maturity securities 31,934 34,112 31,769 31,622 Investment in related parties – fixed maturity securities 7,654 7,932 11,324 12,681 Investment in related parties – equity securities 166 166 284 284 Total non-consolidated investments $ 57,653 $ 68,182 $ 53,243 $ 58,948 The following summarizes the income statement activity of the consolidated VIEs: Successor Predecessor (In millions) Three months ended March 31, 2022 Three months ended March 31, 2021 Mortgage loans $ 20 $ 14 Investment funds (3) 21 Net investment income $ 17 $ 35 Provision for credit losses $ — $ (66) Other gains (losses) (42) — Investment related gains (losses) $ (42) $ (66) The following summarizes the debt of consolidated VIEs as of March 31, 2022: Principal balance (in millions) Weighted average interest rate Weighted average remaining maturity (in years ) Senior secured notes $ 3,282 2.92 % 14.3 Subordinated notes 1 1,663 N/A N/A Secured and other borrowings 1 1,180 N/A N/A Total VIE debt $ 6,125 1 The principal outstanding balances of the subordinated notes do not have contractual interest rates or maturities but instead receive distributions from the excess cash flows of the VIEs. Secured and other borrowings do not generally have principal balances, stated rates and maturities and are included at carrying value. |
Schedule of Repurchase Agreements | The following table summarizes the maturities of our repurchase agreements: Successor March 31, 2022 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 $ — $ 1,927 $ 344 $ 200 $ 1,495 $ 3,966 1 Included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets. Predecessor December 31, 2021 Remaining Contractual Maturity (In millions) Overnight and continuous Less than 30 days 30-90 days 91 days to 1 year Greater than 1 year Total Payables for repurchase agreements 1 $ — $ 2,512 $ — $ — $ 598 $ 3,110 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: Successor Predecessor March 31, 2022 December 31, 2021 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities U.S. government and agencies $ 2,671 $ 2,536 $ — $ — Corporate 1,264 1,170 2,923 3,208 CLO 263 261 — — Total securities pledged under repurchase agreements $ 4,198 $ 3,967 $ 2,923 $ 3,208 |
Schedules of Concentration of Risk, by Risk Factor | The following represents our investment concentrations in excess of 10% of shareholders’ equity: Successor Predecessor (In millions) March 31, 2022 December 31, 2021 Athene Freedom 1 $ 3,199 $ 3,119 AP Tundra Holdings LLC 2 3,079 N/A MidCap 1 2,740 N/A PK Air 1 1,466 N/A SoftBank Vision Fund II 1,170 N/A AP Aristotle Holdings LLC 2 1,167 N/A 1 Includes investments of the consolidated VIE, in which an underlying investment includes single issuers exceeding concentration threshold, and affiliated securities if applicable and attributable to the single issuer. See further discussion of these investments in Note – 9 Related Parties. 2 Represents a consolidated VIE investment in which an underlying investment includes a single issuer exceeding concentration threshold. N/A – Not applicable as investment did not meet single issuer concentration threshold for the period. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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: Successor Predecessor March 31, 2022 December 31, 2021 (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 $ 4,327 $ (124) $ 4,224 $ (136) Foreign currency swaps 5,249 (119) — — Mortgage loans – Foreign currency forwards — — 1,686 (44) Interest sensitive contract liabilities Foreign currency swaps 1,067 24 — — Foreign currency interest rate swaps 3,574 197 2,773 121 Interest rate swaps 1,995 83 500 — 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: Amount Excluded (In millions) Derivatives Hedged Items Net Recognized in income through amortization approach Recognized in income through changes in fair value Three months ended March 31, 2022 (Successor) Investment related gains (losses) Foreign currency forwards $ 127 $ (126) $ 1 $ 14 $ 1 Foreign currency swaps 91 (95) (4) — — Foreign currency interest rate swaps (159) 197 38 — — Interest rate swaps (72) 75 3 — — Interest sensitive contract benefits Foreign currency interest rate swaps 10 (9) 1 — — Three months ended March 31, 2021 (Predecessor) Investment related gains (losses) Foreign currency forwards $ 218 $ (217) $ 1 $ — $ — Foreign currency interest rate swaps (36) 41 5 — — Interest sensitive contract benefits Foreign currency interest rate swaps 1 (1) — — — The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI : Successor Predecessor (In millions) Three months ended March 31, 2022 Three months ended March 31, 2021 Foreign currency forwards $ (73) $ — Foreign currency swaps (56) — |
Notional Amount and Fair Value of Derivative Instruments | The following table presents the notional amount and fair value of derivative instruments: Successor Predecessor March 31, 2022 December 31, 2021 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency hedges Swaps 6,629 $ 350 $ 74 6,371 $ 281 $ 56 Forwards 5,004 172 — 6,395 189 2 Interest rate swaps 3,586 — 334 2,783 — 173 Forwards on net investments 236 — 1 231 — 4 Interest rate swaps 1,995 — 2 500 — 1 Total derivatives designated as hedges 522 411 470 236 Derivatives not designated as hedges Equity options 58,908 2,675 101 57,890 3,629 115 Futures 27 48 — 33 67 — Total return swaps 256 8 1 231 10 — Foreign currency swaps 2,784 98 21 2,592 57 19 Interest rate swaps 1,822 125 2 483 78 1 Credit default swaps 10 — 3 10 — 3 Foreign currency forwards 10,832 192 92 7,382 76 98 Embedded derivatives Funds withheld including related party (2,452) — 1,360 45 Interest sensitive contract liabilities — 6,704 — 14,907 Total derivatives not designated as hedges 694 6,924 5,277 15,188 Total derivatives $ 1,216 $ 7,335 $ 5,747 $ 15,424 |
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: Successor Predecessor (In millions) Three months ended March 31, 2022 Three months ended March 31, 2021 Equity options $ (708) $ 502 Futures (33) 11 Swaps 63 31 Foreign currency forwards 155 (31) Embedded derivatives on funds withheld (2,520) (1,133) Amounts recognized in investment related gains (losses) (3,043) (620) Embedded derivatives in indexed annuity products 1 957 335 Total net gains (losses) on derivatives not designated as hedges $ (2,086) $ (285) 1 Included in interest sensitive contract benefits on the condensed consolidated statements of income (loss). |
Estimated Fair Value of Net Derivative and Other Financial Assets | The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated balance sheets (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral March 31, 2022 (Successor) Derivative assets $ 3,668 $ (661) $ (3,105) $ (98) $ — $ (98) Derivative liabilities (631) 661 164 194 — 194 December 31, 2021 (Predecessor) Derivative assets $ 4,387 $ (430) $ (3,934) $ 23 $ — $ 23 Derivative liabilities (472) 430 32 (10) — (10) 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of March 31, 2022 and December 31, 2021, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated balance sheets. 3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received. |
Estimated Fair Value of Net Derivative and Other Financial Liabilities | The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated balance sheets (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral March 31, 2022 (Successor) Derivative assets $ 3,668 $ (661) $ (3,105) $ (98) $ — $ (98) Derivative liabilities (631) 661 164 194 — 194 December 31, 2021 (Predecessor) Derivative assets $ 4,387 $ (430) $ (3,934) $ 23 $ — $ 23 Derivative liabilities (472) 430 32 (10) — (10) 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of March 31, 2022 and December 31, 2021, 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: Predecessor (In millions) Three months ended March 31, 2021 Foreign currency swaps – Other comprehensive income $ (31) Foreign currency swaps – Investment related gains (losses) — There were no amounts deemed ineffective during the three months ended March 31, 2021. |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: Successor Predecessor March 31, 2022 December 31, 2021 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 1,243 $ 1,954 $ 1,178 $ 1,792 Investment in related parties – investment funds 3,088 5,504 7,391 10,922 Assets of consolidated VIEs – investment funds 13,568 18,514 1,297 1,647 Investment in fixed maturity securities 31,934 34,112 31,769 31,622 Investment in related parties – fixed maturity securities 7,654 7,932 11,324 12,681 Investment in related parties – equity securities 166 166 284 284 Total non-consolidated investments $ 57,653 $ 68,182 $ 53,243 $ 58,948 The following summarizes the income statement activity of the consolidated VIEs: Successor Predecessor (In millions) Three months ended March 31, 2022 Three months ended March 31, 2021 Mortgage loans $ 20 $ 14 Investment funds (3) 21 Net investment income $ 17 $ 35 Provision for credit losses $ — $ (66) Other gains (losses) (42) — Investment related gains (losses) $ (42) $ (66) The following summarizes the debt of consolidated VIEs as of March 31, 2022: Principal balance (in millions) Weighted average interest rate Weighted average remaining maturity (in years ) Senior secured notes $ 3,282 2.92 % 14.3 Subordinated notes 1 1,663 N/A N/A Secured and other borrowings 1 1,180 N/A N/A Total VIE debt $ 6,125 1 The principal outstanding balances of the subordinated notes do not have contractual interest rates or maturities but instead receive distributions from the excess cash flows of the VIEs. Secured and other borrowings do not generally have principal balances, stated rates and maturities and are included at carrying value. |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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: Successor March 31, 2022 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 2,961 $ — $ 2,940 $ 21 $ — US state, municipal and political subdivisions 1,092 — — 1,092 — Foreign governments 1,011 — — 1,009 2 Corporate 60,239 — — 58,740 1,499 CLO 14,028 — — 14,023 5 ABS 9,284 — — 5,501 3,783 CMBS 2,747 — — 2,737 10 RMBS 5,537 — — 5,537 — Total AFS securities 96,899 — 2,940 88,660 5,299 Trading securities US government and agencies 30 — 27 3 — US state, municipal and political subdivisions 91 — — 91 — Foreign governments 18 — — 18 — Corporate 1,375 — — 1,375 — CLO 14 — — 10 4 ABS 137 — — 92 45 CMBS 77 — — 77 — RMBS 110 — — 69 41 Total trading securities 1,852 — 27 1,735 90 Equity securities 754 — 114 202 438 Mortgage loans 23,696 — — — 23,696 Investment funds 180 161 — — 19 Funds withheld at interest – embedded derivative (1,882) — — — (1,882) Derivative assets 3,668 — 48 3,620 — Short-term investments 149 — 68 22 59 Other investments 150 — — 150 — Cash and cash equivalents 8,523 — 8,523 — — Restricted cash 834 — 834 — — Investments in related parties AFS securities Corporate 932 — — 171 761 CLO 2,732 — — 2,400 332 ABS 4,660 — — 251 4,409 Total AFS securities – related party 8,324 — — 2,822 5,502 Trading securities CLO 38 — — 10 28 ABS 224 — — — 224 Total trading securities – related party 262 — — 10 252 Equity securities 166 — — — 166 Mortgage loans 1,456 — — — 1,456 Investment funds 814 — — — 814 Funds withheld at interest – embedded derivative (570) — — — (570) Short-term investments 53 — — — 53 (Continued) Successor March 31, 2022 (In millions) Total NAV Level 1 Level 2 Level 3 Reinsurance recoverable 1,814 — — — 1,814 Assets of consolidated VIEs Mortgage loans 1,880 — — — 1,880 Investment funds 12,779 1,875 3 324 10,577 Other investments 2,567 — — 665 1,902 Cash and cash equivalents 521 — 521 — — Total assets measured at fair value $ 164,889 $ 2,036 $ 13,078 $ 98,210 $ 51,565 Liabilities Interest sensitive contract liabilities Embedded derivative $ 6,704 $ — $ — $ — $ 6,704 Universal life benefits 1,096 — — — 1,096 Future policy benefits AmerUs Life Insurance Company (AmerUs) Closed Block 1,378 — — — 1,378 Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits 704 — — — 704 Derivative liabilities 631 — (3) 631 3 Liabilities of consolidated VIEs – debt 4,067 — — 422 3,645 Total liabilities measured at fair value $ 14,580 $ — $ (3) $ 1,053 $ 13,530 (Concluded) Predecessor December 31, 2021 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 223 $ — $ 214 $ 9 $ — US state, municipal and political subdivisions 1,213 — — 1,213 — Foreign governments 1,128 — — 1,126 2 Corporate 66,226 — — 64,887 1,339 CLO 13,652 — — 13,638 14 ABS 8,989 — — 5,370 3,619 CMBS 2,758 — — 2,715 43 RMBS 5,970 — — 5,970 — Total AFS securities 100,159 — 214 94,928 5,017 Trading securities US government and agencies 6 — 3 3 — US state, municipal and political subdivisions 101 — — 101 — Foreign governments 19 — — 19 — Corporate 1,530 — — 1,530 — CLO 11 — — 6 5 ABS 141 — — 96 45 CMBS 94 — — 94 — RMBS 154 — — 135 19 Total trading securities 2,056 — 3 1,984 69 Equity securities 1,170 — 86 655 429 Mortgage loans 17 — — — 17 Investment funds 183 165 — — 18 Funds withheld at interest – embedded derivative 782 — — — 782 Derivative assets 4,387 — 67 4,320 — Short-term investments 139 — 49 61 29 Other investments 130 — — 130 — (Continued) Predecessor December 31, 2021 (In millions) Total NAV Level 1 Level 2 Level 3 Cash and cash equivalents 9,479 — 9,479 — — Restricted cash 796 — 796 — — Investments in related parties AFS securities Corporate 859 — — 189 670 CLO 2,549 — — 2,347 202 ABS 6,994 — — 549 6,445 Total AFS securities – related party 10,402 — — 3,085 7,317 Trading securities CLO 52 — — 10 42 ABS 1,729 — — — 1,729 Total trading securities – related party 1,781 — — 10 1,771 Equity securities 284 — — — 284 Investment funds 2,958 103 — — 2,855 Funds withheld at interest – embedded derivative 578 — — — 578 Reinsurance recoverable 1,991 — — — 1,991 Assets of consolidated VIEs Investment funds 1,297 — — — 1,297 Cash and cash equivalents 154 — 154 — — Total assets measured at fair value $ 138,743 $ 268 $ 10,848 $ 105,173 $ 22,454 Liabilities Interest sensitive contract liabilities Embedded derivative $ 14,907 $ — $ — $ — $ 14,907 Universal life benefits 1,235 — — — 1,235 Future policy benefits AmerUs Closed Block 1,520 — — — 1,520 ILICO Closed Block and life benefits 742 — — — 742 Derivative liabilities 472 — — 469 3 Funds withheld liability – embedded derivative 45 — — 45 — Liabilities of consolidated VIEs – debt 317 — — 317 — Total liabilities measured at fair value $ 19,238 $ — $ — $ 831 $ 18,407 (Concluded) |
Summary of Fair Value Option | The following represents the gains (losses) recorded for instruments for which we have elected the fair value option, including related parties and consolidated VIEs: Successor Predecessor (In millions) Three months ended March 31, 2022 Three months ended March 31, 2021 Trading securities $ (207) $ (69) Mortgage loans (916) — Investment funds 20 (60) Future policy benefits 142 103 Total gains (losses) $ (961) $ (26) The following summarizes information for fair value option mortgage loans, including related parties and consolidated VIEs: Successor Predecessor (In millions) March 31, 2022 December 31, 2021 Unpaid principal balance $ 27,736 $ 15 Mark to fair value (704) 2 Fair value $ 27,032 $ 17 The following represents our commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: Successor (In millions) March 31, 2022 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 127 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (44) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 83 Fair value of commercial mortgage loans 90 days or more past due $ 83 Fair value of commercial mortgage loans in non-accrual status 83 The following represents our residential loan portfolio 90 days or more past due and/or in non-accrual status: Successor (In millions) March 31, 2022 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 864 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (33) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 831 Fair value of residential mortgage loans 90 days or more past due 1 $ 831 Fair value of residential mortgage loans in non-accrual status 208 1 Includes $623 million of residential mortgage loans that are guaranteed by US government-sponsored agencies. The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on our mortgage loan portfolio: Successor Predecessor (In millions) Three months ended March 31, 2022 Three months ended March 31, 2021 Mortgage loans $ (18) $ — |
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. Successor Three months ended March 31, 2022 Total realized and unrealized gains (losses) (In millions) Balance at January 1, 2022 Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets AFS securities Foreign governments $ 2 $ — $ — $ — $ — $ 2 $ — $ — Corporate 1,339 (3) (19) 140 42 1,499 — (19) CLO 14 (1) 2 (10) — 5 — 2 ABS 3,619 6 (31) (148) 337 3,783 — (30) CMBS 43 — (17) — (16) 10 — (17) Trading securities CLO 5 — — 4 (5) 4 — — ABS 45 (2) — 2 — 45 — — RMBS 19 (3) — — 25 41 — — Equity securities 429 9 — — — 438 — — Mortgage loans 21,154 (744) — 3,286 — 23,696 (741) — Investment funds 18 1 — — — 19 1 — Funds withheld at interest – embedded derivative — (1,882) — — — (1,882) — — Short-term investments 29 — — 30 — 59 9 — Investments in related parties AFS securities Corporate 670 (4) 1 94 — 761 — 1 CLO 202 — — 130 — 332 — — ABS 6,445 (17) (10) (145) (1,864) 4,409 — (10) Trading securities CLO 42 (5) — 1 (10) 28 — — ABS 1,729 — — (255) (1,250) 224 — — Equity securities 284 (5) — — (113) 166 — — Mortgage loans 1,369 (52) — 139 — 1,456 (52) — Investment funds 2,855 24 — (34) (2,031) 814 24 — Funds withheld at interest – embedded derivative — (570) — — — (570) — — Short-term investments — — — 53 — 53 — — Reinsurance recoverable 1,991 (177) — — — 1,814 — — Assets of consolidated VIEs Mortgage loans 2,152 (120) — (152) — 1,880 (120) — Investment funds 1,297 (5) — 238 9,047 10,577 (5) — Other investments — — — — 1,902 1,902 — — Total Level 3 assets $ 45,752 $ (3,550) $ (74) $ 3,373 $ 6,064 $ 51,565 $ (884) $ (73) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,559) $ 957 $ — $ (102) $ — $ (6,704) $ — $ — Universal life benefits (1,235) 139 — — — (1,096) — — Future policy benefits AmerUs Closed Block (1,520) 142 — — — (1,378) — — ILICO Closed Block and life benefits (742) 38 — — — (704) — — Derivative liabilities (3) — — — — (3) — — Liabilities of consolidated VIEs – debt — — — — (3,645) (3,645) — — Total Level 3 liabilities $ (11,059) $ 1,276 $ — $ (102) $ (3,645) $ (13,530) $ — $ — 1 Related to instruments held at end of period. Predecessor Three months ended March 31, 2021 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets AFS securities US state, municipal and political subdivisions $ 34 $ — $ — $ — $ (34) $ — $ — $ — Foreign governments 2 — — — — 2 — — Corporate 778 4 21 22 (43) 782 — 21 CLO 208 — — (34) — 174 — — ABS 800 3 27 468 (91) 1,207 — 35 CMBS 43 — 5 — — 48 — 4 Trading securities CLO 4 — — (4) — — — — ABS 35 — — — — 35 — — RMBS 47 (5) — — 17 59 (2) — Equity securities 11 3 — — — 14 4 — Mortgage loans 19 — — (1) — 18 — — Investment funds 17 — — — — 17 — — Funds withheld at interest – embedded derivative 1,944 (1,308) — — — 636 — — Short-term investments 2 — — — (2) — — — Investments in related parties AFS securities Corporate 195 — 6 — — 201 — 6 ABS 4,109 (5) (27) 115 (61) 4,131 — (27) Trading securities CLO 50 16 — (3) (19) 44 25 — ABS 1,475 35 — 131 — 1,641 37 — Equity securities 72 8 — 34 — 114 8 — Investment funds 2,033 (63) — — — 1,970 (63) — Funds withheld at interest – embedded derivative 862 (282) — — — 580 — — Reinsurance recoverable 2,100 (220) — — — 1,880 — — Assets of consolidated VIEs - Investment funds — 3 — 42 109 154 3 — Total Level 3 assets $ 14,840 $ (1,811) $ 32 $ 770 $ (124) $ 13,707 $ 12 $ 39 Liabilities Interest sensitive contract liabilities Embedded derivative $ (12,873) $ 335 $ — $ 65 $ — $ (12,473) $ — $ — Universal life benefits (1,308) 200 — — — (1,108) — — Future policy benefits AmerUs Closed Block (1,600) 103 — — — (1,497) — — ILICO Closed Block and life benefits (776) 19 — — — (757) — — Derivative liabilities (4) (1) — — — (5) (1) — Total Level 3 liabilities $ (16,561) $ 656 $ — $ 65 $ — $ (15,840) $ (1) $ — 1 Related to instruments held at end of period. |
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: Successor Three months ended March 31, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in 1 Transfers out 2 Net transfers in (out) Assets AFS securities Corporate $ 324 $ — $ (168) $ (16) $ 140 $ 43 $ (1) $ 42 CLO — — — (10) (10) — — — ABS 1,489 — (1,450) (187) (148) 338 (1) 337 CMBS — — — — — — (16) (16) Trading securities CLO 4 — — — 4 — (5) (5) ABS 2 — — — 2 — — — RMBS — — — — — 30 (5) 25 Mortgage loans 4,091 — (82) (723) 3,286 — — — Short-term investments 30 — — — 30 — — — Investments in related parties AFS securities Corporate 315 — (217) (4) 94 — — — CLO 130 — — — 130 — — — ABS 374 — (87) (432) (145) — (1,864) (1,864) Trading securities CLO 15 — (1) (13) 1 — (10) (10) ABS 14 — (264) (5) (255) — (1,250) (1,250) Equity securities — — — — — — (113) (113) Mortgage loans 146 — — (7) 139 — — — Investment funds — — (34) — (34) — (2,031) (2,031) Short-term investments 53 — — — 53 — — — Assets of consolidated VIEs Mortgage loans — — — (152) (152) — — — Investment funds 253 — (15) — 238 10,081 (1,034) 9,047 Other investments — — — — — 1,902 — 1,902 Total Level 3 assets $ 7,240 $ — $ (2,318) $ (1,549) $ 3,373 $ 12,394 $ (6,330) $ 6,064 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (255) $ — $ 153 $ (102) $ — $ — $ — Liabilities of consolidated VIEs – debt — — — — — (3,645) — (3,645) Total Level 3 liabilities $ — $ (255) $ — $ 153 $ (102) $ (3,645) $ — $ (3,645) 1 Transfers in includes assets and liabilities of consolidated VIEs that we consolidated effective March 31, 2022 ($10,081 million investment funds, $1,902 million other investments, and $3,645 million debt). 2 Transfers out includes the elimination of investments in related party securities issued by VIEs that we consolidated effective March 31, 2022 ($1,582 million ABS AFS securities, $1,260 million ABS and CLO trading securities, and $113 million equity securities). Predecessor Three months ended March 31, 2021 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities US state, municipal and political subdivisions $ — $ — $ — $ — $ — $ — $ (34) $ (34) Corporate 39 — (9) (8) 22 76 (119) (43) CLO — — — (34) (34) — — — ABS 513 — — (45) 468 47 (138) (91) Trading securities CLO — — (4) — (4) — — — RMBS — — — — — 20 (3) 17 Mortgage loans — — — (1) (1) — — — Short-term investments — — — — — — (2) (2) Investments in related parties AFS securities, ABS 873 — (751) (7) 115 — (61) (61) Trading securities CLO 3 — — (6) (3) 6 (25) (19) ABS 131 — — — 131 — — — Equity securities 35 — — (1) 34 — — — Assets of consolidated VIEs – Investment funds 42 — — — 42 109 — 109 Total Level 3 assets $ 1,636 $ — $ (764) $ (102) $ 770 $ 258 $ (382) $ (124) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (175) $ — $ 240 $ 65 $ — $ — $ — Total Level 3 liabilities $ — $ (175) $ — $ 240 $ 65 $ — $ — $ — |
Summary of the Unobservable Inputs for the Embedded Derivative of Fixed Indexed Annuities | The following summarizes the unobservable inputs for AFS and trading securities, mortgage loans and the embedded derivatives of fixed indexed annuities: Successor March 31, 2022 (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 $ 11,322 Discounted cash flow Discount rate 1.5 % 21.0 % 4.7 % 1 Decrease Mortgage loans $ 27,032 Discounted cash flow Discount rate 1.4 % 15.1 % 4.4 % 1 Decrease Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives $ 6,704 Discounted cash flow Nonperformance risk 0.3 % 2.0 % 0.9 % 2 Decrease Option budget 0.5 % 3.8 % 1.8 % 3 Increase Surrender rate 5.3 % 10.6 % 7.9 % 4 Decrease Predecessor December 31, 2021 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value AFS and trading securities $ 10,167 Discounted cash flow Discount rate 1.4 % 19.4 % 5.2 % 1 Decrease Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives $ 14,907 Option budget method Nonperformance risk 0.1 % 1.0 % 0.6 % 2 Decrease Option budget 0.4 % 3.4 % 1.9 % 3 Increase Surrender rate 5.9 % 10.7 % 8.0 % 4 Decrease 1 The discount rate weighted average is calculated based on the relative fair values of the securities or loans. 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: Successor March 31, 2022 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 1,063 $ 1,063 $ 1,063 $ — $ — $ — Policy loans 296 296 — — 296 — Funds withheld at interest 43,055 43,055 — — — 43,055 Short-term investments 26 26 — — — 26 Other investments 1,064 1,064 — — — 1,064 Investments in related parties Investment funds 2,274 2,274 2,274 — — — Funds withheld at interest 12,001 12,001 — — — 12,001 Other investments 255 255 — — — 255 Assets of consolidated VIEs – investment funds 789 789 789 — — — Total financial assets not carried at fair value $ 60,823 $ 60,823 $ 4,126 $ — $ 296 $ 56,401 Financial liabilities Interest sensitive contract liabilities $ 114,493 $ 107,961 $ — $ — $ — $ 107,961 Long-term debt 3,287 2,931 — — 2,931 — Securities to repurchase 3,966 3,966 — — 3,966 — Liabilities of consolidated VIEs – debt 1,838 1,838 — — — 1,838 Total financial liabilities not carried at fair value $ 123,584 $ 116,696 $ — $ — $ 6,897 $ 109,799 Predecessor December 31, 2021 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Mortgage loans $ 20,731 $ 21,138 $ — $ — $ — $ 21,138 Investment funds 995 995 995 — — — Policy loans 312 312 — — 312 — Funds withheld at interest 43,125 43,125 — — — 43,125 Other investments 1,343 1,343 — — — 1,343 Investments in related parties Mortgage loans 1,360 1,369 — — — 1,369 Investment funds 4,433 4,433 4,433 — — — Funds withheld at interest 11,629 11,629 — — — 11,629 Other investments 222 223 — — — 223 Assets of consolidated VIEs – mortgage loans 2,040 2,152 — — — 2,152 Total financial assets not carried at fair value $ 86,190 $ 86,719 $ 5,428 $ — $ 312 $ 80,979 Financial liabilities Interest sensitive contract liabilities $ 105,293 $ 108,621 $ — $ — $ — $ 108,621 Long-term debt 2,964 3,295 — — 3,295 — Securities to repurchase 3,110 3,110 — — 3,110 — Funds withheld liability 394 394 — — 394 — Liabilities of consolidated VIEs – debt 113 113 — — — 113 Total financial liabilities not carried at fair value $ 111,874 $ 115,533 $ — $ — $ 6,799 $ 108,734 |
Deferred Acquisition Costs, D_2
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Insurance [Abstract] | |
Deferred Acquisition Costs | The following represents a rollforward of DAC, DSI and VOBA: Successor (In millions) DAC DSI VOBA Total Balance at January 1, 2022 $ — $ — $ 4,547 $ 4,547 Additions 214 77 — 291 Amortization — — (125) (125) Balance at March 31, 2022 $ 214 $ 77 $ 4,422 $ 4,713 Predecessor (In millions) DAC DSI VOBA Total Balance at December 31, 2020 $ 3,236 $ 857 $ 813 $ 4,906 Additions 143 54 — 197 Amortization (98) (84) (66) (248) Impact of unrealized investment (gains) losses 271 87 90 448 Balance at March 31, 2021 $ 3,552 $ 914 $ 837 $ 5,303 |
Deferred Sales Inducements | The following represents a rollforward of DAC, DSI and VOBA: Successor (In millions) DAC DSI VOBA Total Balance at January 1, 2022 $ — $ — $ 4,547 $ 4,547 Additions 214 77 — 291 Amortization — — (125) (125) Balance at March 31, 2022 $ 214 $ 77 $ 4,422 $ 4,713 Predecessor (In millions) DAC DSI VOBA Total Balance at December 31, 2020 $ 3,236 $ 857 $ 813 $ 4,906 Additions 143 54 — 197 Amortization (98) (84) (66) (248) Impact of unrealized investment (gains) losses 271 87 90 448 Balance at March 31, 2021 $ 3,552 $ 914 $ 837 $ 5,303 |
Present Value of Future Insurance Profits | The following represents a rollforward of DAC, DSI and VOBA: Successor (In millions) DAC DSI VOBA Total Balance at January 1, 2022 $ — $ — $ 4,547 $ 4,547 Additions 214 77 — 291 Amortization — — (125) (125) Balance at March 31, 2022 $ 214 $ 77 $ 4,422 $ 4,713 Predecessor (In millions) DAC DSI VOBA Total Balance at December 31, 2020 $ 3,236 $ 857 $ 813 $ 4,906 Additions 143 54 — 197 Amortization (98) (84) (66) (248) Impact of unrealized investment (gains) losses 271 87 90 448 Balance at March 31, 2021 $ 3,552 $ 914 $ 837 $ 5,303 The expected amortization of VOBA for the next five years is as follows: (In millions) Expected Amortization 2022 1 $ 362 2023 452 2024 415 2025 380 2026 343 2027 305 1 Expected amortization for the remainder of 2022. |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at January 1, 2022 $ — $ — $ — $ — $ — $ — Other comprehensive income (loss) before reclassifications (6,645) (97) 268 (129) 4 (6,599) Less: Reclassification adjustments for gains (losses) realized in net income 1 (38) (7) 1 — — (44) Less: Income tax expense (benefit) (1,184) (16) 56 (26) — (1,170) Less: Other comprehensive income (loss) attributable to noncontrolling interests (676) (9) — (24) (2) (711) Balance at March 31, 2022 $ (4,747) $ (65) $ 211 $ (79) $ 6 $ (4,674) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance 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 (loss) Balance at December 31, 2020 $ 5,352 $ (53) $ (1,310) $ (26) $ 8 $ 3,971 Other comprehensive income (loss) before reclassifications (3,384) 32 753 (31) — (2,630) Less: Reclassification adjustments for gains (losses) realized in net income 1 (10) — 2 — — (8) Less: Income tax expense (benefit) (653) 6 158 (7) — (496) Less: Other comprehensive income (loss) attributable to noncontrolling interests (177) 2 — (1) — (176) Balance at March 31, 2021 $ 2,808 $ (29) $ (717) $ (49) $ 8 $ 2,021 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). 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) | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions | Under our fee agreement with Apollo, which was amended and restated as of March 31, 2022, and effective as of January 1, 2022, we pay Apollo a base management fee of (1) 0.225% per year on a monthly basis equal to the lesser of (A) $103.4 billion, which represents the aggregate fair market value of substantially all of the assets in substantially all of the investment accounts of or relating to us (collectively, the Accounts) as of December 31, 2018 (Backbook Value), and (B) the aggregate book value of substantially all of the assets in the Accounts at the end of the respective month, plus (2) 0.15% per year of the amount, if any, by which the aggregate book value of substantially all of the assets in the Accounts at the end of the respective month exceeds the Backbook Value, subject to certain adjustments. Additionally, we pay a sub-allocation fee based on specified asset class tiers ranging from 0.065% to 0.70% of the book value of such assets, with the higher percentages in this range for asset classes that are designed to have more alpha generating abilities. The following summarizes the Predecessor investments in MidCap: Predecessor (In millions) December 31, 2021 Profit participating notes $ 635 Senior unsecured notes 158 Redeemable preferred stock 7 Total investment in MidCap $ 800 The following table summarizes our investments in Athora: Successor Predecessor (In millions) March 31, 2022 December 31, 2021 Investment fund $ 814 $ 743 Non-redeemable preferred equity securities 166 171 Total investment in Athora $ 980 $ 914 Successor Predecessor (In millions) March 31, 2022 December 31, 2021 AFS or trading securities $ 1,132 $ 1,401 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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: Successor Predecessor (In millions) March 31, 2022 December 31, 2021 AFS securities $ 9,877 $ 9,111 Trading securities 57 75 Equity securities 31 30 Mortgage loans 5,333 5,033 Investment funds 208 174 Derivative assets 72 96 Other investments 150 130 Restricted cash 834 796 Total restricted assets $ 16,562 $ 15,445 |
Business Combinations and Ass_3
Business Combinations and Asset Acquisitions (Details) $ / shares in Units, shares in Millions, $ in Millions | Jan. 01, 2022USD ($)$ / sharesshares | Mar. 31, 2022USD ($)shares | Dec. 31, 2021USD ($)shares | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Business Acquisition [Line Items] | |||||
Accrued investment income (related party: 2022 – $44 and 2021 – $54) | $ 885 | $ 962 | |||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 4,547 | 4,422 | $ 837 | $ 813 | |
Cash and cash equivalents | 8,523 | 9,479 | |||
Goodwill | 4,181 | 0 | |||
Restricted cash | 834 | 796 | |||
Reinsurance recoverable (portion at fair value: 2022 – $1,814 and 2021 – $1,991) | 4,648 | 4,594 | |||
Interest sensitive contract liabilities (related party: 2022 – $13,023 and 2021 – $12,948; portion at fair value: 2022 – $7,800 and 2021 – $16,142) | 164,369 | 156,325 | |||
Future policy benefits (related party: 2022 – $2,041 and 2021 – $1,853; portion at fair value: 2022 – $2,082 and 2021 – $2,262) | 48,093 | 42,488 | |||
Derivative liabilities | 631 | 472 | |||
Payables for collateral on derivatives and securities to repurchase | 7,071 | 7,044 | |||
Cumulative-effect adjustment that decreased retained earnings | 22,546 | $ 13,692 | $ 22,181 | $ 18,336 | $ 20,140 |
Common Class A | |||||
Business Acquisition [Line Items] | |||||
Common stock outstanding (in shares) | shares | 203.8 | 192.2 | |||
Apollo Global Management , Inc. | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred | 13,050 | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 4,554 | ||||
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination | 17,604 | ||||
Investments | 175,987 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | 4,547 | ||||
Cash and cash equivalents | 9,479 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 5,779 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 238,986 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 18,365 | ||||
Goodwill | 4,181 | ||||
Restricted cash | 796 | ||||
Reinsurance recoverable (portion at fair value: 2022 – $1,814 and 2021 – $1,991) | 4,977 | ||||
Interest sensitive contract liabilities (related party: 2022 – $13,023 and 2021 – $12,948; portion at fair value: 2022 – $7,800 and 2021 – $16,142) | 160,248 | ||||
Future policy benefits (related party: 2022 – $2,041 and 2021 – $1,853; portion at fair value: 2022 – $2,082 and 2021 – $2,262) | 47,130 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 3,295 | ||||
Payables for collateral on derivatives and securities to repurchase | 7,044 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 2,443 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 220,621 | ||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 2,276 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | 13,423 | ||||
Business Acquisition, Transaction Costs | $ 70 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 6,603 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 158.2 | ||||
Share Price | $ / shares | $ 72.43 | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 699 | ||||
Business Combination, Consideration Transferred, Other | 896 | ||||
Business Combination, Consideration Transferred prior to Adjustments | $ 11,455 | ||||
Business Combination, Share Exchange Ratio | 1.149 | ||||
Apollo Global Management , Inc. | Apollo | |||||
Business Acquisition [Line Items] | |||||
Common Stock, Shares, Outstanding and Previously Held | shares | 54.6 | ||||
Apollo Global Management , Inc. | Trade Names | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 160 | ||||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||||
Apollo Global Management , Inc. | Distribution Rights | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,870 | ||||
Finite-Lived Intangible Asset, Useful Life | 18 years | ||||
Apollo Global Management , Inc. | Insurance Contracts Acquired in Business Combination | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 4,547 | ||||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||||
Apollo Global Management , Inc. | Licensing Agreements | |||||
Business Acquisition [Line Items] | |||||
Indefinite-lived Intangible Assets Acquired | $ 26 | ||||
Apollo Global Management , Inc. | Preferred stock | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 2,666 | ||||
Apollo Global Management , Inc. | Common Class A | |||||
Business Acquisition [Line Items] | |||||
Common stock outstanding (in shares) | shares | 137.6 | ||||
Related Party | |||||
Business Acquisition [Line Items] | |||||
Accrued investment income (related party: 2022 – $44 and 2021 – $54) | $ 44 | 54 | |||
Interest sensitive contract liabilities (related party: 2022 – $13,023 and 2021 – $12,948; portion at fair value: 2022 – $7,800 and 2021 – $16,142) | 13,023 | 12,948 | |||
Future policy benefits (related party: 2022 – $2,041 and 2021 – $1,853; portion at fair value: 2022 – $2,082 and 2021 – $2,262) | 2,041 | 1,853 | |||
Related Party | Apollo Global Management , Inc. | |||||
Business Acquisition [Line Items] | |||||
Investments | $ 33,786 | ||||
Variable Interest Entities | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 521 | $ 154 | |||
Variable Interest Entities | Apollo Global Management , Inc. | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 3,635 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | $ 461 |
Investments - Schedule of AFS S
Investments - Schedule of AFS Securities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale securities | $ 112,651 | $ 106,859 | |||
AFS securities allowance for credit losses | (488) | $ (311) | (123) | $ (111) | $ (104) |
Gross Unrealized Gains | 91 | 4,893 | |||
Gross Unrealized Losses | (7,031) | (1,068) | |||
Available-for-sale securities | 105,223 | 110,561 | |||
Consolidated Entity, excluding Affiliated Entity | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale securities | 104,222 | 96,458 | |||
AFS securities allowance for credit losses | (468) | (311) | (123) | (111) | (103) |
Gross Unrealized Gains | 75 | 4,808 | |||
Gross Unrealized Losses | (6,930) | (984) | |||
Available-for-sale securities | 96,899 | 100,159 | |||
Related Party | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale securities | 8,429 | 10,401 | |||
AFS securities allowance for credit losses | (20) | 0 | 0 | ||
Gross Unrealized Gains | 16 | 85 | |||
Gross Unrealized Losses | (101) | (84) | |||
Available-for-sale securities | 8,324 | 10,402 | |||
U.S. government and agencies | Consolidated Entity, excluding Affiliated Entity | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale securities | 3,123 | 231 | |||
AFS securities allowance for credit losses | 0 | 0 | |||
Gross Unrealized Gains | 1 | 2 | |||
Gross Unrealized Losses | (163) | (10) | |||
Available-for-sale securities | 2,961 | 223 | |||
U.S. state, municipal and political subdivisions | Consolidated Entity, excluding Affiliated Entity | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale securities | 1,209 | 1,081 | |||
AFS securities allowance for credit losses | 0 | 0 | |||
Gross Unrealized Gains | 0 | 134 | |||
Gross Unrealized Losses | (117) | (2) | |||
Available-for-sale securities | 1,092 | 1,213 | |||
Foreign governments | Consolidated Entity, excluding Affiliated Entity | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale securities | 1,173 | 1,110 | |||
AFS securities allowance for credit losses | (66) | 0 | 0 | ||
Gross Unrealized Gains | 11 | 35 | |||
Gross Unrealized Losses | (107) | (17) | |||
Available-for-sale securities | 1,011 | 1,128 | |||
Corporate | Consolidated Entity, excluding Affiliated Entity | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale securities | 65,935 | 62,817 | |||
AFS securities allowance for credit losses | (55) | 0 | 0 | (8) | (6) |
Gross Unrealized Gains | 34 | 4,060 | |||
Gross Unrealized Losses | (5,675) | (651) | |||
Available-for-sale securities | 60,239 | 66,226 | |||
Corporate | Related Party | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale securities | 948 | 842 | |||
AFS securities allowance for credit losses | 0 | 0 | |||
Gross Unrealized Gains | 10 | 19 | |||
Gross Unrealized Losses | (26) | (2) | |||
Available-for-sale securities | 932 | 859 | |||
CLO | Consolidated Entity, excluding Affiliated Entity | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale securities | 14,282 | 13,793 | |||
AFS securities allowance for credit losses | (18) | 0 | 0 | 0 | (1) |
Gross Unrealized Gains | 3 | 44 | |||
Gross Unrealized Losses | (239) | (185) | |||
Available-for-sale securities | 14,028 | 13,652 | |||
CLO | Related Party | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale securities | 2,776 | 2,573 | |||
AFS securities allowance for credit losses | (3) | 0 | 0 | 0 | (1) |
Gross Unrealized Gains | 2 | 5 | |||
Gross Unrealized Losses | (43) | (29) | |||
Available-for-sale securities | 2,732 | 2,549 | |||
ABS | Consolidated Entity, excluding Affiliated Entity | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale securities | 9,572 | 8,890 | |||
AFS securities allowance for credit losses | (11) | (5) | (17) | (11) | (6) |
Gross Unrealized Gains | 4 | 151 | |||
Gross Unrealized Losses | (281) | (35) | |||
Available-for-sale securities | 9,284 | 8,989 | |||
ABS | Related Party | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale securities | 4,705 | 6,986 | |||
AFS securities allowance for credit losses | (17) | 0 | 0 | ||
Gross Unrealized Gains | 4 | 61 | |||
Gross Unrealized Losses | (32) | (53) | |||
Available-for-sale securities | 4,660 | 6,994 | |||
CMBS | Consolidated Entity, excluding Affiliated Entity | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale securities | 2,883 | 2,764 | |||
AFS securities allowance for credit losses | (6) | 0 | (3) | (14) | (10) |
Gross Unrealized Gains | 14 | 56 | |||
Gross Unrealized Losses | (144) | (59) | |||
Available-for-sale securities | 2,747 | 2,758 | |||
RMBS | Consolidated Entity, excluding Affiliated Entity | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale securities | 6,045 | 5,772 | |||
AFS securities allowance for credit losses | (312) | $ (306) | (103) | $ (78) | $ (80) |
Gross Unrealized Gains | 8 | 326 | |||
Gross Unrealized Losses | (204) | (25) | |||
Available-for-sale securities | $ 5,537 | $ 5,970 |
Investments - Maturities of AFS
Investments - Maturities of AFS Securities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Amortized Cost | $ 112,651 | $ 106,859 |
Fair Value | ||
Total AFS fixed maturity securities | 105,223 | 110,561 |
Consolidated Entity, excluding Affiliated Entity | ||
Amortized Cost | ||
Due in one year or less | 1,047 | |
Due after one year through five years | 9,154 | |
Due after five years through ten years | 18,960 | |
Due after ten years | 42,279 | |
CLO, ABS, CMBS and RMBS | 32,782 | |
Amortized Cost | 104,222 | 96,458 |
Fair Value | ||
Due in one year or less | 1,041 | |
Due after one year through five years | 8,734 | |
Due after five years through ten years | 17,605 | |
Due after ten years | 37,923 | |
CLO, ABS, CMBS and RMBS | 31,596 | |
Total AFS fixed maturity securities | 96,899 | 100,159 |
Related Party | ||
Amortized Cost | ||
Due after one year through five years | 24 | |
Due after five years through ten years | 776 | |
Due after ten years | 148 | |
CLO, ABS, CMBS and RMBS | 7,481 | |
Amortized Cost | 8,429 | 10,401 |
Fair Value | ||
Due after one year through five years | 23 | |
Due after five years through ten years | 752 | |
Due after ten years | 157 | |
CLO, ABS, CMBS and RMBS | 7,392 | |
Total AFS fixed maturity securities | $ 8,324 | $ 10,402 |
Investments - Unrealized Losses
Investments - Unrealized Losses on AFS Securities (Details) $ in Millions | Mar. 31, 2022USD ($)security | Dec. 31, 2021USD ($) |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | $ 92,852 | $ 38,067 |
Fair Value, 12 months or greater | 0 | 3,216 |
Total | 92,852 | 41,283 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (6,905) | (802) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 139 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (6,905) | (941) |
Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 88,487 | 32,708 |
Fair Value, 12 months or greater | 0 | 3,040 |
Total | 88,487 | 35,748 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (6,813) | (728) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 135 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (6,813) | (863) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 8,329 | |
Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | $ 4,365 | 5,359 |
Fair Value, 12 months or greater | 0 | 176 |
Total | 4,365 | 5,535 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (92) | (74) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 4 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (92) | (78) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 106 | |
U.S. government and agencies | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | $ 2,919 | 164 |
Fair Value, 12 months or greater | 0 | 22 |
Total | 2,919 | 186 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (163) | (8) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 2 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (163) | (10) |
U.S. state, municipal and political subdivisions | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 1,080 | 122 |
Fair Value, 12 months or greater | 0 | 1 |
Total | 1,080 | 123 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (117) | (2) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (117) | (2) |
Foreign governments | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 951 | 387 |
Fair Value, 12 months or greater | 0 | 1 |
Total | 951 | 388 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (107) | (17) |
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 | (107) | (17) |
Corporate | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 59,336 | 18,995 |
Fair Value, 12 months or greater | 0 | 863 |
Total | 59,336 | 19,858 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (5,674) | (523) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 59 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (5,674) | (582) |
Corporate | Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 775 | 313 |
Fair Value, 12 months or greater | 0 | 0 |
Total | 775 | 313 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (26) | (2) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (26) | (2) |
CLO | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 12,066 | 7,685 |
Fair Value, 12 months or greater | 0 | 1,537 |
Total | 12,066 | 9,222 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (214) | (124) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 35 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (214) | (159) |
CLO | Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 2,069 | 1,245 |
Fair Value, 12 months or greater | 0 | 163 |
Total | 2,069 | 1,408 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (38) | (20) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 3 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (38) | (23) |
ABS | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 6,098 | 4,038 |
Fair Value, 12 months or greater | 0 | 165 |
Total | 6,098 | 4,203 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (247) | (16) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 12 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (247) | (28) |
ABS | Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 1,521 | 3,801 |
Fair Value, 12 months or greater | 0 | 13 |
Total | 1,521 | 3,814 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (28) | (52) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 1 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (28) | (53) |
CMBS | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 2,360 | 880 |
Fair Value, 12 months or greater | 0 | 177 |
Total | 2,360 | 1,057 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (134) | (29) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 22 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (134) | (51) |
RMBS | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 3,677 | 437 |
Fair Value, 12 months or greater | 0 | 274 |
Total | 3,677 | 711 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (157) | (9) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 5 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (157) | $ (14) |
Investments - Allowance for Cre
Investments - Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | $ 123 | $ 104 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 179 | 9 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 2 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (8) | (6) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 6 | 2 |
Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 123 | 103 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 159 | 9 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 2 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (8) | (5) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 6 | 2 |
Related Party | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 20 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 0 | |
U.S. government and agencies | Consolidated Entity, excluding Affiliated Entity | ||
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 | Consolidated Entity, excluding Affiliated Entity | ||
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 | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 66 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 0 | |
Corporate | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 0 | 6 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 55 | 2 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | (2) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 0 | 2 |
Corporate | 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 | |
CLO | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 0 | 1 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 18 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 0 | (1) |
CLO | 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 | 1 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 3 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | (1) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 0 | 0 |
ABS | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 17 | 6 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 5 | 5 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 1 | 0 |
ABS | 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 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 17 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 0 | |
CMBS | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 3 | 10 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 6 | 2 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 0 | 2 |
RMBS | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 103 | 80 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 9 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 2 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (8) | (3) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | $ 5 | $ (1) |
Investments - Net Investment In
Investments - Net Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net Investment Income [Line Items] | ||
Investment revenue | $ 1,874 | $ 1,817 |
Investment expenses | (191) | (148) |
Net investment income | 1,683 | 1,669 |
Trading securities | ||
Net Investment Income [Line Items] | ||
Investment revenue | 63 | 63 |
Equity securities | ||
Net Investment Income [Line Items] | ||
Investment revenue | 15 | 4 |
Mortgage loans | ||
Net Investment Income [Line Items] | ||
Investment revenue | 237 | 178 |
Investment funds | ||
Net Investment Income [Line Items] | ||
Investment revenue | 304 | 442 |
Funds withheld at interest | ||
Net Investment Income [Line Items] | ||
Investment revenue | 337 | 206 |
Other | ||
Net Investment Income [Line Items] | ||
Investment revenue | 42 | 64 |
Available-for-sale Securities | ||
Net Investment Income [Line Items] | ||
Investment revenue | $ 876 | $ 860 |
Investments - Investment Relate
Investments - Investment Related Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
AFS fixed maturity securities | ||
Gross realized gains on investment activity | $ 103 | $ 73 |
Gross realized losses on investment activity | (410) | (143) |
Net realized investment losses on AFS securities | (307) | (70) |
Debt Securities, Trading, Gain (Loss) | (207) | (69) |
Net recognized investment gains on equity securities | 23 | 17 |
Derivative losses | (3,041) | (438) |
Provision for Loan, Lease, and Other Losses | (192) | 58 |
Other gains | 320 | 80 |
Gain (Loss) on Investments | (4,200) | (422) |
Proceeds from Sale of Debt Securities, Available-for-sale | 298 | 892 |
Gain (Loss) on Securities [Line Items] | ||
Gain (Loss) on Investments | (4,200) | (422) |
Mortgage loans | ||
AFS fixed maturity securities | ||
Gain (Loss) on Investments | (796) | 0 |
Gain (Loss) on Securities [Line Items] | ||
Gain (Loss) on Investments | $ (796) | $ 0 |
Investments - Unrealized gains
Investments - Unrealized gains (losses) recognized in income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Consolidated Entity, excluding Affiliated Entity | ||
Gain (Loss) on Securities [Line Items] | ||
Debt Securities, Trading, Unrealized Gain (Loss) | $ (189) | $ (121) |
Equity Securities, FV-NI, Unrealized Gain (Loss) | 17 | 9 |
Related Party | ||
Gain (Loss) on Securities [Line Items] | ||
Debt Securities, Trading, Unrealized Gain (Loss) | (4) | 58 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ (5) | $ 6 |
Investments - Mortgage Loans, N
Investments - Mortgage Loans, Net (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 24,148 | |
Mortgage loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mark to fair value | $ (704) | 2 |
Commercial mortgage loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, before allowance for credit losses | 17,064 | |
Mortgage loan valuation allowance | (167) | |
Mortgage loans, net of allowances | 18,390 | 16,897 |
Mark to fair value | (640) | |
Investment Owned, Balance, Principal Amount | 19,030 | |
Commercial mortgage loans | Commercial mortgage loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, before allowance for credit losses | 16,565 | |
Investment Owned, Balance, Principal Amount | 18,428 | |
Commercial mortgage loans | Commercial mortgage loans under development | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, before allowance for credit losses | 499 | |
Investment Owned, Balance, Principal Amount | 602 | |
Residential mortgage loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, before allowance for credit losses | 8,706 | 7,321 |
Mortgage loan valuation allowance | (70) | |
Mortgage loans, net of allowances | 8,642 | $ 7,251 |
Mark to fair value | $ (64) |
Investments - Mortgage Loans,_2
Investments - Mortgage Loans, Net by Property Type and Geographic Region (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | $ 24,148 | |||
Commercial mortgage loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | $ 18,390 | 16,897 | ||
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 | 16,039 | 14,796 | ||
Commercial mortgage loans | Total U.S. Region | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 87.20% | 87.50% | ||
Commercial mortgage loans | East North Central | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 1,635 | 1,697 | ||
Commercial mortgage loans | East North Central | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 8.90% | 10.00% | ||
Commercial mortgage loans | East South Central | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 453 | 470 | ||
Commercial mortgage loans | East South Central | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 2.40% | 2.80% | ||
Commercial mortgage loans | Middle Atlantic | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 3,752 | 3,637 | ||
Commercial mortgage loans | Middle Atlantic | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 20.40% | 21.50% | ||
Commercial mortgage loans | Mountain | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 809 | 460 | ||
Commercial mortgage loans | Mountain | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 4.40% | 2.70% | ||
Commercial mortgage loans | New England | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 1,132 | 453 | ||
Commercial mortgage loans | New England | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 6.10% | 2.70% | ||
Commercial mortgage loans | Pacific | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 3,993 | 3,994 | ||
Commercial mortgage loans | Pacific | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 21.70% | 23.60% | ||
Commercial mortgage loans | South Atlantic | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 3,008 | 2,817 | ||
Commercial mortgage loans | South Atlantic | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 16.40% | 16.70% | ||
Commercial mortgage loans | West North Central | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 288 | 271 | ||
Commercial mortgage loans | West North Central | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 1.60% | 1.60% | ||
Commercial mortgage loans | West South Central | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 969 | 997 | ||
Commercial mortgage loans | West South Central | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 5.30% | 5.90% | ||
Commercial mortgage loans | UNITED KINGDOM | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 1,543 | 1,279 | ||
Commercial mortgage loans | UNITED KINGDOM | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 8.40% | 7.60% | ||
Commercial mortgage loans | Other | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 808 | 822 | ||
Commercial mortgage loans | Other | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 4.40% | 4.90% | ||
Commercial mortgage loans | International | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 2,351 | 2,101 | ||
Commercial mortgage loans | International | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 12.80% | 12.50% | ||
Commercial mortgage loans | Hotels | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 1,731 | 1,727 | ||
Commercial mortgage loans | Hotels | Property Type Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 9.40% | 10.20% | ||
Commercial mortgage loans | Retail | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 2,086 | 2,022 | ||
Commercial mortgage loans | Retail | Property Type Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 11.30% | 12.00% | ||
Commercial mortgage loans | Office building | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 4,857 | 4,870 | ||
Commercial mortgage loans | Office building | Property Type Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 26.40% | 28.80% | ||
Commercial mortgage loans | Industrial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 2,320 | 2,336 | ||
Commercial mortgage loans | Industrial | Property Type Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 12.60% | 13.80% | ||
Commercial mortgage loans | Apartment | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 5,602 | 4,626 | ||
Commercial mortgage loans | Apartment | Property Type Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 30.50% | 27.40% | ||
Commercial mortgage loans | Other commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | $ 1,794 | $ 1,316 | ||
Commercial mortgage loans | Other commercial | Property Type Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 9.80% | 7.80% |
Investments - Mortgage Loans, R
Investments - Mortgage Loans, Residential by State (Details) - Geographic Concentration Risk - Residential mortgage loans - Mortgage Loans, Net | Dec. 31, 2021 | Mar. 31, 2021 |
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 | 28.40% | 30.90% |
Florida | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 11.40% | 10.00% |
NEW YORK | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 5.10% | 5.20% |
Other U.S. States | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 43.30% | 42.90% |
Total U.S. Region | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 88.20% | 89.00% |
IRELAND | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 6.40% | 4.90% |
Other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 5.40% | 6.10% |
International | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 11.80% | 11.00% |
Investments - Investment Funds
Investments - Investment Funds (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 17,899 | $ 9,866 |
Consolidated Entity, excluding Affiliated Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 1,243 | $ 1,178 |
Carrying Amount, Assets, Percent of Total | 100.00% | 100.00% |
Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 13,568 | $ 1,297 |
Carrying Amount, Assets, Percent of Total | 100.00% | 100.00% |
Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 3,088 | $ 7,391 |
Carrying Amount, Assets, Percent of Total | 100.00% | 100.00% |
Private equity | Consolidated Entity, excluding Affiliated Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 353 | $ 343 |
Carrying Amount, Assets, Percent of Total | 28.40% | 29.10% |
Private equity | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 981 | $ 0 |
Carrying Amount, Assets, Percent of Total | 7.20% | 0.00% |
Private equity | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 621 | $ 751 |
Carrying Amount, Assets, Percent of Total | 20.10% | 10.10% |
Real assets | Consolidated Entity, excluding Affiliated Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 58 | $ 87 |
Carrying Amount, Assets, Percent of Total | 4.60% | 7.40% |
Real assets | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 1,381 | $ 35 |
Carrying Amount, Assets, Percent of Total | 10.20% | 2.70% |
Real assets | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 138 | $ 157 |
Carrying Amount, Assets, Percent of Total | 4.50% | 2.10% |
Real estate | Consolidated Entity, excluding Affiliated Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 748 | $ 662 |
Carrying Amount, Assets, Percent of Total | 60.20% | 56.20% |
Real estate | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 1,599 | $ 514 |
Carrying Amount, Assets, Percent of Total | 11.80% | 39.60% |
Real estate | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 520 | $ 1,187 |
Carrying Amount, Assets, Percent of Total | 16.80% | 16.10% |
Natural resources | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 256 | $ 0 |
Carrying Amount, Assets, Percent of Total | 1.90% | 0.00% |
Natural resources | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 89 | $ 172 |
Carrying Amount, Assets, Percent of Total | 2.90% | 2.30% |
Differentiated investments | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 1,350 | $ 0 |
Carrying Amount, Assets, Percent of Total | 9.90% | 0.00% |
Differentiated investments | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 1,310 | $ 2,562 |
Carrying Amount, Assets, Percent of Total | 42.40% | 34.80% |
Credit funds | Consolidated Entity, excluding Affiliated Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 84 | $ 86 |
Carrying Amount, Assets, Percent of Total | 6.80% | 7.30% |
Credit funds | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 8,001 | $ 748 |
Carrying Amount, Assets, Percent of Total | 59.00% | 57.70% |
Credit funds | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 392 | $ 450 |
Carrying Amount, Assets, Percent of Total | 12.70% | 6.10% |
Public equities | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 18 | $ 0 |
Carrying Amount, Assets, Percent of Total | 0.60% | 0.00% |
Catalina Holdings (Bermuda) Ltd [Member] | Differentiated investments | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 0 | $ 441 |
Carrying Amount, Assets, Percent of Total | 0.00% | 6.00% |
Athora Holding Ltd. | Differentiated investments | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 814 | $ 743 |
Carrying Amount, Assets, Percent of Total | 26.40% | 10.10% |
Venerable | Differentiated investments | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 230 | $ 219 |
Carrying Amount, Assets, Percent of Total | 7.40% | 3.00% |
Apollo | Other fund | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 0 | $ 2,112 |
Carrying Amount, Assets, Percent of Total | 0.00% | 28.50% |
Individually Immaterial Counterparties | Differentiated investments | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 266 | $ 459 |
Carrying Amount, Assets, Percent of Total | 8.60% | 6.20% |
Athene Freedom Holdings LP | Differentiated investments | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 0 | $ 700 |
Carrying Amount, Assets, Percent of Total | 0.00% | 9.50% |
Investments - Summary of Maximu
Investments - Summary of Maximum Loss Exposure (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Assets | $ 246,134 | $ 235,149 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 68,182 | 58,948 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 57,653 | 53,243 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Investment funds | ||
Variable Interest Entity [Line Items] | ||
Assets | 13,568 | 1,297 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 18,514 | 1,647 |
Variable Interest Entity, Not Primary Beneficiary, Consolidated Entity Exclude Affiliated | Investment funds | ||
Variable Interest Entity [Line Items] | ||
Assets | 1,243 | 1,178 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 1,954 | 1,792 |
Variable Interest Entity, Not Primary Beneficiary, Consolidated Entity Exclude Affiliated | Debt Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 31,934 | 31,769 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 34,112 | 31,622 |
Variable Interest Entity, Not Primary Beneficiary, Affiliated Entity | Investment funds | ||
Variable Interest Entity [Line Items] | ||
Assets | 3,088 | 7,391 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 5,504 | 10,922 |
Variable Interest Entity, Not Primary Beneficiary, Affiliated Entity | Debt Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 7,654 | 11,324 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 7,932 | 12,681 |
Variable Interest Entity, Not Primary Beneficiary, Affiliated Entity | Equity securities | ||
Variable Interest Entity [Line Items] | ||
Assets | 166 | 284 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 166 | $ 284 |
Investments - Repurchase Agreem
Investments - Repurchase Agreements (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Repurchase Agreements [Line Items] | ||
Payables for repurchase agreements | $ 3,966 | $ 3,110 |
Amortized Cost | 4,198 | 2,923 |
Fair Value | 3,967 | 3,208 |
Securities Purchased under Agreements to Resell, Fair Value of Collateral | 616 | |
Securities Purchased under Agreements to Resell | 26 | |
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 | 1,927 | 2,512 |
Maturity 30 to 90 Days | ||
Schedule of Repurchase Agreements [Line Items] | ||
Payables for repurchase agreements | 344 | 0 |
Maturity Greater than 90 Days | ||
Schedule of Repurchase Agreements [Line Items] | ||
Payables for repurchase agreements | 200 | 0 |
Maturity Greater than 1 Year [Member] | ||
Schedule of Repurchase Agreements [Line Items] | ||
Payables for repurchase agreements | 1,495 | 598 |
Available-for-sale Securities | Corporate | ||
Schedule of Repurchase Agreements [Line Items] | ||
Amortized Cost | 1,264 | 2,923 |
Fair Value | 1,170 | 3,208 |
Available-for-sale Securities | U.S. government and agencies | ||
Schedule of Repurchase Agreements [Line Items] | ||
Amortized Cost | 2,671 | 0 |
Fair Value | 2,536 | 0 |
Available-for-sale Securities | Collateralized Loan Obligations | ||
Schedule of Repurchase Agreements [Line Items] | ||
Amortized Cost | 263 | 0 |
Fair Value | $ 261 | $ 0 |
Investments - Concentration of
Investments - Concentration of Equity (Details) - Stockholders' Equity, Total - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Athene Freedom Holdings LP | ||
Concentration Risk [Line Items] | ||
Investments | $ 3,199 | $ 3,119 |
AP Tundra Holdings LLC | ||
Concentration Risk [Line Items] | ||
Investments | 3,079 | |
MidCap | ||
Concentration Risk [Line Items] | ||
Investments | 2,740 | |
PK AirFinance [Member] | ||
Concentration Risk [Line Items] | ||
Investments | 1,466 | |
SoftBank Vision Fund II | ||
Concentration Risk [Line Items] | ||
Investments | 1,170 | |
AP Aristotle Holdings LLC | ||
Concentration Risk [Line Items] | ||
Investments | $ 1,167 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Notional and Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Derivative assets, fair value | $ 3,668 | $ 4,387 |
Derivative liabilities, fair value | 631 | 472 |
Total derivative assets | 1,216 | 5,747 |
Total derivative liabilities | 7,335 | 15,424 |
Derivatives designated as hedges | ||
Derivative [Line Items] | ||
Derivative assets, fair value | 522 | 470 |
Derivative liabilities, fair value | $ 411 | $ 236 |
Derivatives designated as hedges | Foreign currency swaps | ||
Derivative [Line Items] | ||
Notional Amount | 6,629 | 6,371 |
Derivative assets, fair value | $ 350 | $ 281 |
Derivative liabilities, fair value | $ 74 | $ 56 |
Derivatives designated as hedges | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | 1,995 | 500 |
Derivative assets, fair value | $ 0 | $ 0 |
Derivative liabilities, fair value | $ 2 | $ 1 |
Derivatives designated as hedges | Foreign currency forwards | ||
Derivative [Line Items] | ||
Notional Amount | 5,004 | 6,395 |
Derivative assets, fair value | $ 172 | $ 189 |
Derivative liabilities, fair value | $ 0 | $ 2 |
Derivatives designated as hedges | Cross Currency Interest Rate Contract | ||
Derivative [Line Items] | ||
Notional Amount | 3,586 | 2,783 |
Derivative assets, fair value | $ 0 | $ 0 |
Derivative liabilities, fair value | 334 | 173 |
Derivatives not designated as hedges | ||
Derivative [Line Items] | ||
Total derivative assets | 694 | 5,277 |
Total derivative liabilities | $ 6,924 | $ 15,188 |
Derivatives not designated as hedges | Foreign currency swaps | ||
Derivative [Line Items] | ||
Notional Amount | 2,784 | 2,592 |
Derivative assets, fair value | $ 98 | $ 57 |
Derivative liabilities, fair value | $ 21 | $ 19 |
Derivatives not designated as hedges | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | 1,822 | 483 |
Derivative assets, fair value | $ 125 | $ 78 |
Derivative liabilities, fair value | $ 2 | $ 1 |
Derivatives not designated as hedges | Equity options | ||
Derivative [Line Items] | ||
Notional Amount | 58,908 | 57,890 |
Derivative assets, fair value | $ 2,675 | $ 3,629 |
Derivative liabilities, fair value | $ 101 | $ 115 |
Derivatives not designated as hedges | Futures | ||
Derivative [Line Items] | ||
Notional Amount | 27 | 33 |
Derivative assets, fair value | $ 48 | $ 67 |
Derivative liabilities, fair value | $ 0 | $ 0 |
Derivatives not designated as hedges | Total return swaps | ||
Derivative [Line Items] | ||
Notional Amount | 256 | 231 |
Derivative assets, fair value | $ 8 | $ 10 |
Derivative liabilities, fair value | $ 1 | $ 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 | $ 3 | $ 3 |
Derivatives not designated as hedges | Foreign currency forwards | ||
Derivative [Line Items] | ||
Notional Amount | 10,832 | 7,382 |
Derivative assets, fair value | $ 192 | $ 76 |
Derivative liabilities, fair value | 92 | 98 |
Derivatives not designated as hedges | Embedded derivatives | Funds withheld | ||
Derivative [Line Items] | ||
Funds withheld at interest | (2,452) | |
Funds withheld liability (portion at fair value: 2022 – $0 and 2021 – $45) | 0 | |
Embedded derivative assets, fair value | 1,360 | |
Embedded derivative liabilities, fair value | 45 | |
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 | $ 6,704 | $ 14,907 |
Net Investment Hedging [Member] | Derivatives designated as hedges | Foreign currency forwards | ||
Derivative [Line Items] | ||
Notional Amount | 236 | 231 |
Derivative assets, fair value | $ 0 | $ 0 |
Derivative liabilities, fair value | $ 1 | $ 4 |
Derivative Instruments - Gains
Derivative Instruments - Gains (Losses) on Derivatives Not Designated as Hedging (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative [Line Items] | ||
Total gains (losses) for derivatives not designated as hedges | $ (2,086) | $ (285) |
Investment related gains (losses) | ||
Derivative [Line Items] | ||
Total gains (losses) for derivatives not designated as hedges | (3,043) | (620) |
Investment related gains (losses) | Equity options | ||
Derivative [Line Items] | ||
Total gains (losses) for derivatives not designated as hedges | (708) | 502 |
Investment related gains (losses) | Futures | ||
Derivative [Line Items] | ||
Total gains (losses) for derivatives not designated as hedges | (33) | 11 |
Investment related gains (losses) | Swap [Member] | ||
Derivative [Line Items] | ||
Total gains (losses) for derivatives not designated as hedges | 63 | 31 |
Investment related gains (losses) | Foreign currency forwards | ||
Derivative [Line Items] | ||
Total gains (losses) for derivatives not designated as hedges | 155 | (31) |
Investment related gains (losses) | Embedded derivatives | ||
Derivative [Line Items] | ||
Total gains (losses) for derivatives not designated as hedges | (2,520) | (1,133) |
Interest sensitive contract benefits | Embedded derivatives | ||
Derivative [Line Items] | ||
Total gains (losses) for derivatives not designated as hedges | 957 | 335 |
Fair Value Hedging [Member] | Derivatives designated as hedges | Investment related gains (losses) | Foreign currency swaps | ||
Derivative [Line Items] | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 91 | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (95) | |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | (4) | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 0 | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | |
Fair Value Hedging [Member] | Derivatives designated as hedges | Investment related gains (losses) | Interest rate swaps | ||
Derivative [Line Items] | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | (72) | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 75 | |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 3 | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 0 | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | |
Fair Value Hedging [Member] | Derivatives designated as hedges | Investment related gains (losses) | Foreign currency forwards | ||
Derivative [Line Items] | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 127 | 218 |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (126) | (217) |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 1 | 1 |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 14 | 0 |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 1 | 0 |
Fair Value Hedging [Member] | Derivatives designated as hedges | Investment related gains (losses) | Cross Currency Interest Rate Contract | ||
Derivative [Line Items] | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | (159) | (36) |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 197 | 41 |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 38 | 5 |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 0 | 0 |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 |
Fair Value Hedging [Member] | Derivatives designated as hedges | Interest sensitive contract benefits | Cross Currency Interest Rate Contract | ||
Derivative [Line Items] | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 10 | 1 |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (9) | (1) |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 1 | 0 |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 0 | 0 |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | $ 0 | $ 0 |
Derivative Instruments - Offset
Derivative Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative assets | ||
Gross amount recognized | $ 3,668 | $ 4,387 |
Financial instruments | (661) | (430) |
Collateral (received)/pledged | (3,105) | (3,934) |
Off-balance sheet securities collateral | 0 | 0 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Derivative liabilities | ||
Gross amount recognized | (631) | (472) |
Financial instruments | 661 | 430 |
Collateral (received)/pledged | 164 | 32 |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | (98) | 23 |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 194 | 10 |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election, Excluding Obligation to Return Securities | (98) | 23 |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election, Excluding Right to Reclaim Securities | 194 | (10) |
Derivatives designated as hedges | ||
Derivative assets | ||
Gross amount recognized | 522 | 470 |
Derivative liabilities | ||
Gross amount recognized | (411) | (236) |
Foreign currency forwards | Derivatives designated as hedges | ||
Derivative assets | ||
Gross amount recognized | 172 | 189 |
Derivative liabilities | ||
Gross amount recognized | 0 | (2) |
Foreign currency swaps | Derivatives designated as hedges | ||
Derivative assets | ||
Gross amount recognized | 350 | 281 |
Derivative liabilities | ||
Gross amount recognized | (74) | (56) |
Cross Currency Interest Rate Contract | Derivatives designated as hedges | ||
Derivative assets | ||
Gross amount recognized | 0 | 0 |
Derivative liabilities | ||
Gross amount recognized | (334) | (173) |
Interest rate swaps | Derivatives designated as hedges | ||
Derivative assets | ||
Gross amount recognized | 0 | 0 |
Derivative liabilities | ||
Gross amount recognized | (2) | (1) |
Available-for-sale Securities | Foreign currency forwards | Fair Value Hedging [Member] | Derivatives designated as hedges | ||
Derivative [Line Items] | ||
Derivative, Amount of Hedged Item | 4,327 | 4,224 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | (124) | (136) |
Available-for-sale Securities | Foreign currency swaps | Fair Value Hedging [Member] | Derivatives designated as hedges | ||
Derivative [Line Items] | ||
Derivative, Amount of Hedged Item | 5,249 | 0 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | (119) | 0 |
Mortgage Loans, Net | Foreign currency forwards | Fair Value Hedging [Member] | Derivatives designated as hedges | ||
Derivative [Line Items] | ||
Derivative, Amount of Hedged Item | 0 | 1,686 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 0 | (44) |
Interest sensitive contract liabilities | Foreign currency swaps | Fair Value Hedging [Member] | Derivatives designated as hedges | ||
Derivative [Line Items] | ||
Derivative, Amount of Hedged Item | 1,067 | 0 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 24 | 0 |
Interest sensitive contract liabilities | Cross Currency Interest Rate Contract | Fair Value Hedging [Member] | Derivatives designated as hedges | ||
Derivative [Line Items] | ||
Derivative, Amount of Hedged Item | 3,574 | 2,773 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 197 | 121 |
Interest sensitive contract liabilities | Interest rate swaps | Fair Value Hedging [Member] | Derivatives designated as hedges | ||
Derivative [Line Items] | ||
Derivative, Amount of Hedged Item | 1,995 | 500 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | $ 83 | $ 0 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), before Tax | $ (6,555,000,000) | $ (2,622,000,000) | |
Derivatives used in Net Investment Hedge, Net of Tax | 2,000,000 | $ 1,000,000 | |
Amount of Ineffectiveness on Net Investment Hedges | 0 | 0 | |
Cash flow hedges | Derivatives designated as hedges | Foreign currency swaps | |||
Derivative [Line Items] | |||
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness | 0 | 0 | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net, Recorded in Other Comprehensive Income | 0 | ||
Cash flow hedges | Derivatives designated as hedges | Foreign currency forwards | |||
Derivative [Line Items] | |||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net, Recorded in Other Comprehensive Income | (31,000,000) | ||
Fair Value Hedging [Member] | Derivatives designated as hedges | Foreign currency swaps | |||
Derivative [Line Items] | |||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net, Recorded in Other Comprehensive Income | (56,000,000) | 0 | |
Fair Value Hedging [Member] | Derivatives designated as hedges | Foreign currency swaps | Investment related gains (losses) | |||
Derivative [Line Items] | |||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 91,000,000 | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (95,000,000) | ||
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | (4,000,000) | ||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | ||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 0 | ||
Fair Value Hedging [Member] | Derivatives designated as hedges | Foreign currency swaps | Available-for-sale Securities | |||
Derivative [Line Items] | |||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | (119,000,000) | 0 | |
Fair Value Hedging [Member] | Derivatives designated as hedges | Foreign currency swaps | Interest sensitive contract liabilities | |||
Derivative [Line Items] | |||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 24,000,000 | 0 | |
Fair Value Hedging [Member] | Derivatives designated as hedges | Interest rate swaps | Investment related gains (losses) | |||
Derivative [Line Items] | |||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | (72,000,000) | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 75,000,000 | ||
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 3,000,000 | ||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | ||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 0 | ||
Fair Value Hedging [Member] | Derivatives designated as hedges | Interest rate swaps | Interest sensitive contract liabilities | |||
Derivative [Line Items] | |||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 83,000,000 | 0 | |
Fair Value Hedging [Member] | Derivatives designated as hedges | Foreign currency forwards | |||
Derivative [Line Items] | |||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net, Recorded in Other Comprehensive Income | (73,000,000) | 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 | 127,000,000 | 218,000,000 | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (126,000,000) | (217,000,000) | |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 1,000,000 | 1,000,000 | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 1,000,000 | 0 | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 14,000,000 | 0 | |
Fair Value Hedging [Member] | Derivatives designated as hedges | Foreign currency forwards | Available-for-sale Securities | |||
Derivative [Line Items] | |||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | (124,000,000) | (136,000,000) | |
Fair Value Hedging [Member] | Derivatives designated as hedges | Foreign currency forwards | Mortgage Loans, Net | |||
Derivative [Line Items] | |||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 0 | (44,000,000) | |
Fair Value Hedging [Member] | Derivatives designated as hedges | Net Investment Hedging [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), before Tax | 2,000,000 | (2,000,000) | |
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 | (159,000,000) | (36,000,000) | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 197,000,000 | 41,000,000 | |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 38,000,000 | 5,000,000 | |
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, Amortization Approach | 0 | 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 | 10,000,000 | 1,000,000 | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (9,000,000) | (1,000,000) | |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 1,000,000 | 0 | |
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, Amortization Approach | 0 | $ 0 | |
Fair Value Hedging [Member] | Derivatives designated as hedges | Cross Currency Interest Rate Contract | Interest sensitive contract liabilities | |||
Derivative [Line Items] | |||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | $ 197,000,000 | $ 121,000,000 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Variable Interest Entity [Line Items] | |||
Mortgage loans, net of allowances | $ 24,148 | ||
Investment funds | $ 17,899 | 9,866 | |
Other assets (related party: 2022 – $81 and 2021 – $0) | 7,094 | 1,257 | |
Investment revenue | 1,874 | $ 1,817 | |
Investment expenses | (191) | (148) | |
Net Investment Income | 1,683 | 1,669 | |
Provision for Loan, Lease, and Other Losses | (192) | 58 | |
Other gains | 320 | 80 | |
Gain (Loss) on Investments | (4,200) | (422) | |
Other Cost and Expense, Operating | 335 | 293 | |
Mortgage loans | |||
Variable Interest Entity [Line Items] | |||
Investment revenue | 237 | 178 | |
Investment funds | |||
Variable Interest Entity [Line Items] | |||
Investment revenue | 304 | 442 | |
Variable Interest Entities | |||
Variable Interest Entity [Line Items] | |||
Mortgage loans, net of allowances | 1,880 | 2,040 | |
Investment funds | 13,568 | 1,297 | |
Other assets (related party: 2022 – $81 and 2021 – $0) | 315 | 32 | |
Net Investment Income | 17 | 35 | |
Provision for Loan, Lease, and Other Losses | 0 | (66) | |
Other gains | (42) | 0 | |
Gain (Loss) on Investments | (42) | (66) | |
Other Borrowings | 5,905 | $ 430 | |
Debt Instrument, Face Amount | 6,125 | ||
Variable Interest Entities | Senior notes | |||
Variable Interest Entity [Line Items] | |||
Debt Instrument, Face Amount | $ 3,282 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.92% | ||
Variable Interest Entities | Senior notes | Weighted Average [Member] | |||
Variable Interest Entity [Line Items] | |||
Debt Instrument, Maturity Date | 14 years 3 months 18 days | ||
Variable Interest Entities | Subordinated Debt | |||
Variable Interest Entity [Line Items] | |||
Debt Instrument, Face Amount | $ 1,663 | ||
Variable Interest Entities | Secured Debt | |||
Variable Interest Entity [Line Items] | |||
Debt Instrument, Face Amount | 1,180 | ||
Variable Interest Entities | Mortgage loans | |||
Variable Interest Entity [Line Items] | |||
Investment revenue | 20 | 14 | |
Variable Interest Entities | Investment funds | |||
Variable Interest Entity [Line Items] | |||
Investment revenue | $ (3) | $ 21 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Available-for-sale securities | $ 105,223 | $ 110,561 |
Mortgage loans | 24,148 | |
Derivative assets | 3,668 | 4,387 |
Restricted cash | 834 | 796 |
Reinsurance recoverable (portion at fair value: 2022 – $1,814 and 2021 – $1,991) | 4,648 | 4,594 |
Liabilities | ||
Interest sensitive contract liabilities | 164,369 | 156,325 |
Future policy benefits | 48,093 | 42,488 |
Derivative liabilities | 631 | 472 |
Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 96,899 | 100,159 |
Trading securities, at fair value | 1,852 | 2,056 |
Mortgage loans | 23,696 | 20,748 |
Investment funds | 180 | 183 |
Funds withheld at interest | (41,173) | (43,907) |
Derivative assets | 3,668 | 4,387 |
Short-term investments | 175 | 139 |
Other investments | 1,214 | 1,473 |
Related Party | ||
Assets | ||
Available-for-sale securities | 8,324 | 10,402 |
Trading securities, at fair value | 262 | 1,781 |
Equity securities, at fair value | 166 | 284 |
Mortgage loans | 1,456 | 1,360 |
Investment funds | 814 | 2,958 |
Funds withheld at interest | (11,431) | (12,207) |
Short-term investments | 53 | 0 |
Other investments | 255 | 222 |
Liabilities | ||
Interest sensitive contract liabilities | 13,023 | 12,948 |
Future policy benefits | 2,041 | 1,853 |
Variable Interest Entities | ||
Assets | ||
Mortgage loans | 1,880 | 2,040 |
Investment funds | 12,779 | 1,297 |
Other investments | 2,567 | 0 |
U.S. government and agencies | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 2,961 | 223 |
U.S. state, municipal and political subdivisions | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 1,092 | 1,213 |
Foreign governments | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 1,011 | 1,128 |
Corporate | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 60,239 | 66,226 |
Corporate | Related Party | ||
Assets | ||
Available-for-sale securities | 932 | 859 |
CLO | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 14,028 | 13,652 |
CLO | Related Party | ||
Assets | ||
Available-for-sale securities | 2,732 | 2,549 |
ABS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 9,284 | 8,989 |
ABS | Related Party | ||
Assets | ||
Available-for-sale securities | 4,660 | 6,994 |
CMBS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 2,747 | 2,758 |
RMBS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 5,537 | 5,970 |
Level 3 | ||
Assets | ||
Available-for-sale securities | 11,322 | 10,167 |
Mortgage loans | 27,032 | |
Recurring | ||
Assets | ||
Investment funds | 268 | |
Recurring | Level 1 | ||
Assets | ||
Cash and cash equivalents | 8,523 | 9,479 |
Restricted cash | 834 | 796 |
Reinsurance recoverable (portion at fair value: 2022 – $1,814 and 2021 – $1,991) | 0 | 0 |
Total assets measured at fair value | 13,078 | 10,848 |
Liabilities | ||
Derivative liabilities | (3) | 0 |
Total liabilities measured at fair value | (3) | 0 |
Recurring | Level 1 | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 2,940 | 214 |
Trading securities, at fair value | 27 | 3 |
Equity securities, at fair value | 114 | 86 |
Mortgage loans | 0 | 0 |
Investment funds | 0 | 0 |
Derivative assets | 48 | 67 |
Short-term investments | 68 | 49 |
Other investments | 0 | 0 |
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 |
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Short-term investments | 0 | |
Recurring | Level 1 | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 3 | 0 |
Other investments | 0 | |
Cash and cash equivalents | 521 | 154 |
Liabilities | ||
Long-term Debt, Fair Value | 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: 2022 – $0 and 2021 – $45) | 0 | |
Recurring | Level 1 | Embedded derivatives | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Funds withheld at interest | 0 | 0 |
Recurring | Level 1 | Embedded derivatives | Related Party | ||
Assets | ||
Funds withheld at interest | 0 | 0 |
Recurring | Level 1 | U.S. government and agencies | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 2,940 | 214 |
Trading securities, at fair value | 27 | 3 |
Recurring | Level 1 | U.S. state, municipal and political subdivisions | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Trading securities, at fair value | 0 | 0 |
Recurring | Level 1 | Foreign governments | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Trading securities, at fair value | 0 | 0 |
Recurring | Level 1 | Corporate | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Trading securities, at fair value | 0 | 0 |
Recurring | Level 1 | Corporate | Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | CLO | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Trading securities, at fair value | 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 | Consolidated Entity, excluding Affiliated Entity | ||
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 1 | CMBS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Trading securities, at fair value | 0 | 0 |
Recurring | Level 1 | RMBS | Consolidated Entity, excluding Affiliated Entity | ||
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: 2022 – $1,814 and 2021 – $1,991) | 0 | 0 |
Total assets measured at fair value | 98,210 | 105,173 |
Liabilities | ||
Derivative liabilities | 631 | 469 |
Total liabilities measured at fair value | 1,053 | 831 |
Recurring | Level 2 | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 88,660 | 94,928 |
Trading securities, at fair value | 1,735 | 1,984 |
Equity securities, at fair value | 202 | 655 |
Mortgage loans | 0 | 0 |
Investment funds | 0 | 0 |
Derivative assets | 3,620 | 4,320 |
Short-term investments | 22 | 61 |
Other investments | 150 | 130 |
Recurring | Level 2 | Related Party | ||
Assets | ||
Available-for-sale securities | 2,822 | 3,085 |
Trading securities, at fair value | 10 | 10 |
Equity securities, at fair value | 0 | 0 |
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Short-term investments | 0 | |
Recurring | Level 2 | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 324 | 0 |
Other investments | 665 | |
Cash and cash equivalents | 0 | 0 |
Liabilities | ||
Long-term Debt, Fair Value | 422 | 317 |
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: 2022 – $0 and 2021 – $45) | 45 | |
Recurring | Level 2 | Embedded derivatives | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Funds withheld at interest | 0 | 0 |
Recurring | Level 2 | Embedded derivatives | Related Party | ||
Assets | ||
Funds withheld at interest | 0 | 0 |
Recurring | Level 2 | U.S. government and agencies | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 21 | 9 |
Trading securities, at fair value | 3 | 3 |
Recurring | Level 2 | U.S. state, municipal and political subdivisions | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 1,092 | 1,213 |
Trading securities, at fair value | 91 | 101 |
Recurring | Level 2 | Foreign governments | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 1,009 | 1,126 |
Trading securities, at fair value | 18 | 19 |
Recurring | Level 2 | Corporate | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 58,740 | 64,887 |
Trading securities, at fair value | 1,375 | 1,530 |
Recurring | Level 2 | Corporate | Related Party | ||
Assets | ||
Available-for-sale securities | 171 | 189 |
Recurring | Level 2 | CLO | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 14,023 | 13,638 |
Trading securities, at fair value | 10 | 6 |
Recurring | Level 2 | CLO | Related Party | ||
Assets | ||
Available-for-sale securities | 2,400 | 2,347 |
Trading securities, at fair value | 10 | 10 |
Recurring | Level 2 | ABS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 5,501 | 5,370 |
Trading securities, at fair value | 92 | 96 |
Recurring | Level 2 | ABS | Related Party | ||
Assets | ||
Available-for-sale securities | 251 | 549 |
Trading securities, at fair value | 0 | 0 |
Recurring | Level 2 | CMBS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 2,737 | 2,715 |
Trading securities, at fair value | 77 | 94 |
Recurring | Level 2 | RMBS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 5,537 | 5,970 |
Trading securities, at fair value | 69 | 135 |
Recurring | Level 3 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Reinsurance recoverable (portion at fair value: 2022 – $1,814 and 2021 – $1,991) | 1,814 | 1,991 |
Total assets measured at fair value | 51,565 | 22,454 |
Liabilities | ||
Derivative liabilities | 3 | 3 |
Total liabilities measured at fair value | 13,530 | 18,407 |
Recurring | Level 3 | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 5,299 | 5,017 |
Trading securities, at fair value | 90 | 69 |
Equity securities, at fair value | 438 | 429 |
Mortgage loans | 23,696 | 17 |
Investment funds | 19 | 18 |
Derivative assets | 0 | 0 |
Short-term investments | 59 | 29 |
Other investments | 0 | 0 |
Recurring | Level 3 | Related Party | ||
Assets | ||
Available-for-sale securities | 5,502 | 7,317 |
Trading securities, at fair value | 252 | 1,771 |
Equity securities, at fair value | 166 | 284 |
Mortgage loans | 1,456 | |
Investment funds | 814 | 2,855 |
Short-term investments | 53 | |
Recurring | Level 3 | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 1,880 | |
Investment funds | 10,577 | 1,297 |
Other investments | 1,902 | |
Cash and cash equivalents | 0 | 0 |
Liabilities | ||
Long-term Debt, Fair Value | 3,645 | 0 |
Recurring | Level 3 | Universal life | ||
Liabilities | ||
Interest sensitive contract liabilities | 1,096 | 1,235 |
Recurring | Level 3 | AmerUs Closed Block | ||
Liabilities | ||
Future policy benefits | 1,378 | 1,520 |
Recurring | Level 3 | ILICO Closed Block and life benefits | ||
Liabilities | ||
Future policy benefits | 704 | 742 |
Recurring | Level 3 | Embedded derivatives | ||
Liabilities | ||
Interest sensitive contract liabilities | 6,704 | 14,907 |
Funds withheld liability (portion at fair value: 2022 – $0 and 2021 – $45) | 0 | |
Recurring | Level 3 | Embedded derivatives | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Funds withheld at interest | 1,882 | (782) |
Recurring | Level 3 | Embedded derivatives | Related Party | ||
Assets | ||
Funds withheld at interest | (570) | (578) |
Recurring | Level 3 | U.S. government and agencies | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Trading securities, at fair value | 0 | 0 |
Recurring | Level 3 | U.S. state, municipal and political subdivisions | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Trading securities, at fair value | 0 | 0 |
Recurring | Level 3 | Foreign governments | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 2 | 2 |
Trading securities, at fair value | 0 | 0 |
Recurring | Level 3 | Corporate | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 1,499 | 1,339 |
Trading securities, at fair value | 0 | 0 |
Recurring | Level 3 | Corporate | Related Party | ||
Assets | ||
Available-for-sale securities | 761 | 670 |
Recurring | Level 3 | CLO | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 5 | 14 |
Trading securities, at fair value | 4 | 5 |
Recurring | Level 3 | CLO | Related Party | ||
Assets | ||
Available-for-sale securities | 332 | 202 |
Trading securities, at fair value | 28 | 42 |
Recurring | Level 3 | ABS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 3,783 | 3,619 |
Trading securities, at fair value | 45 | 45 |
Recurring | Level 3 | ABS | Related Party | ||
Assets | ||
Available-for-sale securities | 4,409 | 6,445 |
Trading securities, at fair value | 224 | 1,729 |
Recurring | Level 3 | CMBS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 10 | 43 |
Trading securities, at fair value | 0 | 0 |
Recurring | Level 3 | RMBS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Trading securities, at fair value | 41 | 19 |
Recurring | NAV | ||
Assets | ||
Total assets measured at fair value | 2,036 | |
Recurring | NAV | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Investment funds | 161 | 165 |
Recurring | NAV | Related Party | ||
Assets | ||
Investment funds | 0 | 103 |
Recurring | NAV | Variable Interest Entities | ||
Assets | ||
Investment funds | 1,875 | 0 |
Fair Value | ||
Assets | ||
Total assets measured at fair value | 60,823 | 86,719 |
Liabilities | ||
Interest sensitive contract liabilities | 107,961 | 108,621 |
Funds withheld liability (portion at fair value: 2022 – $0 and 2021 – $45) | 394 | |
Fair Value | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 21,138 | |
Investment funds | 1,063 | 995 |
Funds withheld at interest | (43,055) | (43,125) |
Short-term investments | 26 | |
Other investments | 1,064 | 1,343 |
Fair Value | Related Party | ||
Assets | ||
Mortgage loans | 1,369 | |
Investment funds | 2,274 | 4,433 |
Funds withheld at interest | (12,001) | (11,629) |
Other investments | 255 | 223 |
Fair Value | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 2,152 | |
Investment funds | 789 | |
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: 2022 – $0 and 2021 – $45) | 0 | |
Fair Value | Level 1 | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Funds withheld at interest | 0 | 0 |
Short-term investments | 0 | |
Other investments | 0 | 0 |
Fair Value | Level 1 | Related Party | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Funds withheld at interest | 0 | 0 |
Other investments | 0 | 0 |
Fair Value | Level 1 | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 0 | |
Fair Value | Level 2 | ||
Assets | ||
Total assets measured at fair value | 296 | 312 |
Liabilities | ||
Interest sensitive contract liabilities | 0 | 0 |
Funds withheld liability (portion at fair value: 2022 – $0 and 2021 – $45) | 394 | |
Fair Value | Level 2 | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Funds withheld at interest | 0 | 0 |
Short-term investments | 0 | |
Other investments | 0 | 0 |
Fair Value | Level 2 | Related Party | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Funds withheld at interest | 0 | 0 |
Other investments | 0 | 0 |
Fair Value | Level 2 | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 0 | |
Fair Value | Level 3 | ||
Assets | ||
Total assets measured at fair value | 56,401 | 80,979 |
Liabilities | ||
Interest sensitive contract liabilities | 107,961 | 108,621 |
Funds withheld liability (portion at fair value: 2022 – $0 and 2021 – $45) | 0 | |
Fair Value | Level 3 | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 21,138 | |
Investment funds | 0 | 0 |
Funds withheld at interest | (43,055) | (43,125) |
Short-term investments | 26 | |
Other investments | 1,064 | 1,343 |
Fair Value | Level 3 | Related Party | ||
Assets | ||
Mortgage loans | 1,369 | |
Investment funds | 0 | 0 |
Funds withheld at interest | (12,001) | (11,629) |
Other investments | 255 | 223 |
Fair Value | Level 3 | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 2,152 | |
Investment funds | 0 | |
Fair Value | NAV | ||
Assets | ||
Total assets measured at fair value | 4,126 | 5,428 |
Fair Value | NAV | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Investment funds | 1,063 | 995 |
Fair Value | NAV | Related Party | ||
Assets | ||
Investment funds | 2,274 | 4,433 |
Fair Value | NAV | Variable Interest Entities | ||
Assets | ||
Investment funds | 789 | |
Fair Value | Recurring | ||
Assets | ||
Cash and cash equivalents | 8,523 | 9,479 |
Restricted cash | 834 | 796 |
Reinsurance recoverable (portion at fair value: 2022 – $1,814 and 2021 – $1,991) | 1,814 | 1,991 |
Total assets measured at fair value | 164,889 | 138,743 |
Liabilities | ||
Interest sensitive contract liabilities | 7,800 | 16,142 |
Future policy benefits | 2,082 | 2,262 |
Derivative liabilities | 631 | 472 |
Total liabilities measured at fair value | 14,580 | 19,238 |
Fair Value | Recurring | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 96,899 | 100,159 |
Trading securities, at fair value | 1,852 | 2,056 |
Equity securities, at fair value | 754 | 1,170 |
Mortgage loans | 23,696 | 17 |
Investment funds | 180 | 183 |
Funds withheld at interest | 1,882 | (782) |
Derivative assets | 3,668 | 4,387 |
Short-term investments | 149 | 139 |
Other investments | 150 | 130 |
Fair Value | Recurring | Related Party | ||
Assets | ||
Available-for-sale securities | 8,324 | 10,402 |
Trading securities, at fair value | 262 | 1,781 |
Equity securities, at fair value | 166 | 284 |
Mortgage loans | 1,456 | 0 |
Investment funds | 814 | 2,958 |
Funds withheld at interest | 570 | (578) |
Short-term investments | 53 | |
Fair Value | Recurring | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 1,880 | 0 |
Investment funds | 12,779 | 1,297 |
Other investments | 2,567 | |
Cash and cash equivalents | 521 | 154 |
Liabilities | ||
Long-term Debt, Fair Value | 4,067 | 317 |
Fair Value | Recurring | Universal life | ||
Liabilities | ||
Interest sensitive contract liabilities | 1,096 | 1,235 |
Fair Value | Recurring | AmerUs Closed Block | ||
Liabilities | ||
Future policy benefits | 1,378 | 1,520 |
Fair Value | Recurring | ILICO Closed Block and life benefits | ||
Liabilities | ||
Future policy benefits | 704 | 742 |
Fair Value | Recurring | Embedded derivatives | ||
Liabilities | ||
Interest sensitive contract liabilities | 6,704 | 14,907 |
Funds withheld liability (portion at fair value: 2022 – $0 and 2021 – $45) | 45 | |
Fair Value | Recurring | Embedded derivatives | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Funds withheld at interest | 1,882 | (782) |
Fair Value | Recurring | Embedded derivatives | Related Party | ||
Assets | ||
Funds withheld at interest | (570) | (578) |
Fair Value | Recurring | U.S. government and agencies | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 2,961 | 223 |
Trading securities, at fair value | 30 | 6 |
Fair Value | Recurring | U.S. state, municipal and political subdivisions | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 1,092 | 1,213 |
Trading securities, at fair value | 91 | 101 |
Fair Value | Recurring | Foreign governments | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 1,011 | 1,128 |
Trading securities, at fair value | 18 | 19 |
Fair Value | Recurring | Corporate | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 60,239 | 66,226 |
Trading securities, at fair value | 1,375 | 1,530 |
Fair Value | Recurring | Corporate | Related Party | ||
Assets | ||
Available-for-sale securities | 932 | 859 |
Fair Value | Recurring | CLO | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 14,028 | 13,652 |
Trading securities, at fair value | 14 | 11 |
Fair Value | Recurring | CLO | Related Party | ||
Assets | ||
Available-for-sale securities | 2,732 | 2,549 |
Trading securities, at fair value | 38 | 52 |
Fair Value | Recurring | ABS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 9,284 | 8,989 |
Trading securities, at fair value | 137 | 141 |
Fair Value | Recurring | ABS | Related Party | ||
Assets | ||
Available-for-sale securities | 4,660 | 6,994 |
Trading securities, at fair value | 224 | 1,729 |
Fair Value | Recurring | CMBS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 2,747 | 2,758 |
Trading securities, at fair value | 77 | 94 |
Fair Value | Recurring | RMBS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 5,537 | 5,970 |
Trading securities, at fair value | 110 | 154 |
Investments, excluding investments in Related Party | Fair Value | Recurring | ||
Assets | ||
Equity securities, at fair value | 754 | 1,170 |
Short-term investments | $ 149 | $ 139 |
Fair Value - Fair Value Option
Fair Value - Fair Value Option (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total gains (losses) | $ (961,000,000) | $ (26,000,000) | |
Mortgage loans | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair value option, loans, 90 days or more past due | $ 0 | ||
Total gains (losses) | (916,000,000) | 0 | |
Unpaid principal balance | 27,736,000,000 | 15,000,000 | |
Mark to fair value | (704,000,000) | 2,000,000 | |
Fair value | 27,032,000,000 | $ 17,000,000 | |
Fair Value, Option, Credit Risk, Gains (Losses) on Assets | (18,000,000) | 0 | |
Residential mortgage loans | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair value option, loans, 90 days or more past due | 831,000,000 | ||
Fair Value, Option, Loans Held as Assets, Aggregate Amount in Nonaccrual Status | 208,000,000 | ||
Unpaid principal balance | 864,000,000 | ||
Fair value | 831,000,000 | ||
Fair Value, Option, Loans Held as Assets, Aggregate Difference | (33,000,000) | ||
Residential mortgage loans | Loans Insured or Guaranteed by US Government Authorities | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair value option, loans, 90 days or more past due | 623,000,000 | ||
Mortgage loans | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair value option, loans, 90 days or more past due | 83,000,000 | ||
Fair Value, Option, Loans Held as Assets, Aggregate Amount in Nonaccrual Status | 83,000,000 | ||
Unpaid principal balance | 127,000,000 | ||
Fair value | 83,000,000 | ||
Fair Value, Option, Loans Held as Assets, Aggregate Difference | (44,000,000) | ||
Investment related gains (losses) | Trading securities | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total gains (losses) | (207,000,000) | (69,000,000) | |
Net investment income | Investment funds | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total gains (losses) | 20,000,000 | (60,000,000) | |
Future policy and other policy benefits | Future policy benefits | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total gains (losses) | $ 142,000,000 | $ 103,000,000 |
Fair Value - Reconciliation of
Fair Value - Reconciliation of Level 3 Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | $ 45,752 | $ 14,840 | |
Total realized and unrealized gains (losses) included in income | (3,550) | (1,811) | |
Total realized and unrealized gains (losses) included in OCI | (74) | 32 | |
Purchases, issuances, sales and settlements, net | 3,373 | $ 3,373 | 770 |
Transfers in | 6,064 | 6,064 | (124) |
Transfers (out) | (6,330) | (382) | |
Ending balance | 51,565 | 51,565 | 13,707 |
Total gains (losses) included in earnings | (884) | 12 | |
Beginning balance | (11,059) | (16,561) | |
Total realized and unrealized gains (losses) included in income | 1,276 | 656 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 102 | 102 | (65) |
Transfers in | (3,645) | (3,645) | 0 |
Transfers (out) | 0 | 0 | |
Ending balance | (13,530) | (13,530) | (15,840) |
Total gains (losses) included in earnings | 0 | (1) | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (73) | 39 | |
Reinsurance Recoverable Including Reinsurance Premium Paid [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 1,991 | 2,100 | |
Total realized and unrealized gains (losses) included in income | (177) | (220) | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | |
Transfers in | 0 | 0 | |
Ending balance | 1,814 | 1,814 | 1,880 |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Short-term Investments [Member] | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 29 | 2 | |
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 | 30 | 0 | |
Transfers in | 0 | (2) | |
Ending balance | 59 | 59 | 0 |
Total gains (losses) included in earnings | 9 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Short-term Investments [Member] | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 0 | ||
Total realized and unrealized gains (losses) included in income | 0 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | ||
Purchases, issuances, sales and settlements, net | 53 | ||
Transfers in | 0 | ||
Ending balance | 53 | 53 | |
Total gains (losses) included in earnings | 0 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
Mortgage loans | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 21,154 | 19 | |
Total realized and unrealized gains (losses) included in income | (744) | 0 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 3,286 | 3,286 | (1) |
Transfers in | 0 | 0 | 0 |
Transfers (out) | 0 | 0 | |
Ending balance | 23,696 | 23,696 | 18 |
Total gains (losses) included in earnings | (741) | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Mortgage loans | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 1,369 | ||
Total realized and unrealized gains (losses) included in income | (52) | ||
Total realized and unrealized gains (losses) included in OCI | 0 | ||
Purchases, issuances, sales and settlements, net | 139 | 139 | |
Transfers in | 0 | 0 | |
Transfers (out) | 0 | ||
Ending balance | 1,456 | 1,456 | |
Total gains (losses) included in earnings | (52) | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
Mortgage loans | Variable Interest Entities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 2,152 | ||
Total realized and unrealized gains (losses) included in income | (120) | ||
Total realized and unrealized gains (losses) included in OCI | 0 | ||
Purchases, issuances, sales and settlements, net | (152) | (152) | |
Transfers in | 0 | 0 | |
Transfers (out) | 0 | ||
Ending balance | 1,880 | 1,880 | |
Total gains (losses) included in earnings | (120) | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
Equity securities | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 429 | 11 | |
Total realized and unrealized gains (losses) included in income | 9 | 3 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | |
Transfers in | 0 | 0 | |
Ending balance | 438 | 438 | 14 |
Total gains (losses) included in earnings | 0 | 4 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Equity securities | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 284 | 72 | |
Total realized and unrealized gains (losses) included in income | (5) | 8 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | 34 |
Transfers in | (113) | (113) | 0 |
Transfers (out) | (113) | 0 | |
Ending balance | 166 | 166 | 114 |
Total gains (losses) included in earnings | 0 | 8 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Investment funds | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 18 | 17 | |
Total realized and unrealized gains (losses) included in income | 1 | 0 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | |
Transfers in | 0 | 0 | |
Ending balance | 19 | 19 | 17 |
Total gains (losses) included in earnings | 1 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Investment funds | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 2,855 | 2,033 | |
Total realized and unrealized gains (losses) included in income | 24 | (63) | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | (34) | (34) | 0 |
Transfers in | (2,031) | (2,031) | 0 |
Transfers (out) | (2,031) | ||
Ending balance | 814 | 814 | 1,970 |
Total gains (losses) included in earnings | 24 | (63) | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Investment funds | Variable Interest Entities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 1,297 | 0 | |
Total realized and unrealized gains (losses) included in income | (5) | 3 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 238 | 238 | 42 |
Transfers in | 9,047 | 9,047 | 109 |
Transfers (out) | (1,034) | 0 | |
Ending balance | 10,577 | 10,577 | 154 |
Total gains (losses) included in earnings | (5) | 3 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Other | Variable Interest Entities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 0 | ||
Total realized and unrealized gains (losses) included in income | 0 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | ||
Purchases, issuances, sales and settlements, net | 0 | 0 | |
Transfers in | 1,902 | 1,902 | |
Transfers (out) | 0 | ||
Ending balance | 1,902 | 1,902 | |
Total gains (losses) included in earnings | 0 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
Embedded derivatives | Funds withheld at interest | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 0 | 1,944 | |
Total realized and unrealized gains (losses) included in income | (1,882) | (1,308) | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | |
Transfers in | 0 | 0 | |
Ending balance | (1,882) | (1,882) | 636 |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Embedded derivatives | Funds withheld at interest | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 0 | 862 | |
Total realized and unrealized gains (losses) included in income | (570) | (282) | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | |
Transfers in | 0 | 0 | |
Ending balance | (570) | (570) | 580 |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
RMBS | Trading securities | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 19 | 47 | |
Total realized and unrealized gains (losses) included in income | (3) | (5) | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | 0 |
Transfers in | 25 | 25 | 17 |
Transfers (out) | (5) | (3) | |
Ending balance | 41 | 41 | 59 |
Total gains (losses) included in earnings | 0 | (2) | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
ABS | Trading securities | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 45 | 35 | |
Total realized and unrealized gains (losses) included in income | (2) | 0 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 2 | 2 | 0 |
Transfers in | 0 | 0 | 0 |
Transfers (out) | 0 | ||
Ending balance | 45 | 45 | 35 |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
ABS | Trading securities | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 1,729 | 1,475 | |
Total realized and unrealized gains (losses) included in income | 0 | 35 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | (255) | (255) | 131 |
Transfers in | (1,250) | (1,250) | 0 |
Transfers (out) | (1,250) | 0 | |
Ending balance | 224 | 224 | 1,641 |
Total gains (losses) included in earnings | 0 | 37 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
ABS | Available-for-sale Securities | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 3,619 | 800 | |
Total realized and unrealized gains (losses) included in income | 6 | 3 | |
Total realized and unrealized gains (losses) included in OCI | (31) | 27 | |
Purchases, issuances, sales and settlements, net | (148) | (148) | 468 |
Transfers in | 337 | 337 | (91) |
Transfers (out) | (1) | (138) | |
Ending balance | 3,783 | 3,783 | 1,207 |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (30) | 35 | |
ABS | Available-for-sale Securities | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 6,445 | 4,109 | |
Total realized and unrealized gains (losses) included in income | (17) | (5) | |
Total realized and unrealized gains (losses) included in OCI | (10) | (27) | |
Purchases, issuances, sales and settlements, net | (145) | (145) | 115 |
Transfers in | (1,864) | (1,864) | (61) |
Transfers (out) | (1,864) | (61) | |
Ending balance | 4,409 | 4,409 | 4,131 |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (10) | (27) | |
CLO | Trading securities | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 5 | 4 | |
Total realized and unrealized gains (losses) included in income | 0 | 0 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 4 | 4 | (4) |
Transfers in | (5) | (5) | 0 |
Transfers (out) | (5) | 0 | |
Ending balance | 4 | 4 | 0 |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
CLO | Trading securities | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 42 | 50 | |
Total realized and unrealized gains (losses) included in income | (5) | 16 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 1 | 1 | (3) |
Transfers in | (10) | (10) | (19) |
Transfers (out) | (10) | (25) | |
Ending balance | 28 | 28 | 44 |
Total gains (losses) included in earnings | 0 | 25 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
CLO | Available-for-sale Securities | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 14 | 208 | |
Total realized and unrealized gains (losses) included in income | (1) | 0 | |
Total realized and unrealized gains (losses) included in OCI | 2 | 0 | |
Purchases, issuances, sales and settlements, net | (10) | (10) | (34) |
Transfers in | 0 | 0 | 0 |
Transfers (out) | 0 | 0 | |
Ending balance | 5 | 5 | 174 |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 2 | 0 | |
CLO | Available-for-sale Securities | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 202 | ||
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 | 130 | ||
Transfers in | 0 | ||
Ending balance | 332 | 332 | |
Total gains (losses) included in earnings | 0 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
CLO | Related Party | Available-for-sale Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Purchases, issuances, sales and settlements, net | 130 | ||
Transfers in | 0 | ||
Transfers (out) | 0 | ||
Corporate | Available-for-sale Securities | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 1,339 | 778 | |
Total realized and unrealized gains (losses) included in income | (3) | 4 | |
Total realized and unrealized gains (losses) included in OCI | (19) | 21 | |
Purchases, issuances, sales and settlements, net | 140 | 140 | 22 |
Transfers in | 42 | 42 | (43) |
Transfers (out) | (1) | (119) | |
Ending balance | 1,499 | 1,499 | 782 |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (19) | 21 | |
Corporate | Available-for-sale Securities | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 670 | 195 | |
Total realized and unrealized gains (losses) included in income | (4) | 0 | |
Total realized and unrealized gains (losses) included in OCI | 1 | 6 | |
Purchases, issuances, sales and settlements, net | 94 | 94 | 0 |
Transfers in | 0 | 0 | 0 |
Transfers (out) | 0 | ||
Ending balance | 761 | 761 | 201 |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 1 | 6 | |
CMBS | Available-for-sale Securities | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 43 | 43 | |
Total realized and unrealized gains (losses) included in income | 0 | 0 | |
Total realized and unrealized gains (losses) included in OCI | (17) | 5 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | 0 |
Transfers in | (16) | (16) | 0 |
Transfers (out) | (16) | ||
Ending balance | 10 | 10 | 48 |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (17) | 4 | |
Foreign governments | Available-for-sale Securities | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 2 | 2 | |
Total realized and unrealized gains (losses) included in income | 0 | 0 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | |
Transfers in | 0 | 0 | |
Ending balance | 2 | 2 | 2 |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
U.S. state, municipal and political subdivisions | Available-for-sale Securities | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 34 | ||
Total realized and unrealized gains (losses) included in income | 0 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | ||
Purchases, issuances, sales and settlements, net | 0 | ||
Transfers in | (34) | ||
Transfers (out) | (34) | ||
Ending balance | 0 | ||
Total gains (losses) included in earnings | 0 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
Derivative Financial Instruments, Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | (3) | (4) | |
Total realized and unrealized gains (losses) included in income | 0 | (1) | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | |
Transfers in | 0 | 0 | |
Ending balance | (3) | (3) | (5) |
Total gains (losses) included in earnings | 0 | (1) | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Interest sensitive contract liabilities | Embedded derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | (7,559) | (12,873) | |
Total realized and unrealized gains (losses) included in income | 957 | 335 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 102 | 102 | (65) |
Transfers in | 0 | 0 | 0 |
Transfers (out) | 0 | 0 | |
Ending balance | (6,704) | (6,704) | (12,473) |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Debt | Variable Interest Entities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 0 | ||
Total realized and unrealized gains (losses) included in income | 0 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | ||
Purchases, issuances, sales and settlements, net | 0 | 0 | |
Transfers in | 3,645 | (3,645) | |
Transfers (out) | 0 | ||
Ending balance | (3,645) | (3,645) | |
Total gains (losses) included in earnings | 0 | ||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
Universal life | Interest sensitive contract liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | (1,235) | (1,308) | |
Total realized and unrealized gains (losses) included in income | 139 | 200 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | |
Transfers in | 0 | 0 | |
Ending balance | (1,096) | (1,096) | (1,108) |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
AmerUs Closed Block | Future policy benefits | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | (1,520) | (1,600) | |
Total realized and unrealized gains (losses) included in income | 142 | 103 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | |
Transfers in | 0 | 0 | |
Ending balance | (1,378) | (1,378) | (1,497) |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
ILICO Closed Block and life benefits | Future policy benefits | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | (742) | (776) | |
Total realized and unrealized gains (losses) included in income | 38 | 19 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | |
Transfers in | 0 | 0 | |
Ending balance | (704) | $ (704) | (757) |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | $ 0 | $ 0 |
Fair Value - Gross Components o
Fair Value - Gross Components of Purchases, Sales, Issuances and Settlements, net (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | $ 7,240 | $ 1,636 | |
Issuances | 0 | 0 | |
Sales | (2,318) | (764) | |
Settlements | (1,549) | (102) | |
Purchases, (Sales), Issuances, (Settlements) | $ 3,373 | 3,373 | 770 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 12,394 | 258 | |
Transfers (out) | (6,330) | (382) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 6,064 | 6,064 | (124) |
Purchases | 0 | 0 | |
Issuances | (255) | (175) | |
Sales | 0 | 0 | |
Settlements | (153) | (240) | |
Purchases, (Sales), Issuances, (Settlements), Liabilities | (102) | (102) | 65 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | (3,645) | 0 | |
Transfers (out) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | (3,645) | (3,645) | 0 |
Short-term Investments [Member] | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 30 | 0 | |
Sales | 0 | 0 | |
Settlements | 0 | 0 | |
Purchases, (Sales), Issuances, (Settlements) | 30 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |
Transfers (out) | 0 | (2) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | (2) | |
Short-term Investments [Member] | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 53 | ||
Sales | 0 | ||
Settlements | 0 | ||
Purchases, (Sales), Issuances, (Settlements) | 53 | ||
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 | ||
Trading securities | Related Party | Consolidation, Eliminations | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Transfers (out) | (1,260) | ||
Equity securities | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Equity securities | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 0 | 35 | |
Sales | 0 | 0 | |
Settlements | 0 | (1) | |
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | 34 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |
Transfers (out) | (113) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (113) | (113) | 0 |
Equity securities | Related Party | Consolidation, Eliminations | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Transfers (out) | (113) | ||
Investment funds | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Investment funds | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 0 | ||
Sales | (34) | ||
Settlements | 0 | ||
Purchases, (Sales), Issuances, (Settlements) | (34) | (34) | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ||
Transfers (out) | (2,031) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (2,031) | (2,031) | 0 |
Investment funds | Variable Interest Entities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 253 | 42 | |
Sales | (15) | 0 | |
Settlements | 0 | 0 | |
Purchases, (Sales), Issuances, (Settlements) | 238 | 238 | 42 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 10,081 | 109 | |
Transfers (out) | (1,034) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 9,047 | 9,047 | 109 |
Available-for-sale Securities | Related Party | Consolidation, Eliminations | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Transfers (out) | (1,582) | ||
Other | Variable Interest Entities | |||
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 | 1,902 | ||
Transfers (out) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 1,902 | 1,902 | |
U.S. state, municipal and political subdivisions | Available-for-sale Securities | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 0 | ||
Sales | 0 | ||
Settlements | 0 | ||
Purchases, (Sales), Issuances, (Settlements) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ||
Transfers (out) | (34) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (34) | ||
Foreign governments | Available-for-sale Securities | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Corporate | Available-for-sale Securities | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 324 | 39 | |
Sales | (168) | (9) | |
Settlements | (16) | (8) | |
Purchases, (Sales), Issuances, (Settlements) | 140 | 140 | 22 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 43 | 76 | |
Transfers (out) | (1) | (119) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 42 | 42 | (43) |
Corporate | Available-for-sale Securities | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 315 | ||
Sales | (217) | ||
Settlements | (4) | ||
Purchases, (Sales), Issuances, (Settlements) | 94 | 94 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ||
Transfers (out) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 |
CLO | Trading securities | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 4 | 0 | |
Sales | 0 | (4) | |
Settlements | 0 | 0 | |
Purchases, (Sales), Issuances, (Settlements) | 4 | 4 | (4) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |
Transfers (out) | (5) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (5) | (5) | 0 |
CLO | Trading securities | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 15 | 3 | |
Sales | (1) | 0 | |
Settlements | (13) | (6) | |
Purchases, (Sales), Issuances, (Settlements) | 1 | 1 | (3) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 6 | |
Transfers (out) | (10) | (25) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (10) | (10) | (19) |
CLO | Available-for-sale Securities | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Settlements | (10) | (34) | |
Purchases, (Sales), Issuances, (Settlements) | (10) | (10) | (34) |
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 |
CLO | Available-for-sale Securities | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases, (Sales), Issuances, (Settlements) | 130 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | ||
CLO | Available-for-sale Securities | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 130 | ||
Sales | 0 | ||
Settlements | 0 | ||
Purchases, (Sales), Issuances, (Settlements) | 130 | ||
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 | ||
RMBS | Trading securities | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Settlements | 0 | 0 | |
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 30 | 20 | |
Transfers (out) | (5) | (3) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 25 | 25 | 17 |
ABS | Trading securities | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 2 | ||
Sales | 0 | ||
Settlements | 0 | ||
Purchases, (Sales), Issuances, (Settlements) | 2 | 2 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ||
Transfers (out) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 |
ABS | Trading securities | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 14 | 131 | |
Sales | (264) | 0 | |
Settlements | (5) | 0 | |
Purchases, (Sales), Issuances, (Settlements) | (255) | (255) | 131 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |
Transfers (out) | (1,250) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (1,250) | (1,250) | 0 |
ABS | Available-for-sale Securities | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 1,489 | 513 | |
Sales | (1,450) | 0 | |
Settlements | (187) | (45) | |
Purchases, (Sales), Issuances, (Settlements) | (148) | (148) | 468 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 338 | 47 | |
Transfers (out) | (1) | (138) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 337 | 337 | (91) |
ABS | Available-for-sale Securities | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 374 | 873 | |
Sales | (87) | (751) | |
Settlements | (432) | (7) | |
Purchases, (Sales), Issuances, (Settlements) | (145) | (145) | 115 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |
Transfers (out) | (1,864) | (61) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (1,864) | (1,864) | (61) |
CMBS | Available-for-sale Securities | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 0 | ||
Sales | 0 | ||
Settlements | 0 | ||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | 0 |
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) | (16) | 0 |
Mortgage loans | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 4,091 | ||
Sales | (82) | ||
Settlements | (723) | (1) | |
Purchases, (Sales), Issuances, (Settlements) | 3,286 | 3,286 | (1) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |
Transfers (out) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 |
Mortgage loans | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 146 | ||
Sales | 0 | ||
Settlements | (7) | ||
Purchases, (Sales), Issuances, (Settlements) | 139 | 139 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ||
Transfers (out) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Mortgage loans | Variable Interest Entities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 0 | ||
Sales | 0 | ||
Settlements | (152) | ||
Purchases, (Sales), Issuances, (Settlements) | (152) | (152) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ||
Transfers (out) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Short-term Investments [Member] | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases, (Sales), Issuances, (Settlements) | 30 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | (2) | |
Short-term Investments [Member] | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases, (Sales), Issuances, (Settlements) | 53 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | ||
Reinsurance Recoverable Including Reinsurance Premium Paid [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Embedded derivatives | Funds withheld at interest | Consolidated Entity, excluding Affiliated Entity | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Embedded derivatives | Funds withheld at interest | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Interest sensitive contract liabilities | Embedded derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 0 | 0 | |
Issuances | (255) | (175) | |
Sales | 0 | 0 | |
Settlements | (153) | (240) | |
Purchases, (Sales), Issuances, (Settlements), Liabilities | (102) | (102) | 65 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 | |
Transfers (out) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | 0 | 0 | 0 |
Derivative Financial Instruments, Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases, (Sales), Issuances, (Settlements), Liabilities | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | 0 | $ 0 | |
Debt | Variable Interest Entities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 0 | ||
Issuances | 0 | ||
Sales | 0 | ||
Settlements | 0 | ||
Purchases, (Sales), Issuances, (Settlements), Liabilities | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | (3,645) | ||
Transfers (out) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | $ 3,645 | $ (3,645) |
Fair Value - Summary of Unobser
Fair Value - Summary of Unobservable Inputs for the Embedded Derivatives of Interest Sensitive Contract Liabilities (Details) $ in Millions | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | $ 105,223 | $ 110,561 |
Mortgage loans, net of allowances | 24,148 | |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | 11,322 | $ 10,167 |
Mortgage loans, net of allowances | $ 27,032 | |
Nonperformance risk | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.003 | 0.001 |
Nonperformance risk | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.020 | 0.010 |
Nonperformance risk | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.009 | 0.006 |
Option budget | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.005 | 0.004 |
Option budget | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.038 | 0.034 |
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 | 0.053 | 0.059 |
Surrender rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.106 | 0.107 |
Surrender rate | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.079 | 0.080 |
Measurement Input, Discount Rate [Member] | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.015 | 0.014 |
Mortgage loans, Measurement Input | 0.014 | |
Measurement Input, Discount Rate [Member] | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.210 | 0.194 |
Mortgage loans, Measurement Input | 0.151 | |
Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.047 | 0.052 |
Mortgage loans, Measurement Input | 0.044 | |
Embedded derivatives | Interest sensitive contract liabilities | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total liabilities measured at fair value | $ 6,704 | $ 14,907 |
Fair Value - Financial Instrume
Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Mortgage loans | $ 24,148 | |
Investment funds | $ 17,899 | 9,866 |
Liabilities | ||
Interest sensitive contract liabilities | 164,369 | 156,325 |
Long-term debt | 3,287 | 2,964 |
Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 23,696 | 20,748 |
Investment funds | 1,243 | 1,178 |
Investment funds | 180 | 183 |
Policy loans | 296 | 312 |
Funds withheld at interest | 41,173 | 43,907 |
Other investments | 1,214 | 1,473 |
Short-term investments | 175 | 139 |
Related Party | ||
Assets | ||
Mortgage loans | 1,456 | 1,360 |
Investment funds | 3,088 | 7,391 |
Investment funds | 814 | 2,958 |
Funds withheld at interest | 11,431 | 12,207 |
Other investments | 255 | 222 |
Short-term investments | 53 | 0 |
Liabilities | ||
Interest sensitive contract liabilities | 13,023 | 12,948 |
Variable Interest Entities | ||
Assets | ||
Mortgage loans | 1,880 | 2,040 |
Investment funds | 13,568 | 1,297 |
Investment funds | 12,779 | 1,297 |
Other investments | 2,567 | 0 |
Liabilities | ||
Other Borrowings | 5,905 | 430 |
Carrying Value | ||
Assets | ||
Total assets measured at fair value | 60,823 | 86,190 |
Liabilities | ||
Interest sensitive contract liabilities | 114,493 | 105,293 |
Long-term debt | 3,287 | 2,964 |
Securities Sold under Agreements to Repurchase | 3,966 | 3,110 |
Funds withheld liability | 394 | |
Total liabilities not carried at fair value | 123,584 | 111,874 |
Carrying Value | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 20,731 | |
Investment funds | 1,063 | 995 |
Policy loans | 296 | 312 |
Funds withheld at interest | 43,055 | 43,125 |
Other investments | 1,064 | 1,343 |
Short-term investments | 26 | |
Carrying Value | Related Party | ||
Assets | ||
Mortgage loans | 1,360 | |
Investment funds | 2,274 | 4,433 |
Funds withheld at interest | 12,001 | 11,629 |
Other investments | 255 | 222 |
Carrying Value | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 2,040 | |
Investment funds | 789 | |
Liabilities | ||
Other Borrowings | 1,838 | 113 |
Fair Value | ||
Assets | ||
Total assets measured at fair value | 60,823 | 86,719 |
Liabilities | ||
Interest sensitive contract liabilities | 107,961 | 108,621 |
Long-term debt | 2,931 | 3,295 |
Securities Sold under Agreements to Repurchase | 3,966 | 3,110 |
Funds withheld liability | 394 | |
Total liabilities not carried at fair value | 116,696 | 115,533 |
Fair Value | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 21,138 | |
Investment funds | 1,063 | 995 |
Policy loans | 296 | 312 |
Funds withheld at interest | 43,055 | 43,125 |
Other investments | 1,064 | 1,343 |
Short-term investments | 26 | |
Fair Value | Related Party | ||
Assets | ||
Mortgage loans | 1,369 | |
Investment funds | 2,274 | 4,433 |
Funds withheld at interest | 12,001 | 11,629 |
Other investments | 255 | 223 |
Fair Value | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 2,152 | |
Investment funds | 789 | |
Liabilities | ||
Other Borrowings | 1,838 | 113 |
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 | |
Total liabilities not carried at fair value | 0 | 0 |
Level 1 | Fair Value | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Policy loans | 0 | 0 |
Funds withheld at interest | 0 | 0 |
Other investments | 0 | 0 |
Short-term investments | 0 | |
Level 1 | Fair Value | Related Party | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Funds withheld at interest | 0 | 0 |
Other investments | 0 | 0 |
Level 1 | Fair Value | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 0 | |
Liabilities | ||
Other Borrowings | 0 | 0 |
Level 3 | ||
Assets | ||
Mortgage loans | 27,032 | |
Level 3 | Fair Value | ||
Assets | ||
Total assets measured at fair value | 56,401 | 80,979 |
Liabilities | ||
Interest sensitive contract liabilities | 107,961 | 108,621 |
Long-term debt | 0 | 0 |
Securities Sold under Agreements to Repurchase | 0 | 0 |
Funds withheld liability | 0 | |
Total liabilities not carried at fair value | 109,799 | 108,734 |
Level 3 | Fair Value | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 21,138 | |
Investment funds | 0 | 0 |
Policy loans | 0 | 0 |
Funds withheld at interest | 43,055 | 43,125 |
Other investments | 1,064 | 1,343 |
Short-term investments | 26 | |
Level 3 | Fair Value | Related Party | ||
Assets | ||
Mortgage loans | 1,369 | |
Investment funds | 0 | 0 |
Funds withheld at interest | 12,001 | 11,629 |
Other investments | 255 | 223 |
Level 3 | Fair Value | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 2,152 | |
Investment funds | 0 | |
Liabilities | ||
Other Borrowings | 1,838 | 113 |
NAV | Fair Value | ||
Assets | ||
Total assets measured at fair value | 4,126 | 5,428 |
NAV | Fair Value | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Investment funds | 1,063 | 995 |
NAV | Fair Value | Related Party | ||
Assets | ||
Investment funds | 2,274 | 4,433 |
NAV | Fair Value | Variable Interest Entities | ||
Assets | ||
Investment funds | 789 | |
Level 2 | Fair Value | ||
Assets | ||
Total assets measured at fair value | 296 | 312 |
Liabilities | ||
Interest sensitive contract liabilities | 0 | 0 |
Long-term debt | 2,931 | 3,295 |
Securities Sold under Agreements to Repurchase | 3,966 | 3,110 |
Funds withheld liability | 394 | |
Total liabilities not carried at fair value | 6,897 | 6,799 |
Level 2 | Fair Value | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Policy loans | 296 | 312 |
Funds withheld at interest | 0 | 0 |
Other investments | 0 | 0 |
Short-term investments | 0 | |
Level 2 | Fair Value | Related Party | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Funds withheld at interest | 0 | 0 |
Other investments | 0 | 0 |
Level 2 | Fair Value | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 0 | |
Liabilities | ||
Other Borrowings | $ 0 | $ 0 |
Fair Value - Narrative (Details
Fair Value - Narrative (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Carrying amount of equity securities | $ 400,000,000 | $ 0 |
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Cumulative Amount | $ 0 | $ 0 |
Deferred Acquisition Costs, D_3
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired - Roll Forward of DAC, DSI, and VOBA (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |
DAC | |||
Beginning balance | $ 0 | $ 3,236 | |
Additions | 214 | $ 214 | 143 |
Amortization | 0 | (98) | |
Impact of unrealized investment (gains) losses | 271 | ||
Ending balance | 214 | 214 | 3,552 |
DSI | |||
Beginning balance | 0 | 857 | |
Additions | 77 | 54 | |
Deferred sales inducement amortization expense excluding unlocking | 0 | (84) | |
Impact of unrealized investment (gains) losses | 87 | ||
Ending balance | 77 | 77 | 914 |
VOBA | |||
Beginning balance | 4,547 | 813 | |
Additions | 0 | 0 | |
Amortization | (125) | (66) | |
Impact of unrealized investment (gains) losses | 90 | ||
Ending balance | 4,422 | 4,422 | 837 |
Total | |||
Beginning balance | 4,547 | 5,362 | 4,906 |
Additions | 291 | 197 | |
Amortization | (125) | (248) | |
Impact of unrealized investment (gains) losses | 448 | ||
Ending balance | 4,713 | 4,713 | $ 5,303 |
Present Value of Future Insurance Profit | |||
Present Value of Future Insurance Profits, Expected Amortization, Remainder of Fiscal Year | 362 | 362 | |
Present Value of Future Insurance Profits, Expected Amortization, Year One | 452 | 452 | |
Present Value of Future Insurance Profits, Expected Amortization, Year Two | 415 | 415 | |
Present Value of Future Insurance Profits, Expected Amortization, Year Three | 380 | 380 | |
Present Value of Future Insurance Profits, Expected Amortization, Year Four | 343 | 343 | |
Present Value of Future Insurance Profits, Expected Amortization, Year Five | $ 305 | $ 305 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2022 | |
Class of Stock [Line Items] | ||
Dividends | $ 2,752 | |
Dividends (in shares) | $ 11.6 | |
Additional paid-in capital | ||
Class of Stock [Line Items] | ||
Dividends | 2,726 | |
Retained earnings (accumulated deficit) | ||
Class of Stock [Line Items] | ||
Dividends | $ 26 | |
Apollo Operating Group | Additional paid-in capital | ||
Class of Stock [Line Items] | ||
Dividends | 1,916 | |
Apollo Operating Group | Retained earnings (accumulated deficit) | ||
Class of Stock [Line Items] | ||
Dividends | 26 | |
Reestablishment of effective settlement | Additional paid-in capital | ||
Class of Stock [Line Items] | ||
Dividends | $ 810 |
Equity - Accumulated Other Comp
Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Jan. 01, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 2,430 | $ 3,971 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (4,674) | 2,021 | $ 0 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (6,599) | (2,630) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (44) | (8) | |
Income tax expense (benefit) | (1,170) | (496) | |
Other comprehensive income (loss) attributable to NCI | 711 | 176 | |
Ending balance | (4,674) | 2,021 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 5,352 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (4,747) | 2,808 | 0 |
Other comprehensive income (loss) attributable to NCI | 676 | 177 | |
Ending balance | (4,747) | 2,808 | |
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (53) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (65) | (29) | 0 |
Ending balance | (65) | (29) | |
DAC, DSI, VOBA, future policy benefits and dividends payable to policyholders adjustments on AFS securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (1,310) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 211 | (717) | 0 |
Ending balance | 211 | (717) | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (26) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (79) | (49) | 0 |
Ending balance | (79) | (49) | |
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 | 9 | (2) | |
Accumulated Foreign Currency Adjustment and Other Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 8 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 6 | 8 | $ 0 |
Ending balance | 6 | 8 | |
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Including Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (6,645) | (3,384) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (38) | (10) | |
Income tax expense (benefit) | (1,184) | (653) | |
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Including Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (97) | 32 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (7) | 0 | |
Income tax expense (benefit) | (16) | 6 | |
Deferred Acquisition Costs, Deferred Value of Business Acquired and Future Policy Benefit Adjustment on Available-for-sale Securities Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) attributable to NCI | 0 | 0 | |
Accumulated Net Investment Gain (Loss), Including Deferred Acquisition Costs, Deferred Sales Inducements, Value of Business Acquired, Future Policy Benefits, Including Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 268 | 753 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1 | 2 | |
Income tax expense (benefit) | 56 | 158 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (129) | (31) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | |
Income tax expense (benefit) | (26) | (7) | |
Accumulated Foreign Currency Adjustment and Other Including Portion Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 4 | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | |
Income tax expense (benefit) | 0 | 0 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) attributable to NCI | 24 | 1 | |
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 | $ 2 | $ 0 |
Related Parties - Management Fe
Related Parties - Management Fees Incurred (Details) $ in Millions | Mar. 31, 2022USD ($) |
Related Party Transaction [Line Items] | |
Backbook Value | $ 103,400 |
Related Parties - Narrative (De
Related Parties - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Feb. 28, 2020 | |
Related Party Transaction [Line Items] | |||||
Investment funds | $ 17,899 | $ 17,899 | $ 9,866 | ||
Payments to Acquire Investment Funds | 1,956 | $ 467 | |||
Contributions from noncontrolling interests | 311 | 235 | |||
Interest sensitive contract liabilities | 164,369 | 164,369 | 156,325 | ||
Other assets (related party: 2022 – $81 and 2021 – $0) | 7,094 | 7,094 | 1,257 | ||
Backbook Value | 103,400 | 103,400 | |||
Issuance of common stock | 0 | 1 | |||
Payments to Acquire Debt Securities, Available-for-sale | 11,100 | 8,275 | |||
Available-for-sale securities | 105,223 | 105,223 | 110,561 | ||
Proceeds from Investment Funds | 427 | 173 | |||
Noncontrolling interests | |||||
Related Party Transaction [Line Items] | |||||
Contributions from noncontrolling interests | 311 | 235 | |||
Noncontrolling Interest, Payable For Contingent Investment Fees | 108 | 108 | 81 | ||
Investments | |||||
Related Party Transaction [Line Items] | |||||
Investment commitment | 16,636 | 16,636 | |||
Variable Interest Entities | |||||
Related Party Transaction [Line Items] | |||||
Other investments | 2,567 | 2,567 | 0 | ||
Investment funds | 13,568 | 13,568 | 1,297 | ||
Other assets (related party: 2022 – $81 and 2021 – $0) | 315 | 315 | 32 | ||
Variable Interest Entities | Private equity | |||||
Related Party Transaction [Line Items] | |||||
Investment funds | 981 | 981 | 0 | ||
Variable Interest Entities | Differentiated investments | |||||
Related Party Transaction [Line Items] | |||||
Investment funds | 1,350 | 1,350 | 0 | ||
Related Party | |||||
Related Party Transaction [Line Items] | |||||
Other investments | 255 | 255 | 222 | ||
Investment funds | 3,088 | 3,088 | 7,391 | ||
Payments to Acquire Investment Funds | 1,833 | 429 | |||
Interest sensitive contract liabilities | 13,023 | 13,023 | 12,948 | ||
Other assets (related party: 2022 – $81 and 2021 – $0) | 81 | 81 | 0 | ||
Equity securities, at fair value | 166 | 166 | 284 | ||
Trading securities, at fair value | 262 | 262 | 1,781 | ||
Payments to Acquire Debt Securities, Available-for-sale | 1,055 | 767 | |||
Available-for-sale securities | 8,324 | 8,324 | 10,402 | ||
Proceeds from Investment Funds | 351 | 155 | |||
Related Party | Management fees associated with investment funds | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties | 84 | 84 | 59 | ||
Expenses from transactions with related parties | 186 | 144 | |||
Related Party | MidCap | |||||
Related Party Transaction [Line Items] | |||||
Available-for-sale securities | 158 | ||||
Related Party | MidCap affiliates | |||||
Related Party Transaction [Line Items] | |||||
Available-for-sale securities | 892 | $ 892 | 897 | ||
Related Party | MidCap | |||||
Related Party Transaction [Line Items] | |||||
Investments | 800 | ||||
Related Party | Apollo | Sub-allocated assets [Member] | |||||
Related Party Transaction [Line Items] | |||||
Base Management Fee | 0.225% | ||||
Incremental Fee | 0.15% | ||||
Related Party | Apollo | Sub-allocated assets [Member] | Minimum | |||||
Related Party Transaction [Line Items] | |||||
Sub-allocation Fee | 0.065% | ||||
Related Party | Apollo | Sub-allocated assets [Member] | Maximum | |||||
Related Party Transaction [Line Items] | |||||
Sub-allocation Fee | 0.70% | ||||
Related Party | Athora Holding Ltd. | |||||
Related Party Transaction [Line Items] | |||||
Equity Securities, FV-NI | $ 166 | $ 166 | 171 | ||
Related Party | Venerable | |||||
Related Party Transaction [Line Items] | |||||
Investment Interest Rate | 6.257% | 6.257% | |||
Related Party | Apollo Athene Strategic Partnership Advisors, LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Investment funds | $ 823 | $ 823 | 415 | ||
Strategic Partnership Capacity | 2,875 | 2,875 | |||
Related Party | PK AirFinance [Member] | |||||
Related Party Transaction [Line Items] | |||||
Debt Securities | 1,132 | 1,132 | 1,401 | ||
Related Party | Apollo Operating Group | |||||
Related Party Transaction [Line Items] | |||||
Investment Owned, Balance, Shares | 29,154,519 | ||||
Investment Owned, at Fair Value | $ 1,100 | ||||
Related Party | Athene Freedom Holdings LP | |||||
Related Party Transaction [Line Items] | |||||
Available-for-sale securities | 2,211 | 2,211 | 2,419 | ||
Related Party | Funding Agreements | Athora Holding Ltd. | |||||
Related Party Transaction [Line Items] | |||||
Interest sensitive contract liabilities | 61 | 61 | 63 | ||
Related Party | Investments | Athora Holding Ltd. | |||||
Related Party Transaction [Line Items] | |||||
Investment commitment | 552 | 552 | |||
Related Party | Investments | PK AirFinance [Member] | |||||
Related Party Transaction [Line Items] | |||||
Investment commitment | 1,252 | 1,252 | |||
Related Party | Redeemable Preferred Stock [Member] | MidCap | |||||
Related Party Transaction [Line Items] | |||||
Trading securities, at fair value | 7 | ||||
Related Party | Private equity | |||||
Related Party Transaction [Line Items] | |||||
Investment funds | 621 | 621 | 751 | ||
Related Party | Private equity | Venerable | |||||
Related Party Transaction [Line Items] | |||||
Other investments | 255 | 255 | 222 | ||
Related Party | Differentiated investments | |||||
Related Party Transaction [Line Items] | |||||
Investment funds | 1,310 | 1,310 | 2,562 | ||
Related Party | Differentiated investments | Athora Holding Ltd. | |||||
Related Party Transaction [Line Items] | |||||
Investment funds | 814 | 814 | 743 | ||
Investments | 980 | 980 | 914 | ||
Related Party | Differentiated investments | Venerable | |||||
Related Party Transaction [Line Items] | |||||
Investment funds | 230 | 230 | 219 | ||
Related Party | Differentiated investments | Athene Freedom Holdings LP | |||||
Related Party Transaction [Line Items] | |||||
Investment funds | 0 | 0 | 700 | ||
ABS | Related Party | |||||
Related Party Transaction [Line Items] | |||||
Available-for-sale securities | $ 4,660 | $ 4,660 | 6,994 | ||
ABS | Related Party | MidCap | |||||
Related Party Transaction [Line Items] | |||||
Trading securities, at fair value | $ 635 | ||||
Common Class A | |||||
Related Party Transaction [Line Items] | |||||
Common stock issued (in shares) | 203,800,000 | 203,800,000 | 192,200,000 | ||
Common Class A | Related Party | Apollo Operating Group | |||||
Related Party Transaction [Line Items] | |||||
Common stock issued (in shares) | 7,575,758 | ||||
Issuance of common stock | $ 350 | ||||
Exchange of stock [Member] | Common Class A | Related Party | Apollo Operating Group | |||||
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 | 12 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2022 | |
Other Commitments [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 1,369 | |
Advances from FHLB | $ 2,751 | 3,246 |
Interest sensitive contract liabilities | 156,325 | 164,369 |
Gain (Loss) Related to Litigation Settlement | 53 | |
Other Liabilities | ||
Other Commitments [Line Items] | ||
Gain (Loss) Related to Litigation Settlement | 47 | |
Investments | ||
Other Commitments [Line Items] | ||
Investment commitment | 16,636 | |
Funding Agreement Backed Repurchase Agreements [Member] | ||
Other Commitments [Line Items] | ||
Interest sensitive contract liabilities | 1,000 | 2,000 |
Athene Global Funding | Funding Agreements | ||
Other Commitments [Line Items] | ||
Maximum borrowing capacity | 12,330 | |
Interest sensitive contract liabilities | $ 19,728 | $ 22,481 |
Commitments and Contingencies_2
Commitments and Contingencies - Pledged Assets and Funds in Trust (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
AFS securities | $ 9,877 | $ 9,111 |
Debt Securities, Trading, Restricted | 57 | 75 |
Equity securities | 31 | 30 |
Mortgage Loans | 27,032 | |
Investment funds | 208 | 174 |
Derivative assets pledged as collateral | 72 | 96 |
Mortgage loans, net of allowances | 24,148 | |
Other investments | 150 | 130 |
Restricted cash | 834 | 796 |
Total restricted assets | $ 16,562 | $ 15,445 |