Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 31, 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 | Jun. 30, 2022 | |
Entity File Number | 001-37963 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Investments | ||
Available-for-sale securities | $ 100,966 | $ 110,561 |
Mortgage loans | 24,148 | |
Investment funds | 11,165 | 9,866 |
Derivative assets | 2,932 | 4,387 |
Cash and cash equivalents | 11,172 | 9,479 |
Restricted cash | 753 | 796 |
Accrued investment income (related party: 2022 – $76 and 2021 – $54) | 1,086 | 962 |
Reinsurance recoverable (portion at fair value: 2022 – $1,580 and 2021 – $1,991) | 4,437 | 4,594 |
Deferred acquisition costs, deferred sales inducements and value of business acquired | 4,890 | 5,362 |
Goodwill | 4,153 | 0 |
Other assets (related party: 2022 – $83 and 2021 – $0) | 8,947 | 1,257 |
Total assets | 234,254 | 235,149 |
Liabilities | ||
Interest sensitive contract liabilities (related party: 2022 – $12,653 and 2021 – $12,948; portion at fair value: 2022 – $6,394 and 2021 – $16,142) | 164,571 | 156,325 |
Future policy benefits (related party: 2022 – $2,078 and 2021 – $1,853; portion at fair value: 2022 – $1,870 and 2021 – $2,262) | 52,478 | 42,488 |
Debt | 3,279 | 2,964 |
Derivative liabilities | 1,223 | 472 |
Payables for collateral on derivatives and securities to repurchase | 6,013 | 7,044 |
Other liabilities (related party: 2022 – $219 and 2021 – $936) | 2,893 | 3,214 |
Total liabilities | 230,865 | 212,968 |
Commitments and Contingencies (Note 11) | ||
Equity | ||
Additional paid-in capital | 17,586 | 6,667 |
Retained earnings (accumulated deficit) | (4,074) | 11,033 |
Accumulated other comprehensive income (loss) (related party: 2022 – $(323) and 2021 – $33) | (9,787) | 2,430 |
Total Athene Holding Ltd. shareholders’ equity | 3,725 | 20,130 |
Noncontrolling interests | (336) | 2,051 |
Total equity | 3,389 | 22,181 |
Total liabilities and equity | 234,254 | 235,149 |
Fair Value | ||
Liabilities | ||
Interest sensitive contract liabilities (related party: 2022 – $12,653 and 2021 – $12,948; portion at fair value: 2022 – $6,394 and 2021 – $16,142) | 105,039 | 108,621 |
Debt | 2,586 | 3,295 |
Recurring | Fair Value | ||
Investments | ||
Restricted cash | 753 | 796 |
Reinsurance recoverable (portion at fair value: 2022 – $1,580 and 2021 – $1,991) | 1,580 | 1,991 |
Liabilities | ||
Interest sensitive contract liabilities (related party: 2022 – $12,653 and 2021 – $12,948; portion at fair value: 2022 – $6,394 and 2021 – $16,142) | 6,394 | 16,142 |
Future policy benefits (related party: 2022 – $2,078 and 2021 – $1,853; portion at fair value: 2022 – $1,870 and 2021 – $2,262) | 1,870 | 2,262 |
Derivative liabilities | 1,223 | 472 |
Variable Interest Entities | ||
Investments | ||
Trading securities, at fair value | 386 | 0 |
Mortgage loans | 1,992 | 2,040 |
Investment funds | 9,494 | 1,297 |
Other investments | 111 | 0 |
Cash and cash equivalents | 198 | 154 |
Other assets (related party: 2022 – $83 and 2021 – $0) | 66 | 32 |
Liabilities | ||
Other liabilities (related party: 2022 – $219 and 2021 – $936) | 408 | 461 |
Variable Interest Entities | Fair Value | ||
Investments | ||
Mortgage loans | 366 | 2,152 |
Other investments | 80 | |
Variable Interest Entities | Recurring | Fair Value | ||
Investments | ||
Trading securities, at fair value | 386 | |
Mortgage loans | 1,626 | 0 |
Other investments | 31 | 0 |
Consolidated Entity, excluding Affiliated Entity | ||
Investments | ||
Available-for-sale securities | 92,011 | 100,159 |
Trading securities, at fair value | 1,735 | 2,056 |
Equity securities (portion at fair value: 2022 – $1,108 and 2021 – $1,170) | 1,508 | 1,170 |
Mortgage loans | 25,218 | 20,748 |
Investment funds | 133 | 1,178 |
Policy loans | 358 | 312 |
Funds withheld at interest | 37,638 | 43,907 |
Derivative assets | 2,932 | 4,387 |
Short-term Investments | 264 | 139 |
Other investments | 855 | 1,473 |
Total investments | 162,652 | 175,529 |
Consolidated Entity, excluding Affiliated Entity | Fair Value | ||
Investments | ||
Mortgage loans | 21,138 | |
Policy loans | 358 | 312 |
Funds withheld at interest | 41,596 | 43,125 |
Short-term Investments | 26 | |
Other investments | 713 | 1,343 |
Consolidated Entity, excluding Affiliated Entity | Recurring | Fair Value | ||
Investments | ||
Available-for-sale securities | 92,011 | 100,159 |
Trading securities, at fair value | 1,735 | 2,056 |
Equity securities, at fair value | 1,108 | 1,170 |
Mortgage loans | 25,218 | 17 |
Funds withheld at interest | (3,958) | 782 |
Derivative assets | 2,932 | 4,387 |
Short-term Investments | 238 | 139 |
Other investments | 142 | 130 |
Related Party | ||
Investments | ||
Available-for-sale securities | 8,955 | 10,402 |
Trading securities, at fair value | 898 | 1,781 |
Equity securities, at fair value | 163 | 284 |
Mortgage loans | 1,416 | 1,360 |
Investment funds | 1,538 | 7,391 |
Funds withheld at interest | 10,675 | 12,207 |
Other investments | 272 | 222 |
Accrued investment income (related party: 2022 – $76 and 2021 – $54) | 76 | 54 |
Other assets (related party: 2022 – $83 and 2021 – $0) | 83 | 0 |
Liabilities | ||
Interest sensitive contract liabilities (related party: 2022 – $12,653 and 2021 – $12,948; portion at fair value: 2022 – $6,394 and 2021 – $16,142) | 12,653 | 12,948 |
Future policy benefits (related party: 2022 – $2,078 and 2021 – $1,853; portion at fair value: 2022 – $1,870 and 2021 – $2,262) | 2,078 | 1,853 |
Other liabilities (related party: 2022 – $219 and 2021 – $936) | 219 | 936 |
Equity | ||
Accumulated other comprehensive income (loss) (related party: 2022 – $(323) and 2021 – $33) | (323) | 33 |
Related Party | Fair Value | ||
Investments | ||
Mortgage loans | 1,369 | |
Funds withheld at interest | 11,804 | 11,629 |
Other investments | 272 | 223 |
Related Party | Recurring | Fair Value | ||
Investments | ||
Available-for-sale securities | 8,955 | 10,402 |
Trading securities, at fair value | 898 | 1,781 |
Equity securities, at fair value | 163 | 284 |
Mortgage loans | 1,416 | 0 |
Funds withheld at interest | 1,129 | 578 |
Consolidated Entity, Affiliated Entity and VIE Primary Beneficiary | ||
Investments | ||
Trading securities, at fair value | 223 | 0 |
Mortgage loans | 231 | |
Investment funds | 8,684 | 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 | 1,108 | 1,170 |
Short-term Investments | $ 238 | $ 139 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Available-for-sale securities | $ 116,636 | $ 106,859 | |
AFS securities allowance for credit losses | 629 | 123 | $ 109 |
Mortgage loans, net of allowances | 24,148 | ||
Investment funds | 11,165 | 9,866 | |
Accrued investment income, related party | 1,086 | 962 | |
Reinsurance recoverable, fair value portion | 4,437 | 4,594 | |
Other assets, consolidated variable interest entities | 8,947 | 1,257 | |
Interest sensitive contract liabilities | 164,571 | 156,325 | |
Future policy benefits | 52,478 | 42,488 | |
Other liabilities | 2,893 | 3,214 | |
Accumulated other comprehensive income (loss) (related party: 2022 – $(323) and 2021 – $33) | (9,787) | 2,430 | 3,337 |
Variable Interest Entities | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Mortgage loans, net of allowances | 1,992 | 2,040 | |
Mortgage loans allowance for credit losses | 78 | ||
Investment funds | 9,494 | 1,297 | |
Other investments | 111 | 0 | |
Other assets, consolidated variable interest entities | 66 | 32 | |
Other liabilities | 408 | 461 | |
Related Party | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Available-for-sale securities | 9,429 | 10,401 | |
AFS securities allowance for credit losses | 20 | 0 | |
Equity securities, at fair value | 163 | 284 | |
Mortgage loans, net of allowances | 1,416 | 1,360 | |
Mortgage loans allowance for credit losses | 5 | ||
Investment funds | 818 | 2,958 | |
Investment funds | 1,538 | 7,391 | |
Funds withheld at interest | (10,675) | (12,207) | |
Other investments | 272 | 222 | |
Accrued investment income, related party | 76 | 54 | |
Other assets, consolidated variable interest entities | 83 | 0 | |
Interest sensitive contract liabilities | 12,653 | 12,948 | |
Future policy benefits | 2,078 | 1,853 | |
Other liabilities | 219 | 936 | |
Accumulated other comprehensive income (loss) (related party: 2022 – $(323) and 2021 – $33) | (323) | 33 | |
Consolidated Entity, excluding Affiliated Entity | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Available-for-sale securities | 107,207 | 96,458 | |
AFS securities allowance for credit losses | 609 | 123 | 107 |
Mortgage loans, net of allowances | 25,218 | 20,748 | |
Mortgage loans allowance for credit losses | 154 | ||
Investment funds | 25 | 183 | |
Investment funds | 133 | 1,178 | |
Funds withheld at interest | (37,638) | (43,907) | |
Short-term Investments, fair value portion | 264 | 139 | |
Other investments | 855 | 1,473 | |
Consolidated Entity, Affiliated Entity and VIE Primary Beneficiary | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Mortgage loans, net of allowances | 231 | $ 387 | |
Investment funds | $ 8,684 | $ 1,068 | |
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 | $ 105,039 | $ 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 | 366 | 2,152 | |
Other investments | 80 | ||
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 | 720 | 4,433 | |
Funds withheld at interest | (11,804) | (11,629) | |
Other investments | 272 | 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 | 108 | 995 | |
Funds withheld at interest | (41,596) | (43,125) | |
Short-term Investments, fair value portion | 26 | ||
Other investments | 713 | 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 | 1,580 | 1,991 | |
Interest sensitive contract liabilities | 6,394 | 16,142 | |
Future policy benefits | 1,870 | 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 | 1,108 | 1,170 | |
Short-term Investments, fair value portion | 238 | 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 | 1,626 | 0 | |
Investment funds | 9,494 | 1,297 | |
Other investments | 31 | 0 | |
Recurring | Fair Value | Related Party | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Equity securities, at fair value | 163 | 284 | |
Mortgage loans, net of allowances | 1,416 | 0 | |
Investment funds | 818 | 2,958 | |
Funds withheld at interest | (1,129) | (578) | |
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 | 1,108 | 1,170 | |
Mortgage loans, net of allowances | 25,218 | 17 | |
Investment funds | 25 | 183 | |
Funds withheld at interest | 3,958 | (782) | |
Short-term Investments, fair value portion | 238 | 139 | |
Other investments | $ 142 | $ 130 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | ||||
Premiums Earned, Net | $ 5,614 | $ 1,598 | $ 7,724 | $ 4,609 |
Insurance Commissions and Fees | 175 | 157 | 341 | 307 |
Net Investment Income | 1,726 | 2,017 | 3,409 | 3,686 |
Gain (Loss) on Investments | (5,763) | 2,592 | (9,963) | 2,170 |
Other Income | (9) | 20 | (12) | 34 |
Total revenues | 1,795 | 6,423 | 1,526 | 10,814 |
Benefits and expenses | ||||
Interest Sensitive Contract Benefits Expense | (621) | 1,979 | (662) | 2,373 |
Amortization of deferred sales inducements | 0 | 22 | 0 | 106 |
Policyholder Benefits and Claims Incurred, Net | 5,609 | 1,950 | 7,694 | 5,267 |
Amortization of deferred acquisition costs and value of business acquired | 125 | 230 | 250 | 394 |
Other Cost and Expense, Operating | 358 | 252 | 693 | 545 |
Total benefits and expenses | 5,471 | 4,433 | 7,975 | 8,685 |
Income (loss) before income taxes | (3,676) | 1,990 | (6,449) | 2,129 |
Income tax expense (benefit) | (484) | 184 | (891) | 246 |
Net income (loss) | (3,192) | 1,806 | (5,558) | 1,883 |
Less: Net income (loss) attributable to noncontrolling interests | (1,072) | 389 | (1,955) | (148) |
Net income (loss) attributable to Athene Holding Ltd. shareholders | (2,120) | 1,417 | (3,603) | 2,031 |
Less: Preferred stock dividends | 35 | 35 | 70 | 71 |
Net income (loss) available to Athene Holding Ltd. common shareholder | (2,155) | 1,382 | (3,673) | 1,960 |
Variable Interest Entities | ||||
Revenues | ||||
Net Investment Income | 30 | 21 | 47 | 56 |
Gain (Loss) on Investments | 22 | 18 | (20) | (48) |
Consolidated Entity Excluding Variable Interest Entities (VIE) | ||||
Revenues | ||||
Net Investment Income | 3,409 | 3,686 | ||
Gain (Loss) on Investments | (9,963) | 2,170 | ||
Consolidated Entity, Affiliated Entity and VIE Primary Beneficiary | ||||
Revenues | ||||
Gain (Loss) on Investments | $ 59 | $ 0 | $ 59 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income (Loss) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Premiums earned | $ 5,614 | $ 1,598 | $ 7,724 | $ 4,609 |
Product charges | 175 | 157 | 341 | 307 |
Net Investment Income | 1,726 | 2,017 | 3,409 | 3,686 |
Investment expense | 189 | 142 | 380 | 290 |
Investment gains (losses), net of offsets | (5,763) | 2,592 | (9,963) | 2,170 |
Other Income | (9) | 20 | (12) | 34 |
Interest Sensitive Contract Benefits Expense | (621) | 1,979 | (662) | 2,373 |
Policyholder Benefits and Claims Incurred, Net | 5,609 | 1,950 | 7,694 | 5,267 |
Policy and other operating expenses | 358 | 252 | 693 | 545 |
Variable Interest Entities | ||||
Net Investment Income | 30 | 21 | 47 | 56 |
Investment gains (losses), net of offsets | 22 | 18 | (20) | (48) |
Related Party | ||||
Premiums earned | 76 | 78 | 147 | 157 |
Product charges | 10 | 12 | 20 | 23 |
Net Investment Income | 224 | 860 | 725 | 1,456 |
Investment expense | 182 | 140 | 368 | 284 |
Investment gains (losses), net of offsets | (606) | 280 | (1,210) | 141 |
Other Income | 9 | 15 | 18 | 15 |
Interest Sensitive Contract Benefits Expense | (36) | 135 | (47) | 211 |
Policyholder Benefits and Claims Incurred, Net | 71 | 111 | 134 | 200 |
Policy and other operating expenses | 59 | 12 | 116 | 24 |
Consolidated Entity, Affiliated Entity and VIE Primary Beneficiary | ||||
Investment gains (losses), net of offsets | $ 59 | $ 0 | $ 59 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (3,192) | $ 1,806 | $ (5,558) | $ 1,883 |
Other comprehensive income (loss), before tax | ||||
Unrealized investment gains (losses) on available-for-sale securities, net of offsets | (7,273) | 1,692 | (13,703) | (899) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | 81 | 92 | (48) | 61 |
Foreign currency translation and other adjustments | (58) | 1 | (54) | 1 |
Other Comprehensive Income (Loss), before Tax, Total | (7,250) | 1,785 | (13,805) | (837) |
Income tax expense (benefit) | (1,283) | 345 | (2,453) | (151) |
Other Comprehensive Income (Loss), Net of Tax, Total | (5,967) | 1,440 | (11,352) | (686) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (9,159) | 3,246 | (16,910) | 1,197 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (1,926) | 513 | (3,520) | (200) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (7,233) | $ 2,733 | $ (13,390) | $ 1,397 |
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 stock Additional paid-in capital | Common stock Total 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) | 1,883 | 2,031 | 2,031 | (148) | |||||||
Other Comprehensive Income (Loss), Net of Tax | (686) | (634) | (634) | (52) | |||||||
Stock Issued During Period, Value, New Issues | $ 7 | $ 7 | $ 7 | ||||||||
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition | 20 | 20 | 20 | ||||||||
Stock Repurchased and Retired During Period, Value | (4) | (4) | (4) | ||||||||
Dividends, Preferred Stock | (71) | (71) | (71) | ||||||||
Contributions from noncontrolling interests | 320 | 320 | |||||||||
Noncontrolling Interest, Period Increase (Decrease) | 62 | 62 | |||||||||
Ending Balance at Jun. 30, 2021 | 21,671 | 0 | 0 | 6,640 | 10,029 | 3,337 | 20,006 | 1,665 | |||
Beginning Balance at Mar. 31, 2021 | 18,336 | 0 | 0 | 6,623 | 8,647 | 2,021 | 17,291 | 1,045 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | 1,806 | 1,417 | 1,417 | 389 | |||||||
Other Comprehensive Income (Loss), Net of Tax | 1,440 | 1,316 | 1,316 | 124 | |||||||
Stock Issued During Period, Value, New Issues | 6 | $ 6 | $ 6 | ||||||||
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition | 11 | 11 | 11 | ||||||||
Dividends, Preferred Stock | (35) | (35) | (35) | ||||||||
Contributions from noncontrolling interests | 85 | 85 | |||||||||
Noncontrolling Interest, Period Increase (Decrease) | 22 | 22 | |||||||||
Ending Balance at Jun. 30, 2021 | 21,671 | 0 | 0 | 6,640 | 10,029 | 3,337 | 20,006 | 1,665 | |||
Beginning Balance at Dec. 31, 2021 | 22,181 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | (5,558) | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | (11,352) | ||||||||||
Ending Balance at Jun. 30, 2022 | 3,389 | 0 | 0 | 17,586 | (4,074) | (9,787) | 3,725 | (336) | |||
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) | (5,558) | (3,603) | (3,603) | (1,955) | |||||||
Other Comprehensive Income (Loss), Net of Tax | (11,352) | (9,787) | (9,787) | (1,565) | |||||||
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition | 23 | 23 | 23 | ||||||||
Dividends, Preferred Stock | (70) | (70) | (70) | ||||||||
Dividends, Common Stock | 375 | 375 | 375 | ||||||||
Adjustments to Additional Paid in Capital, Other | 19 | 19 | (19) | ||||||||
Dividends | (2,752) | (2,726) | (26) | (2,752) | |||||||
Contributions from noncontrolling interests | 711 | 711 | |||||||||
Noncontrolling Interest, Period Increase (Decrease) | (84) | (84) | |||||||||
Noncontrolling Interest, Increase from Business Combination | 281 | 281 | |||||||||
Ending Balance at Jun. 30, 2022 | 3,389 | 0 | 0 | 17,586 | (4,074) | (9,787) | 3,725 | (336) | |||
Beginning Balance at Mar. 31, 2022 | 13,692 | 0 | 0 | 17,555 | (1,732) | (4,674) | 11,149 | 2,543 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | (3,192) | (2,120) | (2,120) | (1,072) | |||||||
Other Comprehensive Income (Loss), Net of Tax | (5,967) | (5,113) | (5,113) | (854) | |||||||
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition | 12 | 12 | 12 | ||||||||
Dividends, Preferred Stock | (35) | (35) | (35) | ||||||||
Dividends, Common Stock | 187 | 187 | 187 | ||||||||
Adjustments to Additional Paid in Capital, Other | 19 | 19 | (19) | ||||||||
Contributions from noncontrolling interests | 400 | 400 | |||||||||
Noncontrolling Interest, Period Increase (Decrease) | (1,353) | (1,353) | |||||||||
Ending Balance at Jun. 30, 2022 | $ 3,389 | $ 0 | $ 0 | $ 17,586 | $ (4,074) | $ (9,787) | $ 3,725 | $ (336) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Cash flows from operating activities | ||||||
Net income (loss) | $ (3,192) | $ 1,806 | $ (5,558) | $ (5,558) | $ 1,883 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Amortization of deferred acquisition costs and value of business acquired | 125 | 230 | 250 | 394 | ||
Amortization of deferred sales inducements | 0 | 22 | 0 | 106 | ||
Net amortization (accretion) of net investment premiums, discounts and other | 155 | (118) | ||||
Net investment (income) loss (related party: 2022 – $12 and 2021 – $(933)) | (267) | (966) | ||||
Net recognized (gains) losses on investments and derivatives (related party: 2022 – $183 and 2021 – $(159)) | (4,892) | 1,908 | ||||
Policy acquisition costs deferred | (434) | (287) | ||||
Changes in operating assets and liabilities: | ||||||
Accrued investment income (related party: 2022 – $(22) and 2021 – $(20)) | (124) | (105) | ||||
Interest sensitive contract liabilities (related party: 2022 – $(68) and 2021 – $188) | (1,604) | 1,788 | ||||
Future policy benefits and reinsurance recoverable (related party: 2022 – $76 and 2021 – $142) | 3,933 | 1,560 | ||||
Funds withheld assets (related party: 2022 – $970 and 2021 – $(187)) | 4,622 | (90) | ||||
Other assets and liabilities | (1,139) | 241 | ||||
Net cash provided by operating activities | 4,726 | 2,498 | ||||
Sales, maturities and repayments of: | ||||||
Available-for-sale securities (related party: 2022 – $3,047 and 2021 – $881) | 14,494 | 9,018 | ||||
Trading securities (related party: 2022 – $79 and 2021 – $83) | 105 | 127 | ||||
Equity securities | 96 | 42 | ||||
Mortgage loans (related party: 2022 – $33 and 2021 – $0) | 1,829 | 1,363 | ||||
Investment funds (related party: 2022 – $769 and 2021 – $892) | 940 | 946 | ||||
Derivative instruments and other invested assets (related party: 2022 – $74 and 2021 – $330) | 2,064 | 2,566 | ||||
Short-term investments (related party: 2022 – $0 and 2021 – $98) | 114 | 400 | ||||
Purchases of: | ||||||
Available-for-sale securities (related party: 2022 – $(1,880) and 2021 – $(1,626)) | (18,665) | (17,987) | ||||
Trading securities (related party: 2022 – $(152) and 2021 – $(230)) | (267) | (318) | ||||
Equity securities (related party: 2022 – $(13) and 2021 – $(46)) | (74) | (123) | ||||
Mortgage loans (related party: 2022 – $(364) and 2021 – $(148)) | (7,832) | (3,596) | ||||
Investment funds (related party: 2022 – $(3,130) and 2021 – $(923)) | (3,256) | (1,056) | ||||
Derivative instruments and other invested assets (related party: 2022 – $(124) and 2021 – $0) | (1,335) | (2,247) | ||||
Short-term investments (related party: 2022 – $(33) and 2021 – $(100)) | (271) | (278) | ||||
Cash Acquired from Acquisition | 393 | 0 | ||||
Cash Divested from Deconsolidation | (365) | 0 | ||||
Other investing activities, net | 311 | (129) | ||||
Net cash used in investing activities | (11,719) | (11,272) | ||||
Cash flows from financing activities | ||||||
Issuance of common stock | 0 | 7 | ||||
Proceeds from debt | 0 | 497 | ||||
Deposits on investment-type policies and contracts (related party: 2022 – $38 and 2021 – $44) | 13,925 | 11,120 | ||||
Withdrawals on investment-type policies and contracts (related party: 2022 – $(167) and 2021 – $(200)) | (4,074) | (3,476) | ||||
Payments for coinsurance agreements on investment-type contracts, net | (20) | 0 | ||||
Capital contributions from noncontrolling interests | 711 | 320 | ||||
Net change in cash collateral posted for derivative transactions and securities to repurchase | 1,024 | (687) | ||||
Preferred stock dividends | 70 | 71 | ||||
Payments of Ordinary Dividends, Common Stock | (1,125) | 0 | ||||
Repurchase of common stock | 0 | (4) | ||||
Other financing activities, net | 384 | (22) | ||||
Net cash provided by financing activities | 8,707 | 9,058 | ||||
Effect of exchange rate changes on cash and cash equivalents | (20) | 0 | ||||
Net increase in cash and cash equivalents | 1,694 | 284 | ||||
Cash and cash equivalents at beginning of year | [1] | 10,429 | 8,442 | |||
Cash and cash equivalents at end of period | [1] | $ 12,123 | $ 8,726 | $ 12,123 | 12,123 | 8,726 |
Non-cash transactions | ||||||
Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2022 – $153 and 2021 – $177) | 719 | 449 | ||||
Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2022 – $718 and 2021 – $819) | 3,944 | 4,101 | ||||
Assets contributed to consolidated VIEs | 169 | |||||
Related Party | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Net investment (income) loss (related party: 2022 – $12 and 2021 – $(933)) | 12 | (933) | ||||
Net recognized (gains) losses on investments and derivatives (related party: 2022 – $183 and 2021 – $(159)) | (183) | 159 | ||||
Changes in operating assets and liabilities: | ||||||
Accrued investment income (related party: 2022 – $(22) and 2021 – $(20)) | (22) | (20) | ||||
Interest sensitive contract liabilities (related party: 2022 – $(68) and 2021 – $188) | (68) | 188 | ||||
Future policy benefits and reinsurance recoverable (related party: 2022 – $76 and 2021 – $142) | 76 | 142 | ||||
Funds withheld assets (related party: 2022 – $970 and 2021 – $(187)) | 970 | (187) | ||||
Sales, maturities and repayments of: | ||||||
Available-for-sale securities (related party: 2022 – $3,047 and 2021 – $881) | 3,047 | 881 | ||||
Trading securities (related party: 2022 – $79 and 2021 – $83) | 79 | 83 | ||||
Mortgage loans (related party: 2022 – $33 and 2021 – $0) | 33 | 0 | ||||
Investment funds (related party: 2022 – $769 and 2021 – $892) | 769 | 892 | ||||
Derivative instruments and other invested assets (related party: 2022 – $74 and 2021 – $330) | 74 | 330 | ||||
Short-term investments (related party: 2022 – $0 and 2021 – $98) | 0 | 98 | ||||
Purchases of: | ||||||
Available-for-sale securities (related party: 2022 – $(1,880) and 2021 – $(1,626)) | (1,880) | (1,626) | ||||
Trading securities (related party: 2022 – $(152) and 2021 – $(230)) | (152) | (230) | ||||
Mortgage loans (related party: 2022 – $(364) and 2021 – $(148)) | (364) | (148) | ||||
Investment funds (related party: 2022 – $(3,130) and 2021 – $(923)) | (3,130) | (923) | ||||
Derivative instruments and other invested assets (related party: 2022 – $(124) and 2021 – $0) | (124) | 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 – $38 and 2021 – $44) | 38 | 44 | ||||
Withdrawals on investment-type policies and contracts (related party: 2022 – $(167) and 2021 – $(200)) | (167) | (200) | ||||
Non-cash transactions | ||||||
Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2022 – $153 and 2021 – $177) | 153 | 177 | ||||
Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2022 – $718 and 2021 – $819) | 718 | 819 | ||||
Reinsurance Settlements | ||||||
Non-cash transactions | ||||||
Transfer to Investments | 20 | 74 | ||||
Pension Risk Transfer Premiums | ||||||
Non-cash transactions | ||||||
Transfer to Investments | 2,510 | 2,765 | ||||
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 | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Amortization of deferred acquisition costs and value of business acquired | $ 250 | $ 394 |
Net investments (income) loss | (267) | (966) |
Net recognized (gains) losses on investments and derivatives | 4,892 | (1,908) |
Accrued investment income | (124) | (105) |
Policy acquisition costs deferred | (434) | (287) |
Increase (Decrease) in Interest Sensitive Contract Liabilities | (1,604) | 1,788 |
Increase (Decrease) in Insurance Liabilities | 3,933 | 1,560 |
Funds withheld assets and liabilities | 4,622 | (90) |
Sales, maturities and repayments of: | ||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | 14,494 | 9,018 |
Trading securities (related party: 2022 – $79 and 2021 – $83) | 105 | 127 |
Mortgage loans (related party: 2022 – $33 and 2021 – $0) | 1,829 | 1,363 |
Investment funds (related party: 2022 – $769 and 2021 – $892) | 940 | 946 |
Derivative instruments and other invested assets (related party: 2022 – $74 and 2021 – $330) | 2,064 | 2,566 |
Short-term investments | 114 | 400 |
Purchases of: | ||
Payments to Acquire Debt Securities, Available-for-sale | (18,665) | (17,987) |
Mortgage loans (related party: 2022 – $(364) and 2021 – $(148)) | (7,832) | (3,596) |
Trading securities | (267) | (318) |
Investment funds | (3,256) | (1,056) |
Derivative instruments and other invested assets (related party: 2022 – $(124) and 2021 – $0) | (1,335) | (2,247) |
Short-term investments | (271) | (278) |
Deposits on investment-type policies and contracts | 13,925 | 11,120 |
Repayments of Annuities and Investment Certificates | (4,074) | (3,476) |
Payments for coinsurance agreements on investment-type contracts, net | (20) | 0 |
Deposits on investment-type policies and contracts through reinsurance agreements | 719 | 449 |
Withdrawals on investment-type policies and contracts through reinsurance agreements | 3,944 | 4,101 |
Payments of Ordinary Dividends, Common Stock | 1,125 | 0 |
Related Party | ||
Net investments (income) loss | 12 | (933) |
Net recognized (gains) losses on investments and derivatives | 183 | (159) |
Accrued investment income | (22) | (20) |
Increase (Decrease) in Interest Sensitive Contract Liabilities | (68) | 188 |
Increase (Decrease) in Insurance Liabilities | 76 | 142 |
Funds withheld assets and liabilities | 970 | (187) |
Sales, maturities and repayments of: | ||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | 3,047 | 881 |
Trading securities (related party: 2022 – $79 and 2021 – $83) | 79 | 83 |
Mortgage loans (related party: 2022 – $33 and 2021 – $0) | 33 | 0 |
Investment funds (related party: 2022 – $769 and 2021 – $892) | 769 | 892 |
Derivative instruments and other invested assets (related party: 2022 – $74 and 2021 – $330) | 74 | 330 |
Short-term investments | 0 | 98 |
Purchases of: | ||
Payments to Acquire Debt Securities, Available-for-sale | (1,880) | (1,626) |
Mortgage loans (related party: 2022 – $(364) and 2021 – $(148)) | (364) | (148) |
Trading securities | (152) | (230) |
Investment funds | (3,130) | (923) |
Derivative instruments and other invested assets (related party: 2022 – $(124) and 2021 – $0) | (124) | 0 |
Short-term investments | (33) | (100) |
Deposits on investment-type policies and contracts | 38 | 44 |
Repayments of Annuities and Investment Certificates | (167) | (200) |
Deposits on investment-type policies and contracts through reinsurance agreements | 153 | 177 |
Withdrawals on investment-type policies and contracts through reinsurance agreements | 718 | 819 |
Equity securities | Related Party | ||
Purchases of: | ||
Equity securities | (13) | (46) |
Reinsurance Settlements | ||
Purchases of: | ||
Transfer to Investments | $ 20 | $ 74 |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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, Athene Annuity Re Ltd. (AARe) 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. 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 do not expect that the adoption of this standard will have a material effect on our shareholders’ equity as of our transition date, which is January 1, 2022. We are currently evaluating the impact of this guidance on our condensed consolidated financial statements for periods subsequent to our transition date. |
Business Combinations and Asset
Business Combinations and Asset Acquisitions | 6 Months Ended |
Jun. 30, 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 5,754 Assets of consolidated variable interest entities 3,635 Estimated fair value of total assets acquired by AGM 238,961 Liabilities Interest sensitive contract liabilities 160,205 Future policy benefits 47,120 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 220,568 Identifiable net assets 18,393 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 13,451 Goodwill attributable to AHL $ 4,153 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. Adjustments to provisional amounts are made prospectively as data becomes available. The income effects from changes to provisional amounts are recorded in the period the adjustment is made, as if the adjustment had been recorded on the merger date. In the second quarter of 2022, measurement period adjustments decreased provisional goodwill by $28 million, primarily relating to a decrease in interest sensitive contract liabilities and future policy benefits. The income statement effects of the measurement period adjustments were immaterial to the prior period. 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2022 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 3,277 $ — $ 1 $ (484) $ 2,794 US state, municipal and political subdivisions 1,209 — — (209) 1,000 Foreign governments 1,199 (61) 4 (246) 896 Corporate 67,584 (70) 45 (11,341) 56,218 CLO 14,783 (107) 2 (1,193) 13,485 ABS 10,095 (14) 8 (542) 9,547 CMBS 3,181 (9) 16 (284) 2,904 RMBS 5,879 (348) 3 (367) 5,167 Total AFS securities 107,207 (609) 79 (14,666) 92,011 AFS securities – related party Corporate 1,043 — 2 (38) 1,007 CLO 2,945 (19) 1 (248) 2,679 ABS 5,441 (1) 1 (172) 5,269 Total AFS securities – related party 9,429 (20) 4 (458) 8,955 Total AFS securities including related party $ 116,636 $ (629) $ 83 $ (15,124) $ 100,966 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 June 30, 2022 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 926 $ 916 Due after one year through five years 9,672 8,931 Due after five years through ten years 19,820 17,071 Due after ten years 42,851 33,990 CLO, ABS, CMBS and RMBS 33,938 31,103 Total AFS securities 107,207 92,011 AFS securities – related party Due in one year or less 1 1 Due after one year through five years 23 22 Due after five years through ten years 777 749 Due after ten years 242 235 CLO and ABS 8,386 7,948 Total AFS securities – related party 9,429 8,955 Total AFS securities including related party $ 116,636 $ 100,966 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 June 30, 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 $ 2,601 $ (484) $ — $ — $ 2,601 $ (484) US state, municipal and political subdivisions 994 (209) — — 994 (209) Foreign governments 875 (246) — — 875 (246) Corporate 55,289 (11,339) — — 55,289 (11,339) CLO 12,194 (1,134) — — 12,194 (1,134) ABS 5,975 (478) — — 5,975 (478) CMBS 2,373 (274) — — 2,373 (274) RMBS 2,989 (264) — — 2,989 (264) Total AFS securities 83,290 (14,428) — — 83,290 (14,428) AFS securities – related party Corporate 472 (31) — — 472 (31) CLO 2,405 (233) — — 2,405 (233) ABS 4,841 (160) — — 4,841 (160) Total AFS securities – related party 7,718 (424) — — 7,718 (424) Total AFS securities including related party $ 91,008 $ (14,852) $ — $ — $ 91,008 $ (14,852) 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 June 30, 2022 Unrealized loss position Unrealized loss position 12 months or more AFS securities 8,475 — AFS securities – related party 140 — 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 June 30, 2022 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 Foreign governments $ 66 $ — $ — $ — $ (5) $ 61 Corporate 55 6 — — 9 70 CLO 18 4 — — 85 107 ABS 11 4 — — (1) 14 CMBS 6 8 — — (5) 9 RMBS 312 20 1 (9) 24 348 Total AFS securities 468 42 1 (9) 107 609 AFS securities – related party CLO 3 — — — 16 19 ABS 17 1 — — (17) 1 Total AFS securities – related party 20 1 — — (1) 20 Total AFS securities including related party $ 488 $ 43 $ 1 $ (9) $ 106 $ 629 Predecessor Three months ended June 30, 2021 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS securities Corporate $ 8 $ 1 $ — $ — $ (4) $ 5 CLO — 3 — — — 3 ABS 11 — — — (1) 10 CMBS 14 — — — (8) 6 RMBS 78 — 4 (3) 4 83 Total AFS securities 111 4 4 (3) (9) 107 AFS securities – related party, CLO — 2 — — — 2 Total AFS securities including related party $ 111 $ 6 $ 4 $ (3) $ (9) $ 109 Successor Six months ended June 30, 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 $ — $ — $ (5) $ 61 Corporate — 61 — — 9 70 CLO — 22 — — 85 107 ABS 5 9 — — — 14 CMBS — 14 — — (5) 9 RMBS 306 29 1 (17) 29 348 Total AFS securities 311 201 1 (17) 113 609 AFS securities – related party CLO — 3 — — 16 19 ABS — 18 — — (17) 1 Total AFS securities – related party — 21 — — (1) 20 Total AFS securities including related party $ 311 $ 222 $ 1 $ (17) $ 112 $ 629 Predecessor Six months ended June 30, 2021 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS securities Corporate $ 6 $ 3 $ — $ (2) $ (2) $ 5 CLO 1 3 — — (1) 3 ABS 6 5 — — (1) 10 CMBS 10 2 — — (6) 6 RMBS 80 — 6 (6) 3 83 Total AFS securities 103 13 6 (8) (7) 107 AFS securities – related party, CLO 1 2 — (1) — 2 Total AFS securities including related party $ 104 $ 15 $ 6 $ (9) $ (7) $ 109 Net Investment Income —Net investment income by asset class, including related party, consists of the following: Successor Predecessor Successor Predecessor (In millions) Three months ended June 30, 2022 Three months ended June 30, 2021 Six months ended June 30, 2022 Six months ended June 30, 2021 AFS securities $ 932 $ 939 $ 1,808 $ 1,799 Trading securities 49 60 112 123 Equity securities 9 3 24 7 Mortgage loans 297 189 534 367 Investment funds 104 701 408 1,143 Funds withheld at interest 476 172 813 378 Other 48 95 90 159 Investment revenue 1,915 2,159 3,789 3,976 Investment expenses (189) (142) (380) (290) Net investment income $ 1,726 $ 2,017 $ 3,409 $ 3,686 Investment Related Gains (Losses) —Investment related gains (losses) by asset class, including related party, consists of the following: Successor Predecessor Successor Predecessor (In millions) Three months ended June 30, 2022 Three months ended June 30, 2021 Six months ended June 30, 2022 Six months ended June 30, 2021 AFS securities Gross realized gains on investment activity $ 217 $ 208 $ 320 $ 281 Gross realized losses on investment activity (832) (171) (1,242) (314) Net realized investment gains (losses) on AFS securities (615) 37 (922) (33) Net recognized investment gains (losses) on trading securities (161) 61 (368) (8) Net recognized investment gains (losses) on equity securities (271) 8 (248) 25 Net recognized investment losses on mortgage loans (1,099) — (1,895) — Derivative gains (losses) (3,932) 2,484 (6,973) 2,046 Provision for credit losses (172) 2 (364) 60 Other gains 487 — 807 80 Investment related gains (losses) $ (5,763) $ 2,592 $ (9,963) $ 2,170 Proceeds from sales of AFS securities were $1,614 million and $2,006 million for the three months ended June 30, 2022 and 2021, respectively, and $5,785 million and $2,898 million for the six months ended June 30, 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 Successor Predecessor (In millions) Three months ended June 30, 2022 Three months ended June 30, 2021 Six months ended June 30, 2022 Six months ended June 30, 2021 Trading securities $ (160) $ 66 $ (349) $ (55) Trading securities – related party (3) (4) (7) 54 Equity securities (255) 18 (238) 27 Equity securities – related party (8) (5) (13) 1 Repurchase Agreements— The following table summarizes the maturities of our repurchase agreements: Successor June 30, 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 $ — $ — $ 1,680 $ 200 $ 2,229 $ 4,109 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 June 30, 2022 December 31, 2021 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities U.S. government and agencies $ 2,284 $ 1,919 $ — $ — Foreign governments 140 106 — — Corporate 1,746 1,476 2,923 3,208 CLO 271 258 — — ABS 470 417 — — Total securities pledged under repurchase agreements $ 4,911 $ 4,176 $ 2,923 $ 3,208 Reverse Repurchase Agreements — As of June 30, 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, with fair value option loans presented at unpaid principal balance: Successor (In millions) June 30, 2022 Commercial mortgage loans $ 19,898 Commercial mortgage loans under development 627 Total commercial mortgage loans 20,525 Mark to fair value (1,186) Commercial mortgage loans 19,339 Residential mortgage loans 9,723 Mark to fair value (436) Residential mortgage loans 9,287 Mortgage loans $ 28,626 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 June 30, 2022 December 31, 2021 (In millions, except for percentages) Net Carrying Value Percentage of Total Net Carrying Value Percentage of Total Property type Office building $ 5,148 26.6 % $ 4,870 28.8 % Retail 1,929 10.0 % 2,022 12.0 % Apartment 6,068 31.4 % 4,626 27.4 % Hotels 1,730 8.9 % 1,727 10.2 % Industrial 2,459 12.7 % 2,336 13.8 % Other commercial 2,005 10.4 % 1,316 7.8 % Total commercial mortgage loans $ 19,339 100.0 % $ 16,897 100.0 % US region East North Central $ 1,658 8.6 % $ 1,697 10.0 % East South Central 447 2.3 % 470 2.8 % Middle Atlantic 4,118 21.3 % 3,637 21.5 % Mountain 935 4.8 % 460 2.7 % New England 1,118 5.8 % 453 2.7 % Pacific 4,060 21.0 % 3,994 23.6 % South Atlantic 2,886 14.9 % 2,817 16.7 % West North Central 273 1.4 % 271 1.6 % West South Central 1,203 6.2 % 997 5.9 % Total US region 16,698 86.3 % 14,796 87.5 % International region United Kingdom 1,703 8.8 % 1,279 7.6 % Other International 1 938 4.9 % 822 4.9 % Total international region 2,641 13.7 % 2,101 12.5 % Total commercial mortgage loans $ 19,339 100.0 % $ 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 June 30, 2022 December 31, 2021 US states California 31.6 % 28.4 % Florida 10.0 % 11.4 % New Jersey 5.1 % 5.1 % Other 1 39.8 % 43.3 % Total US residential mortgage loan percentage 86.5 % 88.2 % International United Kingdom 5.1 % 3.8 % Ireland 4.1 % 6.4 % Other 2 4.3 % 1.6 % Total international residential mortgage loan percentage 13.5 % 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 origination platforms, insurance platforms, and equity, hybrid, yield and other funds. 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 June 30, 2022 December 31, 2021 1 (In millions, except for percentages) Carrying value Percent of total Carrying value Percent of total Investment funds Equity $ 21 15.8 % $ 410 34.8 % Hybrid 93 69.9 % 667 56.6 % Yield 19 14.3 % 99 8.4 % Other — — % 2 0.2 % Total investment funds 133 100.0 % 1,178 100.0 % Investment funds – related parties Strategic origination platforms 267 17.4 % 1,338 18.1 % Strategic insurance platforms 1,092 71.0 % 1,440 19.5 % Apollo and other fund investments Equity 148 9.6 % 1,199 16.2 % Hybrid 8 0.5 % 952 12.9 % Yield 1 0.1 % 305 4.1 % Other 2 22 1.4 % 2,157 29.2 % Total investment funds – related parties 1,538 100.0 % 7,391 100.0 % Investment funds owned by consolidated VIEs Strategic origination platforms 2,883 30.4 % 264 20.3 % Strategic insurance platforms 554 5.8 % — — % Apollo and other fund investments Equity 2,575 27.1 % 229 17.7 % Hybrid 2,154 22.7 % 56 4.3 % Yield 1,288 13.6 % 748 57.7 % Other 40 0.4 % — — % Total investment funds owned by consolidated VIEs 9,494 100.0 % 1,297 100.0 % Total investment funds including related party and funds owned by consolidated VIEs $ 11,165 $ 9,866 Note: During 2022, we contributed the majority of our investment funds to Apollo Aligned Alternatives, L.P. (AAA), which we consolidate as a VIE. See Note 10 – Related Parties for further information on AAA. 1 Certain reclassifications have been made to conform with current year presentation. 2 Includes our investment in Apollo held as of December 31, 2021. 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 June 30, 2022 December 31, 2021 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 133 $ 217 $ 1,178 $ 1,792 Investment in related parties – investment funds 1,538 1,776 7,391 10,922 Assets of consolidated VIEs – investment funds 9,494 15,121 1,297 1,647 Investment in fixed maturity securities 31,507 35,103 31,769 31,622 Investment in related parties – fixed maturity securities 8,846 9,313 11,324 12,681 Investment in related parties – equity securities 163 163 284 284 Total non-consolidated investments $ 51,681 $ 61,693 $ 53,243 $ 58,948 Concentrations —The following represents our investment concentrations in excess of 10% of shareholders’ equity: Successor Predecessor (In millions) June 30, 2022 December 31, 2021 Athene Freedom 1 $ 1,323 $ 3,119 Athora 1 975 N/A PK AirFinance 1 932 N/A AP Tundra 918 N/A SoftBank Vision Fund II 816 N/A Cayman Universe 794 N/A AOP Finance 735 N/A AA Infrastructure 627 N/A MidCap Financial 1 553 N/A Tiger Global 531 N/A Bank of America 530 N/A Venerable 1 502 N/A Morgan Stanley 495 N/A Towd Point 476 N/A AA Warehouse 443 N/A Apollo Rose II (B), L.P. 2 437 N/A AT&T 418 N/A JP Morgan Chase 406 N/A FWD Group 400 N/A HWIRE 397 N/A Mileage Plus 391 N/A Comcast 386 N/A 1 Related party amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. See further discussion of these related parties in Note 10 – 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 | 6 Months Ended |
Jun. 30, 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 June 30, 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 6,617 $ 678 $ 109 6,371 $ 281 $ 56 Forwards 5,009 427 3 6,395 189 2 Interest rate swaps 4,468 — 676 2,783 — 173 Forwards on net investments 235 7 — 231 — 4 Interest rate swaps 6,770 28 8 500 — 1 Total derivatives designated as hedges 1,140 796 470 236 Derivatives not designated as hedges Equity options 60,234 1,076 105 57,890 3,629 115 Futures 21 20 1 33 67 — Total return swaps 137 — 14 231 10 — Foreign currency swaps 2,928 149 90 2,592 57 19 Interest rate swaps 461 69 1 483 78 1 Credit default swaps 10 — 1 10 — 3 Foreign currency forwards 11,623 478 215 7,382 76 98 Embedded derivatives Funds withheld including related party (5,087) — 1,360 45 Interest sensitive contract liabilities — 5,451 — 14,907 Total derivatives not designated as hedges (3,295) 5,878 5,277 15,188 Total derivatives $ (2,155) $ 6,674 $ 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 June 30, 2021 Six months ended June 30, 2021 Foreign currency swaps – Other comprehensive income $ 88 $ 57 Foreign currency swaps – Investment related gains (losses) 27 27 There were no amounts deemed ineffective during the three and six months ended June 30, 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 June 30, 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 $ 3,966 $ (354) $ 4,224 $ (136) Foreign currency swaps 4,524 (441) — — Mortgage loans – Foreign currency forwards — — 1,686 (44) Interest sensitive contract liabilities Foreign currency swaps 1,067 93 — — Foreign currency interest rate swaps 4,348 495 2,773 121 Interest rate swaps 6,770 93 500 — 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 June 30, 2022 (Successor) Investment related gains (losses) Foreign currency forwards $ 201 $ (232) $ (31) $ 16 $ — Foreign currency swaps 242 (252) (10) — — Foreign currency interest rate swaps (335) 298 (37) — — Interest rate swaps (5) 18 13 — — Interest sensitive contract benefits Foreign currency interest rate swaps 15 (14) 1 — — Three months ended June 30, 2021 (Predecessor) Investment related gains (losses) Foreign currency forwards $ (13) $ 29 $ 16 $ — $ — Foreign currency interest rate swaps 5 (9) (4) — — Interest sensitive contract benefits Foreign currency interest rate swaps 5 (4) 1 — — Amount Excluded (In millions) Derivatives Hedged Items Net Recognized in income through amortization approach Recognized in income through changes in fair value Six months ended June 30, 2022 (Successor) Investment related gains (losses) Foreign currency forwards $ 328 $ (358) $ (30) $ 30 $ 1 Foreign currency swaps 333 (347) (14) — — Foreign currency interest rate swaps (494) 495 1 — — Interest rate swaps (77) 93 16 — — Interest sensitive contract benefits Foreign currency interest rate swaps 25 (23) 2 — — Six months ended June 30, 2021 (Predecessor) Investment related gains (losses) Foreign currency forwards $ 205 $ (188) $ 17 $ — $ — Foreign currency interest rate swaps (31) 32 1 — — Interest sensitive contract benefits Foreign currency interest rate swaps 6 (5) 1 — — The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI : Successor Predecessor Successor Predecessor (In millions) Three months ended June 30, 2022 Three months ended June 30, 2021 Six months ended June 30, 2022 Six months ended June 30, 2021 Foreign currency forwards $ 16 $ 4 $ (57) $ 4 Foreign currency swaps 65 — 9 — 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 June 30, 2022 and 2021, these derivatives had gains of $23 million and $0 million, respectively. During the six months ended June 30, 2022 and 2021 , these derivatives had gains of $25 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 income (loss). As of June 30, 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 $25 million and $1 million, respectively. During the three and six months ended June 30, 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 Successor Predecessor (In millions) Three months ended June 30, 2022 Three months ended June 30, 2021 Six months ended June 30, 2022 Six months ended June 30, 2021 Equity options $ (1,571) $ 1,044 $ (2,279) $ 1,546 Futures (86) 44 (119) 55 Swaps (74) 5 (11) 36 Foreign currency forwards 362 (19) 517 (50) Embedded derivatives on funds withheld (2,682) 1,391 (5,202) 258 Amounts recognized in investment related gains (losses) (4,051) 2,465 (7,094) 1,845 Embedded derivatives in indexed annuity products 1 1,487 (1,183) 2,444 (848) Total net gains (losses) on derivatives not designated as hedges $ (2,564) $ 1,282 $ (4,650) $ 997 1 Included in interest sensitive contract benefits on the condensed consolidated statements of income (loss). Credit Risk —We may be exposed to credit-related losses in the event of counterparty nonperformance on derivative financial instruments. Generally, the current credit exposure of our derivative contracts is the fair value at the reporting date less any collateral received from the counterparty. We manage credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties. Where possible, we maintain collateral arrangements and use master netting agreements that provide for a single net payment from one counterparty to another at each due date and upon termination. We have also established counterparty exposure limits, where possible, in order to evaluate if there is sufficient collateral to support the net exposure. Collateral arrangements typically require the posting of collateral in connection with its derivative instruments. Collateral agreements often contain posting thresholds, some of which may vary depending on the posting party’s financial strength ratings. Additionally, a decrease in our financial strength rating to a specified level can result in settlement of the derivative position. The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated balance sheets (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral June 30, 2022 (Successor) Derivative assets $ 2,932 $ (1,204) $ (1,904) $ (176) $ — $ (176) Derivative liabilities (1,223) 1,204 304 285 — 285 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 June 30, 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 | 6 Months Ended |
Jun. 30, 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. 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 Successor Predecessor (In millions) Three months ended June 30, 2022 Three months ended June 30, 2021 Six months ended June 30, 2022 Six months ended June 30, 2021 Mortgage loans $ 23 $ 14 $ 43 $ 28 Investment funds (6) 7 (9) 28 Other investments 13 — 13 — Net investment income $ 30 $ 21 $ 47 $ 56 Net recognized investment losses on mortgage loans $ (47) $ — $ (159) $ — Provision for credit losses — 18 — (48) Investment funds 48 — 118 — Other gains (losses) 21 — 21 — Investment related gains (losses) $ 22 $ 18 $ (20) $ (48) |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 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 June 30, 2022 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 2,794 $ — $ 2,792 $ 2 $ — US state, municipal and political subdivisions 1,000 — — 1,000 — Foreign governments 896 — — 894 2 Corporate 56,218 — — 54,630 1,588 CLO 13,485 — — 13,485 — ABS 9,547 — — 5,953 3,594 CMBS 2,904 — — 2,904 — RMBS 5,167 — — 5,099 68 Total AFS securities 92,011 — 2,792 83,967 5,252 Trading securities 1,735 — 25 1,652 58 Equity securities 1,108 — 105 941 62 Mortgage loans 25,218 — — — 25,218 Investment funds 25 6 — — 19 Funds withheld at interest – embedded derivative (3,958) — — — (3,958) Derivative assets 2,932 — 20 2,912 — Short-term investments 238 — 68 112 58 Other investments 142 — — 142 — Cash and cash equivalents 11,172 — 11,172 — — Restricted cash 753 — 753 — — Investments in related parties AFS securities Corporate 1,007 — — 158 849 CLO 2,679 — — 2,354 325 ABS 5,269 — — 243 5,026 Total AFS securities – related party 8,955 — — 2,755 6,200 Trading securities 898 — — 7 891 Equity securities 163 — — — 163 Mortgage loans 1,416 — — — 1,416 Investment funds 818 — — — 818 Funds withheld at interest – embedded derivative (1,129) — — — (1,129) Reinsurance recoverable 1,580 — — — 1,580 Assets of consolidated VIEs Trading securities 386 — — 56 330 Mortgage loans 1,626 — — — 1,626 Investment funds 9,494 8,153 5 283 1,053 Other investments 31 — — — 31 Cash and cash equivalents 198 — 198 — — Total assets measured at fair value $ 155,812 $ 8,159 $ 15,138 $ 92,827 $ 39,688 Liabilities Interest sensitive contract liabilities Embedded derivative $ 5,451 $ — $ — $ — $ 5,451 Universal life benefits 943 — — — 943 Future policy benefits AmerUs Life Insurance Company (AmerUs) Closed Block 1,247 — — — 1,247 Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits 623 — — — 623 Derivative liabilities 1,223 — (9) 1,231 1 Total liabilities measured at fair value $ 9,487 $ — $ (9) $ 1,231 $ 8,265 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 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 — 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 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 — Total liabilities measured at fair value $ 18,921 $ — $ — $ 514 $ 18,407 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 Successor Predecessor (In millions) Three months ended June 30, 2022 Three months ended June 30, 2021 Six months ended June 30, 2022 Six months ended June 30, 2021 Trading securities $ (161) $ 61 $ (368) $ (8) Mortgage loans (1,149) — (2,065) — Investment funds 36 495 56 435 Future policy benefits 131 (54) 273 49 Total gains (losses) $ (1,143) $ 502 $ (2,104) $ 476 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) June 30, 2022 December 31, 2021 Unpaid principal balance $ 29,883 $ 15 Mark to fair value (1,623) 2 Fair value $ 28,260 $ 17 The following represents our commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: Successor (In millions) June 30, 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 (46) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 81 Fair value of commercial mortgage loans 90 days or more past due $ 132 Fair value of commercial mortgage loans in non-accrual status 81 The following represents our residential loan portfolio 90 days or more past due and/or in non-accrual status: Successor (In millions) June 30, 2022 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 581 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (36) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 545 Fair value of residential mortgage loans 90 days or more past due 1 $ 545 Fair value of residential mortgage loans in non-accrual status 207 1 Includes $338 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 Successor Predecessor (In millions) Three months ended June 30, 2022 Three months ended June 30, 2021 Six months ended June 30, 2022 Six months ended June 30, 2021 Mortgage loans $ (34) $ — $ (52) $ — 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 June 30, 2022 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 Foreign governments $ 2 $ — $ — $ — $ — $ 2 $ — $ — Corporate 1,499 — (58) 40 107 1,588 — (58) CLO 5 — (3) (2) — — — — ABS 3,783 2 (65) 148 (274) 3,594 — (66) CMBS 10 — — — (10) — — — RMBS — — — 68 — 68 — — Trading securities 90 (1) — 2 (33) 58 — — Equity securities 438 8 — (3) (381) 62 8 — Mortgage loans 23,696 (1,027) — 2,549 — 25,218 (1,025) — Investment funds 19 — — — — 19 — — Funds withheld at interest – embedded derivative (1,882) (2,076) — — — (3,958) — — Short-term investments 59 — (1) — — 58 — — Investments in related parties AFS securities Corporate 761 — (7) 42 53 849 — (7) CLO 332 — (7) — — 325 — (7) ABS 4,409 16 (125) (1,096) 1,822 5,026 — (126) Trading securities 252 4 — (808) 1,443 891 — — Equity securities 166 (9) — (119) 125 163 — — Mortgage loans 1,456 (72) — 32 — 1,416 (73) — Investment funds 814 4 — — — 818 28 — Funds withheld at interest – embedded derivative (570) (559) — — — (1,129) — — Short-term investments 53 — — — (53) — — — Reinsurance recoverable 1,814 (234) — — — 1,580 — — Assets of consolidated VIEs Trading securities — — — — 330 330 — — Mortgage loans 1,880 (50) — (2) (202) 1,626 (50) — Investment funds 10,577 33 — (77) (9,480) 1,053 27 — Other investments 1,902 — — 31 (1,902) 31 — — Total Level 3 assets $ 51,565 $ (3,961) $ (266) $ 805 $ (8,455) $ 39,688 $ (1,085) $ (264) Liabilities Interest sensitive contract liabilities Embedded derivative $ (6,704) $ 1,487 $ — $ (234) $ — $ (5,451) $ — $ — Universal life benefits (1,096) 153 — — — (943) — — Future policy benefits AmerUs Closed Block (1,378) 131 — — — (1,247) — — ILICO Closed Block and life benefits (704) 81 — — — (623) — — Derivative liabilities (3) 2 — — — (1) — — Total Level 3 liabilities $ (9,885) $ 1,854 $ — $ (234) $ — $ (8,265) $ — $ — 1 Related to instruments held at end of period. Predecessor Three months ended June 30, 2021 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets AFS securities Foreign governments $ 2 $ — $ — $ — $ — $ 2 $ — $ — Corporate 782 4 6 74 117 983 — 6 CLO 174 — — 102 — 276 — — ABS 1,207 16 (5) 304 (41) 1,481 — (5) CMBS 48 1 — 2 — 51 — 1 Trading securities 94 (5) — 5 5 99 (1) — Equity securities 14 8 — — — 22 7 — Mortgage loans 18 — — — — 18 — — Investment funds 17 1 — — — 18 1 — Funds withheld at interest – embedded derivative 636 737 — — — 1,373 — — Investments in related parties AFS securities Corporate 201 — — — (201) — — — ABS 4,131 5 2 99 — 4,237 — 2 Trading securities 1,685 1 — 31 (7) 1,710 — — Equity securities 114 (8) — 9 — 115 (8) — Investment funds 1,970 482 — — — 2,452 483 — Funds withheld at interest – embedded derivative 580 172 — — — 752 — — Reinsurance recoverable 1,880 66 — — — 1,946 — — Assets of consolidated VIEs Investment funds 154 13 — 250 — 417 12 — Total Level 3 assets $ 13,707 $ 1,493 $ 3 $ 876 $ (127) $ 15,952 $ 494 $ 4 Liabilities Interest sensitive contract liabilities Embedded derivative $ (12,473) $ (1,183) $ — $ 21 $ — $ (13,635) $ — $ — Universal life benefits (1,108) (80) — — — (1,188) — — Future policy benefits AmerUs Closed Block (1,497) (54) — — — (1,551) — — ILICO Closed Block and life benefits (757) 14 — — — (743) — — Derivative liabilities (5) 1 — — — (4) 1 — Total Level 3 liabilities $ (15,840) $ (1,302) $ — $ 21 $ — $ (17,121) $ 1 $ — 1 Related to instruments held at end of period. Successor Six months ended June 30, 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) (77) 180 149 1,588 — (76) CLO 14 (2) — (12) — — — — ABS 3,619 7 (95) — 63 3,594 — (89) CMBS 43 — (17) — (26) — — 1 RMBS — — — 68 — 68 — — Trading securities 69 (6) — 8 (13) 58 — — Equity securities 429 17 — (3) (381) 62 16 — Mortgage loans 21,154 (1,771) — 5,835 — 25,218 (1,767) — Investment funds 18 1 — — — 19 1 — Funds withheld at interest – embedded derivative — (3,958) — — — (3,958) — — Short-term investments 29 — (1) 30 — 58 — — Investments in related parties AFS securities Corporate 670 (4) (6) 136 53 849 — (6) CLO 202 — (7) 130 — 325 — (7) ABS 6,445 (1) (135) (1,241) (42) 5,026 — (138) Trading securities 1,771 (1) — (1,062) 183 891 — — Equity securities 284 (14) — (119) 12 163 — — Mortgage loans 1,369 (124) — 171 — 1,416 (124) — Investment funds 2,855 28 — (34) (2,031) 818 28 — Funds withheld at interest – embedded derivative — (1,129) — — — (1,129) — — Short-term investments — — — 53 (53) — — — Reinsurance recoverable 1,991 (411) — — — 1,580 — — Assets of consolidated VIEs Trading securities — — — — 330 330 — — Mortgage loans 2,152 (170) — (154) (202) 1,626 (170) — Investment funds 1,297 28 — 161 (433) 1,053 28 — Other investments — — — 31 — 31 — — Total Level 3 assets $ 45,752 $ (7,513) $ (338) $ 4,178 $ (2,391) $ 39,688 $ (1,988) $ (315) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,559) $ 2,444 $ — $ (336) $ — $ (5,451) $ — $ — Universal life benefits (1,235) 292 — — — (943) — — Future policy benefits AmerUs Closed Block (1,520) 273 — — — (1,247) — — ILICO Closed Block and life benefits (742) 119 — — — (623) — — Derivative liabilities (3) 2 — — — (1) — — Total Level 3 liabilities $ (11,059) $ 3,130 $ — $ (336) $ — $ (8,265) $ — $ — 1 Related to instruments held at end of period. Predecessor Six months ended June 30, 2021 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets AFS securities US state, municipal and political subdivisions $ 34 $ — $ (1) $ (1) $ (32) $ — $ — $ (1) Foreign governments 2 — — — — 2 — — Corporate 778 8 21 56 120 983 — 22 CLO 208 — 1 67 — 276 — 1 ABS 800 1 27 743 (90) 1,481 — 35 CMBS 43 — 5 3 — 51 — 4 Trading securities 86 (8) — 1 20 99 (3) — Equity securities 11 11 — — — 22 11 — Mortgage loans 19 — — (1) — 18 — — Investment funds 17 1 — — — 18 1 — Funds withheld at interest – embedded derivative 1,944 (571) — — — 1,373 — — Short-term investments 2 — — — (2) — — — Investments in related parties AFS securities Corporate 195 — 6 — (201) — — — ABS 4,109 — (25) 214 (61) 4,237 — (25) Trading securities 1,525 52 — 162 (29) 1,710 58 — Equity securities 72 1 — 42 — 115 1 — Investment funds 2,033 419 — — — 2,452 419 — Funds withheld at interest – embedded derivative 862 (110) — — — 752 — — Reinsurance recoverable 2,100 (154) — — — 1,946 — — Assets of consolidated VIEs –investment funds — 15 — 293 109 417 15 — Total Level 3 assets $ 14,840 $ (335) $ 34 $ 1,579 $ (166) $ 15,952 $ 502 $ 36 Liabilities Interest sensitive contract liabilities Embedded derivative $ (12,873) $ (848) $ — $ 86 $ — $ (13,635) $ — $ — Universal life benefits (1,308) 120 — — — (1,188) — — Future policy benefits AmerUs Closed Block (1,600) 49 — — — (1,551) — — ILICO Closed Block and life benefits (776) 33 — — — (743) — — Derivative liabilities (4) — — — — (4) — — Total Level 3 liabilities $ (16,561) $ (646) $ — $ 86 $ — $ (17,121) $ — $ — 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 June 30, 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 $ 129 $ — $ (2) $ (87) $ 40 $ 150 $ (43) $ 107 CLO — — — (2) (2) — — — ABS 746 — (341) (257) 148 30 (304) (274) CMBS — — — — — — (10) (10) RMBS 68 — — — 68 — — — Trading securities 2 — — — 2 9 (42) (33) Equity securities — — (3) — (3) 19 (400) (381) Mortgage loans 3,386 — (48) (789) 2,549 — — — Short-term investments 29 — — (29) — — — — Investments in related parties AFS securities Corporate 52 — — (10) 42 53 — 53 ABS 899 — (6) (1,989) (1,096) 1,822 — 1,822 Trading securities 7 — (787) (28) (808) 1,443 — 1,443 Equity securities — — (119) — (119) 125 — 125 Mortgage loans 36 — — (4) 32 — — — Short-term investments — — — — — — (53) (53) Assets of consolidated VIEs Trading securities — — — — — 330 — 330 Mortgage loans — — — (2) (2) 21 (223) (202) Investment funds 33 — (110) — (77) 1,006 (10,486) (9,480) Other investments 31 — — — 31 — (1,902) (1,902) Total Level 3 assets $ 5,418 $ — $ (1,416) $ (3,197) $ 805 $ 5,008 $ (13,463) $ (8,455) Liabilities Interest sensitive contract liabilities Embedded derivative $ — $ (361) $ — $ 127 $ (234) $ — $ — $ — Total Level 3 liabilities $ — $ (361) $ — $ 127 $ (234) $ — $ — $ — 1 Transfers in are primarily fixed maturity securities we hold that are issued by VIEs that we consolidated as of March 31, 2022 and did not consolidate at June 30, 2022. 2 Transfers out are primarily the deconsolidation of certain VIEs that we consolidated as of March 31, 2022. Predecessor Three months ended June 30, 2021 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities Foreign governments $ 1 $ — $ — $ (1) $ — $ — $ — $ — Corporate 132 — (8) (50) 74 203 (86) 117 CLO 110 — — (8) 102 — — — ABS 1,128 — (20) (804) 304 3 (44) (41) CMBS 3 — — (1) 2 — — — Trading securities 40 — (35) — 5 7 (2) 5 Investments in related parties AFS securities Corporate — — — — — — (201) (201) ABS 365 — — (266) 99 — — — Trading securities 113 — — (82) 31 12 (19) (7) Equity securities 11 — — (2) 9 — — — Assets of consolidated VIEs – investment funds 250 — — — 250 — — — Total Level 3 assets $ 2,153 $ — $ (63) $ (1,214) $ 876 $ 225 $ (352) $ (127) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (197) $ — $ 218 $ 21 $ — $ — $ — Total Level 3 liabilities $ — $ (197) $ — $ 218 $ 21 $ — $ — $ — Successor Six months ended June 30, 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 $ 453 $ — $ (170) $ (103) $ 180 $ 193 $ (44) $ 149 CLO — — — (12) (12) — — — ABS 2,235 — (1,791) (444) — 368 (305) 63 CMBS — — — — — — (26) (26) RMBS 68 — — — 68 — — — Trading securities 8 — — — 8 39 (52) (13) Equity securities — — (3) — (3) 19 (400) (381) Mortgage loans 7,477 — (130) (1,512) 5,835 — — — Short-term investments 59 — — (29) 30 — — — Investments in related parties AFS securities Corporate 367 — (217) (14) 136 53 — 53 CLO 130 — — — 130 — — — ABS 1,273 — (93) (2,421) (1,241) 1,822 (1,864) (42) Trading securities 36 — (1,052) (46) (1,062) 1,443 (1,260) 183 Equity securities — — (119) — (119) 125 (113) 12 Mortgage loans 182 — — (11) 171 — — — Investment funds — — (34) — (34) — (2,031) (2,031) Short-term investments 53 — — — 53 — (53) (53) Assets of consolidated VIEs Trading securities — — — — — 330 — 330 Mortgage loans — — — (154) (154) 21 (223) (202) Investment funds 286 — (125) — 161 11,087 (11,520) (433) Other investments 31 — — — 31 1,902 (1,902) — Total Level 3 assets $ 12,658 $ — $ (3,734) $ (4,746) $ 4,178 $ 17,402 $ (19,793) $ (2,391) Liabilities Interest sensitive contract liabilities Embedded derivative $ — $ (616) $ — $ 280 $ (336) $ — $ — $ — Total Level 3 liabilities $ — $ (616) $ — $ 280 $ (336) $ — $ — $ — 1 Transfers in are primarily assets of VIEs that we consolidated in 2022. 2 Transfers out are primarily assets of VIEs that changed consolidation status in 2022. Predecessor Six months ended June 30, 2021 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities US state, municipal and political subdivisions $ — $ — $ — $ (1) $ (1) $ — $ (32) $ (32) Foreign governments 1 — — (1) — — — — Corporate 110 — (9) (45) 56 235 (115) 120 CLO 110 — — (43) 67 — — — ABS 935 — — (192) 743 57 (147) (90) CMBS 3 — — — 3 — — — Trading securities 40 — (39) — 1 23 (3) 20 Mortgage loans — — — (1) (1) — — — Short-term investments — — — — — — (2) (2) Investments in related parties AFS securities Corporate — — — — — — (201) (201) ABS 1,026 — (751) (61) 214 — (61) (61) Trading securities 236 — (1) (73) 162 — (29) (29) Equity securities 45 — — (3) 42 — — — Assets of consolidated VIEs – investment funds 293 — — — 293 109 — 109 Total Level 3 assets $ 2,799 $ — $ (800) $ (420) $ 1,579 $ 424 $ (590) $ (166) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (372) $ — $ 458 $ 86 $ — $ — $ — Total Level 3 liabilities $ — $ (372) $ — $ 458 $ 86 $ — $ — $ — 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 |
Deferred Acquisition Costs, Def
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired | 6 Months Ended |
Jun. 30, 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 434 162 — 596 Amortization (1) — (249) (250) Other — — (3) (3) Balance at June 30, 2022 $ 433 $ 162 $ 4,295 $ 4,890 Predecessor (In millions) DAC DSI VOBA Total Balance at December 31, 2020 $ 3,236 $ 857 $ 813 $ 4,906 Additions 287 115 — 402 Amortization (303) (106) (91) (500) Impact of unrealized investment (gains) losses 85 27 44 156 Balance at June 30, 2021 $ 3,305 $ 893 $ 766 $ 4,964 The expected amortization of VOBA for the next five years is as follows: (In millions) Expected Amortization 2022 1 $ 239 2023 447 2024 410 2025 377 2026 342 2027 304 1 Expected amortization for the remainder of 2022. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 8. Debt Liquidity Facility —In the third quarter of 2022, we entered into a revolving credit facility with Wells Fargo Bank, National Association, as administrative agent, which matures on June 30, 2023, subject to additional 364-day extensions (Liquidity Facility). The Liquidity Facility will be used for liquidity and working capital needs to meet short-term cash flow and investment timing differences. The borrowing capacity under the Liquidity Facility is $2.5 billion, with potential increases up to $3.0 billion. The Liquidity Facility contains various standard covenants with which we must comply, including the following: 1. ALRe minimum consolidated net worth of no less than $9.3 billion; and 2. Restrictions on our ability to incur debt and liens, in each case with certain exceptions. Interest accrues on outstanding borrowings at either the secured overnight financing rate (Adjusted Term SOFR, as defined in the Liquidity Facility) plus a margin or a base rate plus a margin, with applicable margin varying based on ALRe’s Financial Strength Rating (as defined in the Liquidity Facility). As of August 5, 2022, there were no amounts outstanding under the Liquidity Facility. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | 9. Equity Distributions to Parent — In the first quarter of 2022, we distributed our investment in AOG units to AGM. See Note 10 – 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: Successor (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance DAC, DSI, VOBA and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at March 31, 2022 $ (4,747) $ (65) $ 211 $ (79) $ 6 $ (4,674) Other comprehensive income (loss) before reclassifications (7,568) (94) 282 96 (58) (7,342) Less: Reclassification adjustments for gains (losses) realized 1 (116) 7 2 15 — (92) Less: Income tax expense (benefit) (1,341) (18) 59 17 — (1,283) Less: Other comprehensive loss attributable to noncontrolling interests (862) (10) — 13 5 (854) Balance at June 30, 2022 $ (9,996) $ (138) $ 432 $ (28) $ (57) $ (9,787) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). Predecessor (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance DAC, DSI, VOBA and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at March 31, 2021 $ 2,808 $ (29) $ (717) $ (49) $ 8 $ 2,021 Other comprehensive income (loss) before reclassifications 1 2,205 (15) (471) 119 1 1,839 Less: Reclassification adjustments for gains (losses) realized in net income 1,2 39 (3) (9) 27 — 54 Less: Income tax expense (benefit) 421 (2) (97) 23 — 345 Less: Other comprehensive income (loss) attributable to noncontrolling interests 130 (3) — (3) — 124 Balance at June 30, 2021 $ 4,423 $ (36) $ (1,082) $ 23 $ 9 $ 3,337 1 Previously reported amounts have been revised to correct a misstatement, which was not material, in the classification of activity between other comprehensive income (loss) before reclassifications and reclassification adjustments for gains (losses) realized. 2 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). Successor (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 (14,213) (191) 550 (33) (54) (13,941) Less: Reclassification adjustments for gains (losses) realized in net income 1 (154) — 3 15 — (136) Less: Income tax expense (benefit) (2,525) (34) 115 (9) — (2,453) Less: Other comprehensive income (loss) attributable to noncontrolling interests (1,538) (19) — (11) 3 (1,565) Balance at June 30, 2022 $ (9,996) $ (138) $ 432 $ (28) $ (57) $ (9,787) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). Predecessor (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance DAC, DSI, VOBA and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2020 $ 5,352 $ (53) $ (1,310) $ (26) $ 8 $ 3,971 Other comprehensive income (loss) before reclassifications 1 (1,130) 17 270 88 1 (754) Less: Reclassification adjustments for gains (losses) realized 1,2 78 (3) (19) 27 — 83 Less: Income tax expense (benefit) (232) 4 61 16 — (151) Less: Other comprehensive income (loss) attributable to noncontrolling interests (47) (1) — (4) — (52) Balance at June 30, 2021 $ 4,423 $ (36) $ (1,082) $ 23 $ 9 $ 3,337 1 Previously reported amounts have been revised to correct a misstatement, which was not material, in the classification of activity between other comprehensive income (loss) before reclassifications and reclassification adjustments for gains (losses) realized. 2 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Parties | 10. Related Parties Apollo Fee structure – Substantially all of our investments are managed by Apollo. Apollo provides us a full suite of services that includes: direct investment management; asset sourcing and allocation; mergers and acquisition sourcing, execution and asset diligence; and strategic support and advice. Apollo also provides certain operational support services for our investment portfolio including investment compliance, tax, legal and risk management support. Apollo has extensive experience managing our investment portfolio and its knowledge of our liability profile enables it to tailor an asset management strategy to fit our specific needs. This strategy has proven responsive to changing market conditions and focuses on earning incremental yield by taking liquidity risk and complexity risk, rather than assuming solely credit risk. Our partnership has enabled us to take advantage of investment opportunities that would likely not otherwise have been available to us. Under our fee agreement with Apollo, 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 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 June 30, 2022 and 2021, we incurred management fees, inclusive of the base and sub-allocation fees, of $182 million and $140 million, respectively. During the six months ended June 30, 2022 and 2021, we incurred management fees, inclusive of the base and sub-allocation fees, of $368 million and $284 million, respectively. Management fees are included within net investment income on the condensed consolidated statements of income (loss). As of June 30, 2022 and December 31, 2021, management fees payable were $72 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. Mr. Belardi also owns a profit interest in ISG and in connection with such interest receives quarterly distributions equal to 3.35% of base management fees and 4.5% of subadvisory fees, as such fees are defined in our fee agreement with Apollo. 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 AAA Investment – During the second quarter of 2022, we contributed $7,845 million of certain of our alternative investments to AAA in exchange for limited partnership interests in AAA. We consolidate AAA as a VIE. 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, we believe AAA enhances Apollo’s ability to increase alternative assets under management (AUM) by raising capital from third parties, which will allow Athene to achieve greater scale and diversification for alternatives. Third-party investors began to invest in AAA on July 1, 2022. Athene Freedom – We contributed our limited partnership investment in Athene Freedom, for which an Apollo affiliate is the general partner, to AAA during the second quarter of 2022. 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 $931 million and $2,419 million as of June 30, 2022 and December 31, 2021, respectively, which are held as related party AFS securities on the condensed consolidated balance sheets. During the second quarter 2022, we received redemptions on Wheels securities of $1,479 million. MidCap Financial – We have various investments in MidCap Financial including profit participating notes, senior unsecured notes and redeemable preferred stock. During the second quarter of 2022, we contributed our profit participating notes to AAA. We previously held these investments as related party AFS or trading securities on the condensed consolidated balance sheets. The following summarizes the Predecessor investments in MidCap Financial: Predecessor (In millions) December 31, 2021 Profit participating notes $ 635 Senior unsecured notes 158 Redeemable preferred stock 7 Total investment in MidCap Financial $ 800 Additionally, we hold ABS and CLO securities issued by MidCap Financial affiliates of $996 million and $897 million as of June 30, 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 June 30, 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) June 30, 2022 December 31, 2021 Investment fund $ 818 $ 743 Non-redeemable preferred equity securities 157 171 Total investment in Athora $ 975 $ 914 Additionally, as of June 30, 2022 and December 31, 2021, we had $58 million and $63 million, respectively, of funding agreements outstanding to Athora . We also have commitments to make additional investments in Athora of $472 million as of June 30, 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 June 30, 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 $272 million and $222 million as of June 30, 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. During the second quarter of 2022, we contributed the majority of our Strategic Partnership investments to AAA. As of June 30, 2022 and December 31, 2021, we had $144 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) and then contributed PK Air Holdings to AAA during the second quarter of 2022. The following summarizes our investments in PK Air notes: Successor Predecessor (In millions) June 30, 2022 December 31, 2021 AFS or trading securities $ 1,102 $ 1,401 We also have commitments to make additional investments in PK Air of $1,548 million as of June 30, 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 June 30, 2022 and 2021, we received capital contributions of $400 million and $85 million, respectively, from ADIP. During the six months ended June 30, 2022 and 2021, we received capital contributions of $711 million and $320 million, respectively, from ADIP. Additionally, as of June 30, 2022 and December 31, 2021 , we had $135 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. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Contingent Commitments —We had commitments to make investments, primarily capital contributions to investment funds, inclusive of related party commitments discussed previously and those of consolidated VIEs, of $16,345 million as of June 30, 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 June 30, 2022 and December 31, 2021, we had $3,046 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 June 30, 2022 and December 31, 2021, we had $23,009 million and $19,728 million, respectively, of board-authorized FABN f unding agreements outstanding . We had $11,448 million of board-authorized FABN capacity remaining as of June 30, 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 June 30, 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) June 30, 2022 December 31, 2021 AFS securities $ 11,038 $ 9,111 Trading securities 54 75 Equity securities 46 30 Mortgage loans 7,024 5,033 Investment funds 102 174 Derivative assets 52 96 Short-term investments 3 — Other investments 142 130 Restricted cash 753 796 Total restricted assets $ 19,214 $ 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 $1,358 million as of June 30, 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) | 6 Months Ended |
Jun. 30, 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 do not expect that the adoption of this standard will have a material effect on our shareholders’ equity as of our transition date, which is January 1, 2022. We are currently evaluating the impact of this guidance on our condensed consolidated financial statements for periods subsequent to our transition date. |
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. 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) | 6 Months Ended |
Jun. 30, 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 5,754 Assets of consolidated variable interest entities 3,635 Estimated fair value of total assets acquired by AGM 238,961 Liabilities Interest sensitive contract liabilities 160,205 Future policy benefits 47,120 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 220,568 Identifiable net assets 18,393 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 13,451 Goodwill attributable to AHL $ 4,153 |
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) | 6 Months Ended |
Jun. 30, 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 June 30, 2022 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 Foreign governments $ 66 $ — $ — $ — $ (5) $ 61 Corporate 55 6 — — 9 70 CLO 18 4 — — 85 107 ABS 11 4 — — (1) 14 CMBS 6 8 — — (5) 9 RMBS 312 20 1 (9) 24 348 Total AFS securities 468 42 1 (9) 107 609 AFS securities – related party CLO 3 — — — 16 19 ABS 17 1 — — (17) 1 Total AFS securities – related party 20 1 — — (1) 20 Total AFS securities including related party $ 488 $ 43 $ 1 $ (9) $ 106 $ 629 Predecessor Three months ended June 30, 2021 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS securities Corporate $ 8 $ 1 $ — $ — $ (4) $ 5 CLO — 3 — — — 3 ABS 11 — — — (1) 10 CMBS 14 — — — (8) 6 RMBS 78 — 4 (3) 4 83 Total AFS securities 111 4 4 (3) (9) 107 AFS securities – related party, CLO — 2 — — — 2 Total AFS securities including related party $ 111 $ 6 $ 4 $ (3) $ (9) $ 109 Successor Six months ended June 30, 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 $ — $ — $ (5) $ 61 Corporate — 61 — — 9 70 CLO — 22 — — 85 107 ABS 5 9 — — — 14 CMBS — 14 — — (5) 9 RMBS 306 29 1 (17) 29 348 Total AFS securities 311 201 1 (17) 113 609 AFS securities – related party CLO — 3 — — 16 19 ABS — 18 — — (17) 1 Total AFS securities – related party — 21 — — (1) 20 Total AFS securities including related party $ 311 $ 222 $ 1 $ (17) $ 112 $ 629 Predecessor Six months ended June 30, 2021 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS securities Corporate $ 6 $ 3 $ — $ (2) $ (2) $ 5 CLO 1 3 — — (1) 3 ABS 6 5 — — (1) 10 CMBS 10 2 — — (6) 6 RMBS 80 — 6 (6) 3 83 Total AFS securities 103 13 6 (8) (7) 107 AFS securities – related party, CLO 1 2 — (1) — 2 Total AFS securities including related party $ 104 $ 15 $ 6 $ (9) $ (7) $ 109 |
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 June 30, 2022 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 3,277 $ — $ 1 $ (484) $ 2,794 US state, municipal and political subdivisions 1,209 — — (209) 1,000 Foreign governments 1,199 (61) 4 (246) 896 Corporate 67,584 (70) 45 (11,341) 56,218 CLO 14,783 (107) 2 (1,193) 13,485 ABS 10,095 (14) 8 (542) 9,547 CMBS 3,181 (9) 16 (284) 2,904 RMBS 5,879 (348) 3 (367) 5,167 Total AFS securities 107,207 (609) 79 (14,666) 92,011 AFS securities – related party Corporate 1,043 — 2 (38) 1,007 CLO 2,945 (19) 1 (248) 2,679 ABS 5,441 (1) 1 (172) 5,269 Total AFS securities – related party 9,429 (20) 4 (458) 8,955 Total AFS securities including related party $ 116,636 $ (629) $ 83 $ (15,124) $ 100,966 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 June 30, 2022 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 926 $ 916 Due after one year through five years 9,672 8,931 Due after five years through ten years 19,820 17,071 Due after ten years 42,851 33,990 CLO, ABS, CMBS and RMBS 33,938 31,103 Total AFS securities 107,207 92,011 AFS securities – related party Due in one year or less 1 1 Due after one year through five years 23 22 Due after five years through ten years 777 749 Due after ten years 242 235 CLO and ABS 8,386 7,948 Total AFS securities – related party 9,429 8,955 Total AFS securities including related party $ 116,636 $ 100,966 |
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 June 30, 2022 Unrealized loss position Unrealized loss position 12 months or more AFS securities 8,475 — AFS securities – related party 140 — |
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 June 30, 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 $ 2,601 $ (484) $ — $ — $ 2,601 $ (484) US state, municipal and political subdivisions 994 (209) — — 994 (209) Foreign governments 875 (246) — — 875 (246) Corporate 55,289 (11,339) — — 55,289 (11,339) CLO 12,194 (1,134) — — 12,194 (1,134) ABS 5,975 (478) — — 5,975 (478) CMBS 2,373 (274) — — 2,373 (274) RMBS 2,989 (264) — — 2,989 (264) Total AFS securities 83,290 (14,428) — — 83,290 (14,428) AFS securities – related party Corporate 472 (31) — — 472 (31) CLO 2,405 (233) — — 2,405 (233) ABS 4,841 (160) — — 4,841 (160) Total AFS securities – related party 7,718 (424) — — 7,718 (424) Total AFS securities including related party $ 91,008 $ (14,852) $ — $ — $ 91,008 $ (14,852) |
Net Investment Income | Net Investment Income —Net investment income by asset class, including related party, consists of the following: Successor Predecessor Successor Predecessor (In millions) Three months ended June 30, 2022 Three months ended June 30, 2021 Six months ended June 30, 2022 Six months ended June 30, 2021 AFS securities $ 932 $ 939 $ 1,808 $ 1,799 Trading securities 49 60 112 123 Equity securities 9 3 24 7 Mortgage loans 297 189 534 367 Investment funds 104 701 408 1,143 Funds withheld at interest 476 172 813 378 Other 48 95 90 159 Investment revenue 1,915 2,159 3,789 3,976 Investment expenses (189) (142) (380) (290) Net investment income $ 1,726 $ 2,017 $ 3,409 $ 3,686 |
Investment Related Gains (Losses) | Investment Related Gains (Losses) —Investment related gains (losses) by asset class, including related party, consists of the following: Successor Predecessor Successor Predecessor (In millions) Three months ended June 30, 2022 Three months ended June 30, 2021 Six months ended June 30, 2022 Six months ended June 30, 2021 AFS securities Gross realized gains on investment activity $ 217 $ 208 $ 320 $ 281 Gross realized losses on investment activity (832) (171) (1,242) (314) Net realized investment gains (losses) on AFS securities (615) 37 (922) (33) Net recognized investment gains (losses) on trading securities (161) 61 (368) (8) Net recognized investment gains (losses) on equity securities (271) 8 (248) 25 Net recognized investment losses on mortgage loans (1,099) — (1,895) — Derivative gains (losses) (3,932) 2,484 (6,973) 2,046 Provision for credit losses (172) 2 (364) 60 Other gains 487 — 807 80 Investment related gains (losses) $ (5,763) $ 2,592 $ (9,963) $ 2,170 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 Successor Predecessor (In millions) Three months ended June 30, 2022 Three months ended June 30, 2021 Six months ended June 30, 2022 Six months ended June 30, 2021 Trading securities $ (160) $ 66 $ (349) $ (55) Trading securities – related party (3) (4) (7) 54 Equity securities (255) 18 (238) 27 Equity securities – related party (8) (5) (13) 1 |
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, with fair value option loans presented at unpaid principal balance: Successor (In millions) June 30, 2022 Commercial mortgage loans $ 19,898 Commercial mortgage loans under development 627 Total commercial mortgage loans 20,525 Mark to fair value (1,186) Commercial mortgage loans 19,339 Residential mortgage loans 9,723 Mark to fair value (436) Residential mortgage loans 9,287 Mortgage loans $ 28,626 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 June 30, 2022 December 31, 2021 (In millions, except for percentages) Net Carrying Value Percentage of Total Net Carrying Value Percentage of Total Property type Office building $ 5,148 26.6 % $ 4,870 28.8 % Retail 1,929 10.0 % 2,022 12.0 % Apartment 6,068 31.4 % 4,626 27.4 % Hotels 1,730 8.9 % 1,727 10.2 % Industrial 2,459 12.7 % 2,336 13.8 % Other commercial 2,005 10.4 % 1,316 7.8 % Total commercial mortgage loans $ 19,339 100.0 % $ 16,897 100.0 % US region East North Central $ 1,658 8.6 % $ 1,697 10.0 % East South Central 447 2.3 % 470 2.8 % Middle Atlantic 4,118 21.3 % 3,637 21.5 % Mountain 935 4.8 % 460 2.7 % New England 1,118 5.8 % 453 2.7 % Pacific 4,060 21.0 % 3,994 23.6 % South Atlantic 2,886 14.9 % 2,817 16.7 % West North Central 273 1.4 % 271 1.6 % West South Central 1,203 6.2 % 997 5.9 % Total US region 16,698 86.3 % 14,796 87.5 % International region United Kingdom 1,703 8.8 % 1,279 7.6 % Other International 1 938 4.9 % 822 4.9 % Total international region 2,641 13.7 % 2,101 12.5 % Total commercial mortgage loans $ 19,339 100.0 % $ 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 June 30, 2022 December 31, 2021 US states California 31.6 % 28.4 % Florida 10.0 % 11.4 % New Jersey 5.1 % 5.1 % Other 1 39.8 % 43.3 % Total US residential mortgage loan percentage 86.5 % 88.2 % International United Kingdom 5.1 % 3.8 % Ireland 4.1 % 6.4 % Other 2 4.3 % 1.6 % Total international residential mortgage loan percentage 13.5 % 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 June 30, 2022 December 31, 2021 1 (In millions, except for percentages) Carrying value Percent of total Carrying value Percent of total Investment funds Equity $ 21 15.8 % $ 410 34.8 % Hybrid 93 69.9 % 667 56.6 % Yield 19 14.3 % 99 8.4 % Other — — % 2 0.2 % Total investment funds 133 100.0 % 1,178 100.0 % Investment funds – related parties Strategic origination platforms 267 17.4 % 1,338 18.1 % Strategic insurance platforms 1,092 71.0 % 1,440 19.5 % Apollo and other fund investments Equity 148 9.6 % 1,199 16.2 % Hybrid 8 0.5 % 952 12.9 % Yield 1 0.1 % 305 4.1 % Other 2 22 1.4 % 2,157 29.2 % Total investment funds – related parties 1,538 100.0 % 7,391 100.0 % Investment funds owned by consolidated VIEs Strategic origination platforms 2,883 30.4 % 264 20.3 % Strategic insurance platforms 554 5.8 % — — % Apollo and other fund investments Equity 2,575 27.1 % 229 17.7 % Hybrid 2,154 22.7 % 56 4.3 % Yield 1,288 13.6 % 748 57.7 % Other 40 0.4 % — — % Total investment funds owned by consolidated VIEs 9,494 100.0 % 1,297 100.0 % Total investment funds including related party and funds owned by consolidated VIEs $ 11,165 $ 9,866 Note: During 2022, we contributed the majority of our investment funds to Apollo Aligned Alternatives, L.P. (AAA), which we consolidate as a VIE. See Note 10 – Related Parties for further information on AAA. 1 Certain reclassifications have been made to conform with current year presentation. 2 Includes our investment in Apollo held as of December 31, 2021. |
Schedule of Variable Interest Entities | The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: Successor Predecessor June 30, 2022 December 31, 2021 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 133 $ 217 $ 1,178 $ 1,792 Investment in related parties – investment funds 1,538 1,776 7,391 10,922 Assets of consolidated VIEs – investment funds 9,494 15,121 1,297 1,647 Investment in fixed maturity securities 31,507 35,103 31,769 31,622 Investment in related parties – fixed maturity securities 8,846 9,313 11,324 12,681 Investment in related parties – equity securities 163 163 284 284 Total non-consolidated investments $ 51,681 $ 61,693 $ 53,243 $ 58,948 The following summarizes the income statement activity of the consolidated VIEs: Successor Predecessor Successor Predecessor (In millions) Three months ended June 30, 2022 Three months ended June 30, 2021 Six months ended June 30, 2022 Six months ended June 30, 2021 Mortgage loans $ 23 $ 14 $ 43 $ 28 Investment funds (6) 7 (9) 28 Other investments 13 — 13 — Net investment income $ 30 $ 21 $ 47 $ 56 Net recognized investment losses on mortgage loans $ (47) $ — $ (159) $ — Provision for credit losses — 18 — (48) Investment funds 48 — 118 — Other gains (losses) 21 — 21 — Investment related gains (losses) $ 22 $ 18 $ (20) $ (48) |
Schedule of Repurchase Agreements | The following table summarizes the maturities of our repurchase agreements: Successor June 30, 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 $ — $ — $ 1,680 $ 200 $ 2,229 $ 4,109 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 June 30, 2022 December 31, 2021 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities U.S. government and agencies $ 2,284 $ 1,919 $ — $ — Foreign governments 140 106 — — Corporate 1,746 1,476 2,923 3,208 CLO 271 258 — — ABS 470 417 — — Total securities pledged under repurchase agreements $ 4,911 $ 4,176 $ 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) June 30, 2022 December 31, 2021 Athene Freedom 1 $ 1,323 $ 3,119 Athora 1 975 N/A PK AirFinance 1 932 N/A AP Tundra 918 N/A SoftBank Vision Fund II 816 N/A Cayman Universe 794 N/A AOP Finance 735 N/A AA Infrastructure 627 N/A MidCap Financial 1 553 N/A Tiger Global 531 N/A Bank of America 530 N/A Venerable 1 502 N/A Morgan Stanley 495 N/A Towd Point 476 N/A AA Warehouse 443 N/A Apollo Rose II (B), L.P. 2 437 N/A AT&T 418 N/A JP Morgan Chase 406 N/A FWD Group 400 N/A HWIRE 397 N/A Mileage Plus 391 N/A Comcast 386 N/A 1 Related party amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. See further discussion of these related parties in Note 10 – 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) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional Amount and Fair Value of Derivative Instruments | The following table presents the notional amount and fair value of derivative instruments: Successor Predecessor June 30, 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 6,617 $ 678 $ 109 6,371 $ 281 $ 56 Forwards 5,009 427 3 6,395 189 2 Interest rate swaps 4,468 — 676 2,783 — 173 Forwards on net investments 235 7 — 231 — 4 Interest rate swaps 6,770 28 8 500 — 1 Total derivatives designated as hedges 1,140 796 470 236 Derivatives not designated as hedges Equity options 60,234 1,076 105 57,890 3,629 115 Futures 21 20 1 33 67 — Total return swaps 137 — 14 231 10 — Foreign currency swaps 2,928 149 90 2,592 57 19 Interest rate swaps 461 69 1 483 78 1 Credit default swaps 10 — 1 10 — 3 Foreign currency forwards 11,623 478 215 7,382 76 98 Embedded derivatives Funds withheld including related party (5,087) — 1,360 45 Interest sensitive contract liabilities — 5,451 — 14,907 Total derivatives not designated as hedges (3,295) 5,878 5,277 15,188 Total derivatives $ (2,155) $ 6,674 $ 5,747 $ 15,424 |
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 June 30, 2021 Six months ended June 30, 2021 Foreign currency swaps – Other comprehensive income $ 88 $ 57 Foreign currency swaps – Investment related gains (losses) 27 27 There were no amounts deemed ineffective during the three and six months ended June 30, 2021. |
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 June 30, 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 $ 3,966 $ (354) $ 4,224 $ (136) Foreign currency swaps 4,524 (441) — — Mortgage loans – Foreign currency forwards — — 1,686 (44) Interest sensitive contract liabilities Foreign currency swaps 1,067 93 — — Foreign currency interest rate swaps 4,348 495 2,773 121 Interest rate swaps 6,770 93 500 — 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 June 30, 2022 (Successor) Investment related gains (losses) Foreign currency forwards $ 201 $ (232) $ (31) $ 16 $ — Foreign currency swaps 242 (252) (10) — — Foreign currency interest rate swaps (335) 298 (37) — — Interest rate swaps (5) 18 13 — — Interest sensitive contract benefits Foreign currency interest rate swaps 15 (14) 1 — — Three months ended June 30, 2021 (Predecessor) Investment related gains (losses) Foreign currency forwards $ (13) $ 29 $ 16 $ — $ — Foreign currency interest rate swaps 5 (9) (4) — — Interest sensitive contract benefits Foreign currency interest rate swaps 5 (4) 1 — — Amount Excluded (In millions) Derivatives Hedged Items Net Recognized in income through amortization approach Recognized in income through changes in fair value Six months ended June 30, 2022 (Successor) Investment related gains (losses) Foreign currency forwards $ 328 $ (358) $ (30) $ 30 $ 1 Foreign currency swaps 333 (347) (14) — — Foreign currency interest rate swaps (494) 495 1 — — Interest rate swaps (77) 93 16 — — Interest sensitive contract benefits Foreign currency interest rate swaps 25 (23) 2 — — Six months ended June 30, 2021 (Predecessor) Investment related gains (losses) Foreign currency forwards $ 205 $ (188) $ 17 $ — $ — Foreign currency interest rate swaps (31) 32 1 — — Interest sensitive contract benefits Foreign currency interest rate swaps 6 (5) 1 — — The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI : Successor Predecessor Successor Predecessor (In millions) Three months ended June 30, 2022 Three months ended June 30, 2021 Six months ended June 30, 2022 Six months ended June 30, 2021 Foreign currency forwards $ 16 $ 4 $ (57) $ 4 Foreign currency swaps 65 — 9 — |
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 Successor Predecessor (In millions) Three months ended June 30, 2022 Three months ended June 30, 2021 Six months ended June 30, 2022 Six months ended June 30, 2021 Equity options $ (1,571) $ 1,044 $ (2,279) $ 1,546 Futures (86) 44 (119) 55 Swaps (74) 5 (11) 36 Foreign currency forwards 362 (19) 517 (50) Embedded derivatives on funds withheld (2,682) 1,391 (5,202) 258 Amounts recognized in investment related gains (losses) (4,051) 2,465 (7,094) 1,845 Embedded derivatives in indexed annuity products 1 1,487 (1,183) 2,444 (848) Total net gains (losses) on derivatives not designated as hedges $ (2,564) $ 1,282 $ (4,650) $ 997 1 Included in interest sensitive contract benefits on the condensed consolidated statements of income (loss). |
Estimated Fair Value of Net Derivative and Other Financial Assets | The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated balance sheets (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral June 30, 2022 (Successor) Derivative assets $ 2,932 $ (1,204) $ (1,904) $ (176) $ — $ (176) Derivative liabilities (1,223) 1,204 304 285 — 285 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 June 30, 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 June 30, 2022 (Successor) Derivative assets $ 2,932 $ (1,204) $ (1,904) $ (176) $ — $ (176) Derivative liabilities (1,223) 1,204 304 285 — 285 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 June 30, 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. |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2022 December 31, 2021 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 133 $ 217 $ 1,178 $ 1,792 Investment in related parties – investment funds 1,538 1,776 7,391 10,922 Assets of consolidated VIEs – investment funds 9,494 15,121 1,297 1,647 Investment in fixed maturity securities 31,507 35,103 31,769 31,622 Investment in related parties – fixed maturity securities 8,846 9,313 11,324 12,681 Investment in related parties – equity securities 163 163 284 284 Total non-consolidated investments $ 51,681 $ 61,693 $ 53,243 $ 58,948 The following summarizes the income statement activity of the consolidated VIEs: Successor Predecessor Successor Predecessor (In millions) Three months ended June 30, 2022 Three months ended June 30, 2021 Six months ended June 30, 2022 Six months ended June 30, 2021 Mortgage loans $ 23 $ 14 $ 43 $ 28 Investment funds (6) 7 (9) 28 Other investments 13 — 13 — Net investment income $ 30 $ 21 $ 47 $ 56 Net recognized investment losses on mortgage loans $ (47) $ — $ (159) $ — Provision for credit losses — 18 — (48) Investment funds 48 — 118 — Other gains (losses) 21 — 21 — Investment related gains (losses) $ 22 $ 18 $ (20) $ (48) |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2022 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 2,794 $ — $ 2,792 $ 2 $ — US state, municipal and political subdivisions 1,000 — — 1,000 — Foreign governments 896 — — 894 2 Corporate 56,218 — — 54,630 1,588 CLO 13,485 — — 13,485 — ABS 9,547 — — 5,953 3,594 CMBS 2,904 — — 2,904 — RMBS 5,167 — — 5,099 68 Total AFS securities 92,011 — 2,792 83,967 5,252 Trading securities 1,735 — 25 1,652 58 Equity securities 1,108 — 105 941 62 Mortgage loans 25,218 — — — 25,218 Investment funds 25 6 — — 19 Funds withheld at interest – embedded derivative (3,958) — — — (3,958) Derivative assets 2,932 — 20 2,912 — Short-term investments 238 — 68 112 58 Other investments 142 — — 142 — Cash and cash equivalents 11,172 — 11,172 — — Restricted cash 753 — 753 — — Investments in related parties AFS securities Corporate 1,007 — — 158 849 CLO 2,679 — — 2,354 325 ABS 5,269 — — 243 5,026 Total AFS securities – related party 8,955 — — 2,755 6,200 Trading securities 898 — — 7 891 Equity securities 163 — — — 163 Mortgage loans 1,416 — — — 1,416 Investment funds 818 — — — 818 Funds withheld at interest – embedded derivative (1,129) — — — (1,129) Reinsurance recoverable 1,580 — — — 1,580 Assets of consolidated VIEs Trading securities 386 — — 56 330 Mortgage loans 1,626 — — — 1,626 Investment funds 9,494 8,153 5 283 1,053 Other investments 31 — — — 31 Cash and cash equivalents 198 — 198 — — Total assets measured at fair value $ 155,812 $ 8,159 $ 15,138 $ 92,827 $ 39,688 Liabilities Interest sensitive contract liabilities Embedded derivative $ 5,451 $ — $ — $ — $ 5,451 Universal life benefits 943 — — — 943 Future policy benefits AmerUs Life Insurance Company (AmerUs) Closed Block 1,247 — — — 1,247 Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits 623 — — — 623 Derivative liabilities 1,223 — (9) 1,231 1 Total liabilities measured at fair value $ 9,487 $ — $ (9) $ 1,231 $ 8,265 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 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 — 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 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 — Total liabilities measured at fair value $ 18,921 $ — $ — $ 514 $ 18,407 |
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 Successor Predecessor (In millions) Three months ended June 30, 2022 Three months ended June 30, 2021 Six months ended June 30, 2022 Six months ended June 30, 2021 Trading securities $ (161) $ 61 $ (368) $ (8) Mortgage loans (1,149) — (2,065) — Investment funds 36 495 56 435 Future policy benefits 131 (54) 273 49 Total gains (losses) $ (1,143) $ 502 $ (2,104) $ 476 The following summarizes information for fair value option mortgage loans, including related parties and consolidated VIEs: Successor Predecessor (In millions) June 30, 2022 December 31, 2021 Unpaid principal balance $ 29,883 $ 15 Mark to fair value (1,623) 2 Fair value $ 28,260 $ 17 The following represents our commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: Successor (In millions) June 30, 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 (46) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 81 Fair value of commercial mortgage loans 90 days or more past due $ 132 Fair value of commercial mortgage loans in non-accrual status 81 The following represents our residential loan portfolio 90 days or more past due and/or in non-accrual status: Successor (In millions) June 30, 2022 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 581 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (36) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 545 Fair value of residential mortgage loans 90 days or more past due 1 $ 545 Fair value of residential mortgage loans in non-accrual status 207 1 Includes $338 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 Successor Predecessor (In millions) Three months ended June 30, 2022 Three months ended June 30, 2021 Six months ended June 30, 2022 Six months ended June 30, 2021 Mortgage loans $ (34) $ — $ (52) $ — |
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 June 30, 2022 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 Foreign governments $ 2 $ — $ — $ — $ — $ 2 $ — $ — Corporate 1,499 — (58) 40 107 1,588 — (58) CLO 5 — (3) (2) — — — — ABS 3,783 2 (65) 148 (274) 3,594 — (66) CMBS 10 — — — (10) — — — RMBS — — — 68 — 68 — — Trading securities 90 (1) — 2 (33) 58 — — Equity securities 438 8 — (3) (381) 62 8 — Mortgage loans 23,696 (1,027) — 2,549 — 25,218 (1,025) — Investment funds 19 — — — — 19 — — Funds withheld at interest – embedded derivative (1,882) (2,076) — — — (3,958) — — Short-term investments 59 — (1) — — 58 — — Investments in related parties AFS securities Corporate 761 — (7) 42 53 849 — (7) CLO 332 — (7) — — 325 — (7) ABS 4,409 16 (125) (1,096) 1,822 5,026 — (126) Trading securities 252 4 — (808) 1,443 891 — — Equity securities 166 (9) — (119) 125 163 — — Mortgage loans 1,456 (72) — 32 — 1,416 (73) — Investment funds 814 4 — — — 818 28 — Funds withheld at interest – embedded derivative (570) (559) — — — (1,129) — — Short-term investments 53 — — — (53) — — — Reinsurance recoverable 1,814 (234) — — — 1,580 — — Assets of consolidated VIEs Trading securities — — — — 330 330 — — Mortgage loans 1,880 (50) — (2) (202) 1,626 (50) — Investment funds 10,577 33 — (77) (9,480) 1,053 27 — Other investments 1,902 — — 31 (1,902) 31 — — Total Level 3 assets $ 51,565 $ (3,961) $ (266) $ 805 $ (8,455) $ 39,688 $ (1,085) $ (264) Liabilities Interest sensitive contract liabilities Embedded derivative $ (6,704) $ 1,487 $ — $ (234) $ — $ (5,451) $ — $ — Universal life benefits (1,096) 153 — — — (943) — — Future policy benefits AmerUs Closed Block (1,378) 131 — — — (1,247) — — ILICO Closed Block and life benefits (704) 81 — — — (623) — — Derivative liabilities (3) 2 — — — (1) — — Total Level 3 liabilities $ (9,885) $ 1,854 $ — $ (234) $ — $ (8,265) $ — $ — 1 Related to instruments held at end of period. Predecessor Three months ended June 30, 2021 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets AFS securities Foreign governments $ 2 $ — $ — $ — $ — $ 2 $ — $ — Corporate 782 4 6 74 117 983 — 6 CLO 174 — — 102 — 276 — — ABS 1,207 16 (5) 304 (41) 1,481 — (5) CMBS 48 1 — 2 — 51 — 1 Trading securities 94 (5) — 5 5 99 (1) — Equity securities 14 8 — — — 22 7 — Mortgage loans 18 — — — — 18 — — Investment funds 17 1 — — — 18 1 — Funds withheld at interest – embedded derivative 636 737 — — — 1,373 — — Investments in related parties AFS securities Corporate 201 — — — (201) — — — ABS 4,131 5 2 99 — 4,237 — 2 Trading securities 1,685 1 — 31 (7) 1,710 — — Equity securities 114 (8) — 9 — 115 (8) — Investment funds 1,970 482 — — — 2,452 483 — Funds withheld at interest – embedded derivative 580 172 — — — 752 — — Reinsurance recoverable 1,880 66 — — — 1,946 — — Assets of consolidated VIEs Investment funds 154 13 — 250 — 417 12 — Total Level 3 assets $ 13,707 $ 1,493 $ 3 $ 876 $ (127) $ 15,952 $ 494 $ 4 Liabilities Interest sensitive contract liabilities Embedded derivative $ (12,473) $ (1,183) $ — $ 21 $ — $ (13,635) $ — $ — Universal life benefits (1,108) (80) — — — (1,188) — — Future policy benefits AmerUs Closed Block (1,497) (54) — — — (1,551) — — ILICO Closed Block and life benefits (757) 14 — — — (743) — — Derivative liabilities (5) 1 — — — (4) 1 — Total Level 3 liabilities $ (15,840) $ (1,302) $ — $ 21 $ — $ (17,121) $ 1 $ — 1 Related to instruments held at end of period. Successor Six months ended June 30, 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) (77) 180 149 1,588 — (76) CLO 14 (2) — (12) — — — — ABS 3,619 7 (95) — 63 3,594 — (89) CMBS 43 — (17) — (26) — — 1 RMBS — — — 68 — 68 — — Trading securities 69 (6) — 8 (13) 58 — — Equity securities 429 17 — (3) (381) 62 16 — Mortgage loans 21,154 (1,771) — 5,835 — 25,218 (1,767) — Investment funds 18 1 — — — 19 1 — Funds withheld at interest – embedded derivative — (3,958) — — — (3,958) — — Short-term investments 29 — (1) 30 — 58 — — Investments in related parties AFS securities Corporate 670 (4) (6) 136 53 849 — (6) CLO 202 — (7) 130 — 325 — (7) ABS 6,445 (1) (135) (1,241) (42) 5,026 — (138) Trading securities 1,771 (1) — (1,062) 183 891 — — Equity securities 284 (14) — (119) 12 163 — — Mortgage loans 1,369 (124) — 171 — 1,416 (124) — Investment funds 2,855 28 — (34) (2,031) 818 28 — Funds withheld at interest – embedded derivative — (1,129) — — — (1,129) — — Short-term investments — — — 53 (53) — — — Reinsurance recoverable 1,991 (411) — — — 1,580 — — Assets of consolidated VIEs Trading securities — — — — 330 330 — — Mortgage loans 2,152 (170) — (154) (202) 1,626 (170) — Investment funds 1,297 28 — 161 (433) 1,053 28 — Other investments — — — 31 — 31 — — Total Level 3 assets $ 45,752 $ (7,513) $ (338) $ 4,178 $ (2,391) $ 39,688 $ (1,988) $ (315) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,559) $ 2,444 $ — $ (336) $ — $ (5,451) $ — $ — Universal life benefits (1,235) 292 — — — (943) — — Future policy benefits AmerUs Closed Block (1,520) 273 — — — (1,247) — — ILICO Closed Block and life benefits (742) 119 — — — (623) — — Derivative liabilities (3) 2 — — — (1) — — Total Level 3 liabilities $ (11,059) $ 3,130 $ — $ (336) $ — $ (8,265) $ — $ — 1 Related to instruments held at end of period. Predecessor Six months ended June 30, 2021 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets AFS securities US state, municipal and political subdivisions $ 34 $ — $ (1) $ (1) $ (32) $ — $ — $ (1) Foreign governments 2 — — — — 2 — — Corporate 778 8 21 56 120 983 — 22 CLO 208 — 1 67 — 276 — 1 ABS 800 1 27 743 (90) 1,481 — 35 CMBS 43 — 5 3 — 51 — 4 Trading securities 86 (8) — 1 20 99 (3) — Equity securities 11 11 — — — 22 11 — Mortgage loans 19 — — (1) — 18 — — Investment funds 17 1 — — — 18 1 — Funds withheld at interest – embedded derivative 1,944 (571) — — — 1,373 — — Short-term investments 2 — — — (2) — — — Investments in related parties AFS securities Corporate 195 — 6 — (201) — — — ABS 4,109 — (25) 214 (61) 4,237 — (25) Trading securities 1,525 52 — 162 (29) 1,710 58 — Equity securities 72 1 — 42 — 115 1 — Investment funds 2,033 419 — — — 2,452 419 — Funds withheld at interest – embedded derivative 862 (110) — — — 752 — — Reinsurance recoverable 2,100 (154) — — — 1,946 — — Assets of consolidated VIEs –investment funds — 15 — 293 109 417 15 — Total Level 3 assets $ 14,840 $ (335) $ 34 $ 1,579 $ (166) $ 15,952 $ 502 $ 36 Liabilities Interest sensitive contract liabilities Embedded derivative $ (12,873) $ (848) $ — $ 86 $ — $ (13,635) $ — $ — Universal life benefits (1,308) 120 — — — (1,188) — — Future policy benefits AmerUs Closed Block (1,600) 49 — — — (1,551) — — ILICO Closed Block and life benefits (776) 33 — — — (743) — — Derivative liabilities (4) — — — — (4) — — Total Level 3 liabilities $ (16,561) $ (646) $ — $ 86 $ — $ (17,121) $ — $ — 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 June 30, 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 $ 129 $ — $ (2) $ (87) $ 40 $ 150 $ (43) $ 107 CLO — — — (2) (2) — — — ABS 746 — (341) (257) 148 30 (304) (274) CMBS — — — — — — (10) (10) RMBS 68 — — — 68 — — — Trading securities 2 — — — 2 9 (42) (33) Equity securities — — (3) — (3) 19 (400) (381) Mortgage loans 3,386 — (48) (789) 2,549 — — — Short-term investments 29 — — (29) — — — — Investments in related parties AFS securities Corporate 52 — — (10) 42 53 — 53 ABS 899 — (6) (1,989) (1,096) 1,822 — 1,822 Trading securities 7 — (787) (28) (808) 1,443 — 1,443 Equity securities — — (119) — (119) 125 — 125 Mortgage loans 36 — — (4) 32 — — — Short-term investments — — — — — — (53) (53) Assets of consolidated VIEs Trading securities — — — — — 330 — 330 Mortgage loans — — — (2) (2) 21 (223) (202) Investment funds 33 — (110) — (77) 1,006 (10,486) (9,480) Other investments 31 — — — 31 — (1,902) (1,902) Total Level 3 assets $ 5,418 $ — $ (1,416) $ (3,197) $ 805 $ 5,008 $ (13,463) $ (8,455) Liabilities Interest sensitive contract liabilities Embedded derivative $ — $ (361) $ — $ 127 $ (234) $ — $ — $ — Total Level 3 liabilities $ — $ (361) $ — $ 127 $ (234) $ — $ — $ — 1 Transfers in are primarily fixed maturity securities we hold that are issued by VIEs that we consolidated as of March 31, 2022 and did not consolidate at June 30, 2022. 2 Transfers out are primarily the deconsolidation of certain VIEs that we consolidated as of March 31, 2022. Predecessor Three months ended June 30, 2021 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities Foreign governments $ 1 $ — $ — $ (1) $ — $ — $ — $ — Corporate 132 — (8) (50) 74 203 (86) 117 CLO 110 — — (8) 102 — — — ABS 1,128 — (20) (804) 304 3 (44) (41) CMBS 3 — — (1) 2 — — — Trading securities 40 — (35) — 5 7 (2) 5 Investments in related parties AFS securities Corporate — — — — — — (201) (201) ABS 365 — — (266) 99 — — — Trading securities 113 — — (82) 31 12 (19) (7) Equity securities 11 — — (2) 9 — — — Assets of consolidated VIEs – investment funds 250 — — — 250 — — — Total Level 3 assets $ 2,153 $ — $ (63) $ (1,214) $ 876 $ 225 $ (352) $ (127) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (197) $ — $ 218 $ 21 $ — $ — $ — Total Level 3 liabilities $ — $ (197) $ — $ 218 $ 21 $ — $ — $ — Successor Six months ended June 30, 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 $ 453 $ — $ (170) $ (103) $ 180 $ 193 $ (44) $ 149 CLO — — — (12) (12) — — — ABS 2,235 — (1,791) (444) — 368 (305) 63 CMBS — — — — — — (26) (26) RMBS 68 — — — 68 — — — Trading securities 8 — — — 8 39 (52) (13) Equity securities — — (3) — (3) 19 (400) (381) Mortgage loans 7,477 — (130) (1,512) 5,835 — — — Short-term investments 59 — — (29) 30 — — — Investments in related parties AFS securities Corporate 367 — (217) (14) 136 53 — 53 CLO 130 — — — 130 — — — ABS 1,273 — (93) (2,421) (1,241) 1,822 (1,864) (42) Trading securities 36 — (1,052) (46) (1,062) 1,443 (1,260) 183 Equity securities — — (119) — (119) 125 (113) 12 Mortgage loans 182 — — (11) 171 — — — Investment funds — — (34) — (34) — (2,031) (2,031) Short-term investments 53 — — — 53 — (53) (53) Assets of consolidated VIEs Trading securities — — — — — 330 — 330 Mortgage loans — — — (154) (154) 21 (223) (202) Investment funds 286 — (125) — 161 11,087 (11,520) (433) Other investments 31 — — — 31 1,902 (1,902) — Total Level 3 assets $ 12,658 $ — $ (3,734) $ (4,746) $ 4,178 $ 17,402 $ (19,793) $ (2,391) Liabilities Interest sensitive contract liabilities Embedded derivative $ — $ (616) $ — $ 280 $ (336) $ — $ — $ — Total Level 3 liabilities $ — $ (616) $ — $ 280 $ (336) $ — $ — $ — 1 Transfers in are primarily assets of VIEs that we consolidated in 2022. 2 Transfers out are primarily assets of VIEs that changed consolidation status in 2022. Predecessor Six months ended June 30, 2021 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities US state, municipal and political subdivisions $ — $ — $ — $ (1) $ (1) $ — $ (32) $ (32) Foreign governments 1 — — (1) — — — — Corporate 110 — (9) (45) 56 235 (115) 120 CLO 110 — — (43) 67 — — — ABS 935 — — (192) 743 57 (147) (90) CMBS 3 — — — 3 — — — Trading securities 40 — (39) — 1 23 (3) 20 Mortgage loans — — — (1) (1) — — — Short-term investments — — — — — — (2) (2) Investments in related parties AFS securities Corporate — — — — — — (201) (201) ABS 1,026 — (751) (61) 214 — (61) (61) Trading securities 236 — (1) (73) 162 — (29) (29) Equity securities 45 — — (3) 42 — — — Assets of consolidated VIEs – investment funds 293 — — — 293 109 — 109 Total Level 3 assets $ 2,799 $ — $ (800) $ (420) $ 1,579 $ 424 $ (590) $ (166) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (372) $ — $ 458 $ 86 $ — $ — $ — Total Level 3 liabilities $ — $ (372) $ — $ 458 $ 86 $ — $ — $ — |
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 June 30, 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 $ 10,186 Discounted cash flow Discount rate 1.6 % 22.0 % 5.3 % 1 Decrease Mortgage loans $ 28,259 Discounted cash flow Discount rate 2.5 % 23.9 % 5.2 % 1 Decrease Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives $ 5,451 Discounted cash flow Nonperformance risk 0.4 % 2.0 % 1.3 % 2 Decrease Option budget 0.5 % 4.1 % 1.7 % 3 Increase Surrender rate 5.0 % 10.9 % 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 June 30, 2022 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 108 $ 108 $ 108 $ — $ — $ — Policy loans 358 358 — — 358 — Funds withheld at interest 41,596 41,596 — — — 41,596 Short-term investments 26 26 — — — 26 Other investments 713 713 — — — 713 Investments in related parties Investment funds 720 720 720 — — — Funds withheld at interest 11,804 11,804 — — — 11,804 Other investments 272 272 — — — 272 Assets of consolidated VIEs Mortgage loans 366 366 — — — 366 Other investments 80 80 — — — 80 Total financial assets not carried at fair value $ 56,043 $ 56,043 $ 828 $ — $ 358 $ 54,857 Financial liabilities Interest sensitive contract liabilities $ 116,164 $ 105,039 $ — $ — $ — $ 105,039 Debt 3,279 2,586 — — 2,586 — Securities to repurchase 4,109 4,109 — — 4,109 — Total financial liabilities not carried at fair value $ 123,552 $ 111,734 $ — $ — $ 6,695 $ 105,039 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 Debt 2,964 3,295 — — 3,295 — Securities to repurchase 3,110 3,110 — — 3,110 — Funds withheld liability 394 394 — — 394 — Total financial liabilities not carried at fair value $ 111,761 $ 115,420 $ — $ — $ 6,799 $ 108,621 |
Deferred Acquisition Costs, D_2
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables) | 6 Months Ended |
Jun. 30, 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 434 162 — 596 Amortization (1) — (249) (250) Other — — (3) (3) Balance at June 30, 2022 $ 433 $ 162 $ 4,295 $ 4,890 Predecessor (In millions) DAC DSI VOBA Total Balance at December 31, 2020 $ 3,236 $ 857 $ 813 $ 4,906 Additions 287 115 — 402 Amortization (303) (106) (91) (500) Impact of unrealized investment (gains) losses 85 27 44 156 Balance at June 30, 2021 $ 3,305 $ 893 $ 766 $ 4,964 |
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 434 162 — 596 Amortization (1) — (249) (250) Other — — (3) (3) Balance at June 30, 2022 $ 433 $ 162 $ 4,295 $ 4,890 Predecessor (In millions) DAC DSI VOBA Total Balance at December 31, 2020 $ 3,236 $ 857 $ 813 $ 4,906 Additions 287 115 — 402 Amortization (303) (106) (91) (500) Impact of unrealized investment (gains) losses 85 27 44 156 Balance at June 30, 2021 $ 3,305 $ 893 $ 766 $ 4,964 |
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 434 162 — 596 Amortization (1) — (249) (250) Other — — (3) (3) Balance at June 30, 2022 $ 433 $ 162 $ 4,295 $ 4,890 Predecessor (In millions) DAC DSI VOBA Total Balance at December 31, 2020 $ 3,236 $ 857 $ 813 $ 4,906 Additions 287 115 — 402 Amortization (303) (106) (91) (500) Impact of unrealized investment (gains) losses 85 27 44 156 Balance at June 30, 2021 $ 3,305 $ 893 $ 766 $ 4,964 The expected amortization of VOBA for the next five years is as follows: (In millions) Expected Amortization 2022 1 $ 239 2023 447 2024 410 2025 377 2026 342 2027 304 1 Expected amortization for the remainder of 2022. |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | The following provides the details and changes in AOCI: Successor (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance DAC, DSI, VOBA and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at March 31, 2022 $ (4,747) $ (65) $ 211 $ (79) $ 6 $ (4,674) Other comprehensive income (loss) before reclassifications (7,568) (94) 282 96 (58) (7,342) Less: Reclassification adjustments for gains (losses) realized 1 (116) 7 2 15 — (92) Less: Income tax expense (benefit) (1,341) (18) 59 17 — (1,283) Less: Other comprehensive loss attributable to noncontrolling interests (862) (10) — 13 5 (854) Balance at June 30, 2022 $ (9,996) $ (138) $ 432 $ (28) $ (57) $ (9,787) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). Predecessor (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance DAC, DSI, VOBA and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at March 31, 2021 $ 2,808 $ (29) $ (717) $ (49) $ 8 $ 2,021 Other comprehensive income (loss) before reclassifications 1 2,205 (15) (471) 119 1 1,839 Less: Reclassification adjustments for gains (losses) realized in net income 1,2 39 (3) (9) 27 — 54 Less: Income tax expense (benefit) 421 (2) (97) 23 — 345 Less: Other comprehensive income (loss) attributable to noncontrolling interests 130 (3) — (3) — 124 Balance at June 30, 2021 $ 4,423 $ (36) $ (1,082) $ 23 $ 9 $ 3,337 1 Previously reported amounts have been revised to correct a misstatement, which was not material, in the classification of activity between other comprehensive income (loss) before reclassifications and reclassification adjustments for gains (losses) realized. 2 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). Successor (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 (14,213) (191) 550 (33) (54) (13,941) Less: Reclassification adjustments for gains (losses) realized in net income 1 (154) — 3 15 — (136) Less: Income tax expense (benefit) (2,525) (34) 115 (9) — (2,453) Less: Other comprehensive income (loss) attributable to noncontrolling interests (1,538) (19) — (11) 3 (1,565) Balance at June 30, 2022 $ (9,996) $ (138) $ 432 $ (28) $ (57) $ (9,787) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). Predecessor (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance DAC, DSI, VOBA and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2020 $ 5,352 $ (53) $ (1,310) $ (26) $ 8 $ 3,971 Other comprehensive income (loss) before reclassifications 1 (1,130) 17 270 88 1 (754) Less: Reclassification adjustments for gains (losses) realized 1,2 78 (3) (19) 27 — 83 Less: Income tax expense (benefit) (232) 4 61 16 — (151) Less: Other comprehensive income (loss) attributable to noncontrolling interests (47) (1) — (4) — (52) Balance at June 30, 2021 $ 4,423 $ (36) $ (1,082) $ 23 $ 9 $ 3,337 1 Previously reported amounts have been revised to correct a misstatement, which was not material, in the classification of activity between other comprehensive income (loss) before reclassifications and reclassification adjustments for gains (losses) realized. 2 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). |
Related Parties (Tables)
Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions | Under our fee agreement with Apollo, 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 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 Financial: Predecessor (In millions) December 31, 2021 Profit participating notes $ 635 Senior unsecured notes 158 Redeemable preferred stock 7 Total investment in MidCap Financial $ 800 The following table summarizes our investments in Athora: Successor Predecessor (In millions) June 30, 2022 December 31, 2021 Investment fund $ 818 $ 743 Non-redeemable preferred equity securities 157 171 Total investment in Athora $ 975 $ 914 Successor Predecessor (In millions) June 30, 2022 December 31, 2021 AFS or trading securities $ 1,102 $ 1,401 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 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) June 30, 2022 December 31, 2021 AFS securities $ 11,038 $ 9,111 Trading securities 54 75 Equity securities 46 30 Mortgage loans 7,024 5,033 Investment funds 102 174 Derivative assets 52 96 Short-term investments 3 — Other investments 142 130 Restricted cash 753 796 Total restricted assets $ 19,214 $ 15,445 |
Business Combinations and Ass_3
Business Combinations and Asset Acquisitions (Details) $ / shares in Units, $ in Millions | 6 Months Ended | ||||||
Jan. 01, 2022 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) shares | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) shares | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Business Acquisition [Line Items] | |||||||
Accrued investment income (related party: 2022 – $76 and 2021 – $54) | $ 1,086 | $ 962 | |||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 4,547 | 4,295 | $ 766 | $ 813 | |||
Cash and cash equivalents | 11,172 | 9,479 | |||||
Goodwill | 4,153 | 0 | |||||
Restricted cash | 753 | 796 | |||||
Reinsurance recoverable (portion at fair value: 2022 – $1,580 and 2021 – $1,991) | 4,437 | 4,594 | |||||
Interest sensitive contract liabilities (related party: 2022 – $12,653 and 2021 – $12,948; portion at fair value: 2022 – $6,394 and 2021 – $16,142) | 164,571 | 156,325 | |||||
Future policy benefits (related party: 2022 – $2,078 and 2021 – $1,853; portion at fair value: 2022 – $1,870 and 2021 – $2,262) | 52,478 | 42,488 | |||||
Derivative liabilities | 1,223 | 472 | |||||
Payables for collateral on derivatives and securities to repurchase | 6,013 | 7,044 | |||||
Cumulative-effect adjustment that decreased retained earnings | 22,546 | 3,389 | $ 13,692 | 22,181 | $ 21,671 | $ 18,336 | $ 20,140 |
Athene Freedom Holdings LP | Stockholders' Equity, Total | |||||||
Business Acquisition [Line Items] | |||||||
Investments | $ 1,323 | $ 3,119 | |||||
Common Class A | |||||||
Business Acquisition [Line Items] | |||||||
Common stock outstanding (in shares) | shares | 203,800,000 | 192,200,000 | |||||
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 | 5,754 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 238,961 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 18,393 | ||||||
Goodwill | 4,153 | ||||||
Restricted cash | 796 | ||||||
Reinsurance recoverable (portion at fair value: 2022 – $1,580 and 2021 – $1,991) | 4,977 | ||||||
Interest sensitive contract liabilities (related party: 2022 – $12,653 and 2021 – $12,948; portion at fair value: 2022 – $6,394 and 2021 – $16,142) | 160,205 | ||||||
Future policy benefits (related party: 2022 – $2,078 and 2021 – $1,853; portion at fair value: 2022 – $1,870 and 2021 – $2,262) | 47,120 | ||||||
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 | 220,568 | ||||||
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 | 13,451 | ||||||
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 | 158,200,000 | ||||||
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 | ||||||
Goodwill, Purchase Accounting Adjustments | $ (28) | ||||||
Business Acquisition, Share Conversion Rate | shares | 1.149 | ||||||
Apollo Global Management , Inc. | Apollo | |||||||
Business Acquisition [Line Items] | |||||||
Common Stock, Shares, Outstanding and Previously Held | shares | 54,600,000 | ||||||
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 | 137,600,000 | ||||||
Related Party | |||||||
Business Acquisition [Line Items] | |||||||
Accrued investment income (related party: 2022 – $76 and 2021 – $54) | 76 | 54 | |||||
Interest sensitive contract liabilities (related party: 2022 – $12,653 and 2021 – $12,948; portion at fair value: 2022 – $6,394 and 2021 – $16,142) | 12,653 | 12,948 | |||||
Future policy benefits (related party: 2022 – $2,078 and 2021 – $1,853; portion at fair value: 2022 – $1,870 and 2021 – $2,262) | 2,078 | 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 | $ 198 | $ 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 | Jun. 30, 2022 | Mar. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | |||||||
Available-for-sale securities | $ 116,636 | $ 106,859 | |||||
AFS securities allowance for credit losses | (629) | $ (488) | $ (311) | (123) | $ (109) | $ (111) | $ (104) |
Gross Unrealized Gains | 83 | 4,893 | |||||
Gross Unrealized Losses | (15,124) | (1,068) | |||||
Available-for-sale securities | 100,966 | 110,561 | |||||
Consolidated Entity, excluding Affiliated Entity | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Available-for-sale securities | 107,207 | 96,458 | |||||
AFS securities allowance for credit losses | (609) | (468) | (311) | (123) | (107) | (111) | (103) |
Gross Unrealized Gains | 79 | 4,808 | |||||
Gross Unrealized Losses | (14,666) | (984) | |||||
Available-for-sale securities | 92,011 | 100,159 | |||||
Related Party | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Available-for-sale securities | 9,429 | 10,401 | |||||
AFS securities allowance for credit losses | (20) | (20) | 0 | 0 | |||
Gross Unrealized Gains | 4 | 85 | |||||
Gross Unrealized Losses | (458) | (84) | |||||
Available-for-sale securities | 8,955 | 10,402 | |||||
U.S. government and agencies | Consolidated Entity, excluding Affiliated Entity | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Available-for-sale securities | 3,277 | 231 | |||||
AFS securities allowance for credit losses | 0 | 0 | |||||
Gross Unrealized Gains | 1 | 2 | |||||
Gross Unrealized Losses | (484) | (10) | |||||
Available-for-sale securities | 2,794 | 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 | (209) | (2) | |||||
Available-for-sale securities | 1,000 | 1,213 | |||||
Foreign governments | Consolidated Entity, excluding Affiliated Entity | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Available-for-sale securities | 1,199 | 1,110 | |||||
AFS securities allowance for credit losses | (61) | (66) | 0 | 0 | |||
Gross Unrealized Gains | 4 | 35 | |||||
Gross Unrealized Losses | (246) | (17) | |||||
Available-for-sale securities | 896 | 1,128 | |||||
Corporate | Consolidated Entity, excluding Affiliated Entity | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Available-for-sale securities | 67,584 | 62,817 | |||||
AFS securities allowance for credit losses | (70) | (55) | 0 | 0 | (5) | (8) | (6) |
Gross Unrealized Gains | 45 | 4,060 | |||||
Gross Unrealized Losses | (11,341) | (651) | |||||
Available-for-sale securities | 56,218 | 66,226 | |||||
Corporate | Related Party | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Available-for-sale securities | 1,043 | 842 | |||||
AFS securities allowance for credit losses | 0 | 0 | |||||
Gross Unrealized Gains | 2 | 19 | |||||
Gross Unrealized Losses | (38) | (2) | |||||
Available-for-sale securities | 1,007 | 859 | |||||
CLO | Consolidated Entity, excluding Affiliated Entity | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Available-for-sale securities | 14,783 | 13,793 | |||||
AFS securities allowance for credit losses | (107) | (18) | 0 | 0 | (3) | 0 | (1) |
Gross Unrealized Gains | 2 | 44 | |||||
Gross Unrealized Losses | (1,193) | (185) | |||||
Available-for-sale securities | 13,485 | 13,652 | |||||
CLO | Related Party | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Available-for-sale securities | 2,945 | 2,573 | |||||
AFS securities allowance for credit losses | (19) | (3) | 0 | 0 | (2) | 0 | (1) |
Gross Unrealized Gains | 1 | 5 | |||||
Gross Unrealized Losses | (248) | (29) | |||||
Available-for-sale securities | 2,679 | 2,549 | |||||
ABS | Consolidated Entity, excluding Affiliated Entity | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Available-for-sale securities | 10,095 | 8,890 | |||||
AFS securities allowance for credit losses | (14) | (11) | (5) | (17) | (10) | (11) | (6) |
Gross Unrealized Gains | 8 | 151 | |||||
Gross Unrealized Losses | (542) | (35) | |||||
Available-for-sale securities | 9,547 | 8,989 | |||||
ABS | Related Party | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Available-for-sale securities | 5,441 | 6,986 | |||||
AFS securities allowance for credit losses | (1) | (17) | 0 | 0 | |||
Gross Unrealized Gains | 1 | 61 | |||||
Gross Unrealized Losses | (172) | (53) | |||||
Available-for-sale securities | 5,269 | 6,994 | |||||
CMBS | Consolidated Entity, excluding Affiliated Entity | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Available-for-sale securities | 3,181 | 2,764 | |||||
AFS securities allowance for credit losses | (9) | (6) | 0 | (3) | (6) | (14) | (10) |
Gross Unrealized Gains | 16 | 56 | |||||
Gross Unrealized Losses | (284) | (59) | |||||
Available-for-sale securities | 2,904 | 2,758 | |||||
RMBS | Consolidated Entity, excluding Affiliated Entity | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Available-for-sale securities | 5,879 | 5,772 | |||||
AFS securities allowance for credit losses | (348) | $ (312) | $ (306) | (103) | $ (83) | $ (78) | $ (80) |
Gross Unrealized Gains | 3 | 326 | |||||
Gross Unrealized Losses | (367) | (25) | |||||
Available-for-sale securities | $ 5,167 | $ 5,970 |
Investments - Maturities of AFS
Investments - Maturities of AFS Securities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Amortized Cost | $ 116,636 | $ 106,859 |
Fair Value | ||
Total AFS fixed maturity securities | 100,966 | 110,561 |
Consolidated Entity, excluding Affiliated Entity | ||
Amortized Cost | ||
Due in one year or less | 926 | |
Due after one year through five years | 9,672 | |
Due after five years through ten years | 19,820 | |
Due after ten years | 42,851 | |
CLO, ABS, CMBS and RMBS | 33,938 | |
Amortized Cost | 107,207 | 96,458 |
Fair Value | ||
Due in one year or less | 916 | |
Due after one year through five years | 8,931 | |
Due after five years through ten years | 17,071 | |
Due after ten years | 33,990 | |
CLO, ABS, CMBS and RMBS | 31,103 | |
Total AFS fixed maturity securities | 92,011 | 100,159 |
Related Party | ||
Amortized Cost | ||
Due in one year or less | 1 | |
Due after one year through five years | 23 | |
Due after five years through ten years | 777 | |
Due after ten years | 242 | |
CLO, ABS, CMBS and RMBS | 8,386 | |
Amortized Cost | 9,429 | 10,401 |
Fair Value | ||
Due in one year or less | 1 | |
Due after one year through five years | 22 | |
Due after five years through ten years | 749 | |
Due after ten years | 235 | |
CLO, ABS, CMBS and RMBS | 7,948 | |
Total AFS fixed maturity securities | $ 8,955 | $ 10,402 |
Investments - Unrealized Losses
Investments - Unrealized Losses on AFS Securities (Details) $ in Millions | Jun. 30, 2022 USD ($) security | Dec. 31, 2021 USD ($) |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | $ 91,008 | $ 38,067 |
Fair Value, 12 months or greater | 0 | 3,216 |
Total | 91,008 | 41,283 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (14,852) | (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 | (14,852) | (941) |
Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 83,290 | 32,708 |
Fair Value, 12 months or greater | 0 | 3,040 |
Total | 83,290 | 35,748 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (14,428) | (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 | $ (14,428) | (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 | 8,475 | |
Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | $ 7,718 | 5,359 |
Fair Value, 12 months or greater | 0 | 176 |
Total | 7,718 | 5,535 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (424) | (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 | $ (424) | (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 | 140 | |
U.S. government and agencies | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | $ 2,601 | 164 |
Fair Value, 12 months or greater | 0 | 22 |
Total | 2,601 | 186 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (484) | (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 | (484) | (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 | 994 | 122 |
Fair Value, 12 months or greater | 0 | 1 |
Total | 994 | 123 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (209) | (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 | (209) | (2) |
Foreign governments | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 875 | 387 |
Fair Value, 12 months or greater | 0 | 1 |
Total | 875 | 388 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (246) | (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 | (246) | (17) |
Corporate | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 55,289 | 18,995 |
Fair Value, 12 months or greater | 0 | 863 |
Total | 55,289 | 19,858 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (11,339) | (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 | (11,339) | (582) |
Corporate | Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 472 | 313 |
Fair Value, 12 months or greater | 0 | 0 |
Total | 472 | 313 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (31) | (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 | (31) | (2) |
CLO | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 12,194 | 7,685 |
Fair Value, 12 months or greater | 0 | 1,537 |
Total | 12,194 | 9,222 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,134) | (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 | (1,134) | (159) |
CLO | Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 2,405 | 1,245 |
Fair Value, 12 months or greater | 0 | 163 |
Total | 2,405 | 1,408 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (233) | (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 | (233) | (23) |
ABS | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 5,975 | 4,038 |
Fair Value, 12 months or greater | 0 | 165 |
Total | 5,975 | 4,203 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (478) | (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 | (478) | (28) |
ABS | Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 4,841 | 3,801 |
Fair Value, 12 months or greater | 0 | 13 |
Total | 4,841 | 3,814 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (160) | (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 | (160) | (53) |
CMBS | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 2,373 | 880 |
Fair Value, 12 months or greater | 0 | 177 |
Total | 2,373 | 1,057 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (274) | (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 | (274) | (51) |
RMBS | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 2,989 | 437 |
Fair Value, 12 months or greater | 0 | 274 |
Total | 2,989 | 711 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (264) | (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 | $ (264) | $ (14) |
Investments - Allowance for Cre
Investments - Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | $ 488 | $ 111 | $ 123 | $ 104 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 43 | 6 | 222 | 15 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 1 | 4 | 1 | 6 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (9) | (3) | (17) | (9) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 106 | (9) | 112 | (7) |
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 | 468 | 111 | 123 | 103 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 42 | 4 | 201 | 13 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 1 | 4 | 1 | 6 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (9) | (3) | (17) | (8) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 107 | (9) | 113 | (7) |
Related Party | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 20 | 0 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 1 | 21 | ||
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) | (1) | ||
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 | 66 | 0 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 0 | 66 | ||
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) | (5) | (5) | ||
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 | 55 | 8 | 0 | 6 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 6 | 1 | 61 | 3 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | 0 | 0 | (2) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 9 | (4) | 9 | (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 | 18 | 0 | 0 | 1 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 4 | 3 | 22 | 3 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | 0 | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 85 | 0 | 85 | (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 | 3 | 0 | 0 | 1 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 0 | 2 | 3 | 2 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | 0 | 0 | (1) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 16 | 0 | 16 | 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 | 11 | 11 | 17 | 6 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 4 | 0 | 9 | 5 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | 0 | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | (1) | (1) | 0 | (1) |
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 | 17 | 0 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 1 | 18 | ||
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) | (17) | (17) | ||
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 | 6 | 14 | 3 | 10 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 8 | 0 | 14 | 2 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | 0 | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | (5) | (8) | (5) | (6) |
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 | 312 | 78 | 103 | 80 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 20 | 0 | 29 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 1 | 4 | 1 | 6 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (9) | (3) | (17) | (6) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | $ 24 | $ 4 | $ 29 | $ 3 |
Investments - Net Investment In
Investments - Net Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net Investment Income [Line Items] | ||||
Investment revenue | $ 1,915 | $ 2,159 | $ 3,789 | $ 3,976 |
Investment expenses | (189) | (142) | (380) | (290) |
Net investment income | 1,726 | 2,017 | 3,409 | 3,686 |
Trading securities | ||||
Net Investment Income [Line Items] | ||||
Investment revenue | 49 | 60 | 112 | 123 |
Equity securities | ||||
Net Investment Income [Line Items] | ||||
Investment revenue | 9 | 3 | 24 | 7 |
Mortgage loans | ||||
Net Investment Income [Line Items] | ||||
Investment revenue | 297 | 189 | 534 | 367 |
Investment funds | ||||
Net Investment Income [Line Items] | ||||
Investment revenue | 104 | 701 | 408 | 1,143 |
Funds withheld at interest | ||||
Net Investment Income [Line Items] | ||||
Investment revenue | 476 | 172 | 813 | 378 |
Other | ||||
Net Investment Income [Line Items] | ||||
Investment revenue | 48 | 95 | 90 | 159 |
Available-for-sale Securities | ||||
Net Investment Income [Line Items] | ||||
Investment revenue | $ 932 | $ 939 | $ 1,808 | $ 1,799 |
Investments - Investment Relate
Investments - Investment Related Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
AFS fixed maturity securities | ||||
Gross realized gains on investment activity | $ 217 | $ 208 | $ 320 | $ 281 |
Gross realized losses on investment activity | (832) | (171) | (1,242) | (314) |
Net realized investment gains (losses) on AFS securities | (615) | 37 | (922) | (33) |
Debt Securities, Trading, Gain (Loss) | (161) | 61 | (368) | (8) |
Net recognized investment gains (losses) on equity securities | (271) | 8 | (248) | 25 |
Derivative gains (losses) | (3,932) | 2,484 | (6,973) | 2,046 |
Provision for Loan, Lease, and Other Losses | (172) | 2 | (364) | 60 |
Other gains | 487 | 0 | 807 | 80 |
Gain (Loss) on Investments | (5,763) | 2,592 | (9,963) | 2,170 |
Proceeds from Sale of Debt Securities, Available-for-sale | 1,614 | 2,006 | 5,785 | 2,898 |
Gain (Loss) on Securities [Line Items] | ||||
Gain (Loss) on Investments | (5,763) | 2,592 | (9,963) | 2,170 |
Debt Securities, Available-for-sale, Realized Gain (Loss) | (615) | 37 | (922) | (33) |
Gross realized gains on investment activity | 217 | 208 | 320 | 281 |
Debt Securities, Available-for-sale, Realized Loss | 832 | 171 | 1,242 | 314 |
Debt Securities, Trading, Gain (Loss) | (161) | 61 | (368) | (8) |
Net recognized investment gains (losses) on equity securities | (271) | 8 | (248) | 25 |
Derivative gains (losses) | (3,932) | 2,484 | (6,973) | 2,046 |
Provision for Loan, Lease, and Other Losses | 172 | (2) | 364 | (60) |
Other gains | 487 | 0 | 807 | 80 |
Mortgage loans | ||||
AFS fixed maturity securities | ||||
Gain (Loss) on Investments | (1,099) | 0 | (1,895) | 0 |
Gain (Loss) on Securities [Line Items] | ||||
Gain (Loss) on Investments | $ (1,099) | $ 0 | $ (1,895) | $ 0 |
Investments - Unrealized gains
Investments - Unrealized gains (losses) recognized in income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Consolidated Entity, excluding Affiliated Entity | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Trading, Unrealized Gain (Loss) | $ (160) | $ 66 | $ (349) | $ (55) |
Equity Securities, FV-NI, Unrealized Gain (Loss) | (255) | 18 | (238) | 27 |
Related Party | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Trading, Unrealized Gain (Loss) | (3) | (4) | (7) | 54 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ (8) | $ (5) | $ (13) | $ 1 |
Investments - Mortgage Loans, N
Investments - Mortgage Loans, Net (Details) - USD ($) $ in Millions | Jun. 30, 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 | $ (1,623) | 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 | 19,339 | 16,897 |
Mark to fair value | (1,186) | |
Investment Owned, Balance, Principal Amount | 20,525 | |
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 | 19,898 | |
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 | 627 | |
Residential mortgage loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, before allowance for credit losses | 9,723 | 7,321 |
Mortgage loan valuation allowance | (70) | |
Mortgage loans, net of allowances | 9,287 | $ 7,251 |
Mark to fair value | $ (436) |
Investments - Mortgage Loans,_2
Investments - Mortgage Loans, Net by Property Type and Geographic Region (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 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 | $ 19,339 | 16,897 | ||
Commercial mortgage loans | Property Type Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 100% | 100% | ||
Commercial mortgage loans | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 100% | 100% | ||
Commercial mortgage loans | Total U.S. Region | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 16,698 | 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 | 86.30% | 87.50% | ||
Commercial mortgage loans | East North Central | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 1,658 | 1,697 | ||
Commercial mortgage loans | East North Central | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 8.60% | 10% | ||
Commercial mortgage loans | East South Central | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 447 | 470 | ||
Commercial mortgage loans | East South Central | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 2.30% | 2.80% | ||
Commercial mortgage loans | Middle Atlantic | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 4,118 | 3,637 | ||
Commercial mortgage loans | Middle Atlantic | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 21.30% | 21.50% | ||
Commercial mortgage loans | Mountain | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 935 | 460 | ||
Commercial mortgage loans | Mountain | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 4.80% | 2.70% | ||
Commercial mortgage loans | New England | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 1,118 | 453 | ||
Commercial mortgage loans | New England | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 5.80% | 2.70% | ||
Commercial mortgage loans | Pacific | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 4,060 | 3,994 | ||
Commercial mortgage loans | Pacific | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 21% | 23.60% | ||
Commercial mortgage loans | South Atlantic | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 2,886 | 2,817 | ||
Commercial mortgage loans | South Atlantic | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 14.90% | 16.70% | ||
Commercial mortgage loans | West North Central | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 273 | 271 | ||
Commercial mortgage loans | West North Central | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 1.40% | 1.60% | ||
Commercial mortgage loans | West South Central | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 1,203 | 997 | ||
Commercial mortgage loans | West South Central | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 6.20% | 5.90% | ||
Commercial mortgage loans | UNITED KINGDOM | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 1,703 | 1,279 | ||
Commercial mortgage loans | UNITED KINGDOM | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 8.80% | 7.60% | ||
Commercial mortgage loans | Other | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 938 | 822 | ||
Commercial mortgage loans | Other | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 4.90% | 4.90% | ||
Commercial mortgage loans | International | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 2,641 | 2,101 | ||
Commercial mortgage loans | International | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 13.70% | 12.50% | ||
Commercial mortgage loans | Hotels | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 1,730 | 1,727 | ||
Commercial mortgage loans | Hotels | Property Type Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 8.90% | 10.20% | ||
Commercial mortgage loans | Retail | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 1,929 | 2,022 | ||
Commercial mortgage loans | Retail | Property Type Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 10% | 12% | ||
Commercial mortgage loans | Office building | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 5,148 | 4,870 | ||
Commercial mortgage loans | Office building | Property Type Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 26.60% | 28.80% | ||
Commercial mortgage loans | Industrial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 2,459 | 2,336 | ||
Commercial mortgage loans | Industrial | Property Type Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 12.70% | 13.80% | ||
Commercial mortgage loans | Apartment | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | 6,068 | 4,626 | ||
Commercial mortgage loans | Apartment | Property Type Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 31.40% | 27.40% | ||
Commercial mortgage loans | Other commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans, net of allowances | $ 2,005 | $ 1,316 | ||
Commercial mortgage loans | Other commercial | Property Type Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage concentration risk | 10.40% | 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% | 100% |
California | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 28.40% | 31.60% |
Florida | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 11.40% | 10% |
NEW YORK | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 5.10% | 5.10% |
Other U.S. States | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 43.30% | 39.80% |
Total U.S. Region | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 88.20% | 86.50% |
IRELAND | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 6.40% | 4.10% |
UNITED KINGDOM | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 3.80% | 5.10% |
Other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 1.60% | 4.30% |
International | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 11.80% | 13.50% |
Investments - Investment Funds
Investments - Investment Funds (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 11,165 | $ 9,866 |
Consolidated Entity, excluding Affiliated Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 133 | $ 1,178 |
Carrying Amount, Assets, Percent of Total | 100% | 100% |
Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 9,494 | $ 1,297 |
Carrying Amount, Assets, Percent of Total | 100% | 100% |
Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 1,538 | $ 7,391 |
Carrying Amount, Assets, Percent of Total | 100% | 100% |
Other fund | Consolidated Entity, excluding Affiliated Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 0 | $ 2 |
Carrying Amount, Assets, Percent of Total | 0% | 0.20% |
Other fund | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 40 | $ 0 |
Carrying Amount, Assets, Percent of Total | 0.40% | 0% |
Other fund | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 22 | $ 2,157 |
Carrying Amount, Assets, Percent of Total | 1.40% | 29.20% |
Hybrid Funds | Consolidated Entity, excluding Affiliated Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 93 | $ 667 |
Carrying Amount, Assets, Percent of Total | 69.90% | 56.60% |
Hybrid Funds | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 2,154 | $ 56 |
Carrying Amount, Assets, Percent of Total | 22.70% | 4.30% |
Hybrid Funds | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 8 | $ 952 |
Carrying Amount, Assets, Percent of Total | 0.50% | 12.90% |
Yield Fund | Consolidated Entity, excluding Affiliated Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 19 | $ 99 |
Carrying Amount, Assets, Percent of Total | 14.30% | 8.40% |
Yield Fund | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 1,288 | $ 748 |
Carrying Amount, Assets, Percent of Total | 13.60% | 57.70% |
Yield Fund | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 1 | $ 305 |
Carrying Amount, Assets, Percent of Total | 0.10% | 4.10% |
Strategic Origination Platforms | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 2,883 | $ 264 |
Carrying Amount, Assets, Percent of Total | 30.40% | 20.30% |
Strategic Origination Platforms | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 267 | $ 1,338 |
Carrying Amount, Assets, Percent of Total | 17.40% | 18.10% |
Strategic Insurance Platforms | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 554 | $ 0 |
Carrying Amount, Assets, Percent of Total | 5.80% | 0% |
Strategic Insurance Platforms | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 1,092 | $ 1,440 |
Carrying Amount, Assets, Percent of Total | 71% | 19.50% |
Equity Funds | Consolidated Entity, excluding Affiliated Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 21 | $ 410 |
Carrying Amount, Assets, Percent of Total | 15.80% | 34.80% |
Equity Funds | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 2,575 | $ 229 |
Carrying Amount, Assets, Percent of Total | 27.10% | 17.70% |
Equity Funds | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 148 | $ 1,199 |
Carrying Amount, Assets, Percent of Total | 9.60% | 16.20% |
Athora Holding Ltd. | Differentiated investments | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 818 | $ 743 |
Venerable | Differentiated investments | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 230 | $ 219 |
Investments - Summary of Maximu
Investments - Summary of Maximum Loss Exposure (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Assets | $ 234,254 | $ 235,149 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 61,693 | 58,948 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 51,681 | 53,243 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Investment funds | ||
Variable Interest Entity [Line Items] | ||
Assets | 9,494 | 1,297 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 15,121 | 1,647 |
Variable Interest Entity, Not Primary Beneficiary, Consolidated Entity Exclude Affiliated | Investment funds | ||
Variable Interest Entity [Line Items] | ||
Assets | 133 | 1,178 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 217 | 1,792 |
Variable Interest Entity, Not Primary Beneficiary, Consolidated Entity Exclude Affiliated | Debt Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 31,507 | 31,769 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 35,103 | 31,622 |
Variable Interest Entity, Not Primary Beneficiary, Affiliated Entity | Investment funds | ||
Variable Interest Entity [Line Items] | ||
Assets | 1,538 | 7,391 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 1,776 | 10,922 |
Variable Interest Entity, Not Primary Beneficiary, Affiliated Entity | Debt Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 8,846 | 11,324 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 9,313 | 12,681 |
Variable Interest Entity, Not Primary Beneficiary, Affiliated Entity | Equity securities | ||
Variable Interest Entity [Line Items] | ||
Assets | 163 | 284 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 163 | $ 284 |
Investments - Repurchase Agreem
Investments - Repurchase Agreements (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Repurchase Agreements [Line Items] | ||
Payables for repurchase agreements | $ 4,109 | $ 3,110 |
Amortized Cost | 4,911 | 2,923 |
Fair Value | 4,176 | 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 | 0 | 2,512 |
Maturity 30 to 90 Days | ||
Schedule of Repurchase Agreements [Line Items] | ||
Payables for repurchase agreements | 1,680 | 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 | 2,229 | 598 |
Available-for-sale Securities | Corporate | ||
Schedule of Repurchase Agreements [Line Items] | ||
Amortized Cost | 1,746 | 2,923 |
Fair Value | 1,476 | 3,208 |
Available-for-sale Securities | U.S. government and agencies | ||
Schedule of Repurchase Agreements [Line Items] | ||
Amortized Cost | 2,284 | 0 |
Fair Value | 1,919 | 0 |
Available-for-sale Securities | Collateralized Loan Obligations | ||
Schedule of Repurchase Agreements [Line Items] | ||
Amortized Cost | 271 | 0 |
Fair Value | 258 | 0 |
Available-for-sale Securities | Foreign governments | ||
Schedule of Repurchase Agreements [Line Items] | ||
Amortized Cost | 140 | 0 |
Fair Value | 106 | 0 |
Available-for-sale Securities | ABS | ||
Schedule of Repurchase Agreements [Line Items] | ||
Amortized Cost | 470 | 0 |
Fair Value | $ 417 | $ 0 |
Investments - Concentration of
Investments - Concentration of Equity (Details) - Stockholders' Equity, Total - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Athene Freedom Holdings LP | ||
Concentration Risk [Line Items] | ||
Investments | $ 1,323 | $ 3,119 |
AP Tundra Holdings LLC | ||
Concentration Risk [Line Items] | ||
Investments | 918 | |
MidCap | ||
Concentration Risk [Line Items] | ||
Investments | 553 | |
PK AirFinance [Member] | ||
Concentration Risk [Line Items] | ||
Investments | 932 | |
SoftBank Vision Fund II | ||
Concentration Risk [Line Items] | ||
Investments | 816 | |
Athora Holding Ltd. | ||
Concentration Risk [Line Items] | ||
Investments | 975 | |
Cayman Universe | ||
Concentration Risk [Line Items] | ||
Investments | 794 | |
AOP Finance | ||
Concentration Risk [Line Items] | ||
Investments | 735 | |
AA Infrastructure | ||
Concentration Risk [Line Items] | ||
Investments | 627 | |
Tiger Global | ||
Concentration Risk [Line Items] | ||
Investments | 531 | |
Bank of America | ||
Concentration Risk [Line Items] | ||
Investments | 530 | |
Morgan Stanley | ||
Concentration Risk [Line Items] | ||
Investments | 495 | |
Towd Point | ||
Concentration Risk [Line Items] | ||
Investments | 476 | |
AA Warehouse | ||
Concentration Risk [Line Items] | ||
Investments | 443 | |
Apollo Rose II (B), L.P. | ||
Concentration Risk [Line Items] | ||
Investments | 437 | |
AT&T | ||
Concentration Risk [Line Items] | ||
Investments | 418 | |
JP Morgan Chase | ||
Concentration Risk [Line Items] | ||
Investments | 406 | |
FWD Group | ||
Concentration Risk [Line Items] | ||
Investments | 400 | |
HWIRE | ||
Concentration Risk [Line Items] | ||
Investments | 397 | |
Mileage Plus | ||
Concentration Risk [Line Items] | ||
Investments | 391 | |
Comcast | ||
Concentration Risk [Line Items] | ||
Investments | 386 | |
Venerable | ||
Concentration Risk [Line Items] | ||
Investments | $ 502 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Notional and Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Derivative [Line Items] | |||||
Derivative assets, fair value | $ 2,932 | $ 2,932 | $ 4,387 | ||
Derivative liabilities, fair value | 1,223 | 1,223 | 472 | ||
Total derivative assets | (2,155) | (2,155) | (5,747) | ||
Total derivative liabilities | 6,674 | 6,674 | 15,424 | ||
Derivatives designated as hedges | |||||
Derivative [Line Items] | |||||
Derivative assets, fair value | 1,140 | 1,140 | 470 | ||
Derivative liabilities, fair value | $ 796 | $ 796 | $ 236 | ||
Derivatives designated as hedges | Foreign currency swaps | |||||
Derivative [Line Items] | |||||
Notional Amount | 6,617 | 6,617 | 6,371 | ||
Derivative assets, fair value | $ 678 | $ 678 | $ 281 | ||
Derivative liabilities, fair value | $ 109 | $ 109 | $ 56 | ||
Derivatives designated as hedges | Interest rate swaps | |||||
Derivative [Line Items] | |||||
Notional Amount | 6,770 | 6,770 | 500 | ||
Derivative assets, fair value | $ 28 | $ 28 | $ 0 | ||
Derivative liabilities, fair value | $ 8 | $ 8 | $ 1 | ||
Derivatives designated as hedges | Foreign currency forwards | |||||
Derivative [Line Items] | |||||
Notional Amount | 5,009 | 5,009 | 6,395 | ||
Derivative assets, fair value | $ 427 | $ 427 | $ 189 | ||
Derivative liabilities, fair value | $ 3 | $ 3 | $ 2 | ||
Derivatives designated as hedges | Cross Currency Interest Rate Contract | |||||
Derivative [Line Items] | |||||
Notional Amount | 4,468 | 4,468 | 2,783 | ||
Derivative assets, fair value | $ 0 | $ 0 | $ 0 | ||
Derivative liabilities, fair value | 676 | 676 | 173 | ||
Derivatives not designated as hedges | |||||
Derivative [Line Items] | |||||
Total derivative assets | 3,295 | 3,295 | (5,277) | ||
Total derivative liabilities | $ 5,878 | $ 5,878 | $ 15,188 | ||
Derivatives not designated as hedges | Foreign currency swaps | |||||
Derivative [Line Items] | |||||
Notional Amount | 2,928 | 2,928 | 2,592 | ||
Derivative assets, fair value | $ 149 | $ 149 | $ 57 | ||
Derivative liabilities, fair value | $ 90 | $ 90 | $ 19 | ||
Derivatives not designated as hedges | Interest rate swaps | |||||
Derivative [Line Items] | |||||
Notional Amount | 461 | 461 | 483 | ||
Derivative assets, fair value | $ 69 | $ 69 | $ 78 | ||
Derivative liabilities, fair value | $ 1 | $ 1 | $ 1 | ||
Derivatives not designated as hedges | Equity options | |||||
Derivative [Line Items] | |||||
Notional Amount | 60,234 | 60,234 | 57,890 | ||
Derivative assets, fair value | $ 1,076 | $ 1,076 | $ 3,629 | ||
Derivative liabilities, fair value | $ 105 | $ 105 | $ 115 | ||
Derivatives not designated as hedges | Futures | |||||
Derivative [Line Items] | |||||
Notional Amount | 21 | 21 | 33 | ||
Derivative assets, fair value | $ 20 | $ 20 | $ 67 | ||
Derivative liabilities, fair value | $ 1 | $ 1 | $ 0 | ||
Derivatives not designated as hedges | Total return swaps | |||||
Derivative [Line Items] | |||||
Notional Amount | 137 | 137 | 231 | ||
Derivative assets, fair value | $ 0 | $ 0 | $ 10 | ||
Derivative liabilities, fair value | $ 14 | $ 14 | $ 0 | ||
Derivatives not designated as hedges | Credit default swaps | |||||
Derivative [Line Items] | |||||
Notional Amount | 10 | 10 | 10 | ||
Derivative assets, fair value | $ 0 | $ 0 | $ 0 | ||
Derivative liabilities, fair value | $ 1 | $ 1 | $ 3 | ||
Derivatives not designated as hedges | Foreign currency forwards | |||||
Derivative [Line Items] | |||||
Notional Amount | 11,623 | 11,623 | 7,382 | ||
Derivative assets, fair value | $ 478 | $ 478 | $ 76 | ||
Derivative liabilities, fair value | 215 | 215 | 98 | ||
Derivatives not designated as hedges | Embedded derivatives | Funds withheld | |||||
Derivative [Line Items] | |||||
Funds withheld at interest | (5,087) | (5,087) | |||
Funds withheld liability (portion at fair value: 2022 – $0 and 2021 – $45) | 0 | 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 | 0 | ||
Embedded derivative liabilities, fair value | $ 5,451 | $ 5,451 | $ 14,907 | ||
Net Investment Hedging [Member] | Derivatives designated as hedges | Foreign currency forwards | |||||
Derivative [Line Items] | |||||
Notional Amount | 235 | 235 | 231 | ||
Derivative assets, fair value | $ 7 | $ 7 | $ 0 | ||
Derivative liabilities, fair value | 0 | 0 | $ 4 | ||
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 | 65 | $ 0 | 9 | $ 0 | |
Fair Value Hedging [Member] | Derivatives designated as hedges | Foreign currency swaps | Investment related gains (losses) | |||||
Derivative [Line Items] | |||||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | |||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 242 | 333 | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (252) | (347) | |||
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | (10) | (14) | |||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 0 | 0 | |||
Fair Value Hedging [Member] | Derivatives designated as hedges | Interest rate swaps | Investment related gains (losses) | |||||
Derivative [Line Items] | |||||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | |||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | (5) | (77) | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 18 | 93 | |||
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 13 | 16 | |||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 0 | 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 | 16 | 4 | (57) | 4 | |
Fair Value Hedging [Member] | Derivatives designated as hedges | Foreign currency forwards | Investment related gains (losses) | |||||
Derivative [Line Items] | |||||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | 1 | 0 | |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 201 | (13) | 328 | 205 | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (232) | 29 | (358) | (188) | |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | (31) | 16 | (30) | 17 | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 16 | 0 | 30 | 0 | |
Fair Value Hedging [Member] | Derivatives designated as hedges | Cross Currency Interest Rate Contract | Investment related gains (losses) | |||||
Derivative [Line Items] | |||||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | 0 | 0 | |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | (335) | 5 | (494) | (31) | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 298 | (9) | 495 | 32 | |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | (37) | (4) | 1 | 1 | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 0 | 0 | 0 | 0 | |
Fair Value Hedging [Member] | Derivatives designated as hedges | Cross Currency Interest Rate Contract | Interest sensitive contract benefits | |||||
Derivative [Line Items] | |||||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | 0 | 0 | |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 15 | 5 | 25 | 6 | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (14) | (4) | (23) | (5) | |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 1 | 1 | 2 | 1 | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments - Gains
Derivative Instruments - Gains (Losses) on Derivatives Not Designated as Hedging (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative [Line Items] | ||||
Total gains (losses) for derivatives not designated as hedges | $ (2,564) | $ 1,282 | $ (4,650) | $ 997 |
Investment related gains (losses) | ||||
Derivative [Line Items] | ||||
Total gains (losses) for derivatives not designated as hedges | (4,051) | 2,465 | (7,094) | 1,845 |
Investment related gains (losses) | Equity options | ||||
Derivative [Line Items] | ||||
Total gains (losses) for derivatives not designated as hedges | (1,571) | 1,044 | (2,279) | 1,546 |
Investment related gains (losses) | Futures | ||||
Derivative [Line Items] | ||||
Total gains (losses) for derivatives not designated as hedges | (86) | 44 | (119) | 55 |
Investment related gains (losses) | Swaps | ||||
Derivative [Line Items] | ||||
Total gains (losses) for derivatives not designated as hedges | (74) | 5 | (11) | 36 |
Investment related gains (losses) | Foreign currency forwards | ||||
Derivative [Line Items] | ||||
Total gains (losses) for derivatives not designated as hedges | 362 | (19) | 517 | (50) |
Investment related gains (losses) | Embedded derivatives | ||||
Derivative [Line Items] | ||||
Total gains (losses) for derivatives not designated as hedges | (2,682) | 1,391 | (5,202) | 258 |
Interest sensitive contract benefits | Embedded derivatives | ||||
Derivative [Line Items] | ||||
Total gains (losses) for derivatives not designated as hedges | 1,487 | (1,183) | 2,444 | (848) |
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 | 242 | 333 | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (252) | (347) | ||
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | (10) | (14) | ||
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 | Investment related gains (losses) | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | (5) | (77) | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 18 | 93 | ||
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 13 | 16 | ||
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 | Investment related gains (losses) | Foreign currency forwards | ||||
Derivative [Line Items] | ||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 201 | (13) | 328 | 205 |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (232) | 29 | (358) | (188) |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | (31) | 16 | (30) | 17 |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 16 | 0 | 30 | 0 |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | 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 | (335) | 5 | (494) | (31) |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 298 | (9) | 495 | 32 |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | (37) | (4) | 1 | 1 |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 0 | 0 | 0 | 0 |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | 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 | 15 | 5 | 25 | 6 |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (14) | (4) | (23) | (5) |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 1 | 1 | 2 | 1 |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 0 | 0 | 0 | 0 |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments - Offset
Derivative Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Derivative assets | ||
Gross amount recognized | $ 2,932 | $ 4,387 |
Financial instruments | (1,204) | (430) |
Collateral (received)/pledged | (1,904) | (3,934) |
Off-balance sheet securities collateral | 0 | 0 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Derivative liabilities | ||
Gross amount recognized | (1,223) | (472) |
Financial instruments | 1,204 | 430 |
Collateral (received)/pledged | 304 | 32 |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | (176) | (23) |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 285 | (10) |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election, Excluding Obligation to Return Securities | (176) | 23 |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election, Excluding Right to Reclaim Securities | 285 | (10) |
Derivatives designated as hedges | ||
Derivative assets | ||
Gross amount recognized | 1,140 | 470 |
Derivative liabilities | ||
Gross amount recognized | (796) | (236) |
Foreign currency forwards | Derivatives designated as hedges | ||
Derivative assets | ||
Gross amount recognized | 427 | 189 |
Derivative liabilities | ||
Gross amount recognized | (3) | (2) |
Foreign currency swaps | Derivatives designated as hedges | ||
Derivative assets | ||
Gross amount recognized | 678 | 281 |
Derivative liabilities | ||
Gross amount recognized | (109) | (56) |
Cross Currency Interest Rate Contract | Derivatives designated as hedges | ||
Derivative assets | ||
Gross amount recognized | 0 | 0 |
Derivative liabilities | ||
Gross amount recognized | (676) | (173) |
Interest rate swaps | Derivatives designated as hedges | ||
Derivative assets | ||
Gross amount recognized | 28 | 0 |
Derivative liabilities | ||
Gross amount recognized | (8) | (1) |
Available-for-sale Securities | Foreign currency forwards | Fair Value Hedging [Member] | Derivatives designated as hedges | ||
Derivative [Line Items] | ||
Derivative, Amount of Hedged Item | 3,966 | 4,224 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | (354) | (136) |
Available-for-sale Securities | Foreign currency swaps | Fair Value Hedging [Member] | Derivatives designated as hedges | ||
Derivative [Line Items] | ||
Derivative, Amount of Hedged Item | 4,524 | 0 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | (441) | 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) | 93 | 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 | 4,348 | 2,773 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 495 | 121 |
Interest sensitive contract liabilities | Interest rate swaps | Fair Value Hedging [Member] | Derivatives designated as hedges | ||
Derivative [Line Items] | ||
Derivative, Amount of Hedged Item | 6,770 | 500 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | $ 93 | $ 0 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Derivative [Line Items] | |||||
Other Comprehensive Income (Loss), before Tax | $ (7,250,000,000) | $ 1,785,000,000 | $ (13,805,000,000) | $ (837,000,000) | |
Derivatives used in Net Investment Hedge, Net of Tax | 25,000,000 | 25,000,000 | $ 1,000,000 | ||
Amount of Ineffectiveness on Net Investment Hedges | 0 | 0 | 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 | |||
Foreign currency swap gains (losses) | 88,000,000 | 57,000,000 | |||
Foreign currency swap gain (loss) reclassified to income | 27,000,000 | 27,000,000 | |||
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 | 65,000,000 | 0 | 9,000,000 | 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 | 242,000,000 | 333,000,000 | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (252,000,000) | (347,000,000) | |||
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | (10,000,000) | (14,000,000) | |||
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 | Foreign currency swaps | Available-for-sale Securities | |||||
Derivative [Line Items] | |||||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | (441,000,000) | (441,000,000) | 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) | 93,000,000 | 93,000,000 | 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 | (5,000,000) | (77,000,000) | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 18,000,000 | 93,000,000 | |||
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 13,000,000 | 16,000,000 | |||
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 | Interest rate swaps | Interest sensitive contract liabilities | |||||
Derivative [Line Items] | |||||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 93,000,000 | 93,000,000 | 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 | 16,000,000 | 4,000,000 | (57,000,000) | 4,000,000 | |
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 | 201,000,000 | (13,000,000) | 328,000,000 | 205,000,000 | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (232,000,000) | 29,000,000 | (358,000,000) | (188,000,000) | |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | (31,000,000) | 16,000,000 | (30,000,000) | 17,000,000 | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | 1,000,000 | 0 | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 16,000,000 | 0 | 30,000,000 | 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) | (354,000,000) | (354,000,000) | (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 | 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 | 23,000,000 | 0 | 25,000,000 | (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 | (335,000,000) | 5,000,000 | (494,000,000) | (31,000,000) | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 298,000,000 | (9,000,000) | 495,000,000 | 32,000,000 | |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | (37,000,000) | (4,000,000) | 1,000,000 | 1,000,000 | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | 0 | 0 | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 0 | 0 | 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 | 15,000,000 | 5,000,000 | 25,000,000 | 6,000,000 | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (14,000,000) | (4,000,000) | (23,000,000) | (5,000,000) | |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 1,000,000 | 1,000,000 | 2,000,000 | 1,000,000 | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | 0 | 0 | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 0 | $ 0 | 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) | $ 495,000,000 | $ 495,000,000 | $ 121,000,000 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Variable Interest Entity [Line Items] | |||||
Mortgage loans, net of allowances | $ 24,148 | ||||
Investment funds | $ 11,165 | $ 11,165 | 9,866 | ||
Other assets (related party: 2022 – $83 and 2021 – $0) | 8,947 | 8,947 | 1,257 | ||
Investment revenue | (1,915) | $ (2,159) | (3,789) | $ (3,976) | |
Investment expenses | 189 | 142 | 380 | 290 | |
Net Investment Income | 1,726 | 2,017 | 3,409 | 3,686 | |
Provision for Loan, Lease, and Other Losses | (172) | 2 | (364) | 60 | |
Other gains | 487 | 0 | 807 | 80 | |
Gain (Loss) on Investments | (5,763) | 2,592 | (9,963) | 2,170 | |
Other Cost and Expense, Operating | 358 | 252 | 693 | 545 | |
Mortgage loans | |||||
Variable Interest Entity [Line Items] | |||||
Gain (Loss) on Investments | (1,099) | 0 | (1,895) | 0 | |
Mortgage loans | |||||
Variable Interest Entity [Line Items] | |||||
Investment revenue | (297) | (189) | (534) | (367) | |
Investment funds | |||||
Variable Interest Entity [Line Items] | |||||
Investment revenue | (104) | (701) | (408) | (1,143) | |
Other | |||||
Variable Interest Entity [Line Items] | |||||
Investment revenue | (48) | (95) | (90) | (159) | |
Variable Interest Entities | |||||
Variable Interest Entity [Line Items] | |||||
Mortgage loans, net of allowances | 1,992 | 1,992 | 2,040 | ||
Investment funds | 9,494 | 9,494 | 1,297 | ||
Other assets (related party: 2022 – $83 and 2021 – $0) | 66 | 66 | $ 32 | ||
Net Investment Income | 30 | 21 | 47 | 56 | |
Provision for Loan, Lease, and Other Losses | 0 | 18 | 0 | (48) | |
Other gains | 21 | 0 | 21 | 0 | |
Gain (Loss) on Investments | 22 | 18 | (20) | (48) | |
Variable Interest Entities | Mortgage loans | |||||
Variable Interest Entity [Line Items] | |||||
Gain (Loss) on Investments | (47) | 0 | (159) | 0 | |
Variable Interest Entities | Investment funds | |||||
Variable Interest Entity [Line Items] | |||||
Gain (Loss) on Investments | 48 | 0 | 118 | 0 | |
Variable Interest Entities | Mortgage loans | |||||
Variable Interest Entity [Line Items] | |||||
Investment revenue | (23) | (14) | (43) | (28) | |
Variable Interest Entities | Investment funds | |||||
Variable Interest Entity [Line Items] | |||||
Investment revenue | (7) | (28) | |||
Investment expenses | 6 | 9 | |||
Variable Interest Entities | Other | |||||
Variable Interest Entity [Line Items] | |||||
Investment revenue | $ (13) | $ 0 | $ (13) | $ 0 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Available-for-sale securities | $ 100,966 | $ 110,561 |
Mortgage loans | 24,148 | |
Derivative assets | 2,932 | 4,387 |
Restricted cash | 753 | 796 |
Reinsurance recoverable (portion at fair value: 2022 – $1,580 and 2021 – $1,991) | 4,437 | 4,594 |
Liabilities | ||
Interest sensitive contract liabilities | 164,571 | 156,325 |
Future policy benefits | 52,478 | 42,488 |
Derivative liabilities | 1,223 | 472 |
Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 92,011 | 100,159 |
Trading securities, at fair value | 1,735 | 2,056 |
Mortgage loans | 25,218 | 20,748 |
Investment funds | 25 | 183 |
Funds withheld at interest | (37,638) | (43,907) |
Derivative assets | 2,932 | 4,387 |
Short-term investments | 264 | 139 |
Other investments | 855 | 1,473 |
Related Party | ||
Assets | ||
Available-for-sale securities | 8,955 | 10,402 |
Trading securities, at fair value | 898 | 1,781 |
Equity securities, at fair value | 163 | 284 |
Mortgage loans | 1,416 | 1,360 |
Investment funds | 818 | 2,958 |
Funds withheld at interest | (10,675) | (12,207) |
Other investments | 272 | 222 |
Liabilities | ||
Interest sensitive contract liabilities | 12,653 | 12,948 |
Future policy benefits | 2,078 | 1,853 |
Variable Interest Entities | ||
Assets | ||
Trading securities, at fair value | 386 | 0 |
Mortgage loans | 1,992 | 2,040 |
Other investments | 111 | 0 |
U.S. government and agencies | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 2,794 | 223 |
U.S. state, municipal and political subdivisions | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 1,000 | 1,213 |
Foreign governments | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 896 | 1,128 |
Corporate | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 56,218 | 66,226 |
Corporate | Related Party | ||
Assets | ||
Available-for-sale securities | 1,007 | 859 |
CLO | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 13,485 | 13,652 |
CLO | Related Party | ||
Assets | ||
Available-for-sale securities | 2,679 | 2,549 |
ABS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 9,547 | 8,989 |
ABS | Related Party | ||
Assets | ||
Available-for-sale securities | 5,269 | 6,994 |
CMBS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 2,904 | 2,758 |
RMBS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 5,167 | 5,970 |
Level 3 | ||
Assets | ||
Available-for-sale securities | 10,186 | 10,167 |
Mortgage loans | 28,259 | |
Recurring | ||
Assets | ||
Investment funds | 268 | |
Recurring | Level 1 | ||
Assets | ||
Cash and cash equivalents | 11,172 | 9,479 |
Restricted cash | 753 | 796 |
Reinsurance recoverable (portion at fair value: 2022 – $1,580 and 2021 – $1,991) | 0 | 0 |
Total assets measured at fair value | 15,138 | 10,848 |
Liabilities | ||
Derivative liabilities | (9) | 0 |
Total liabilities measured at fair value | (9) | 0 |
Recurring | Level 1 | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 2,792 | 214 |
Trading securities, at fair value | 25 | 3 |
Equity securities, at fair value | 105 | 86 |
Mortgage loans | 0 | 0 |
Investment funds | 0 | 0 |
Derivative assets | 20 | 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 |
Recurring | Level 1 | Variable Interest Entities | ||
Assets | ||
Trading securities, at fair value | 0 | |
Mortgage loans | 0 | |
Investment funds | 5 | 0 |
Other investments | 0 | |
Cash and cash equivalents | 198 | 154 |
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 | 2,792 | 214 |
Recurring | Level 1 | U.S. state, municipal and political subdivisions | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | Foreign governments | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | Corporate | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 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 |
Recurring | Level 1 | CLO | Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | ABS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | ABS | Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | CMBS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | RMBS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 2 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Reinsurance recoverable (portion at fair value: 2022 – $1,580 and 2021 – $1,991) | 0 | 0 |
Total assets measured at fair value | 92,827 | 105,173 |
Liabilities | ||
Derivative liabilities | 1,231 | 469 |
Total liabilities measured at fair value | 1,231 | 514 |
Recurring | Level 2 | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 83,967 | 94,928 |
Trading securities, at fair value | 1,652 | 1,984 |
Equity securities, at fair value | 941 | 655 |
Mortgage loans | 0 | 0 |
Investment funds | 0 | 0 |
Derivative assets | 2,912 | 4,320 |
Short-term investments | 112 | 61 |
Other investments | 142 | 130 |
Recurring | Level 2 | Related Party | ||
Assets | ||
Available-for-sale securities | 2,755 | 3,085 |
Trading securities, at fair value | 7 | 10 |
Equity securities, at fair value | 0 | 0 |
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Recurring | Level 2 | Variable Interest Entities | ||
Assets | ||
Trading securities, at fair value | 56 | |
Mortgage loans | 0 | |
Investment funds | 283 | 0 |
Other investments | 0 | |
Cash and cash equivalents | 0 | 0 |
Recurring | Level 2 | Universal life | ||
Liabilities | ||
Interest sensitive contract liabilities | 0 | 0 |
Recurring | Level 2 | AmerUs Closed Block | ||
Liabilities | ||
Future policy benefits | 0 | 0 |
Recurring | Level 2 | ILICO Closed Block and life benefits | ||
Liabilities | ||
Future policy benefits | 0 | 0 |
Recurring | Level 2 | Embedded derivatives | ||
Liabilities | ||
Interest sensitive contract liabilities | 0 | 0 |
Funds withheld liability (portion at fair value: 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 | 2 | 9 |
Recurring | Level 2 | U.S. state, municipal and political subdivisions | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 1,000 | 1,213 |
Recurring | Level 2 | Foreign governments | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 894 | 1,126 |
Recurring | Level 2 | Corporate | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 54,630 | 64,887 |
Recurring | Level 2 | Corporate | Related Party | ||
Assets | ||
Available-for-sale securities | 158 | 189 |
Recurring | Level 2 | CLO | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 13,485 | 13,638 |
Recurring | Level 2 | CLO | Related Party | ||
Assets | ||
Available-for-sale securities | 2,354 | 2,347 |
Recurring | Level 2 | ABS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 5,953 | 5,370 |
Recurring | Level 2 | ABS | Related Party | ||
Assets | ||
Available-for-sale securities | 243 | 549 |
Recurring | Level 2 | CMBS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 2,904 | 2,715 |
Recurring | Level 2 | RMBS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 5,099 | 5,970 |
Recurring | Level 3 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Reinsurance recoverable (portion at fair value: 2022 – $1,580 and 2021 – $1,991) | 1,580 | 1,991 |
Total assets measured at fair value | 39,688 | 22,454 |
Liabilities | ||
Derivative liabilities | 1 | 3 |
Total liabilities measured at fair value | 8,265 | 18,407 |
Recurring | Level 3 | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 5,252 | 5,017 |
Trading securities, at fair value | 58 | 69 |
Equity securities, at fair value | 62 | 429 |
Mortgage loans | 25,218 | 17 |
Investment funds | 19 | 18 |
Derivative assets | 0 | 0 |
Short-term investments | 58 | 29 |
Other investments | 0 | 0 |
Recurring | Level 3 | Related Party | ||
Assets | ||
Available-for-sale securities | 6,200 | 7,317 |
Trading securities, at fair value | 891 | 1,771 |
Equity securities, at fair value | 163 | 284 |
Mortgage loans | 1,416 | |
Investment funds | 818 | 2,855 |
Recurring | Level 3 | Variable Interest Entities | ||
Assets | ||
Trading securities, at fair value | 330 | |
Mortgage loans | 1,626 | |
Investment funds | 1,053 | 1,297 |
Other investments | 31 | |
Cash and cash equivalents | 0 | 0 |
Recurring | Level 3 | Universal life | ||
Liabilities | ||
Interest sensitive contract liabilities | 943 | 1,235 |
Recurring | Level 3 | AmerUs Closed Block | ||
Liabilities | ||
Future policy benefits | 1,247 | 1,520 |
Recurring | Level 3 | ILICO Closed Block and life benefits | ||
Liabilities | ||
Future policy benefits | 623 | 742 |
Recurring | Level 3 | Embedded derivatives | ||
Liabilities | ||
Interest sensitive contract liabilities | 5,451 | 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 | 3,958 | (782) |
Recurring | Level 3 | Embedded derivatives | Related Party | ||
Assets | ||
Funds withheld at interest | (1,129) | (578) |
Recurring | Level 3 | U.S. government and agencies | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | U.S. state, municipal and political subdivisions | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | Foreign governments | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 2 | 2 |
Recurring | Level 3 | Corporate | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 1,588 | 1,339 |
Recurring | Level 3 | Corporate | Related Party | ||
Assets | ||
Available-for-sale securities | 849 | 670 |
Recurring | Level 3 | CLO | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | 14 |
Recurring | Level 3 | CLO | Related Party | ||
Assets | ||
Available-for-sale securities | 325 | 202 |
Recurring | Level 3 | ABS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 3,594 | 3,619 |
Recurring | Level 3 | ABS | Related Party | ||
Assets | ||
Available-for-sale securities | 5,026 | 6,445 |
Recurring | Level 3 | CMBS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | 43 |
Recurring | Level 3 | RMBS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 68 | 0 |
Recurring | NAV | ||
Assets | ||
Total assets measured at fair value | 8,159 | |
Recurring | NAV | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Investment funds | 6 | 165 |
Recurring | NAV | Related Party | ||
Assets | ||
Investment funds | 0 | 103 |
Recurring | NAV | Variable Interest Entities | ||
Assets | ||
Investment funds | 8,153 | 0 |
Fair Value | ||
Assets | ||
Total assets measured at fair value | 56,043 | 86,719 |
Liabilities | ||
Interest sensitive contract liabilities | 105,039 | 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 | 108 | 995 |
Funds withheld at interest | (41,596) | (43,125) |
Short-term investments | 26 | |
Other investments | 713 | 1,343 |
Fair Value | Related Party | ||
Assets | ||
Mortgage loans | 1,369 | |
Investment funds | 720 | 4,433 |
Funds withheld at interest | (11,804) | (11,629) |
Other investments | 272 | 223 |
Fair Value | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 366 | 2,152 |
Other investments | 80 | |
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 | 0 |
Other investments | 0 | |
Fair Value | Level 2 | ||
Assets | ||
Total assets measured at fair value | 358 | 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 | 0 |
Other investments | 0 | |
Fair Value | Level 3 | ||
Assets | ||
Total assets measured at fair value | 54,857 | 80,979 |
Liabilities | ||
Interest sensitive contract liabilities | 105,039 | 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 | (41,596) | (43,125) |
Short-term investments | 26 | |
Other investments | 713 | 1,343 |
Fair Value | Level 3 | Related Party | ||
Assets | ||
Mortgage loans | 1,369 | |
Investment funds | 0 | 0 |
Funds withheld at interest | (11,804) | (11,629) |
Other investments | 272 | 223 |
Fair Value | Level 3 | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 366 | 2,152 |
Other investments | 80 | |
Fair Value | NAV | ||
Assets | ||
Total assets measured at fair value | 828 | 5,428 |
Fair Value | NAV | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Investment funds | 108 | 995 |
Fair Value | NAV | Related Party | ||
Assets | ||
Investment funds | 720 | 4,433 |
Fair Value | Recurring | ||
Assets | ||
Cash and cash equivalents | 11,172 | 9,479 |
Restricted cash | 753 | 796 |
Reinsurance recoverable (portion at fair value: 2022 – $1,580 and 2021 – $1,991) | 1,580 | 1,991 |
Total assets measured at fair value | 155,812 | 138,743 |
Liabilities | ||
Interest sensitive contract liabilities | 6,394 | 16,142 |
Future policy benefits | 1,870 | 2,262 |
Derivative liabilities | 1,223 | 472 |
Total liabilities measured at fair value | 9,487 | 18,921 |
Fair Value | Recurring | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 92,011 | 100,159 |
Trading securities, at fair value | 1,735 | 2,056 |
Equity securities, at fair value | 1,108 | 1,170 |
Mortgage loans | 25,218 | 17 |
Investment funds | 25 | 183 |
Funds withheld at interest | 3,958 | (782) |
Derivative assets | 2,932 | 4,387 |
Short-term investments | 238 | 139 |
Other investments | 142 | 130 |
Fair Value | Recurring | Related Party | ||
Assets | ||
Available-for-sale securities | 8,955 | 10,402 |
Trading securities, at fair value | 898 | 1,781 |
Equity securities, at fair value | 163 | 284 |
Mortgage loans | 1,416 | 0 |
Investment funds | 818 | 2,958 |
Funds withheld at interest | (1,129) | (578) |
Fair Value | Recurring | Variable Interest Entities | ||
Assets | ||
Trading securities, at fair value | 386 | |
Mortgage loans | 1,626 | 0 |
Investment funds | 9,494 | 1,297 |
Other investments | 31 | 0 |
Cash and cash equivalents | 198 | 154 |
Fair Value | Recurring | Universal life | ||
Liabilities | ||
Interest sensitive contract liabilities | 943 | 1,235 |
Fair Value | Recurring | AmerUs Closed Block | ||
Liabilities | ||
Future policy benefits | 1,247 | 1,520 |
Fair Value | Recurring | ILICO Closed Block and life benefits | ||
Liabilities | ||
Future policy benefits | 623 | 742 |
Fair Value | Recurring | Embedded derivatives | ||
Liabilities | ||
Interest sensitive contract liabilities | 5,451 | 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 | 3,958 | (782) |
Fair Value | Recurring | Embedded derivatives | Related Party | ||
Assets | ||
Funds withheld at interest | (1,129) | (578) |
Fair Value | Recurring | U.S. government and agencies | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 2,794 | 223 |
Fair Value | Recurring | U.S. state, municipal and political subdivisions | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 1,000 | 1,213 |
Fair Value | Recurring | Foreign governments | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 896 | 1,128 |
Fair Value | Recurring | Corporate | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 56,218 | 66,226 |
Fair Value | Recurring | Corporate | Related Party | ||
Assets | ||
Available-for-sale securities | 1,007 | 859 |
Fair Value | Recurring | CLO | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 13,485 | 13,652 |
Fair Value | Recurring | CLO | Related Party | ||
Assets | ||
Available-for-sale securities | 2,679 | 2,549 |
Fair Value | Recurring | ABS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 9,547 | 8,989 |
Fair Value | Recurring | ABS | Related Party | ||
Assets | ||
Available-for-sale securities | 5,269 | 6,994 |
Fair Value | Recurring | CMBS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 2,904 | 2,758 |
Fair Value | Recurring | RMBS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 5,167 | 5,970 |
Investments, excluding investments in Related Party | Fair Value | Recurring | ||
Assets | ||
Equity securities, at fair value | 1,108 | 1,170 |
Short-term investments | $ 238 | $ 139 |
Fair Value - Fair Value Option
Fair Value - Fair Value Option (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Total gains (losses) | $ (1,143,000,000) | $ 502,000,000 | $ (2,104,000,000) | $ 476,000,000 | |
Mortgage loans | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair value option, loans, 90 days or more past due | $ 0 | ||||
Total gains (losses) | (1,149,000,000) | 0 | (2,065,000,000) | 0 | |
Unpaid principal balance | 29,883,000,000 | 29,883,000,000 | 15,000,000 | ||
Mark to fair value | (1,623,000,000) | (1,623,000,000) | 2,000,000 | ||
Fair value | 28,260,000,000 | 28,260,000,000 | $ 17,000,000 | ||
Fair Value, Option, Credit Risk, Gains (Losses) on Assets | (34,000,000) | 0 | (52,000,000) | 0 | |
Residential mortgage loans | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair value option, loans, 90 days or more past due | 545,000,000 | 545,000,000 | |||
Fair Value, Option, Loans Held as Assets, Aggregate Amount in Nonaccrual Status | 207,000,000 | 207,000,000 | |||
Unpaid principal balance | 581,000,000 | 581,000,000 | |||
Fair value | 545,000,000 | 545,000,000 | |||
Fair Value, Option, Loans Held as Assets, Aggregate Difference | (36,000,000) | (36,000,000) | |||
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 | 338,000,000 | 338,000,000 | |||
Mortgage loans | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair value option, loans, 90 days or more past due | 132,000,000 | 132,000,000 | |||
Fair Value, Option, Loans Held as Assets, Aggregate Amount in Nonaccrual Status | 81,000,000 | 81,000,000 | |||
Unpaid principal balance | 127,000,000 | 127,000,000 | |||
Fair value | 81,000,000 | 81,000,000 | |||
Fair Value, Option, Loans Held as Assets, Aggregate Difference | (46,000,000) | (46,000,000) | |||
Investment related gains (losses) | Trading securities | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Total gains (losses) | (161,000,000) | 61,000,000 | (368,000,000) | (8,000,000) | |
Net investment income | Investment funds | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Total gains (losses) | 36,000,000 | 495,000,000 | 56,000,000 | 435,000,000 | |
Future policy and other policy benefits | Future policy benefits | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Total gains (losses) | $ 131,000,000 | $ (54,000,000) | $ 273,000,000 | $ 49,000,000 |
Fair Value - Reconciliation of
Fair Value - Reconciliation of Level 3 Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | $ 51,565 | $ 45,752 | $ 13,707 | $ 14,840 | |
Total realized and unrealized gains (losses) included in income | (3,961) | (7,513) | 1,493 | (335) | |
Total realized and unrealized gains (losses) included in OCI | (266) | (338) | 3 | 34 | |
Purchases, issuances, sales and settlements, net | 805 | 4,178 | 876 | $ 4,178 | 1,579 |
Transfers in | (8,455) | (2,391) | (127) | (2,391) | (166) |
Transfers (out) | (13,463) | (352) | (19,793) | (590) | |
Ending balance | 39,688 | 51,565 | 15,952 | 39,688 | 15,952 |
Total gains (losses) included in earnings | (1,085) | (1,988) | 494 | 502 | |
Beginning balance | (9,885) | (11,059) | (15,840) | (16,561) | |
Total realized and unrealized gains (losses) included in income | 1,854 | 3,130 | (1,302) | (646) | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 234 | 336 | (21) | 336 | (86) |
Transfers in | 0 | 0 | 0 | 0 | 0 |
Transfers (out) | 0 | 0 | 0 | 0 | |
Ending balance | (8,265) | (9,885) | (17,121) | (8,265) | (17,121) |
Total gains (losses) included in earnings | 0 | 0 | 1 | 0 | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (264) | (315) | 4 | 36 | |
Reinsurance Recoverable Including Reinsurance Premium Paid [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | 1,814 | 1,991 | 1,880 | 2,100 | |
Total realized and unrealized gains (losses) included in income | (234) | (411) | 66 | (154) | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | 0 | 0 | |
Transfers in | 0 | 0 | 0 | 0 | |
Ending balance | 1,580 | 1,814 | 1,946 | 1,580 | 1,946 |
Total gains (losses) included in earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | |
Short-term Investments [Member] | Consolidated Entity, excluding Affiliated Entity | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | 59 | 29 | 2 | ||
Total realized and unrealized gains (losses) included in income | 0 | 0 | 0 | ||
Total realized and unrealized gains (losses) included in OCI | (1) | (1) | 0 | ||
Purchases, issuances, sales and settlements, net | 0 | 30 | 0 | ||
Transfers in | 0 | 0 | (2) | ||
Ending balance | 58 | 59 | 0 | 58 | 0 |
Total gains (losses) included in earnings | 0 | 0 | 0 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | ||
Short-term Investments [Member] | Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | 53 | 0 | |||
Total realized and unrealized gains (losses) included in income | 0 | 0 | |||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |||
Purchases, issuances, sales and settlements, net | 0 | 53 | |||
Transfers in | (53) | (53) | |||
Ending balance | 0 | 53 | 0 | ||
Total gains (losses) included in earnings | 0 | 0 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |||
Mortgage loans | Consolidated Entity, excluding Affiliated Entity | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | 23,696 | 21,154 | 18 | 19 | |
Total realized and unrealized gains (losses) included in income | (1,027) | (1,771) | 0 | 0 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 2,549 | 5,835 | 0 | 5,835 | (1) |
Transfers in | 0 | 0 | 0 | 0 | 0 |
Transfers (out) | 0 | 0 | 0 | ||
Ending balance | 25,218 | 23,696 | 18 | 25,218 | 18 |
Total gains (losses) included in earnings | (1,025) | (1,767) | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | |
Mortgage loans | Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | 1,456 | 1,369 | |||
Total realized and unrealized gains (losses) included in income | (72) | (124) | |||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |||
Purchases, issuances, sales and settlements, net | 32 | 171 | 171 | ||
Transfers in | 0 | 0 | 0 | ||
Transfers (out) | 0 | 0 | |||
Ending balance | 1,416 | 1,456 | 1,416 | ||
Total gains (losses) included in earnings | (73) | (124) | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |||
Mortgage loans | Variable Interest Entities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | 1,880 | 2,152 | |||
Total realized and unrealized gains (losses) included in income | (50) | (170) | |||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |||
Purchases, issuances, sales and settlements, net | (2) | (154) | (154) | ||
Transfers in | (202) | (202) | (202) | ||
Transfers (out) | (223) | (223) | |||
Ending balance | 1,626 | 1,880 | 1,626 | ||
Total gains (losses) included in earnings | (50) | (170) | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |||
Equity securities | Consolidated Entity, excluding Affiliated Entity | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | 438 | 429 | 14 | 11 | |
Total realized and unrealized gains (losses) included in income | 8 | 17 | 8 | 11 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 | |
Purchases, issuances, sales and settlements, net | (3) | (3) | 0 | 0 | |
Transfers in | (381) | (381) | 0 | 0 | |
Ending balance | 62 | 438 | 22 | 62 | 22 |
Total gains (losses) included in earnings | 8 | 16 | 7 | 11 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | |
Equity securities | Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | 166 | 284 | 114 | 72 | |
Total realized and unrealized gains (losses) included in income | (9) | (14) | (8) | 1 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 | |
Purchases, issuances, sales and settlements, net | (119) | (119) | 9 | (119) | 42 |
Transfers in | 125 | 12 | 0 | 12 | 0 |
Transfers (out) | 0 | 0 | (113) | 0 | |
Ending balance | 163 | 166 | 115 | 163 | 115 |
Total gains (losses) included in earnings | 0 | 0 | (8) | 1 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | |
Equity securities | Investments, excluding investments in Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases, issuances, sales and settlements, net | (3) | (3) | |||
Transfers in | (381) | (381) | |||
Transfers (out) | (400) | (400) | |||
Trading securities | Consolidated Entity, excluding Affiliated Entity | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | 90 | 69 | 94 | 86 | |
Total realized and unrealized gains (losses) included in income | (1) | (5) | (6) | (8) | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 2 | 5 | 8 | 1 | |
Transfers in | (33) | 5 | (13) | 20 | |
Transfers (out) | (3) | ||||
Ending balance | 58 | 90 | 99 | 58 | 99 |
Total gains (losses) included in earnings | 0 | (1) | 0 | (3) | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | |
Trading securities | Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | 252 | 1,771 | 1,685 | 1,525 | |
Total realized and unrealized gains (losses) included in income | 4 | (1) | 1 | 52 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 | |
Purchases, issuances, sales and settlements, net | (808) | (1,062) | 31 | (1,062) | 162 |
Transfers in | 1,443 | 183 | (7) | 183 | (29) |
Transfers (out) | 0 | (19) | (1,260) | (29) | |
Ending balance | 891 | 252 | 1,710 | 891 | 1,710 |
Total gains (losses) included in earnings | 0 | 0 | 0 | 58 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | |
Trading securities | Variable Interest Entities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | 0 | 0 | |||
Total realized and unrealized gains (losses) included in income | 0 | 0 | |||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |||
Purchases, issuances, sales and settlements, net | 0 | 0 | |||
Transfers in | 330 | 330 | |||
Transfers (out) | 0 | 0 | |||
Ending balance | 330 | 0 | 330 | ||
Total gains (losses) included in earnings | 0 | 0 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |||
Trading securities | Investments, excluding investments in Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases, issuances, sales and settlements, net | 2 | 5 | 8 | ||
Transfers in | (33) | 5 | (13) | ||
Transfers (out) | (42) | (2) | (52) | ||
Investment funds | Consolidated Entity, excluding Affiliated Entity | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | 19 | 18 | 17 | 17 | |
Total realized and unrealized gains (losses) included in income | 0 | 1 | 1 | 1 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | 0 | 0 | |
Transfers in | 0 | 0 | 0 | 0 | |
Ending balance | 19 | 19 | 18 | 19 | 18 |
Total gains (losses) included in earnings | 0 | 1 | 1 | 1 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | |
Investment funds | Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | 814 | 2,855 | 1,970 | 2,033 | |
Total realized and unrealized gains (losses) included in income | 4 | 28 | 482 | 419 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | (34) | 0 | (34) | 0 |
Transfers in | 0 | (2,031) | 0 | (2,031) | 0 |
Transfers (out) | (2,031) | ||||
Ending balance | 818 | 814 | 2,452 | 818 | 2,452 |
Total gains (losses) included in earnings | 28 | 28 | 483 | 419 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | |
Investment funds | Variable Interest Entities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | 10,577 | 1,297 | 154 | 0 | |
Total realized and unrealized gains (losses) included in income | 33 | 28 | 13 | 15 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 | |
Purchases, issuances, sales and settlements, net | (77) | 161 | 250 | 161 | 293 |
Transfers in | (9,480) | (433) | 0 | (433) | 109 |
Transfers (out) | (10,486) | 0 | (11,520) | 0 | |
Ending balance | 1,053 | 10,577 | 417 | 1,053 | 417 |
Total gains (losses) included in earnings | 27 | 28 | 12 | 15 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | |
Other | Variable Interest Entities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | 1,902 | 0 | |||
Total realized and unrealized gains (losses) included in income | 0 | 0 | |||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |||
Purchases, issuances, sales and settlements, net | 31 | 31 | 31 | ||
Transfers in | (1,902) | 0 | 0 | ||
Transfers (out) | (1,902) | (1,902) | |||
Ending balance | 31 | 1,902 | 31 | ||
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 | Consolidated Entity, excluding Affiliated Entity | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | (1,882) | 0 | 636 | 1,944 | |
Total realized and unrealized gains (losses) included in income | (2,076) | (3,958) | 737 | (571) | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | 0 | 0 | |
Transfers in | 0 | 0 | 0 | 0 | |
Ending balance | (3,958) | (1,882) | 1,373 | (3,958) | 1,373 |
Total gains (losses) included in earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | |
Embedded derivatives | Funds withheld at interest | Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | (570) | 0 | 580 | 862 | |
Total realized and unrealized gains (losses) included in income | (559) | (1,129) | 172 | (110) | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | 0 | 0 | |
Transfers in | 0 | 0 | 0 | 0 | |
Ending balance | (1,129) | (570) | 752 | (1,129) | 752 |
Total gains (losses) included in earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | |
RMBS | Available-for-sale Securities | Consolidated Entity, excluding Affiliated Entity | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | 0 | 0 | |||
Total realized and unrealized gains (losses) included in income | 0 | 0 | |||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |||
Purchases, issuances, sales and settlements, net | 68 | 68 | |||
Transfers in | 0 | 0 | |||
Ending balance | 68 | 0 | 68 | ||
Total gains (losses) included in earnings | 0 | 0 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |||
RMBS | Available-for-sale Securities | Investments, excluding investments in Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases, issuances, sales and settlements, net | 68 | 68 | |||
Transfers in | 0 | 0 | |||
Transfers (out) | 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 | 3,783 | 3,619 | 1,207 | 800 | |
Total realized and unrealized gains (losses) included in income | 2 | 7 | 16 | 1 | |
Total realized and unrealized gains (losses) included in OCI | (65) | (95) | (5) | 27 | |
Purchases, issuances, sales and settlements, net | 148 | 0 | 304 | 0 | 743 |
Transfers in | (274) | 63 | (41) | 63 | (90) |
Transfers (out) | (304) | (44) | (305) | (147) | |
Ending balance | 3,594 | 3,783 | 1,481 | 3,594 | 1,481 |
Total gains (losses) included in earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (66) | (89) | (5) | 35 | |
ABS | Available-for-sale Securities | Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | 4,409 | 6,445 | 4,131 | 4,109 | |
Total realized and unrealized gains (losses) included in income | 16 | (1) | 5 | 0 | |
Total realized and unrealized gains (losses) included in OCI | (125) | (135) | 2 | (25) | |
Purchases, issuances, sales and settlements, net | (1,096) | (1,241) | 99 | (1,241) | 214 |
Transfers in | 1,822 | (42) | 0 | (42) | (61) |
Transfers (out) | 0 | 0 | (1,864) | (61) | |
Ending balance | 5,026 | 4,409 | 4,237 | 5,026 | 4,237 |
Total gains (losses) included in earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (126) | (138) | 2 | (25) | |
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 | 5 | 14 | 174 | 208 | |
Total realized and unrealized gains (losses) included in income | 0 | (2) | 0 | 0 | |
Total realized and unrealized gains (losses) included in OCI | (3) | 0 | 0 | 1 | |
Purchases, issuances, sales and settlements, net | (2) | (12) | 102 | (12) | 67 |
Transfers in | 0 | 0 | 0 | 0 | 0 |
Transfers (out) | 0 | 0 | 0 | 0 | |
Ending balance | 0 | 5 | 276 | 0 | 276 |
Total gains (losses) included in earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 1 | |
CLO | Available-for-sale Securities | Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | 332 | 202 | |||
Total realized and unrealized gains (losses) included in income | 0 | 0 | |||
Total realized and unrealized gains (losses) included in OCI | (7) | (7) | |||
Purchases, issuances, sales and settlements, net | 0 | 130 | |||
Transfers in | 0 | 0 | |||
Ending balance | 325 | 332 | 325 | ||
Total gains (losses) included in earnings | 0 | 0 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (7) | (7) | |||
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 | 1,499 | 1,339 | 782 | 778 | |
Total realized and unrealized gains (losses) included in income | 0 | (3) | 4 | 8 | |
Total realized and unrealized gains (losses) included in OCI | (58) | (77) | 6 | 21 | |
Purchases, issuances, sales and settlements, net | 40 | 180 | 74 | 180 | 56 |
Transfers in | 107 | 149 | 117 | 149 | 120 |
Transfers (out) | (43) | (86) | (44) | (115) | |
Ending balance | 1,588 | 1,499 | 983 | 1,588 | 983 |
Total gains (losses) included in earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (58) | (76) | 6 | 22 | |
Corporate | Available-for-sale Securities | Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | 761 | 670 | 201 | 195 | |
Total realized and unrealized gains (losses) included in income | 0 | (4) | 0 | 0 | |
Total realized and unrealized gains (losses) included in OCI | (7) | (6) | 0 | 6 | |
Purchases, issuances, sales and settlements, net | 42 | 136 | 0 | 136 | 0 |
Transfers in | 53 | 53 | (201) | 53 | (201) |
Transfers (out) | 0 | (201) | 0 | (201) | |
Ending balance | 849 | 761 | 0 | 849 | 0 |
Total gains (losses) included in earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (7) | (6) | 0 | 0 | |
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 | 10 | 43 | 48 | 43 | |
Total realized and unrealized gains (losses) included in income | 0 | 0 | 1 | 0 | |
Total realized and unrealized gains (losses) included in OCI | 0 | (17) | 0 | 5 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | 2 | 0 | 3 |
Transfers in | (10) | (26) | 0 | (26) | 0 |
Transfers (out) | (10) | 0 | (26) | ||
Ending balance | 0 | 10 | 51 | 0 | 51 |
Total gains (losses) included in earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 1 | 1 | 4 | |
CMBS | Available-for-sale Securities | Investments, excluding investments in Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases, issuances, sales and settlements, net | 3 | ||||
Transfers in | 0 | ||||
Transfers (out) | 0 | ||||
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 | 2 | 2 | |
Total realized and unrealized gains (losses) included in income | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | 0 | 0 | |
Transfers in | 0 | 0 | 0 | 0 | |
Transfers (out) | 0 | 0 | |||
Ending balance | 2 | 2 | 2 | 2 | 2 |
Total gains (losses) included in earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | |
U.S. state, municipal and political subdivisions | Available-for-sale Securities | 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 | (1) | ||||
Purchases, issuances, sales and settlements, net | (1) | ||||
Transfers in | (32) | ||||
Transfers (out) | (32) | ||||
Ending balance | 0 | 0 | |||
Total gains (losses) included in earnings | 0 | ||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (1) | ||||
Derivative Financial Instruments, Liabilities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | (3) | (3) | (5) | (4) | |
Total realized and unrealized gains (losses) included in income | 2 | 2 | 1 | 0 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | 0 | 0 | |
Transfers in | 0 | 0 | 0 | 0 | |
Ending balance | (1) | (3) | (4) | (1) | (4) |
Total gains (losses) included in earnings | 0 | 0 | 1 | 0 | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | |
Interest sensitive contract liabilities | Embedded derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | (6,704) | (7,559) | (12,473) | (12,873) | |
Total realized and unrealized gains (losses) included in income | 1,487 | 2,444 | (1,183) | (848) | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 234 | (21) | 336 | (86) | |
Transfers in | 0 | 0 | 0 | 0 | 0 |
Transfers (out) | 0 | 0 | 0 | 0 | |
Ending balance | (5,451) | (6,704) | (13,635) | (5,451) | (13,635) |
Total gains (losses) included in earnings | 0 | 0 | 0 | 0 | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | |
Universal life | Interest sensitive contract liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | (1,096) | (1,235) | (1,108) | (1,308) | |
Total realized and unrealized gains (losses) included in income | 153 | 292 | (80) | 120 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | 0 | 0 | |
Transfers in | 0 | 0 | 0 | 0 | |
Ending balance | (943) | (1,096) | (1,188) | (943) | (1,188) |
Total gains (losses) included in earnings | 0 | 0 | 0 | 0 | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | |
AmerUs Closed Block | Future policy benefits | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | (1,378) | (1,520) | (1,497) | (1,600) | |
Total realized and unrealized gains (losses) included in income | 131 | 273 | (54) | 49 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | 0 | 0 | |
Transfers in | 0 | 0 | 0 | 0 | |
Ending balance | (1,247) | (1,378) | (1,551) | (1,247) | (1,551) |
Total gains (losses) included in earnings | 0 | 0 | 0 | 0 | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | |
ILICO Closed Block and life benefits | Future policy benefits | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beginning balance | (704) | (742) | (757) | (776) | |
Total realized and unrealized gains (losses) included in income | 81 | 119 | 14 | 33 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | 0 | 0 | |
Transfers in | 0 | 0 | 0 | 0 | |
Ending balance | (623) | (704) | (743) | $ (623) | (743) |
Total gains (losses) included in earnings | 0 | 0 | 0 | 0 | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value - Gross Components o
Fair Value - Gross Components of Purchases, Sales, Issuances and Settlements, net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases | $ 5,418 | $ 2,153 | $ 12,658 | $ 2,799 | |
Issuances | 0 | 0 | 0 | 0 | |
Sales | (1,416) | (63) | (3,734) | (800) | |
Settlements | (3,197) | (1,214) | (4,746) | (420) | |
Purchases, (Sales), Issuances, (Settlements) | 805 | $ 4,178 | 876 | 4,178 | 1,579 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 5,008 | 225 | 17,402 | 424 | |
Transfers (out) | (13,463) | (352) | (19,793) | (590) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (8,455) | (2,391) | (127) | (2,391) | (166) |
Purchases | 0 | 0 | 0 | 0 | |
Issuances | (361) | (197) | (616) | (372) | |
Sales | 0 | 0 | 0 | 0 | |
Settlements | (127) | (218) | (280) | (458) | |
Purchases, (Sales), Issuances, (Settlements), Liabilities | (234) | (336) | 21 | (336) | 86 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 | 0 | 0 | |
Transfers (out) | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | 0 | 0 | 0 | 0 | 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 | 29 | 59 | 0 | ||
Sales | 0 | 0 | 0 | ||
Settlements | (29) | (29) | 0 | ||
Purchases, (Sales), Issuances, (Settlements) | 0 | 30 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | ||
Transfers (out) | 0 | 0 | (2) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | (2) | ||
Short-term Investments [Member] | Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases | 0 | 53 | |||
Sales | 0 | 0 | |||
Settlements | 0 | 0 | |||
Purchases, (Sales), Issuances, (Settlements) | 0 | 53 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |||
Transfers (out) | (53) | (53) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (53) | (53) | |||
Trading securities | Consolidated Entity, excluding Affiliated Entity | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases | 40 | ||||
Sales | (39) | ||||
Settlements | 0 | ||||
Purchases, (Sales), Issuances, (Settlements) | 2 | 5 | 8 | 1 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 23 | ||||
Transfers (out) | (3) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (33) | 5 | (13) | 20 | |
Trading securities | Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases | 7 | 113 | 36 | 236 | |
Sales | (787) | 0 | (1,052) | (1) | |
Settlements | (28) | (82) | (46) | (73) | |
Purchases, (Sales), Issuances, (Settlements) | (808) | (1,062) | 31 | (1,062) | 162 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 1,443 | 12 | 1,443 | 0 | |
Transfers (out) | 0 | (19) | (1,260) | (29) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 1,443 | 183 | (7) | 183 | (29) |
Trading securities | Variable Interest Entities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases | 0 | 0 | |||
Sales | 0 | 0 | |||
Settlements | 0 | 0 | |||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 330 | 330 | |||
Transfers (out) | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 330 | 330 | |||
Trading securities | Investments, excluding investments in Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases | 2 | 40 | 8 | ||
Sales | 0 | (35) | 0 | ||
Settlements | 0 | 0 | 0 | ||
Purchases, (Sales), Issuances, (Settlements) | 2 | 5 | 8 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 9 | 7 | 39 | ||
Transfers (out) | (42) | (2) | (52) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (33) | 5 | (13) | ||
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) | (3) | (3) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (381) | (381) | 0 | 0 | |
Equity securities | Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases | 0 | 11 | 0 | 45 | |
Sales | (119) | 0 | (119) | 0 | |
Settlements | 0 | (2) | 0 | (3) | |
Purchases, (Sales), Issuances, (Settlements) | (119) | (119) | 9 | (119) | 42 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 125 | 0 | 125 | 0 | |
Transfers (out) | 0 | 0 | (113) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 125 | 12 | 0 | 12 | 0 |
Equity securities | Investments, excluding investments in Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases | 0 | 0 | |||
Sales | (3) | (3) | |||
Purchases, (Sales), Issuances, (Settlements) | (3) | (3) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 19 | 19 | |||
Transfers (out) | (400) | (400) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (381) | (381) | |||
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 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 | 0 | |
Investment funds | Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases | 0 | ||||
Sales | (34) | ||||
Settlements | 0 | ||||
Purchases, (Sales), Issuances, (Settlements) | 0 | (34) | 0 | (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 | 0 | (2,031) | 0 | (2,031) | 0 |
Investment funds | Variable Interest Entities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases | 33 | 250 | 286 | 293 | |
Sales | (110) | 0 | (125) | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Purchases, (Sales), Issuances, (Settlements) | (77) | 161 | 250 | 161 | 293 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 1,006 | 0 | 11,087 | 109 | |
Transfers (out) | (10,486) | 0 | (11,520) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (9,480) | (433) | 0 | (433) | 109 |
Other | Variable Interest Entities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases | 31 | 31 | |||
Sales | 0 | 0 | |||
Settlements | 0 | 0 | |||
Purchases, (Sales), Issuances, (Settlements) | 31 | 31 | 31 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 1,902 | |||
Transfers (out) | (1,902) | (1,902) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (1,902) | 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 Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases | 0 | ||||
Sales | 0 | ||||
Settlements | (1) | ||||
Purchases, (Sales), Issuances, (Settlements) | (1) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ||||
Transfers (out) | (32) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (32) | ||||
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 | 1 | 1 | |||
Sales | 0 | 0 | |||
Settlements | (1) | (1) | |||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |||
Transfers (out) | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 | 0 | |
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 | 129 | 132 | 453 | 110 | |
Sales | (2) | (8) | (170) | (9) | |
Settlements | (87) | (50) | (103) | (45) | |
Purchases, (Sales), Issuances, (Settlements) | 40 | 180 | 74 | 180 | 56 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 150 | 203 | 193 | 235 | |
Transfers (out) | (43) | (86) | (44) | (115) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 107 | 149 | 117 | 149 | 120 |
Corporate | Available-for-sale Securities | Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases | 52 | 0 | 367 | 0 | |
Sales | 0 | 0 | (217) | 0 | |
Settlements | (10) | 0 | (14) | 0 | |
Purchases, (Sales), Issuances, (Settlements) | 42 | 136 | 0 | 136 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 53 | 0 | 53 | 0 | |
Transfers (out) | 0 | (201) | 0 | (201) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 53 | 53 | (201) | 53 | (201) |
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 | 110 | 0 | 110 | |
Sales | 0 | 0 | 0 | 0 | |
Settlements | (2) | (8) | (12) | (43) | |
Purchases, (Sales), Issuances, (Settlements) | (2) | (12) | 102 | (12) | 67 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | 0 | |
Transfers (out) | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 | 0 | 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) | 0 | 130 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 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 | 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) | 68 | 68 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |||
RMBS | Available-for-sale Securities | Investments, excluding investments in Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases | 68 | 68 | |||
Settlements | 0 | 0 | |||
Purchases, (Sales), Issuances, (Settlements) | 68 | 68 | |||
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 | |||
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 | 746 | 1,128 | 2,235 | 935 | |
Sales | (341) | (20) | (1,791) | 0 | |
Settlements | (257) | (804) | (444) | (192) | |
Purchases, (Sales), Issuances, (Settlements) | 148 | 0 | 304 | 0 | 743 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 30 | 3 | 368 | 57 | |
Transfers (out) | (304) | (44) | (305) | (147) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (274) | 63 | (41) | 63 | (90) |
ABS | Available-for-sale Securities | Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases | 899 | 365 | 1,273 | 1,026 | |
Sales | (6) | 0 | (93) | (751) | |
Settlements | (1,989) | (266) | (2,421) | (61) | |
Purchases, (Sales), Issuances, (Settlements) | (1,096) | (1,241) | 99 | (1,241) | 214 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 1,822 | 0 | 1,822 | 0 | |
Transfers (out) | 0 | 0 | (1,864) | (61) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 1,822 | (42) | 0 | (42) | (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 | 3 | 0 | ||
Sales | 0 | 0 | 0 | ||
Settlements | 0 | (1) | 0 | ||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | 2 | 0 | 3 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | ||
Transfers (out) | (10) | 0 | (26) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (10) | (26) | 0 | (26) | 0 |
CMBS | Available-for-sale Securities | Investments, excluding investments in Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases | 3 | ||||
Sales | 0 | ||||
Settlements | 0 | ||||
Purchases, (Sales), Issuances, (Settlements) | 3 | ||||
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 | ||||
Mortgage loans | Consolidated Entity, excluding Affiliated Entity | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases | 3,386 | 7,477 | 0 | ||
Sales | (48) | (130) | 0 | ||
Settlements | (789) | (1,512) | (1) | ||
Purchases, (Sales), Issuances, (Settlements) | 2,549 | 5,835 | 0 | 5,835 | (1) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | ||
Transfers (out) | 0 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 | 0 | 0 |
Mortgage loans | Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases | 36 | 182 | |||
Sales | 0 | 0 | |||
Settlements | (4) | (11) | |||
Purchases, (Sales), Issuances, (Settlements) | 32 | 171 | 171 | ||
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 | Variable Interest Entities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases | 0 | 0 | |||
Sales | 0 | 0 | |||
Settlements | (2) | (154) | |||
Purchases, (Sales), Issuances, (Settlements) | (2) | (154) | (154) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 21 | 21 | |||
Transfers (out) | (223) | (223) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (202) | (202) | (202) | ||
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) | 0 | 30 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 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) | 0 | 53 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (53) | (53) | |||
Reinsurance Recoverable Including Reinsurance Premium Paid [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 | 0 | |
Embedded derivatives | Funds withheld at interest | 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 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 | 0 | |
Embedded derivatives | Funds withheld at interest | Related Party | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 | 0 | |
Interest sensitive contract liabilities | Embedded derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases | 0 | 0 | 0 | 0 | |
Issuances | (361) | (197) | (616) | (372) | |
Sales | 0 | 0 | 0 | 0 | |
Settlements | (127) | (218) | (280) | (458) | |
Purchases, (Sales), Issuances, (Settlements), Liabilities | (234) | 21 | (336) | 86 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 | 0 | 0 | |
Transfers (out) | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | 0 | 0 | 0 | $ 0 | 0 |
Derivative Financial Instruments, Liabilities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Purchases, (Sales), Issuances, (Settlements), Liabilities | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value - Summary of Unobser
Fair Value - Summary of Unobservable Inputs for the Embedded Derivatives of Interest Sensitive Contract Liabilities (Details) $ in Millions | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | $ 100,966 | $ 110,561 |
Mortgage loans, net of allowances | 24,148 | |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | 10,186 | $ 10,167 |
Mortgage loans, net of allowances | $ 28,259 | |
Nonperformance risk | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.004 | 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 | 0.013 | 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 | 0.041 | 0.034 |
Option budget | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.017 | 0.019 |
Surrender rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.050 | 0.059 |
Surrender rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.109 | 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 | 0.016 | 0.014 |
Mortgage loans, Measurement Input | 0.025 | |
Measurement Input, Discount Rate [Member] | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.220 | 0.194 |
Mortgage loans, Measurement Input | 0.239 | |
Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.053 | 0.052 |
Mortgage loans, Measurement Input | 0.052 | |
Embedded derivatives | Interest sensitive contract liabilities | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total liabilities measured at fair value | $ 5,451 | $ 14,907 |
Fair Value - Financial Instrume
Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Mortgage loans | $ 24,148 | |
Investment funds | $ 11,165 | 9,866 |
Liabilities | ||
Interest sensitive contract liabilities | 164,571 | 156,325 |
Debt | 3,279 | 2,964 |
Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 25,218 | 20,748 |
Investment funds | 133 | 1,178 |
Investment funds | 25 | 183 |
Policy loans | 358 | 312 |
Funds withheld at interest | 37,638 | 43,907 |
Other investments | 855 | 1,473 |
Short-term investments | 264 | 139 |
Related Party | ||
Assets | ||
Mortgage loans | 1,416 | 1,360 |
Investment funds | 1,538 | 7,391 |
Investment funds | 818 | 2,958 |
Funds withheld at interest | 10,675 | 12,207 |
Other investments | 272 | 222 |
Liabilities | ||
Interest sensitive contract liabilities | 12,653 | 12,948 |
Variable Interest Entities | ||
Assets | ||
Mortgage loans | 1,992 | 2,040 |
Investment funds | 9,494 | 1,297 |
Other investments | 111 | 0 |
Carrying Value | ||
Assets | ||
Total assets measured at fair value | 56,043 | 86,190 |
Liabilities | ||
Interest sensitive contract liabilities | 116,164 | 105,293 |
Debt | 3,279 | 2,964 |
Securities Sold under Agreements to Repurchase | 4,109 | 3,110 |
Funds withheld liability | 394 | |
Total liabilities not carried at fair value | 123,552 | 111,761 |
Carrying Value | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 20,731 | |
Investment funds | 108 | 995 |
Policy loans | 358 | 312 |
Funds withheld at interest | 41,596 | 43,125 |
Other investments | 713 | 1,343 |
Short-term investments | 26 | |
Carrying Value | Related Party | ||
Assets | ||
Mortgage loans | 1,360 | |
Investment funds | 720 | 4,433 |
Funds withheld at interest | 11,804 | 11,629 |
Other investments | 272 | 222 |
Carrying Value | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 366 | 2,040 |
Other investments | 80 | |
Fair Value | ||
Assets | ||
Total assets measured at fair value | 56,043 | 86,719 |
Liabilities | ||
Interest sensitive contract liabilities | 105,039 | 108,621 |
Debt | 2,586 | 3,295 |
Securities Sold under Agreements to Repurchase | 4,109 | 3,110 |
Funds withheld liability | 394 | |
Total liabilities not carried at fair value | 111,734 | 115,420 |
Fair Value | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 21,138 | |
Investment funds | 108 | 995 |
Policy loans | 358 | 312 |
Funds withheld at interest | 41,596 | 43,125 |
Other investments | 713 | 1,343 |
Short-term investments | 26 | |
Fair Value | Related Party | ||
Assets | ||
Mortgage loans | 1,369 | |
Investment funds | 720 | 4,433 |
Funds withheld at interest | 11,804 | 11,629 |
Other investments | 272 | 223 |
Fair Value | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 366 | 2,152 |
Other investments | 80 | |
Level 1 | Fair Value | ||
Assets | ||
Total assets measured at fair value | 0 | 0 |
Liabilities | ||
Interest sensitive contract liabilities | 0 | 0 |
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 | 0 |
Other investments | 0 | |
Level 3 | ||
Assets | ||
Mortgage loans | 28,259 | |
Level 3 | Fair Value | ||
Assets | ||
Total assets measured at fair value | 54,857 | 80,979 |
Liabilities | ||
Interest sensitive contract liabilities | 105,039 | 108,621 |
Debt | 0 | 0 |
Securities Sold under Agreements to Repurchase | 0 | 0 |
Funds withheld liability | 0 | |
Total liabilities not carried at fair value | 105,039 | 108,621 |
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 | 41,596 | 43,125 |
Other investments | 713 | 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 | 11,804 | 11,629 |
Other investments | 272 | 223 |
Level 3 | Fair Value | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 366 | 2,152 |
Other investments | 80 | |
NAV | Fair Value | ||
Assets | ||
Total assets measured at fair value | 828 | 5,428 |
NAV | Fair Value | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Investment funds | 108 | 995 |
NAV | Fair Value | Related Party | ||
Assets | ||
Investment funds | 720 | 4,433 |
Level 2 | Fair Value | ||
Assets | ||
Total assets measured at fair value | 358 | 312 |
Liabilities | ||
Interest sensitive contract liabilities | 0 | 0 |
Debt | 2,586 | 3,295 |
Securities Sold under Agreements to Repurchase | 4,109 | 3,110 |
Funds withheld liability | 394 | |
Total liabilities not carried at fair value | 6,695 | 6,799 |
Level 2 | Fair Value | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Policy loans | 358 | 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 | $ 0 |
Other investments | $ 0 |
Fair Value - Narrative (Details
Fair Value - Narrative (Details) - USD ($) | Jun. 30, 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 | 6 Months Ended | |
Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
DAC | |||
Beginning balance | $ 0 | $ 3,236 | |
Additions | 434 | $ 434 | 287 |
Amortization | (1) | (303) | |
Impact of unrealized investment (gains) losses | 0 | 85 | |
Ending balance | 433 | 3,305 | |
DSI | |||
Beginning balance | 0 | 857 | |
Additions | 162 | 115 | |
Deferred sales inducement amortization expense excluding unlocking | 0 | (106) | |
Impact of unrealized investment (gains) losses | 0 | 27 | |
Ending balance | 162 | 893 | |
VOBA | |||
Beginning balance | 4,547 | 813 | |
Additions | 0 | 0 | |
Amortization | (249) | (91) | |
Impact of unrealized investment (gains) losses | (3) | 44 | |
Ending balance | 4,295 | 766 | |
Total | |||
Beginning balance | 4,547 | 5,362 | 4,906 |
Additions | 596 | 402 | |
Amortization | $ (250) | (500) | |
Impact of unrealized investment (gains) losses | (3) | 156 | |
Ending balance | 4,890 | $ 4,964 | |
Present Value of Future Insurance Profit | |||
Present Value of Future Insurance Profits, Expected Amortization, Remainder of Fiscal Year | 239 | ||
Present Value of Future Insurance Profits, Expected Amortization, Year One | 447 | ||
Present Value of Future Insurance Profits, Expected Amortization, Year Two | 410 | ||
Present Value of Future Insurance Profits, Expected Amortization, Year Three | 377 | ||
Present Value of Future Insurance Profits, Expected Amortization, Year Four | 342 | ||
Present Value of Future Insurance Profits, Expected Amortization, Year Five | $ 304 |
Debt (Details)
Debt (Details) - Liquidity Facility - USD ($) $ in Millions | Aug. 05, 2022 | Jul. 01, 2022 |
Subsequent Event | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 2,500 | |
Maximum borrowing capacity | 3,000 | |
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | |
Athene Life Re Ltd. | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Covenant Terms, Consolidated Net Worth Requirement, Amount | $ 9,300 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 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 | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jan. 01, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | $ (4,674) | $ 2,021 | $ 2,430 | $ 3,971 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (9,787) | 3,337 | (9,787) | 3,337 | $ 0 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (7,342) | 1,839 | (13,941) | (754) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (92) | 54 | (136) | 83 | |
Income tax expense (benefit) | (1,283) | 345 | (2,453) | (151) | |
Other comprehensive income (loss) attributable to NCI | 854 | (124) | 1,565 | 52 | |
Ending balance | (9,787) | 3,337 | (9,787) | 3,337 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Noncontrolling Interest [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (4,747) | 2,808 | 5,352 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (9,996) | 4,423 | (9,996) | 4,423 | 0 |
Other comprehensive income (loss) attributable to NCI | 862 | (130) | 1,538 | 47 | |
Ending balance | (9,996) | 4,423 | (9,996) | 4,423 | |
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (65) | (29) | (53) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (138) | (36) | (138) | (36) | 0 |
Ending balance | (138) | (36) | (138) | (36) | |
DAC, DSI, VOBA, future policy benefits and dividends payable to policyholders adjustments on AFS securities | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | 211 | (717) | (1,310) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 432 | (1,082) | 432 | (1,082) | 0 |
Ending balance | 432 | (1,082) | 432 | (1,082) | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (79) | (49) | (26) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (28) | 23 | (28) | 23 | 0 |
Ending balance | (28) | 23 | (28) | 23 | |
AOCI, Accumulated Gain (Loss), Debt Securities, with credit allowance, portion attributable to NCI [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other comprehensive income (loss) attributable to NCI | 10 | 3 | 19 | 1 | |
Accumulated Foreign Currency Adjustment and Other Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | 6 | 8 | 8 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (57) | 9 | (57) | 9 | $ 0 |
Ending balance | (57) | 9 | (57) | 9 | |
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 | (7,568) | 2,205 | (14,213) | (1,130) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (116) | 39 | (154) | 78 | |
Income tax expense (benefit) | (1,341) | 421 | (2,525) | (232) | |
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 | (94) | (15) | (191) | 17 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 7 | (3) | 0 | (3) | |
Income tax expense (benefit) | (18) | (2) | (34) | 4 | |
Deferred Acquisition Costs, Deferred Value of Business Acquired and Future Policy Benefit Adjustment on Available-for-sale Securities Attributable to Noncontrolling Interest [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other comprehensive income (loss) attributable to NCI | 0 | 0 | 0 | 0 | |
Accumulated Net Investment Gain (Loss), Including Deferred Acquisition Costs, Deferred Sales Inducements, Value of Business Acquired, Future Policy Benefits, Including Noncontrolling Interest [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 282 | (471) | 550 | 270 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 2 | (9) | 3 | (19) | |
Income tax expense (benefit) | 59 | (97) | 115 | 61 | |
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 | 96 | 119 | (33) | 88 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 15 | 27 | 15 | 27 | |
Income tax expense (benefit) | 17 | 23 | (9) | 16 | |
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 | (58) | 1 | (54) | 1 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | 0 | 0 | |
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other comprehensive income (loss) attributable to NCI | (13) | 3 | 11 | 4 | |
Accumulated Foreign Currency Adjustment and Other Attributable to Noncontrolling Interest [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other comprehensive income (loss) attributable to NCI | $ (5) | $ 0 | $ (3) | $ 0 |
Related Parties - Management Fe
Related Parties - Management Fees Incurred (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Related Party Transaction [Line Items] | ||
Backbook Value | $ 103,400 | |
Related Party | Asset management fees | ||
Related Party Transaction [Line Items] | ||
Expenses from transactions with related parties | $ 182 | $ 140 |
Related Parties - Narrative (De
Related Parties - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) | Jan. 01, 2022 | Dec. 31, 2021 USD ($) shares | Feb. 28, 2020 USD ($) shares | |
Related Party Transaction [Line Items] | ||||||||
Investment funds | $ 11,165 | $ 11,165 | $ 11,165 | $ 9,866 | ||||
Payments to Acquire Investment Funds | 3,256 | $ 1,056 | ||||||
Contributions from noncontrolling interests | 400 | $ 85 | 711 | 320 | ||||
Interest sensitive contract liabilities | 164,571 | 164,571 | 164,571 | 156,325 | ||||
Other assets (related party: 2022 – $83 and 2021 – $0) | 8,947 | 8,947 | 8,947 | 1,257 | ||||
Backbook Value | 103,400 | 103,400 | 103,400 | |||||
Issuance of common stock | 0 | 7 | ||||||
Payments to Acquire Debt Securities, Available-for-sale | 18,665 | 17,987 | ||||||
Available-for-sale securities | 100,966 | 100,966 | 100,966 | 110,561 | ||||
Proceeds from Investment Funds | 940 | 946 | ||||||
Management Fee, Percent | 0.0335 | |||||||
Assets contributed to consolidated VIEs | 169 | |||||||
Available-for-sale securities (related party: 2022 – $3,047 and 2021 – $881) | 14,494 | 9,018 | ||||||
Noncontrolling interests | ||||||||
Related Party Transaction [Line Items] | ||||||||
Contributions from noncontrolling interests | 400 | 85 | 711 | 320 | ||||
Noncontrolling Interest, Payable For Contingent Investment Fees | 135 | 135 | 135 | 81 | ||||
Related Party | Management fees associated with investment funds | ||||||||
Related Party Transaction [Line Items] | ||||||||
Expenses from transactions with related parties | 182 | $ 140 | ||||||
Apollo Aligned Alternatives, L.P. | ||||||||
Related Party Transaction [Line Items] | ||||||||
Assets contributed to consolidated VIEs | 7,845 | |||||||
Investments | ||||||||
Related Party Transaction [Line Items] | ||||||||
Investment commitment | 16,345 | 16,345 | 16,345 | |||||
Private equity | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management Fee, Percent | 0.045 | |||||||
Variable Interest Entities | ||||||||
Related Party Transaction [Line Items] | ||||||||
Other investments | 111 | 111 | 111 | 0 | ||||
Investment funds | 9,494 | 9,494 | 9,494 | 1,297 | ||||
Other assets (related party: 2022 – $83 and 2021 – $0) | 66 | 66 | 66 | 32 | ||||
Trading securities, at fair value | 386 | 386 | 386 | 0 | ||||
Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Other investments | 272 | 272 | 272 | 222 | ||||
Investment funds | 1,538 | 1,538 | 1,538 | 7,391 | ||||
Payments to Acquire Investment Funds | 3,130 | 923 | ||||||
Interest sensitive contract liabilities | 12,653 | 12,653 | 12,653 | 12,948 | ||||
Other assets (related party: 2022 – $83 and 2021 – $0) | 83 | 83 | 83 | 0 | ||||
Equity securities, at fair value | 163 | 163 | 163 | 284 | ||||
Trading securities, at fair value | 898 | 898 | 898 | 1,781 | ||||
Payments to Acquire Debt Securities, Available-for-sale | 1,880 | 1,626 | ||||||
Available-for-sale securities | 8,955 | 8,955 | 8,955 | 10,402 | ||||
Proceeds from Investment Funds | 769 | 892 | ||||||
Available-for-sale securities (related party: 2022 – $3,047 and 2021 – $881) | 3,047 | 881 | ||||||
Related Party | Management fees associated with investment funds | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due to related parties | 72 | 72 | 72 | 59 | ||||
Expenses from transactions with related parties | 368 | 284 | ||||||
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 | 996 | 996 | $ 996 | 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 | $ 157 | $ 157 | $ 157 | 171 | ||||
Related Party | Venerable | ||||||||
Related Party Transaction [Line Items] | ||||||||
Investment Interest Rate | 6.257% | 6.257% | 6.257% | |||||
Related Party | Apollo Athene Strategic Partnership Advisors, LLC [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Investment funds | $ 144 | $ 144 | $ 144 | 415 | ||||
Strategic Partnership Capacity | 2,875 | 2,875 | 2,875 | |||||
Related Party | PK AirFinance [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt Securities | 1,102 | 1,102 | 1,102 | 1,401 | ||||
Related Party | Apollo Operating Group | ||||||||
Related Party Transaction [Line Items] | ||||||||
Investment Owned, Balance, Shares | 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 | 931 | 931 | 931 | 2,419 | ||||
Available-for-sale securities (related party: 2022 – $3,047 and 2021 – $881) | 1,479 | |||||||
Related Party | Funding Agreements | Athora Holding Ltd. | ||||||||
Related Party Transaction [Line Items] | ||||||||
Interest sensitive contract liabilities | 58 | 58 | 58 | 63 | ||||
Related Party | Investments | Athora Holding Ltd. | ||||||||
Related Party Transaction [Line Items] | ||||||||
Investment commitment | 472 | 472 | 472 | |||||
Related Party | Investments | PK AirFinance [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Investment commitment | 1,548 | 1,548 | 1,548 | |||||
Related Party | Redeemable Preferred Stock [Member] | MidCap | ||||||||
Related Party Transaction [Line Items] | ||||||||
Trading securities, at fair value | 7 | |||||||
Related Party | Private equity | Venerable | ||||||||
Related Party Transaction [Line Items] | ||||||||
Other investments | 272 | 272 | 272 | 222 | ||||
Related Party | Differentiated investments | Athora Holding Ltd. | ||||||||
Related Party Transaction [Line Items] | ||||||||
Investment funds | 818 | 818 | 818 | 743 | ||||
Investments | 975 | 975 | 975 | 914 | ||||
Related Party | Differentiated investments | Venerable | ||||||||
Related Party Transaction [Line Items] | ||||||||
Investment funds | 230 | 230 | 230 | 219 | ||||
ABS | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Available-for-sale securities | $ 5,269 | $ 5,269 | $ 5,269 | 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) | shares | 203,800,000 | 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) | shares | 7,575,758 | |||||||
Issuance of common stock | $ 350 | |||||||
Investments | $ 2,112 | |||||||
Exchange of stock [Member] | Common Class A | Related Party | Apollo Operating Group | ||||||||
Related Party Transaction [Line Items] | ||||||||
Common stock issued (in shares) | shares | 27,959,184 | |||||||
ACRA | ||||||||
Related Party Transaction [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 63.45% | 63.45% | 63.45% | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 36.55% | 36.55% | 36.55% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Other Commitments [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 1,358 | ||
Advances from FHLB | 3,046 | $ 2,751 | |
Interest sensitive contract liabilities | 164,571 | 156,325 | |
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 | 16,345 | ||
Funding Agreement Backed Repurchase Agreements [Member] | |||
Other Commitments [Line Items] | |||
Interest sensitive contract liabilities | 2,000 | 1,000 | |
Athene Global Funding | Funding Agreements | |||
Other Commitments [Line Items] | |||
Maximum borrowing capacity | 11,448 | ||
Interest sensitive contract liabilities | $ 23,009 | $ 19,728 |
Commitments and Contingencies_2
Commitments and Contingencies - Pledged Assets and Funds in Trust (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
AFS securities | $ 11,038 | $ 9,111 |
Debt Securities, Trading, Restricted | 54 | 75 |
Equity securities | 46 | 30 |
Mortgage Loans | 28,626 | |
Investment funds | 102 | 174 |
Derivative assets pledged as collateral | 52 | 96 |
Mortgage loans, net of allowances | 24,148 | |
Other investments | 142 | 130 |
Restricted cash | 753 | 796 |
Total restricted assets | 19,214 | 15,445 |
Other Commitments [Line Items] | ||
Mortgage loans, net of allowances | 24,148 | |
Short-term investments | 3 | 0 |
Asset Pledged as Collateral | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Mortgage loans, net of allowances | 7,024 | 5,033 |
Other Commitments [Line Items] | ||
Mortgage loans, net of allowances | $ 7,024 | $ 5,033 |