Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-37963 | |
Entity Registrant Name | ATHENE HOLDING LTD | |
Entity Incorporation, State or Country Code | D0 | |
Entity Tax Identification Number | 98-0630022 | |
Entity Address, Address Line One | Second Floor, Washington House | |
Entity Address, Address Line Two | 16 Church Street | |
Entity Address, City or Town | Hamilton | |
Entity Address, Postal Zip Code | HM 11 | |
Entity Address, Country | BM | |
City Area Code | 441 | |
Local Phone Number | 279-8400 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 203,805,432 | |
Entity Central Index Key | 0001527469 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
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 | |
Series E Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 7.75% Fixed-Rate Reset Perpetual Non-Cumulative Preference Share, Series E | |
Trading Symbol | ATHPrE | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Investments | ||
Available-for-sale securities | $ 129,700 | $ 112,225 |
Investment funds | 16,818 | 14,128 |
Derivative assets | 4,571 | 3,309 |
Cash and cash equivalents | 9,996 | 7,779 |
Restricted cash | 1,218 | 628 |
Accrued investment income (related party: 2023 – $161 and 2022 – $105) | 1,792 | 1,328 |
Reinsurance recoverable (portion at fair value: 2023 – $1,301 and 2022 – $1,388) | 4,058 | 4,358 |
Deferred acquisition costs, deferred sales inducements and value of business acquired | 5,448 | 4,466 |
Goodwill | 4,060 | 4,058 |
Other assets (related party: 2023 – $184 and 2022 – $161) | 8,628 | 8,693 |
Total assets | 269,763 | 243,931 |
Liabilities | ||
Interest sensitive contract liabilities (related party: 2023 – $9,055 and 2022 – $11,889; portion at fair value: 2023 – $8,084 and 2022 – $6,670) | 189,065 | 173,616 |
Future policy benefits | 46,672 | 42,110 |
Market risk benefits | 3,021 | 2,970 |
Debt | 3,634 | 3,658 |
Derivative liabilities | 1,892 | 1,646 |
Payables for collateral on derivatives and securities to repurchase | 7,652 | 6,707 |
Other liabilities (related party: 2023 – $606 and 2022 – $564) | 2,543 | 1,860 |
Total liabilities | 255,734 | 233,382 |
Commitments and Contingencies (Note 14) | ||
Equity | ||
Preferred stock | 0 | 0 |
Common stock | 0 | 0 |
Additional paid-in capital | 19,447 | 18,119 |
Retained deficit | (2,831) | (3,640) |
Accumulated other comprehensive loss (related party: 2023 – $(427) and 2022 – $(167)) | (8,079) | (7,321) |
Total Athene Holding Ltd. shareholders’ equity | 8,537 | 7,158 |
Noncontrolling interests | 5,492 | 3,391 |
Total equity | 14,029 | 10,549 |
Total liabilities and equity | 269,763 | 243,931 |
Variable Interest Entities | ||
Investments | ||
Trading securities, at fair value | 2,133 | 1,063 |
Mortgage loans | 2,042 | 2,055 |
Investment funds | 15,090 | 12,480 |
Other investments | 94 | 101 |
Cash and cash equivalents | 152 | 362 |
Other assets (related party: 2023 – $184 and 2022 – $161) | 99 | 112 |
Liabilities | ||
Other liabilities (related party: 2023 – $606 and 2022 – $564) | 1,255 | 815 |
Consolidated Entity, excluding Affiliated Entity | ||
Investments | ||
Available-for-sale securities | 115,715 | 102,404 |
Trading securities, at fair value | 1,592 | 1,595 |
Equity securities (portion at fair value: 2023 – $916 and 2022 – $1,087) | 1,316 | 1,487 |
Mortgage loans | 37,978 | 27,454 |
Investment funds | 124 | 79 |
Policy loans | 336 | 347 |
Funds withheld at interest | 25,953 | 32,880 |
Derivative assets | 4,571 | 3,309 |
Short-term Investments | 527 | 2,160 |
Other investments | 947 | 773 |
Total investments | 189,059 | 172,488 |
Related Party | ||
Investments | ||
Available-for-sale securities | 13,985 | 9,821 |
Trading securities, at fair value | 871 | 878 |
Equity securities, at fair value | 304 | 279 |
Mortgage loans | 1,234 | 1,302 |
Investment funds | 1,604 | 1,569 |
Funds withheld at interest | 6,620 | 9,808 |
Short-term Investments | 949 | 0 |
Other investments | 327 | 303 |
Accrued investment income (related party: 2023 – $161 and 2022 – $105) | 161 | 105 |
Other assets (related party: 2023 – $184 and 2022 – $161) | 184 | 161 |
Liabilities | ||
Interest sensitive contract liabilities (related party: 2023 – $9,055 and 2022 – $11,889; portion at fair value: 2023 – $8,084 and 2022 – $6,670) | 9,055 | 11,889 |
Future policy benefits | 3 | 1,353 |
Market risk benefits | 183 | 195 |
Other liabilities (related party: 2023 – $606 and 2022 – $564) | 606 | 564 |
Equity | ||
Accumulated other comprehensive loss (related party: 2023 – $(427) and 2022 – $(167)) | $ (427) | $ (167) |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
AFS securities allowance for credit losses | $ 579 | $ 459 |
Available-for-sale securities | 150,894 | 131,422 |
Accrued investment income (related party: 2023 – $161 and 2022 – $105) | 1,792 | 1,328 |
Reinsurance recoverable (portion at fair value: 2023 – $1,301 and 2022 – $1,388) | 4,058 | 4,358 |
Other assets (related party: 2023 – $184 and 2022 – $161) | 8,628 | 8,693 |
Investment funds | 16,818 | 14,128 |
Liabilities and Equity | ||
Interest sensitive contract liabilities | 189,065 | 173,616 |
Future policy benefits | 46,672 | 42,110 |
Liability | 3,021 | 2,970 |
Other liabilities | 2,543 | 1,860 |
Accumulated other comprehensive loss (related party: 2023 – $(427) and 2022 – $(167)) | (8,079) | (7,321) |
Related Party | ||
Assets | ||
AFS securities allowance for credit losses | 1 | 1 |
Available-for-sale securities | 14,578 | 10,440 |
Equity securities, at fair value | 304 | 279 |
Short-term Investments | 949 | 0 |
Other investments | 327 | 303 |
Investment funds | 1,043 | 959 |
Accrued investment income (related party: 2023 – $161 and 2022 – $105) | 161 | 105 |
Other assets (related party: 2023 – $184 and 2022 – $161) | 184 | 161 |
Trading securities, at fair value | 871 | 878 |
Mortgage loans, net of allowances | 1,234 | 1,302 |
Investment funds | 1,604 | 1,569 |
Liabilities and Equity | ||
Interest sensitive contract liabilities | 9,055 | 11,889 |
Future policy benefits | 3 | 1,353 |
Liability | 183 | 195 |
Other liabilities | 606 | 564 |
Accumulated other comprehensive loss (related party: 2023 – $(427) and 2022 – $(167)) | (427) | (167) |
Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
AFS securities allowance for credit losses | 578 | 458 |
Available-for-sale securities | 136,316 | 120,982 |
Short-term Investments | 527 | 2,160 |
Other investments | 947 | 773 |
Trading securities, at fair value | 1,592 | 1,595 |
Mortgage loans, net of allowances | 37,978 | 27,454 |
Investment funds | 124 | 79 |
Consolidated Entity, Affiliated Entity and VIE Primary Beneficiary | ||
Assets | ||
Other investments | 79 | 73 |
Trading securities, at fair value | 693 | 0 |
Mortgage loans, net of allowances | 336 | 342 |
Investment funds | 14,594 | 10,068 |
Liabilities and Equity | ||
Other liabilities | 584 | 292 |
Fair Value | ||
Assets | ||
Short-term Investments | 1,640 | |
Liabilities and Equity | ||
Interest sensitive contract liabilities | 126,779 | 111,608 |
Fair Value | Related Party | ||
Assets | ||
Short-term Investments | 949 | |
Investment funds | 561 | 610 |
Fair Value | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Other investments | 45 | 162 |
Investment funds | 124 | 79 |
Recurring | Fair Value | ||
Assets | ||
Reinsurance recoverable (portion at fair value: 2023 – $1,301 and 2022 – $1,388) | 1,301 | 1,388 |
Other assets (related party: 2023 – $184 and 2022 – $161) | 431 | |
Liabilities and Equity | ||
Interest sensitive contract liabilities | 8,084 | 6,670 |
Future policy benefits | 1,651 | 1,712 |
Liability | 3,021 | 2,970 |
Recurring | Fair Value | Related Party | ||
Assets | ||
Equity securities, at fair value | 304 | 279 |
Embedded derivative assets, fair value | (972) | (1,425) |
Other investments | 327 | 303 |
Reinsurance recoverable (portion at fair value: 2023 – $1,301 and 2022 – $1,388) | 1,388 | |
Trading securities, at fair value | 871 | 878 |
Mortgage loans, net of allowances | 1,234 | 1,302 |
Investment funds | 1,043 | 959 |
Recurring | Fair Value | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Equity securities, at fair value | 916 | 1,087 |
Embedded derivative assets, fair value | (4,981) | (4,847) |
Short-term Investments | 527 | 520 |
Other investments | 763 | 611 |
Trading securities, at fair value | 1,592 | 1,595 |
Mortgage loans, net of allowances | $ 37,978 | $ 27,454 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues | ||||
Premiums Earned, Net | $ 26 | $ 3,045 | $ 9,163 | $ 10,769 |
Insurance Commissions and Fees | 217 | 184 | 622 | 525 |
Net Investment Income | 2,928 | 1,843 | 8,052 | 5,252 |
Investment related gains (losses) | (2,624) | (2,848) | (1,193) | (12,811) |
Other Income | 564 | (26) | 584 | (38) |
Total revenues | 1,436 | 2,310 | 18,182 | 3,836 |
Benefits and expenses | ||||
Interest sensitive contract benefits | 333 | 171 | 3,634 | (581) |
Future policy and other policy benefits | 368 | 3,270 | 10,346 | 11,230 |
Market risk benefits remeasurement (gains) losses | (441) | (458) | (166) | (1,689) |
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired | 211 | 112 | 502 | 318 |
Policy and other operating expenses | 472 | 388 | 1,359 | 1,083 |
Total benefits and expenses | 943 | 3,483 | 15,675 | 10,361 |
Income (loss) before income taxes | 493 | (1,173) | 2,507 | (6,525) |
Income tax expense (benefit) | 162 | (121) | 458 | (783) |
Net income (loss) | 331 | (1,052) | 2,049 | (5,742) |
Less: Net income (loss) attributable to noncontrolling interests | (155) | (465) | 354 | (2,435) |
Net income (loss) attributable to Athene Holding Ltd. shareholders | 486 | (587) | 1,695 | (3,307) |
Less: Preferred stock dividends | 44 | 35 | 136 | 105 |
Net income (loss) available to Athene Holding Ltd. common shareholder | 442 | (622) | 1,559 | (3,412) |
Variable Interest Entities | ||||
Revenues | ||||
Net Investment Income | 75 | 33 | 210 | 80 |
Investment related gains (losses) | 250 | 79 | 744 | 59 |
Consolidated Entity Excluding Variable Interest Entities (VIE) | ||||
Revenues | ||||
Net Investment Income | 2,928 | 1,843 | 8,052 | 5,252 |
Investment related gains (losses) | $ (2,624) | $ (2,848) | $ (1,193) | $ (12,811) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income (Loss) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Premiums earned | $ 26 | $ 3,045 | $ 9,163 | $ 10,769 |
Product charges | 217 | 184 | 622 | 525 |
Net Investment Income | 2,928 | 1,843 | 8,052 | 5,252 |
Investment expense | 286 | 202 | 759 | 582 |
Investment gains (losses), net of offsets | (2,624) | (2,848) | (1,193) | (12,811) |
Other Income | 564 | (26) | 584 | (38) |
Interest sensitive contract benefits | 333 | 171 | 3,634 | (581) |
Future policy and other policy benefits | 368 | 3,270 | 10,346 | 11,230 |
Remeasurement (gains) losses | (30) | 5 | (36) | (5) |
Market risk benefits remeasurement (gains) losses | 441 | 458 | 166 | 1,689 |
Policy and other operating expenses | 472 | 388 | 1,359 | 1,083 |
Related Party | ||||
Premiums earned | 3 | 61 | 11 | 208 |
Product charges | 10 | 11 | 30 | 31 |
Net Investment Income | 405 | 234 | 1,195 | 959 |
Investment expense | 249 | 195 | 703 | 563 |
Investment gains (losses), net of offsets | (187) | (541) | (168) | (1,751) |
Other Income | 563 | (18) | 563 | 0 |
Interest sensitive contract benefits | 14 | 13 | 118 | (35) |
Future policy and other policy benefits | 4 | 71 | 39 | 227 |
Market risk benefits remeasurement (gains) losses | 47 | 17 | 128 | |
Market risk benefits remeasurement (gains) losses | (34) | |||
Policy and other operating expenses | 34 | 77 | 95 | 195 |
Consolidated Entity, Affiliated Entity and VIE Primary Beneficiary | ||||
Net Investment Income | 18 | 13 | 45 | 15 |
Investment gains (losses), net of offsets | $ 305 | $ 171 | $ 840 | $ 230 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 331 | $ (1,052) | $ 2,049 | $ (5,742) |
Other comprehensive income (loss), before tax | ||||
Unrealized investment gains (losses) on available-for-sale securities | (3,155) | (5,928) | (1,767) | (20,178) |
Unrealized gains (losses) on hedging instruments | (213) | (80) | (280) | (128) |
Remeasurement gains (losses) on future policy benefits related to discount rate | 1,317 | 2,374 | 1,328 | 8,833 |
Remeasurement gains (losses) on market risk benefits related to credit risk | (254) | (52) | (220) | 524 |
Foreign currency translation and other adjustments | (21) | 9 | 6 | (72) |
Other Comprehensive Income (Loss), before Tax, Total | (2,326) | (3,677) | (933) | (11,021) |
Income tax expense (benefit) related to other comprehensive income (loss) | (476) | (727) | (175) | (2,220) |
Other comprehensive income (loss) | (1,850) | (2,950) | (758) | (8,801) |
Comprehensive income (loss) | (1,519) | (4,002) | 1,291 | (14,543) |
Less: Comprehensive income (loss) attributable to noncontrolling interests | (299) | (640) | 357 | (2,763) |
Comprehensive income (loss) attributable to Athene Holding Ltd. shareholders | $ (1,220) | $ (3,362) | $ 934 | $ (11,780) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity - USD ($) $ in Millions | Total | Preferred stock | Common stock | Additional paid-in capital | Retained deficit | Accumulated other comprehensive income (loss) | Total Athene Holding Ltd. shareholders’ equity | Noncontrolling interests |
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) | (5,742) | (3,307) | (3,307) | (2,435) | ||||
Other comprehensive income (loss) | (8,801) | (8,473) | (8,473) | (328) | ||||
Stock-based compensation allocation from parent | 37 | 37 | 37 | |||||
Preferred stock dividends | (105) | (105) | (105) | |||||
Common stock dividends | (563) | (563) | (563) | |||||
Contributions from parent | 26 | 26 | 26 | |||||
Distributions to parent | (2,752) | (2,726) | (26) | (2,752) | ||||
Contributions from noncontrolling interests | 1,047 | 1,047 | ||||||
Distributions to noncontrolling interests | 0 | |||||||
Contributions from noncontrolling interests of consolidated variable interest entities and other | 1,028 | 1,028 | ||||||
Other changes in equity of noncontrolling interests | (84) | (84) | ||||||
Ending Balance at Sep. 30, 2022 | 6,637 | 0 | 0 | 17,607 | (4,001) | (8,473) | 5,133 | 1,504 |
Beginning Balance at Jun. 30, 2022 | 9,758 | 0 | 0 | 17,586 | (3,191) | (5,698) | 8,697 | 1,061 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (1,052) | (587) | (587) | (465) | ||||
Other comprehensive income (loss) | (2,950) | (2,775) | (2,775) | (175) | ||||
Stock-based compensation allocation from parent | 14 | 14 | 14 | |||||
Preferred stock dividends | (35) | (35) | (35) | |||||
Common stock dividends | (188) | (188) | (188) | |||||
Contributions from parent | 7 | 7 | 7 | |||||
Contributions from noncontrolling interests | 336 | 336 | ||||||
Distributions to noncontrolling interests | 0 | |||||||
Contributions from noncontrolling interests of consolidated variable interest entities and other | 747 | 747 | ||||||
Ending Balance at Sep. 30, 2022 | 6,637 | 0 | 0 | 17,607 | (4,001) | (8,473) | 5,133 | 1,504 |
Beginning Balance at Dec. 31, 2022 | 10,549 | 0 | 0 | 18,119 | (3,640) | (7,321) | 7,158 | 3,391 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 2,049 | 1,695 | 1,695 | 354 | ||||
Other comprehensive income (loss) | (758) | (761) | (761) | 3 | ||||
Stock-based compensation allocation from parent | 36 | 36 | 36 | |||||
Preferred stock dividends | (136) | (136) | (136) | |||||
Common stock dividends | (750) | (750) | (750) | |||||
Contributions from parent | 1,282 | 1,282 | 1,282 | |||||
Contributions from noncontrolling interests | 325 | 325 | ||||||
Distributions to noncontrolling interests | (381) | (381) | ||||||
Contributions from noncontrolling interests of consolidated variable interest entities and other | 1,215 | 1,215 | ||||||
Subsidiary issuance of equity interests and other | 598 | 10 | 3 | 13 | 585 | |||
Ending Balance at Sep. 30, 2023 | 14,029 | 0 | 0 | 19,447 | (2,831) | (8,079) | 8,537 | 5,492 |
Beginning Balance at Jun. 30, 2023 | 13,234 | 0 | 0 | 18,162 | (3,085) | (6,376) | 8,701 | 4,533 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 331 | 486 | 486 | (155) | ||||
Other comprehensive income (loss) | (1,850) | (1,706) | (1,706) | (144) | ||||
Stock-based compensation allocation from parent | 13 | 13 | 13 | |||||
Preferred stock dividends | (44) | (44) | (44) | |||||
Common stock dividends | (188) | (188) | (188) | |||||
Contributions from parent | 1,262 | 1,262 | 1,262 | |||||
Contributions from noncontrolling interests | 325 | 325 | ||||||
Distributions to noncontrolling interests | (254) | (254) | ||||||
Contributions from noncontrolling interests of consolidated variable interest entities and other | 602 | 602 | ||||||
Subsidiary issuance of equity interests and other | 598 | 10 | 3 | 13 | 585 | |||
Ending Balance at Sep. 30, 2023 | $ 14,029 | $ 0 | $ 0 | $ 19,447 | $ (2,831) | $ (8,079) | $ 8,537 | $ 5,492 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | ||
Cash flows from operating activities | |||
Net income (loss) | $ 2,049 | $ (5,742) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired | 502 | 318 | |
Net amortization of net investment premiums, discounts and other | 70 | 234 | |
Gain on recapture of reinsurance agreements, net of cash received | (489) | 0 | |
Net investment (income) loss (related party: 2023 – $(51) and 2022 – $(119)) | (76) | (311) | |
Net recognized (gains) losses on investments and derivatives (related party: 2023 – $(767) and 2022 – $427) | (325) | (5,957) | |
Policy acquisition costs deferred | (1,040) | (750) | |
Changes in operating assets and liabilities: | |||
Accrued investment income (related party: 2023 – $(59) and 2022 – $(20)) | (436) | (264) | |
Interest sensitive contract liabilities (related party: 2023 – $88 and 2022 – $(67)) | 1,485 | (2,052) | |
Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2023 – $(338) and 2022 – $11) | 2,917 | 3,837 | |
Funds withheld assets (related party: 2023 – $(114) and 2022 – $1,389) | (1,990) | 6,118 | |
Other assets and liabilities | 387 | (1,268) | |
Net cash provided by operating activities | 3,704 | 6,077 | |
Sales, maturities and repayments of: | |||
Available-for-sale securities (related party: 2023 – $1,153 and 2022 – $3,657) | 9,145 | 16,858 | |
Trading securities (related party: 2023 – $21 and 2022 – $79) | 234 | 167 | |
Equity securities | 110 | 152 | |
Mortgage loans (related party: 2023 – $24 and 2022 – $36) | 3,093 | 2,695 | |
Investment funds (related party: 2023 – $285 and 2022 – $1,733) | 339 | 1,971 | |
Derivative instruments and other investments (related party: 2023 – $0 and 2022 – $160) | 4,221 | 2,739 | |
Short-term investments (related party: 2023 – $967 and 2022 – $0) | 3,195 | 172 | |
Purchases of: | |||
Available-for-sale securities (related party: 2023 – $(4,102) and 2022 – $(3,008)) | (24,568) | (28,050) | |
Trading securities (related party: 2023 – $(827) and 2022 – $(156)) | (1,053) | (874) | |
Equity securities (related party: 2023 – $0 and 2022 – $(208)) | (70) | (406) | |
Mortgage loans (related party: 2023 – $0 and 2022 – $(364)) | (14,398) | (9,824) | |
Investment funds (related party: 2023 – $(1,884) and 2022 – $(5,243)) | (2,009) | (6,204) | |
Derivative instruments and other investments (related party: 2023 – $(46) and 2022 – $(226)) | (5,242) | (2,235) | |
Short-term investments (related party: 2023 – $(1,858) and 2022 – $(33)) | (2,392) | (384) | |
Consolidation of new variable interest entities | 3 | 393 | |
Deconsolidation of previously consolidated entities | (51) | (377) | |
Other investing activities, net | 443 | 869 | |
Net cash used in investing activities | (29,000) | (22,338) | |
Cash flows from financing activities | |||
Proceeds from Contributions from Parent | 1,250 | 0 | |
Deposits on investment-type policies and contracts (related party: 2023 – $6 and 2022 – $55) | 35,168 | 23,329 | |
Withdrawals on investment-type policies and contracts (related party: 2023 – $(304) and 2022 – $(253)) | (10,229) | (7,903) | |
Payments for (Proceeds from) Derivative Instrument, Financing Activities | 945 | (22) | |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | (136) | (105) | |
Payments of Ordinary Dividends, Common Stock | (750) | (1,313) | |
Other financing activities, net | (318) | 1,347 | |
Net cash provided by financing activities | 27,891 | 17,115 | |
Effect of exchange rate changes on cash and cash equivalents | 2 | (18) | |
Net increase in cash and cash equivalents | 2,597 | 836 | |
Cash and cash equivalents at beginning of year | [1] | 8,769 | 10,429 |
Cash and cash equivalents at end of period | [1] | 11,366 | 11,265 |
Non-cash transactions | |||
Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2023 – $16 and 2022 – $221) | 78 | 808 | |
Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2023 – $1,239 and 2022 – $1,085) | 10,212 | 6,190 | |
Reduction in investments relating to recapture of reinsurance agreements | 482 | 0 | |
Apollo Aligned Alternatives, L.P. | |||
Non-cash transactions | |||
Assets contributed to consolidated VIEs | 0 | 8,007 | |
Related Party | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Net investment (income) loss (related party: 2023 – $(51) and 2022 – $(119)) | (51) | (119) | |
Net recognized (gains) losses on investments and derivatives (related party: 2023 – $(767) and 2022 – $427) | 767 | (427) | |
Changes in operating assets and liabilities: | |||
Accrued investment income (related party: 2023 – $(59) and 2022 – $(20)) | (59) | (20) | |
Interest sensitive contract liabilities (related party: 2023 – $88 and 2022 – $(67)) | 88 | (67) | |
Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2023 – $(338) and 2022 – $11) | (338) | 11 | |
Funds withheld assets (related party: 2023 – $(114) and 2022 – $1,389) | (114) | 1,389 | |
Sales, maturities and repayments of: | |||
Available-for-sale securities (related party: 2023 – $1,153 and 2022 – $3,657) | 1,153 | 3,657 | |
Trading securities (related party: 2023 – $21 and 2022 – $79) | 21 | 79 | |
Mortgage loans (related party: 2023 – $24 and 2022 – $36) | 24 | 36 | |
Investment funds (related party: 2023 – $285 and 2022 – $1,733) | 285 | 1,733 | |
Derivative instruments and other investments (related party: 2023 – $0 and 2022 – $160) | 0 | 160 | |
Short-term investments (related party: 2023 – $967 and 2022 – $0) | 967 | 0 | |
Purchases of: | |||
Available-for-sale securities (related party: 2023 – $(4,102) and 2022 – $(3,008)) | (4,102) | (3,008) | |
Trading securities (related party: 2023 – $(827) and 2022 – $(156)) | (827) | (156) | |
Mortgage loans (related party: 2023 – $0 and 2022 – $(364)) | 0 | (364) | |
Investment funds (related party: 2023 – $(1,884) and 2022 – $(5,243)) | (1,884) | (5,243) | |
Derivative instruments and other investments (related party: 2023 – $(46) and 2022 – $(226)) | (46) | (226) | |
Short-term investments (related party: 2023 – $(1,858) and 2022 – $(33)) | (1,858) | (33) | |
Cash flows from financing activities | |||
Deposits on investment-type policies and contracts (related party: 2023 – $6 and 2022 – $55) | 6 | 55 | |
Withdrawals on investment-type policies and contracts (related party: 2023 – $(304) and 2022 – $(253)) | (304) | (253) | |
Non-cash transactions | |||
Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2023 – $16 and 2022 – $221) | 16 | 221 | |
Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2023 – $1,239 and 2022 – $1,085) | 1,239 | 1,085 | |
Variable Interest Entities | |||
Cash flows from financing activities | |||
Capital contributions from noncontrolling interests | 1,385 | 735 | |
Consolidated Entity, excluding VIE Primary Beneficiary | |||
Cash flows from financing activities | |||
Capital contributions from noncontrolling interests | 325 | 1,047 | |
Capital distributions to noncontrolling interests | (381) | 0 | |
Proceeds from subsidiary issuance of equity interests to noncontrolling interests | 632 | 0 | |
Reinsurance Settlements | |||
Non-cash transactions | |||
Transfer to Investments | 99 | 36 | |
Reinsurance Settlements | Related Party | |||
Non-cash transactions | |||
Transfer to Investments | 65 | 0 | |
Pension Risk Transfer Premiums | |||
Non-cash transactions | |||
Transfer to Investments | 4,776 | 3,812 | |
Dividend Declared | |||
Non-cash transactions | |||
Payments of Distributions to Affiliates | $ 0 | $ 2,145 | |
[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 | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Deposits on investment-type policies and contracts | $ 35,168 | $ 23,329 |
Repayments of Annuities and Investment Certificates | (10,229) | (7,903) |
Deposits on investment-type policies and contracts through reinsurance agreements | 78 | 808 |
Withdrawals on investment-type policies and contracts through reinsurance agreements | 10,212 | 6,190 |
Payments of Ordinary Dividends, Common Stock | 750 | 1,313 |
Net investment (income) loss (related party: 2023 – $(51) and 2022 – $(119)) | (76) | (311) |
Net recognized (gains) losses on investments and derivatives | 325 | 5,957 |
Accrued investment income | (436) | (264) |
Interest sensitive contract liabilities (related party: 2023 – $88 and 2022 – $(67)) | 1,485 | (2,052) |
Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2023 – $(338) and 2022 – $11) | 2,917 | 3,837 |
Funds withheld assets | (1,990) | 6,118 |
Sales, maturities and repayments of: | ||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | 9,145 | 16,858 |
Trading securities (related party: 2023 – $21 and 2022 – $79) | 234 | 167 |
Mortgage loans (related party: 2023 – $24 and 2022 – $36) | 3,093 | 2,695 |
Investment funds (related party: 2023 – $285 and 2022 – $1,733) | 339 | 1,971 |
Derivative instruments and other investments (related party: 2023 – $0 and 2022 – $160) | 4,221 | 2,739 |
Short-term investments | 3,195 | 172 |
Purchases of: | ||
Payments to Acquire Debt Securities, Available-for-sale | (24,568) | (28,050) |
Mortgage loans (related party: 2023 – $0 and 2022 – $(364)) | (14,398) | (9,824) |
Trading securities | (1,053) | (874) |
Investment funds | (2,009) | (6,204) |
Derivative instruments and other investments (related party: 2023 – $(46) and 2022 – $(226)) | (5,242) | (2,235) |
Short-term investments | (2,392) | (384) |
Related Party | ||
Deposits on investment-type policies and contracts | 6 | 55 |
Repayments of Annuities and Investment Certificates | (304) | (253) |
Deposits on investment-type policies and contracts through reinsurance agreements | 16 | 221 |
Withdrawals on investment-type policies and contracts through reinsurance agreements | 1,239 | 1,085 |
Net investment (income) loss (related party: 2023 – $(51) and 2022 – $(119)) | (51) | (119) |
Net recognized (gains) losses on investments and derivatives | (767) | 427 |
Accrued investment income | (59) | (20) |
Interest sensitive contract liabilities (related party: 2023 – $88 and 2022 – $(67)) | 88 | (67) |
Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2023 – $(338) and 2022 – $11) | (338) | 11 |
Funds withheld assets | (114) | 1,389 |
Sales, maturities and repayments of: | ||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | 1,153 | 3,657 |
Trading securities (related party: 2023 – $21 and 2022 – $79) | 21 | 79 |
Mortgage loans (related party: 2023 – $24 and 2022 – $36) | 24 | 36 |
Investment funds (related party: 2023 – $285 and 2022 – $1,733) | 285 | 1,733 |
Derivative instruments and other investments (related party: 2023 – $0 and 2022 – $160) | 0 | 160 |
Short-term investments | 967 | 0 |
Purchases of: | ||
Payments to Acquire Debt Securities, Available-for-sale | (4,102) | (3,008) |
Mortgage loans (related party: 2023 – $0 and 2022 – $(364)) | 0 | (364) |
Trading securities | (827) | (156) |
Investment funds | (1,884) | (5,243) |
Derivative instruments and other investments (related party: 2023 – $(46) and 2022 – $(226)) | (46) | (226) |
Short-term investments | (1,858) | (33) |
Equity securities | Related Party | ||
Purchases of: | ||
Equity securities | $ 0 | $ (208) |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
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 that specializes in issuing, reinsuring and acquiring retirement savings products in the United States (US) and internationally. We are a direct subsidiary of Apollo Global Management, Inc. (AGM, and together with its subsidiaries other than us or our subsidiaries, Apollo). See Note 3 – Business Combination for further information regarding our merger with Apollo. 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 6 – 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 (US 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, 2022 has been derived from the audited financial statements, with necessary unaudited adjustments made for the implementation of targeted improvements to the accounting for long-duration contracts, and does not include all of the information and footnotes required by US 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, 2022. 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. Significant Accounting Policies Reinsurance —We assume and cede insurance and investment contracts under coinsurance, funds withheld coinsurance (funds withheld) and modified coinsurance (modco). We follow reinsurance accounting for transactions that provide indemnification against loss or liability relating to insurance risk (risk transfer). To meet risk transfer requirements, a reinsurance agreement must transfer insurance risk arising from uncertainties about both underwriting and timing risks. Cessions under reinsurance do not discharge our obligations as the primary insurer unless the requirements of assumption reinsurance have been met. We generally have the right of offset on reinsurance contracts, but have elected to present reinsurance settlement amounts due to and from us on a gross basis. For assets and liabilities ceded under reinsurance agreements, we generally apply the same measurement guidance for our directly issued or assumed contracts. Ceded amounts are recorded within reinsurance recoverable on the condensed consolidated balance sheets. For reinsurance of in-force contracts that pass risk transfer, the issue year used for the purpose of measuring the reinsurance recoverable is dependent on the effective date of the reinsurance agreement, which may differ from the issue year for the direct or assumed contract. The issue year informs the locked-in discount rate used for the purposes of interest accretion. This may result in different discount rates used for the direct or assumed reserves and ceded reserves when reinsuring an in-force block of insurance contracts. For flow reinsurance of insurance contracts that pass risk transfer, the contracts have the same cash flow assumptions as the direct or assumed contracts when the terms are consistent between those respective contracts and the ceded reinsurance agreement. When we recognize an immediate loss due to the present value of future benefits and expenses exceeding the present value of future gross premiums, a gain is recognized on the corresponding reinsurance recoverable to the extent it does not result in gain recognition at treaty inception. Likewise, where the direct or assumed reserve has been floored to zero, the corresponding reinsurance recoverable will be consistently set to zero. See – Future Policy Benefits below for further information. Accounting for reinsurance requires the use of assumptions, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. We attempt to minimize our counterparty credit risk through the structuring of the terms of our reinsurance agreements, including the use of trusts, and monitor credit ratings of counterparties for signs of declining credit quality. When a ceding company does not report information on a timely basis, we record accruals based on the best available information at the time, which includes the reinsurance agreement terms and historical experience. We periodically compare actual and anticipated experience to the assumptions used to establish reinsurance assets and liabilities. Assets and liabilities assumed or ceded under coinsurance, funds withheld or modco are presented gross on the condensed consolidated balance sheets. For investment contracts, the change in the direct or assumed and ceded reserves are presented net in interest sensitive contract benefits on the condensed consolidated statements of income (loss). For insurance contracts, the change in the direct or assumed and ceded reserves and benefits are presented net in future policy and other policy benefits on the condensed consolidated statements of income (loss), except for changes related to the discount rate which are presented net in other comprehensive income (loss) (OCI) on the condensed consolidated statements of comprehensive income (loss). For market risk benefits, the change in the direct or assumed and ceded reserves are presented net in market risk benefits remeasurement (gains) losses on the condensed consolidated statements of income (loss), except for changes related to instrument-specific credit risk on direct and assumed contracts which are presented net in OCI on the condensed consolidated statements of comprehensive income (loss). For the reinsurance of existing in-force blocks that transfer significant insurance risk, the difference between the assets received or paid and the liabilities assumed or ceded represents the net cost of reinsurance at the inception of the reinsurance agreement. The net cost of reinsurance is amortized on a basis consistent with the methodologies and assumptions used to amortize deferred acquisition costs (DAC) and deferred sales inducements (DSI). 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 the renewal of existing, insurance or investment contracts are deferred. 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, deferred sales inducements and value of business acquired on the condensed consolidated balance sheets. These costs are not capitalized until they are incurred. 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 grouped into cohorts based on issue year and contract type and amortized on a constant level basis over the expected term of the related contracts. The cohorts and assumptions used for the amortization of deferred costs are consistent with those used in estimating the related liabilities for these contracts. The constant level basis generally is the initial premium or deposit and is projected based on assumptions related to policyholder behavior, including lapses and mortality, over the expected term of the contracts. Each reporting period, we replace expected experience with actual experience to determine the related amortization expense. Changes to projected experience are recognized in amortization expense prospectively over the remaining contract term. Amortization of DAC and DSI is included in amortization of deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of income (loss). 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. The deferred costs represent the difference between the net and gross liability and the change relates to amortization for the period. Value of Business Acquired (VOBA) – We establish VOBA for blocks of insurance contracts acquired through the acquisition of insurance entities and through application of pushdown accounting related to our merger with AGM. We record the fair value of the liabilities assumed in two components: reserves and VOBA. Reserves are established using our best estimate assumptions as of the business combination date. VOBA is the difference between the fair value of the liabilities and the reserves. VOBA can be either positive or negative and is amortized in relation to respective policyholder liabilities. Significant assumptions that impact VOBA amortization are consistent with those that impact the measurement of policyholder liabilities. We perform periodic tests to determine if positive VOBA remains recoverable. If we determine that positive VOBA is not recoverable, we would record a cumulative charge to the current period. 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. See Note 8 – Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired for further information. Interest Sensitive Contract Liabilities —Universal life-type policies and investment contracts include traditional deferred annuities, indexed annuities consisting of fixed indexed and index-linked variable annuities in the accumulation phase, funding agreements, immediate annuities without significant mortality risk (which include pension group annuities without life contingencies), universal life insurance, and other investment contracts inclusive of assumed endowments without significant mortality risk. We carry liabilities for traditional deferred annuities, indexed annuities, funding agreements and universal life insurance at the account balances without reduction for potential surrender or withdrawal charges, except for a block of universal life business ceded to Global Atlantic Financial Group Limited (together with its subsidiaries, Global Atlantic), which we carry at fair value. Liabilities for immediate annuities without significant mortality risk are calculated as the present value of future liability cash flows and policy maintenance expenses discounted at contractual interest rates. Certain of our contracts are offered with additional contract features that meet the definition of a market risk benefit. See – Market Risk Benefits below for further information. Unearned revenue liabilities are established when amounts are assessed against the policyholder for services to be provided in future periods. These balances are amortized consistent with the methodologies and assumptions used to amortize DAC and DSI. Changes in interest sensitive contract liabilities, excluding deposits and withdrawals, are recorded in interest sensitive contract benefits or product charges on the condensed consolidated statements of income (loss). Interest sensitive contract liabilities are not reduced for amounts ceded under reinsurance agreements which are reported as reinsurance recoverable on the condensed consolidated balance sheets. Future Policy Benefits —We issue contracts classified as long-duration, which include term and whole life, accident and health, disability, and immediate annuities with life contingencies (which include pension group annuities with life contingencies). Liabilities for nonparticipating long-duration contracts are established as the estimated present value of benefits we expect to pay to or on behalf of the policyholder and related expenses less the present value of the net premiums to be collected, referred to as the net premium ratio. The contracts are grouped into cohorts based on issue year and contract type, with an exception for pension group annuities, which are generally assessed at the group annuity contract level. Contracts with different issuance years are not combined. Contracts acquired in a business combination are grouped into a single cohort by contract type, except for pension group annuities, which follow the group annuity contract level. Liabilities for nonparticipating long-duration contracts are established using accepted actuarial valuation methods which require the use of assumptions related to discount rate, expenses, longevity, mortality, morbidity, persistency and other policyholder behavior. We base certain key assumptions, such as longevity, mortality and morbidity, on industry standard data adjusted to align with actual company experience, if needed. We have elected to use expense assumptions that are locked in at issuance for each cohort. All other cash flow assumptions are established at contract issuance and reviewed annually or more frequently if actual experience suggests a revision is necessary. The effects of changes in cash flow assumptions impacting the net premium ratio are recorded as remeasurement changes in the period in which they are made. As cash flow assumptions are reviewed at least annually, there is no provision for adverse deviation included within the liability. Actual experience is recognized in the period in which the experience arises. Actual experience is then incorporated into the net premium ratio for all products and cohorts on a quarterly basis. When the net premium ratio is revised, whether to incorporate actual experience each reporting period or for the review of cash flow assumptions, the liability is recalculated as of the beginning of the period, discounted at the original contract issuance discount rate, and compared with the carrying amount of the liability as of the same date to determine the current period change. The current period change in the liability is recognized as a remeasurement gain or loss. To the extent the present value of benefits and expenses exceeds the present value of gross premiums, we will cap the net premium ratio at 100% by increasing the corresponding liability and recognizing an immediate loss through the condensed consolidated statements of income (loss). The liability is never recorded at an amount less than zero for the cohort. The liability for nonparticipating long-duration contracts is discounted using an upper-medium grade fixed income instrument yield aligned to the duration of the liability. In determining reference portfolio of instruments, we have used a single A equivalent level rate and maximized the use of observable data to the extent possible for the duration of our liabilities. The discount rate is required to be updated at the end of each reporting period for the remeasurement of the liability but is locked-in for each cohort for the purpose of interest accretion expense. Changes in the value of the liability for nonparticipating long-duration contracts due to changes in the discount rate are recognized as a component of OCI on the condensed consolidated statements of comprehensive income (loss). The change in the liability for the remeasurement gain or loss and all other changes in the liability are recorded in future policy and other policy benefits on the condensed consolidated statements of income (loss). Future policy benefits include liabilities for no-lapse guarantees on universal life insurance and fixed indexed universal life insurance that do not meet the criteria to be classified and accounted for as a market risk benefit. We establish future policy benefits for no-lapse guarantees by estimating the expected value of death benefits paid after policyholder account balances have been exhausted. We recognize these benefits proportionally over the life of the contracts based on total actual and expected assessments. The methods we use to estimate the liabilities have assumptions about policyholder behavior, mortality, expected yield on investments supporting the liability and market conditions affecting policyholder account balance growth. For the liabilities associated with no-lapse guarantees, each reporting period we update expected excess benefits and assessments with actual excess benefits and assessments and adjust the liability balances due to the OCI effects of unrealized investment gains and losses on available-for-sale (AFS) securities. We also periodically revise the key assumptions used in the calculation of the liabilities that result in revisions to the expected excess benefits and assessments. The effects of changes in assumptions are recorded as unlocking in the period in which the changes are made. Changes in the liabilities associated with no-lapse guarantees, other than the adjustment for the OCI effects of unrealized investment gains and losses on AFS securities, are recorded in future policy and other policy benefits on the condensed consolidated statements of income (loss). Future policy benefits are not reduced for amounts ceded under reinsurance agreements which are reported as reinsurance recoverable on the condensed consolidated balance sheets. Market Risk Benefits —Market risk benefits represent contracts or contract features that both provide protection to the contract holder from, and expose the insurance entity to, other-than-nominal capital market risk. We issue and reinsure deferred annuity contracts which contain guaranteed lifetime withdrawal benefits (GLWB) and guaranteed minimum death benefit (GMDB) riders that meet the criteria for, and are classified as, market risk benefits. Market risk benefits are measured at fair value at the contract level and may be recorded as a liability or an asset, which are included in market risk benefits or other assets, respectively, on the condensed consolidated balance sheets. Multiple market risk benefits on a contract are treated as a single, compound market risk benefit. At contract inception, we assess the fees and assessments that are collectible from the policyholder and allocate them to the extent they are attributable to the market risk benefit. These attributed fees are used in the valuation of the market risk benefits and are never negative or exceed total explicit fees collectible from the policyholder. If the fees are sufficient to cover the projected benefits, a non-option based valuation model is used. If the fees are insufficient to cover the projected benefits, an option-based valuation model is used to compute the market risk benefit liability at contract inception, with an equal and offsetting adjustment recognized in interest sensitive contract liabilities. Changes in fair value of market risk benefits are recorded in market risk benefits remeasurement (gains) losses on the condensed consolidated statements of income (loss), excluding portions attributed to changes in instrument-specific credit risk, which are recorded in OCI on the condensed consolidated statements of comprehensive income (loss). Market risk benefits are not reduced for market risk benefits ceded under reinsurance agreements. Ceded market risk benefits are measured at fair value and recorded within reinsurance recoverable on the condensed consolidated balance sheets. Upon annuitization of the contract or the extinguishment of the account balance, the market risk benefit, related annuity contract and unamortized deferred costs are derecognized, including amounts within AOCI. A payout annuity is then established for GLWBs. 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). When the net premium ratio for the corresponding future policy benefit is updated for actual experience and changes to projected cash flow assumptions, the deferred profit liability is retrospectively recalculated from the contract issuance date through the beginning of the current reporting period. The revised deferred profit liability is compared to the beginning of the period carrying amount to determine the change to be recognized as a remeasurement gain or loss within future policy and other policy benefits on the condensed consolidated statements of income (loss). Unlike the related future policy benefit, the deferred profit liability will not be remeasured for changes in discount rates each reporting period. Negative VOBA balances associated with payout contracts involving life contingencies, including pension group annuities, are accounted for in a manner similar to the deferred profit liability. All insurance-related revenue is reported net of reinsurance ceded. Recently Issued Accounting Pronouncements Business Combinations – Joint Venture Formations (ASU 2023-05) The amendments in this update address how a joint venture initially recognizes and measures contributions received at its formation date. The amendments require a joint venture to apply a new basis of accounting upon formation and to initially recognize its assets and liabilities at fair value. The guidance is effective prospectively for all joint ventures formed on or after January 1, 2025, while retrospective application may be elected for a joint venture formed before the effective date. Early adoption is permitted. We are currently evaluating the impact of the new pronouncement. Investments – Equity Method and Joint Ventures (Accounting Standards Update (ASU) 2023-02) The amendments in this update introduce the option of applying the proportional amortization method (PAM) to account for investments made primarily for the purpose of receiving income tax credits or other income tax benefits when certain requirements are met. Currently, PAM only applies to low-income housing tax credit (LIHTC) investments. The guidance is effective for us on January 1, 2024; however, early adoption is permitted. We are currently evaluating the impact of the new pronouncement. Adopted 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 and are commonly referred to as long-duration targeted improvements (LDTI). • 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 DAC 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 adopted LDTI as of January 1, 2023 and, for all provisions of the update, applied a retrospective transition approach using a transition date of January 1, 2022, the date of our merger with AGM. At the merger date, VOBA balances were established as the difference between the fair value of the liabilities and the reserves established as of this date. Upon transition to LDTI, the liability for future policy benefits and contractual features that meet the criteria for market risk benefits were adjusted to conform to LDTI, with an offsetting adjustment made to positive or negative VOBA. No adjustments were recorded to AOCI or retained deficit as of the transition date. See Note 2 – Adoption of Accounting Pronouncement for the effects of LDTI adoption on our 2022 condensed consolidated financial statements. Reference Rate Reform (Topic 848) (Accounting Standards Update (ASU) 2022-06, ASU 2021-01, ASU 2020-04) We adopted ASU 2020-04 and ASU 2021-01 and elected to apply certain of the practical expedients related to contract modifications, hedge accounting relationships, and derivative modifications pertaining to discounting, margining, or contract price alignment. The main purpose of the practical expedients is to ease the administrative burden of accounting for contracts impacted by reference rate reform, and these elections did not have, and are not expected to have, a material impact on the consolidated financial statements. ASU 2022-06 amended and deferred the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which we will no longer be permitted to apply the expedients provided in Topic 848. We will continue to evaluate the impact of reference rate reform on contract modifications and hedging relationships. Fair Value Measurement — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03) This amendment clarifies guidance that a restriction that is a characteristic of the holding entity, rather than a characteristic of the equity security itself, should not be considered in its fair value measurement. As a result, we are required to measure the fair value of equity securities subject to contractual restrictions attributable to the holding entity on the basis of the market price of the same equity security without those contractual restrictions. Companies are not permitted to recognize a contractual sale restriction attributable to the holding entity as a separate unit of account. The guidance also requires disclosures for these equity securities. We early adopted this update effective July 1, 2023. The adoption of this update was applied on a prospective basis and did not have a material effect on our condensed consolidated financial statements. |
Adoption of Accounting Pronounc
Adoption of Accounting Pronouncement | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Adoption of Accounting Pronouncement | 2. Adoption of Accounting Pronouncement The following table summarizes future policy benefits and changes to the liability: (In millions) Traditional deferred annuities Indexed annuities Payout annuities Reconciling items 1 Total Balance as of January 1, 2022 $ 221 $ 5,389 $ 32,872 $ 8,632 $ 47,114 Change in discount rate assumptions — — 2,406 — 2,406 Adjustment for removal of balances related to market risk benefits (221) (5,389) — — (5,610) Adjustment for offsetting balance in negative VOBA 2 — — — (2,428) (2,428) Adjusted balance as of January 1, 2022 $ — $ — $ 35,278 $ 6,204 $ 41,482 1 Reconciling items primarily include negative VOBA associated with our liability for future policy benefits, as well as reserves for our immaterial lines of business including term and whole life, accident and health and disability, as well as other insurance benefit reserves for our no-lapse guarantees with universal life contracts, all of which are fully ceded. 2 Uneliminated adjustments were recorded to positive VOBA within deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated balance sheets. Adjustments to the deferred profit liability were not required as these balances were set to zero on the merger date. Since the liability for future policy benefits was measured at fair value on the merger date, there were no instances upon transition in which net premiums exceeded gross premiums which would have required an immediate loss to be recognized in net income. The following table presents the net liability position of market risk benefits: (In millions) Traditional deferred annuities Indexed annuities Total Balance as of January 1, 2022 $ — $ — $ — Adjustment for addition of existing balances 1 221 5,389 5,610 Adjustment to positive VOBA due to fair value adjustment for market risk benefits 2 32 (1,165) (1,133) Adjustment to negative VOBA due to fair value adjustment for market risk benefits 3 — (30) (30) Adjusted balance as of January 1, 2022 $ 253 $ 4,194 $ 4,447 1 Previously recorded within future policy benefits on the condensed consolidated balance sheets. 2 Previously recorded within deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated balance sheets. 3 Previously recorded within interest sensitive contract liabilities on the condensed consolidated balance sheets. The following table represents market risk benefits by asset and liability positions: (In millions) Asset 1 Liability Net liability Traditional deferred annuities $ — $ 253 $ 253 Indexed annuities 366 4,560 4,194 Adjusted balance as of January 1, 2022 $ 366 $ 4,813 $ 4,447 1 Included in other assets on the condensed consolidated balance sheets. The following table summarizes the change in deferred acquisition costs, deferred sales inducements and value of business acquired: (In millions) VOBA Balance as of January 1, 2022 $ 4,527 Change in discount rate assumptions for future policy benefits (22) Fair value adjustment of market risk benefits (1,133) Adjusted balance as of January 1, 2022 $ 3,372 The following represents the effects of LDTI adoption on the applicable financial statement lines of our condensed consolidated balance sheet: December 31, 2022 (In millions) Reported Adoption Adjusted Assets Reinsurance recoverable $ 4,367 $ (9) $ 4,358 Deferred acquisition costs, deferred sales inducements and value of business acquired 5,576 (1,110) 4,466 Other assets 9,690 (997) 8,693 Total assets $ 246,047 $ (2,116) $ 243,931 Liabilities and Equity Liabilities Interest sensitive contract liabilities $ 173,653 $ (37) $ 173,616 Future policy benefits 55,328 (13,218) 42,110 Market risk benefits — 2,970 2,970 Total liabilities 243,667 (10,285) 233,382 Equity Retained deficit (4,892) 1,252 (3,640) Accumulated other comprehensive income (loss) (12,311) 4,990 (7,321) Total Athene Holding Ltd. shareholders’ equity 916 6,242 7,158 Noncontrolling interests 1,464 1,927 3,391 Total equity 2,380 8,169 10,549 Total liabilities and equity $ 246,047 $ (2,116) $ 243,931 The following represents the effects of LDTI adoption on the applicable financial statement lines of our condensed consolidated statements of income (loss): Three months ended March 31, 2022 (In millions) Reported Adoption Adjusted Revenues Investment related gains (losses) $ (4,200) $ (12) $ (4,212) Total revenues (269) (12) (281) Benefits and expenses Interest sensitive contract benefits (41) (58) (99) Future policy and other policy benefits 2,085 99 2,184 Market risk benefits remeasurement (gains) losses — (622) (622) Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 125 (27) 98 Policy and other operating expenses 335 3 338 Total benefits and expenses 2,504 (605) 1,899 Income (loss) before income taxes (2,773) 593 (2,180) Income tax expense (benefit) (407) 123 (284) Net income (loss) (2,366) 470 (1,896) Less: Net income (loss) attributable to noncontrolling interests (883) 2 (881) Net income (loss) attributable to Athene Holding Ltd. shareholders (1,483) 468 (1,015) Less: Preferred stock dividends 35 — 35 Net income (loss) available to Athene Holding Ltd. common shareholder $ (1,518) $ 468 $ (1,050) Six months ended June 30, 2022 (In millions) Reported Adoption Adjusted Revenues Total revenues $ 1,526 $ — $ 1,526 Benefits and expenses Interest sensitive contract benefits (662) (90) (752) Future policy and other policy benefits 7,694 266 7,960 Market risk benefits remeasurement (gains) losses — (1,231) (1,231) Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 250 (44) 206 Policy and other operating expenses 693 2 695 Total benefits and expenses 7,975 (1,097) 6,878 Income (loss) before income taxes (6,449) 1,097 (5,352) Income tax expense (benefit) (891) 229 (662) Net income (loss) (5,558) 868 (4,690) Less: Net loss attributable to noncontrolling interests (1,955) (15) (1,970) Net income (loss) attributable to Athene Holding Ltd. shareholders (3,603) 883 (2,720) Less: Preferred stock dividends 70 — 70 Net income (loss) available to Athene Holding Ltd. common shareholder $ (3,673) $ 883 $ (2,790) Nine months ended September 30, 2022 (In millions) Reported Adoption Adjusted Revenues Investment related gains (losses) $ (12,812) $ 1 $ (12,811) Total revenues 3,835 1 3,836 Benefits and expenses Interest sensitive contract benefits (573) (8) (581) Future policy and other policy benefits 10,988 242 11,230 Market risk benefits remeasurement (gains) losses — (1,689) (1,689) Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 375 (57) 318 Policy and other operating expenses 1,081 2 1,083 Total benefits and expenses 11,871 (1,510) 10,361 Income (loss) before income taxes (8,036) 1,511 (6,525) Income tax expense (benefit) (1,101) 318 (783) Net income (loss) (6,935) 1,193 (5,742) Less: Net income (loss) attributable to noncontrolling interests (2,431) (4) (2,435) Net income (loss) attributable to Athene Holding Ltd. shareholders (4,504) 1,197 (3,307) Less: Preferred stock dividends 105 — 105 Net income (loss) available to Athene Holding Ltd. common shareholder $ (4,609) $ 1,197 $ (3,412) Year ended December 31, 2022 (In millions) Reported Adoption Adjusted Revenues Total revenues $ 7,623 $ — $ 7,623 Benefits and expenses Interest sensitive contract benefits 541 (3) 538 Future policy and other policy benefits 12,310 155 12,465 Market risk benefits remeasurement (gains) losses — (1,657) (1,657) Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 509 (65) 444 Policy and other operating expenses 1,493 2 1,495 Total benefits and expenses 14,853 (1,568) 13,285 Income (loss) before income taxes (7,230) 1,568 (5,662) Income tax expense (benefit) (976) 330 (646) Net income (loss) (6,254) 1,238 (5,016) Less: Net loss attributable to noncontrolling interests (2,092) (14) (2,106) Net income (loss) attributable to Athene Holding Ltd. shareholders (4,162) 1,252 (2,910) Less: Preferred stock dividends 141 — 141 Net income (loss) available to Athene Holding Ltd. common shareholder $ (4,303) $ 1,252 $ (3,051) The following represents the effects of LDTI adoption on the applicable financial statement lines of our condensed consolidated statements of comprehensive income (loss): Three months ended March 31, 2022 (In millions) Reported Adoption Adjusted Net income (loss) $ (2,366) $ 470 $ (1,896) Other comprehensive income (loss), before tax Unrealized investment gains (losses) on available-for-sale securities (6,430) (267) (6,697) Remeasurement gains (losses) on future policy benefits related to discount rate — 3,562 3,562 Remeasurement gains (losses) on market risk benefits related to credit risk — 397 397 Foreign currency translation and other adjustments 4 (6) (2) Other comprehensive income (loss), before tax (6,555) 3,686 (2,869) Income tax expense (benefit) related to other comprehensive income (loss) (1,170) 555 (615) Other comprehensive income (loss) (5,385) 3,131 (2,254) Comprehensive income (loss) (7,751) 3,601 (4,150) Less: Comprehensive income (loss) attributable to noncontrolling interests (1,594) 777 (817) Comprehensive income (loss) attributable to Athene Holding Ltd. shareholders $ (6,157) $ 2,824 $ (3,333) Six months ended June 30, 2022 (In millions) Reported Adoption Adjusted Net income (loss) $ (5,558) $ 868 $ (4,690) Other comprehensive income (loss), before tax Unrealized investment gains (losses) on available-for-sale securities (13,703) (547) (14,250) Remeasurement gains (losses) on future policy benefits related to discount rate — 6,459 6,459 Remeasurement gains (losses) on market risk benefits related to credit risk — 576 576 Foreign currency translation and other adjustments (54) (27) (81) Other comprehensive income (loss), before tax (13,805) 6,461 (7,344) Income tax expense (benefit) related to other comprehensive income (loss) (2,453) 960 (1,493) Other comprehensive income (loss) (11,352) 5,501 (5,851) Comprehensive income (loss) (16,910) 6,369 (10,541) Less: Comprehensive income (loss) attributable to noncontrolling interests (3,520) 1,397 (2,123) Comprehensive income (loss) attributable to Athene Holding Ltd. shareholders $ (13,390) $ 4,972 $ (8,418) Nine months ended September 30, 2022 (In millions) Reported Adoption Adjusted Net income (loss) $ (6,935) $ 1,193 $ (5,742) Other comprehensive income (loss), before tax Unrealized investment gains (losses) on available-for-sale securities (19,414) (764) (20,178) Remeasurement gains (losses) on future policy benefits related to discount rate — 8,833 8,833 Remeasurement gains (losses) on market risk benefits related to credit risk — 524 524 Foreign currency translation and other adjustments (13) (59) (72) Other comprehensive income (loss), before tax (19,555) 8,534 (11,021) Income tax expense (benefit) related to other comprehensive income (loss) (3,444) 1,224 (2,220) Other comprehensive income (loss) (16,111) 7,310 (8,801) Comprehensive income (loss) (23,046) 8,503 (14,543) Less: Comprehensive income (loss) attributable to noncontrolling interests (4,787) 2,024 (2,763) Comprehensive income (loss) attributable to Athene Holding Ltd. shareholders $ (18,259) $ 6,479 $ (11,780) Year ended December 31, 2022 (In millions) Reported Adoption Adjusted Net income (loss) $ (6,254) $ 1,238 $ (5,016) Other comprehensive income (loss), before tax Unrealized investment gains (losses) on available-for-sale securities (17,457) (699) (18,156) Remeasurement gains (losses) on future policy benefits related to discount rate — 8,425 8,425 Remeasurement gains (losses) on market risk benefits related to credit risk — 366 366 Foreign currency translation and other adjustments (16) (11) (27) Other comprehensive income (loss), before tax (17,471) 8,081 (9,390) Income tax expense (benefit) related to other comprehensive income (loss) (3,083) 1,150 (1,933) Other comprehensive income (loss) (14,388) 6,931 (7,457) Comprehensive income (loss) (20,642) 8,169 (12,473) Less: Comprehensive income (loss) attributable to noncontrolling interests (4,169) 1,927 (2,242) Comprehensive income (loss) attributable to Athene Holding Ltd. shareholders $ (16,473) $ 6,242 $ (10,231) We made corresponding adjustments to the condensed consolidated statements of equity for the relevant periods to reflect the changes to net loss and comprehensive loss, as presented above. The following represents the effects of LDTI adoption on the applicable financial statement lines of our condensed consolidated statements of cash flows: Three months ended March 31, 2022 (In millions) Reported Adoption Adjusted Net income (loss) $ (2,366) $ 470 $ (1,896) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 125 (27) 98 Net recognized (gains) losses on investments and derivatives 1,813 12 1,825 Changes in operating assets and liabilities: Interest sensitive contract liabilities (480) (68) (548) Future policy benefits, market risk benefits and reinsurance recoverable (266) (510) (776) Other assets and liabilities (734) 123 (611) Net cash provided by operating activities 155 — 155 Net cash used in investing activities (6,165) — (6,165) Net cash provided by financing activities 5,463 — 5,463 Effect of exchange rate changes on cash and cash equivalents (4) — (4) Net decrease in cash and cash equivalents (551) — (551) Cash and cash equivalents at beginning of year 1 10,429 — 10,429 Cash and cash equivalents at end of period 1 $ 9,878 $ — $ 9,878 1 Includes cash and cash equivalents, restricted cash and cash and cash equivalents of consolidated variable interest entities. Six months ended June 30, 2022 (In millions) Reported Adoption Adjusted Net income (loss) $ (5,558) $ 868 $ (4,690) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 250 (44) 206 Changes in operating assets and liabilities: Interest sensitive contract liabilities (1,604) (120) (1,724) Future policy benefits, market risk benefits and reinsurance recoverable 3,933 (933) 3,000 Other assets and liabilities (1,139) 229 (910) Net cash provided by operating activities 4,726 — 4,726 Net cash used in investing activities (11,719) — (11,719) Net cash provided by financing activities 8,707 — 8,707 Effect of exchange rate changes on cash and cash equivalents (20) — (20) Net increase in cash and cash equivalents 1,694 — 1,694 Cash and cash equivalents at beginning of year 1 10,429 — 10,429 Cash and cash equivalents at end of period 1 $ 12,123 $ — $ 12,123 1 Includes cash and cash equivalents, restricted cash and cash and cash equivalents of consolidated variable interest entities. Nine months ended September 30, 2022 (In millions) Reported Adoption Adjusted Net income (loss) $ (6,935) $ 1,193 $ (5,742) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 375 (57) 318 Net recognized (gains) losses on investments and derivatives 5,958 (1) 5,957 Changes in operating assets and liabilities: Interest sensitive contract liabilities (2,002) (50) (2,052) Future policy benefits, market risk benefits and reinsurance recoverable 5,240 (1,403) 3,837 Other assets and liabilities (1,586) 318 (1,268) Net cash provided by operating activities 6,077 — 6,077 Net cash used in investing activities (22,338) — (22,338) Net cash provided by financing activities 17,115 — 17,115 Effect of exchange rate changes on cash and cash equivalents (18) — (18) Net increase in cash and cash equivalents 836 — 836 Cash and cash equivalents at beginning of year 1 10,429 — 10,429 Cash and cash equivalents at end of period 1 $ 11,265 $ — $ 11,265 1 Includes cash and cash equivalents, restricted cash and cash and cash equivalents of consolidated variable interest entities. Year ended December 31, 2022 (In millions) Reported Adoption Adjusted Net income (loss) $ (6,254) $ 1,238 $ (5,016) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 509 (65) 444 Changes in operating assets and liabilities: Interest sensitive contract liabilities (1,269) (68) (1,337) Future policy benefits, market risk benefits and reinsurance recoverable 5,339 (1,438) 3,901 Other assets and liabilities (1,527) 333 (1,194) Net cash provided by operating activities 6,258 — 6,258 Net cash used in investing activities (34,375) — (34,375) Net cash provided by financing activities 26,472 — 26,472 Effect of exchange rate changes on cash and cash equivalents (15) — (15) Net decrease in cash and cash equivalents (1,660) — (1,660) Cash and cash equivalents at beginning of year 1 10,429 — 10,429 Cash and cash equivalents at end of year 1 $ 8,769 $ — $ 8,769 1 Includes cash and cash equivalents, restricted cash and cash and cash equivalents of consolidated variable interest entities. |
Business Combination
Business Combination | 9 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combination | 3. Business Combination On January 1, 2022, we completed our merger with Apollo and are a direct subsidiary of AGM. At the closing of the merger, 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 interests 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 $ 176,015 Cash and cash equivalents 9,479 Restricted cash 796 Investment in related parties 33,863 Reinsurance recoverable 4,977 VOBA 3,372 Other assets 6,115 Assets of consolidated variable interest entities 3,635 Estimated fair value of total assets acquired by AGM 238,252 Liabilities Interest sensitive contract liabilities 160,241 Future policy benefits 41,482 Market risk benefits 4,813 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 219,779 Identifiable net assets 18,473 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 13,531 Goodwill attributable to AHL $ 4,073 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 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. Amortization of these assets is on a straight-line basis. 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. Amortization of this asset is on a straight-line basis. 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. These assets are not amortized. 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 $ 3,372 7 Distribution channels 1,870 18 Trade name 160 20 Insurance licenses 26 Indefinite Total $ 5,428 |
Investments
Investments | 9 Months Ended |
Sep. 30, 2023 | |
Schedule of Investments [Abstract] | |
Investments | 4. Investments AFS Securities — Our AFS investment portfolio includes bonds, collateralized loan obligations (CLO), asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS) and redeemable preferred stock. Our AFS investment portfolio includes related party investments that are primarily comprised of investments over which Apollo can exercise significant influence. These investments are presented as investments in related parties on the condensed consolidated balance sheets, and are separately disclosed below. The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of our AFS investments by asset type: September 30, 2023 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 5,506 $ — $ — $ (1,246) $ 4,260 US state, municipal and political subdivisions 1,273 — — (311) 962 Foreign governments 1,279 (27) 6 (343) 915 Corporate 83,029 (140) 68 (15,656) 67,301 CLO 19,641 (3) 171 (883) 18,926 ABS 11,608 (30) 23 (794) 10,807 CMBS 6,092 (7) 12 (601) 5,496 RMBS 7,888 (371) 161 (630) 7,048 Total AFS securities 136,316 (578) 441 (20,464) 115,715 AFS securities – related parties Corporate 1,426 — 1 (71) 1,356 CLO 4,390 — 19 (174) 4,235 ABS 8,762 (1) 17 (384) 8,394 Total AFS securities – related parties 14,578 (1) 37 (629) 13,985 Total AFS securities including related parties $ 150,894 $ (579) $ 478 $ (21,093) $ 129,700 December 31, 2022 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 3,333 $ — $ — $ (756) $ 2,577 US state, municipal and political subdivisions 1,218 — — (291) 927 Foreign governments 1,207 (27) 3 (276) 907 Corporate 74,644 (61) 92 (13,774) 60,901 CLO 17,722 (7) 115 (1,337) 16,493 ABS 11,447 (29) 15 (906) 10,527 CMBS 4,636 (5) 6 (479) 4,158 RMBS 6,775 (329) 64 (596) 5,914 Total AFS securities 120,982 (458) 295 (18,415) 102,404 AFS securities – related parties Corporate 1,028 — 1 (47) 982 CLO 3,346 (1) 10 (276) 3,079 ABS 6,066 — 3 (309) 5,760 Total AFS securities – related parties 10,440 (1) 14 (632) 9,821 Total AFS securities including related parties $ 131,422 $ (459) $ 309 $ (19,047) $ 112,225 The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below: September 30, 2023 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 2,232 $ 2,167 Due after one year through five years 15,532 14,370 Due after five years through ten years 22,864 19,179 Due after ten years 50,459 37,722 CLO, ABS, CMBS and RMBS 45,229 42,277 Total AFS securities 136,316 115,715 AFS securities – related parties Due after one year through five years 908 883 Due after five years through ten years 130 123 Due after ten years 388 350 CLO and ABS 13,152 12,629 Total AFS securities – related parties 14,578 13,985 Total AFS securities including related parties $ 150,894 $ 129,700 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 parties, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost: September 30, 2023 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 $ 2,023 $ (292) $ 2,167 $ (954) $ 4,190 $ (1,246) US state, municipal and political subdivisions 119 (11) 840 (300) 959 (311) Foreign governments 117 (9) 785 (331) 902 (340) Corporate 17,338 (1,075) 48,290 (14,553) 65,628 (15,628) CLO 685 (21) 12,001 (811) 12,686 (832) ABS 2,780 (116) 4,320 (597) 7,100 (713) CMBS 1,453 (23) 1,883 (501) 3,336 (524) RMBS 1,272 (62) 1,923 (318) 3,195 (380) Total AFS securities 25,787 (1,609) 72,209 (18,365) 97,996 (19,974) AFS securities – related parties Corporate 578 (34) 356 (36) 934 (70) CLO 498 (19) 2,591 (153) 3,089 (172) ABS 2,702 (99) 2,570 (259) 5,272 (358) Total AFS securities – related parties 3,778 (152) 5,517 (448) 9,295 (600) Total AFS securities including related parties $ 29,565 $ (1,761) $ 77,726 $ (18,813) $ 107,291 $ (20,574) December 31, 2022 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities US government and agencies $ 2,539 $ (756) $ — $ — $ 2,539 $ (756) US state, municipal and political subdivisions 911 (291) — — 911 (291) Foreign governments 891 (275) — — 891 (275) Corporate 58,256 (13,773) — — 58,256 (13,773) CLO 13,486 (1,277) — — 13,486 (1,277) ABS 8,119 (801) — — 8,119 (801) CMBS 2,650 (427) — — 2,650 (427) RMBS 2,621 (365) — — 2,621 (365) Total AFS securities 89,473 (17,965) — — 89,473 (17,965) AFS securities – related parties Corporate 619 (47) — — 619 (47) CLO 2,752 (273) — — 2,752 (273) ABS 5,487 (308) — — 5,487 (308) Total AFS securities – related parties 8,858 (628) — — 8,858 (628) Total AFS securities including related parties $ 98,331 $ (18,593) $ — $ — $ 98,331 $ (18,593) The following summarizes the number of AFS securities that were in an unrealized loss position, including related parties, for which an allowance for credit losses has not been recorded: September 30, 2023 Unrealized loss position Unrealized loss position 12 months or more AFS securities 9,552 7,841 AFS securities – related parties 203 139 The unrealized losses on AFS securities can primarily be attributed to changes in market interest rates since the application of pushdown accounting or acquisition. We did not recognize the unrealized losses in income, unless as required for hedge accounting, as we intend to hold these securities and it is not more likely than not we will be required to sell a security before the recovery of its amortized cost. Allowance for Credit Losses — The following table summarizes the activity in the allowance for credit losses for AFS securities including purchased credit deteriorated (PCD) securities by asset type: Three months ended September 30, 2023 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending balance AFS securities Foreign governments $ 27 $ — $ — $ — $ — $ — $ 27 Corporate 73 67 — (2) — 2 140 CLO 3 — — — — — 3 ABS 35 1 — (4) — (2) 30 CMBS 6 1 — — — — 7 RMBS 377 4 1 (5) — (6) 371 Total AFS securities 521 73 1 (11) — (6) 578 AFS securities – related parties ABS 1 — — — — — 1 Total AFS securities – related parties 1 — — — — — 1 Total AFS securities including related parties $ 522 $ 73 $ 1 $ (11) $ — $ (6) $ 579 Three months ended September 30, 2022 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending balance AFS securities Foreign governments $ 61 $ — $ — $ (28) $ — $ (6) $ 27 Corporate 70 5 — — (6) (3) 66 CLO 107 2 — — — (104) 5 ABS 14 7 — — — (8) 13 CMBS 9 — — — — (6) 3 RMBS 348 1 2 (7) — (23) 321 Total AFS securities 609 15 2 (35) (6) (150) 435 AFS securities – related party CLO 19 — — — — (18) 1 ABS 1 — — — — (1) — Total AFS securities – related party 20 — — — — (19) 1 Total AFS securities including related parties $ 629 $ 15 $ 2 $ (35) $ (6) $ (169) $ 436 Nine months ended September 30, 2023 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending balance AFS securities Foreign governments $ 27 $ — $ — $ — $ — $ — $ 27 Corporate 61 88 — (8) — (1) 140 CLO 7 1 — — — (5) 3 ABS 29 2 — (4) — 3 30 CMBS 5 4 — — — (2) 7 RMBS 329 15 40 (13) — — 371 Total AFS securities 458 110 40 (25) — (5) 578 AFS securities – related parties CLO 1 — — — — (1) — ABS — 1 — — — — 1 Total AFS securities – related parties 1 1 — — — (1) 1 Total AFS securities including related parties $ 459 $ 111 $ 40 $ (25) $ — $ (6) $ 579 Nine months ended September 30, 2022 Additions Reductions (In millions) January 1, 2022 Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending balance AFS securities Foreign governments $ — $ 66 $ — $ (28) $ — $ (11) $ 27 Corporate — 66 — — (6) 6 66 CLO — 24 — — — (19) 5 ABS 5 16 — — — (8) 13 CMBS — 14 — — — (11) 3 RMBS 306 30 3 (24) — 6 321 Total AFS securities 311 216 3 (52) (6) (37) 435 AFS securities – related parties CLO — 3 — — — (2) 1 ABS — 18 — — — (18) — Total AFS securities – related party — 21 — — (20) 1 Total AFS securities including related parties $ 311 $ 237 $ 3 $ (52) $ (6) $ (57) $ 436 Net Investment Income —Net investment income by asset class consists of the following: Three months ended September 30, Nine months ended September 30, (In millions) 2023 2022 2023 2022 AFS securities $ 1,822 $ 1,077 $ 4,940 $ 2,885 Trading securities 49 41 135 153 Equity securities 14 17 54 41 Mortgage loans 642 336 1,632 870 Investment funds (13) (35) 59 373 Funds withheld at interest 486 534 1,368 1,347 Other 214 75 623 165 Investment revenue 3,214 2,045 8,811 5,834 Investment expenses (286) (202) (759) (582) Net investment income $ 2,928 $ 1,843 $ 8,052 $ 5,252 Investment Related Gains (Losses) —Investment related gains (losses) by asset class consists of the following: Three months ended September 30, Nine months ended September 30, (In millions) 2023 2022 2023 2022 AFS securities 1 Gross realized gains on investment activity $ 55 $ 84 $ 379 $ 404 Gross realized losses on investment activity (431) (761) (647) (2,003) Net realized investment losses on AFS securities (376) (677) (268) (1,599) Net recognized investment losses on trading securities (137) (121) (105) (489) Net recognized investment losses on equity securities (3) (9) (34) (257) Net recognized investment losses on mortgage loans (911) (1,199) (838) (3,094) Derivative losses (1,480) (1,821) (66) (8,794) Provision for credit losses (60) 171 (237) (193) Other gains 343 808 355 1,615 Investment related gains (losses) $ (2,624) $ (2,848) $ (1,193) $ (12,811) 1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges. Proceeds from sales of AFS securities were $724 million and $635 million for the three months ended September 30, 2023 and 2022, respectively, and $3,918 million and $9,405 million for the nine months ended September 30, 2023 and 2022, respectively. The following table summarizes the change in unrealized gains (losses) on trading and equity securities, including related parties, we held as of the respective period end: Three months ended September 30, Nine months ended September 30, (In millions) 2023 2022 2023 2022 Trading securities $ (75) $ (119) $ (35) $ (455) Trading securities – related parties 3 3 3 (3) Equity securities 6 2 9 (237) Equity securities – related parties (9) (18) (16) (31) Repurchase Agreements— The following table summarizes the remaining contractual maturities of our repurchase agreements, which are included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets: (In millions) September 30, 2023 December 31, 2022 Less than 30 days $ 533 $ 608 30-90 days 427 1,268 91 days to 1 year 686 — Greater than 1 year 2,866 2,867 Payables for repurchase agreements $ 4,512 $ 4,743 The following table summarizes the securities pledged as collateral for repurchase agreements: September 30, 2023 December 31, 2022 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities US government and agencies $ 1,353 $ 962 $ 2,559 $ 1,941 Foreign governments 152 101 146 107 Corporate 2,899 2,285 1,940 1,605 CLO 264 259 273 261 ABS 1,226 1,074 1,243 1,082 Total securities pledged under repurchase agreements $ 5,894 $ 4,681 $ 6,161 $ 4,996 Reverse Repurchase Agreements — As of September 30, 2023 and December 31, 2022, amounts loaned under reverse repurchase agreements were $949 million and $1,640 million, respectively, and the fair value of the collateral, comprised primarily of commercial and residential mortgage loans, was $1,447 million and $1,753 million, respectively. Mortgage Loans, including related parties and consolidated 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 7 – 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: (In millions) September 30, 2023 December 31, 2022 Commercial mortgage loans $ 24,667 $ 21,061 Commercial mortgage loans under development 1,232 790 Total commercial mortgage loans 25,899 21,851 Mark to fair value (2,430) (1,743) Commercial mortgage loans 23,469 20,108 Residential mortgage loans 19,271 11,802 Mark to fair value (1,486) (1,099) Residential mortgage loans 17,785 10,703 Mortgage loans $ 41,254 $ 30,811 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: September 30, 2023 December 31, 2022 (In millions, except for percentages) Fair Value Percentage of Total Fair Value Percentage of Total Property type Office building $ 4,325 18.5 % $ 4,651 23.1 % Retail 1,815 7.7 % 1,454 7.2 % Apartment 8,463 36.1 % 6,692 33.3 % Hotels 2,373 10.1 % 1,855 9.2 % Industrial 2,565 10.9 % 2,047 10.2 % Other commercial 3,928 16.7 % 3,409 17.0 % Total commercial mortgage loans $ 23,469 100.0 % $ 20,108 100.0 % US region East North Central $ 1,439 6.1 % $ 1,437 7.1 % East South Central 422 1.8 % 413 2.1 % Middle Atlantic 6,656 28.4 % 5,183 25.8 % Mountain 949 4.0 % 898 4.5 % New England 1,179 5.0 % 1,076 5.4 % Pacific 4,175 17.8 % 3,781 18.8 % South Atlantic 3,879 16.6 % 2,756 13.7 % West North Central 194 0.8 % 231 1.1 % West South Central 981 4.2 % 1,085 5.4 % Total US region 19,874 84.7 % 16,860 83.9 % International region United Kingdom 2,200 9.4 % 1,898 9.4 % Other international 1 1,395 5.9 % 1,350 6.7 % Total international region 3,595 15.3 % 3,248 16.1 % Total commercial mortgage loans $ 23,469 100.0 % $ 20,108 100.0 % 1 Represents all other countries, with each individual country comprising less than 5% of the portfolio. Our residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table: September 30, 2023 December 31, 2022 US States California 27.9 % 28.9 % Florida 11.8 % 9.7 % New York 6.5 % 5.6 % Texas 5.6 % 4.3 % New Jersey 5.2 % 5.3 % Arizona 4.3 % 5.1 % Other 1 29.7 % 27.4 % Total US residential mortgage loan percentage 91.0 % 86.3 % International United Kingdom 3.8 % 5.4 % Other 2 5.2 % 8.3 % Total international residential mortgage loan percentage 9.0 % 13.7 % 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 6 – 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 parties and consolidated VIEs: September 30, 2023 December 31, 2022 (In millions, except for percentages) Carrying value Percent of total Carrying value Percent of total Investment funds Equity $ 90 72.5 % $ 46 58.2 % Hybrid 24 19.4 % 32 40.5 % Other 10 8.1 % 1 1.3 % Total investment funds 124 100.0 % 79 100.0 % Investment funds – related parties Strategic origination platforms 45 2.8 % 34 2.2 % Strategic insurance platforms 1,287 80.2 % 1,259 80.2 % Apollo and other fund investments Equity 244 15.2 % 246 15.7 % Yield 6 0.4 % 5 0.3 % Other 22 1.4 % 25 1.6 % Total investment funds – related parties 1,604 100.0 % 1,569 100.0 % Investment funds – consolidated VIEs Strategic origination platforms 5,322 35.3 % 4,829 38.7 % Strategic insurance platforms 511 3.4 % 529 4.2 % Apollo and other fund investments Equity 3,430 22.7 % 2,640 21.2 % Hybrid 3,771 25.0 % 3,112 24.9 % Yield 1,357 9.0 % 1,044 8.4 % Other 699 4.6 % 326 2.6 % Total investment funds – consolidated VIEs 15,090 100.0 % 12,480 100.0 % Total investment funds including related parties and funds owned by consolidated VIEs $ 16,818 $ 14,128 Non-Consolidated Securities and Investment Funds Fixed maturity securities – We invest in securitization entities as a debt holder or an investor in the residual interest of the securitization vehicle. These entities are deemed VIEs due to insufficient equity within the structure and lack of control by the equity investors over the activities that significantly impact the economics of the entity. In general, we are a debt investor within these entities and, as such, hold a variable interest; however, due to the debt holders’ lack of ability to control the decisions within the trust that significantly impact the entity, and the fact the debt holders are protected from losses due to the subordination of the equity tranche, the debt holders are not deemed the primary beneficiary. Securitization vehicles in which we hold the residual tranche are not consolidated because we do not unilaterally have substantive rights to remove the general partner, or when assessing related party interests, we are not under common control, as defined by US GAAP, with the related parties, nor are substantially all of the activities conducted on our behalf; therefore, we are not deemed the primary beneficiary. Debt investments and investments in the residual tranche of securitization entities are considered debt instruments and are held at fair value on the balance sheet and classified as AFS or trading. Investment funds – Investment funds include non-fixed income, alternative investments in the form of limited partnerships or similar legal structures. Equity securities – We invest in preferred equity securities issued by entities deemed to be VIEs due to insufficient equity within the structure. Our risk of loss associated with our non-consolidated investments depends on the investment. Investment funds, equity securities and trading securities are limited to the carrying value plus unfunded commitments. AFS securities are limited to amortized cost plus unfunded commitments. The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: September 30, 2023 December 31, 2022 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 124 $ 593 $ 79 $ 340 Investment in related parties – investment funds 1,604 2,325 1,569 2,253 Assets of consolidated VIEs – investment funds 15,090 21,270 12,480 20,278 Investment in fixed maturity securities 42,685 46,101 37,454 40,992 Investment in related parties – fixed maturity securities 13,500 16,414 9,717 10,290 Investment in related parties – equity securities 304 304 279 279 Total non-consolidated investments $ 73,307 $ 87,007 $ 61,578 $ 74,432 Concentrations —The following table represents our investment concentrations in excess of 10% of shareholders’ equity: (In millions) September 30, 2023 AT&T Inc. $ 1,461 Wheels Donlen 1 1,454 PK AirFinance 1 1,410 MFI Investments 1,361 Athora 1 1,282 Atlas 1 1,007 Atlas 1 – reverse repurchase agreement 922 AP Tundra 865 (In millions) December 31, 2022 Wheels Donlen 1 $ 1,288 Athora 1 1,232 PK AirFinance 1 999 AP Tundra 896 MFI Investments 878 SoftBank Vision Fund II 789 MidCap 1 788 Cayman Universe 756 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 13 – Related Parties. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 5. Derivative Instruments We use a variety of derivative instruments to manage risks, primarily equity, interest rate, credit, foreign currency and market volatility. See Note 7 – Fair Value for information about the fair value hierarchy for derivatives. The following table presents the notional amount and fair value of derivative instruments: September 30, 2023 December 31, 2022 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency hedges Swaps 8,240 $ 647 $ 167 6,677 $ 747 $ 154 Forwards 6,381 437 40 6,283 406 52 Interest rate swaps 4,468 — 809 4,468 — 803 Forwards on net investments 219 3 — 216 2 — Interest rate swaps 10,031 14 203 9,332 9 150 Total derivatives designated as hedges 1,101 1,219 1,164 1,159 Derivatives not designated as hedges Equity options 71,579 2,530 101 65,089 1,374 114 Futures 30 69 8 18 33 — Foreign currency swaps 4,549 278 108 3,563 251 112 Interest rate swaps 482 79 — 488 74 — Other swaps 180 — 3 89 — 4 Foreign currency forwards 22,322 514 453 16,376 413 257 Embedded derivatives Funds withheld including related parties (5,953) (89) (6,272) (77) Interest sensitive contract liabilities — 7,345 — 5,841 Total derivatives not designated as hedges (2,483) 7,929 (4,127) 6,251 Total derivatives $ (1,382) $ 9,148 $ (2,963) $ 7,410 Derivatives Designated as Hedges Cash Flow Hedges – We use interest rate swaps to convert floating-rate interest payments to fixed-rate interest payments to reduce exposure to interest rate changes. The interest rate swaps will expire by July 2027. During the three months ended September 30, 2023 and 2022, interest rate swaps recognized in OCI had gains of $91 million and losses of $111 million, respectively. During the nine months ended September 30, 2023 and 2022, interest rate swaps recognized in OCI had losses of $35 million and $111 million, respectively. There were no amounts deemed ineffective during the three and nine months ended September 30, 2023 and 2022. As of September 30, 2023, no amounts are expected to be reclassified to income within the next 12 months. 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: September 30, 2023 December 31, 2022 (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 $ 5,372 $ (245) $ 5,259 $ (217) Foreign currency swaps 5,448 (452) 4,797 (398) Interest sensitive contract liabilities Foreign currency swaps 1,369 90 1,081 88 Foreign currency interest rate swaps 3,724 647 4,348 632 Interest rate swaps 6,711 386 6,577 323 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 September 30, 2023 Investment related gains (losses) Foreign currency forwards $ 179 $ (187) $ (8) $ 21 $ 5 Foreign currency swaps 161 (166) (5) — — Foreign currency interest rate swaps (90) 95 5 — — Interest rate swaps (74) 63 (11) — — Interest sensitive contract benefits Foreign currency interest rate swaps 16 (14) 2 — — Three months ended September 30, 2022 Investment related gains (losses) Foreign currency forwards $ 288 $ (290) $ (2) $ 18 $ — Foreign currency swaps 256 (283) (27) — — Foreign currency interest rate swaps (379) 384 5 — — Interest rate swaps (268) 264 (4) — — Interest sensitive contract benefits Foreign currency interest rate swaps 12 (14) (2) — — Amount Excluded (In millions) Derivatives Hedged Items Net Recognized in income through amortization approach Recognized in income through changes in fair value Nine months ended September 30, 2023 Investment related gains (losses) Foreign currency forwards $ 74 $ (77) $ (3) $ 66 $ 12 Foreign currency swaps 59 (57) 2 — — Foreign currency interest rate swaps (5) 15 10 — — Interest rate swaps (92) 79 (13) — — Interest sensitive contract benefits Foreign currency interest rate swaps 44 (44) — — — Nine months ended September 30, 2022 Investment related gains (losses) Foreign currency forwards $ 616 $ (648) $ (32) $ 48 $ 1 Foreign currency swaps 589 (630) (41) — — Foreign currency interest rate swaps (873) 879 6 — — Interest rate swaps (345) 357 12 — — Interest sensitive contract benefits Foreign currency interest rate swaps 37 (37) — — — The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI : Three months ended September 30, Nine months ended September 30, (In millions) 2023 2022 2023 2022 Foreign currency forwards $ (65) $ (20) $ (63) $ (77) Foreign currency swaps (239) 51 (182) 60 Net Investment Hedges – We use foreign currency forwards to hedge the foreign currency exchange rate risk of our investments in subsidiaries that have a reporting currency other than the US dollar. We assess hedge effectiveness based on the changes in forward rates. During the three months ended September 30, 2023 and 2022, these derivatives had gains of $13 million and $22 million, respectively. During the nine months ended September 30, 2023 and 2022 , these derivatives had gains of $5 million and $47 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive income (loss). As of September 30, 2023 and December 31, 2022, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $35 million and $30 million, respectively. During the three and nine months ended September 30, 2023 and 2022 , 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. 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. Other swaps – Other swaps include total return swaps and credit default swaps. We purchase total rate of return swaps to gain exposure and benefit from a reference asset or index without ownership. 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. 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 modco or funds withheld basis and indexed annuity products. The following is a summary of the gains (losses) related to derivatives not designated as hedges: Three months ended September 30, Nine months ended September 30, (In millions) 2023 2022 2023 2022 Equity options $ (951) $ (449) $ 390 $ (2,728) Futures (73) (34) 22 (153) Swaps (24) 132 38 121 Foreign currency forwards 146 454 (191) 971 Embedded derivatives on funds withheld (780) (1,839) (439) (7,041) Amounts recognized in investment related gains (losses) (1,682) (1,736) (180) (8,830) Embedded derivatives in indexed annuity products 1 1,251 526 (277) 3,079 Total gains (losses) on derivatives not designated as hedges $ (431) $ (1,210) $ (457) $ (5,751) 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 September 30, 2023 Derivative assets $ 4,571 $ (1,665) $ (3,140) $ (234) $ — $ (234) Derivative liabilities (1,892) 1,665 655 428 — 428 December 31, 2022 Derivative assets $ 3,309 $ (1,477) $ (1,952) $ (120) $ — $ (120) Derivative liabilities (1,646) 1,477 478 309 — 309 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of September 30, 2023 and December 31, 2022, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated balance sheets. 3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 6. Variable Interest Entities We determined that we are required to consolidate certain Apollo-managed investment funds and other Apollo-managed structures. Since the criteria for the primary beneficiary are satisfied by our related party group, we are deemed the primary beneficiary. In addition, we consolidate certain securitization entities where 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: Three months ended September 30, Nine months ended September 30, (In millions) 2023 2022 2023 2022 Trading securities $ 28 $ 10 $ 79 $ 10 Equity securities — 13 — 13 Mortgage loans 29 22 83 65 Investment funds 20 4 55 (5) Other investments (2) (16) (7) (3) Net investment income $ 75 $ 33 $ 210 $ 80 Net recognized investment losses on trading securities $ (16) $ (38) $ (15) $ (38) Net recognized investment losses on mortgage loans (25) (103) (45) (262) Net recognized investment gains on investment funds 292 236 833 354 Other gains (losses) (1) (16) (29) 5 Investment related gains (losses) $ 250 $ 79 $ 744 $ 59 |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 7. Fair Value Fair value is the price we would receive to sell an asset or pay to transfer a liability (exit price) in an orderly transaction between market participants. We determine fair value based on the following fair value hierarchy: Level 1 – Unadjusted quoted prices for identical assets or liabilities in an active market. Level 2 – Quoted prices for inactive markets or valuation techniques that require observable direct or indirect inputs for substantially the full term of the asset or liability. Level 2 inputs include the following: • Quoted prices for similar assets or liabilities in active markets, • Observable inputs other than quoted market prices, and • Observable inputs derived principally from market data through correlation or other means. Level 3 – Prices or valuation techniques with unobservable inputs significant to the overall fair value estimate. These valuations use critical assumptions not readily available to market participants. Level 3 valuations are based on market standard valuation methodologies, including discounted cash flows, matrix pricing or other similar techniques. Net Asset Value (NAV) – Investment funds are typically measured using NAV as a practical expedient in determining fair value and are not classified in the fair value hierarchy. Our carrying value reflects our pro rata ownership percentage as indicated by NAV in the investment fund financial statements, which we may adjust if we determine NAV is not calculated consistent with investment company fair value principles. The underlying investments of the investment funds may have significant unobservable inputs, which may include but are not limited to, comparable multiples and weighted average cost of capital rates applied in valuation models or a discounted cash flow model. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the instrument’s fair value measurement. We use a number of valuation sources to determine fair values. Valuation sources can include quoted market prices; third-party commercial pricing services; third-party brokers; industry-standard, vendor modeling software that uses market observable inputs; and other internal modeling techniques based on projected cash flows. We periodically review the assumptions and inputs of third-party commercial pricing services through internal valuation price variance reviews, comparisons to internal pricing models, back testing to recent trades, or monitoring trading volumes. The following represents the hierarchy for our assets and liabilities measured at fair value on a recurring basis: September 30, 2023 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 4,260 $ — $ 4,253 $ 7 $ — US state, municipal and political subdivisions 962 — — 962 — Foreign governments 915 — — 869 46 Corporate 67,301 — 9 64,911 2,381 CLO 18,926 — — 18,926 — ABS 10,807 — — 6,181 4,626 CMBS 5,496 — — 5,484 12 RMBS 7,048 — — 6,785 263 Total AFS securities 115,715 — 4,262 104,125 7,328 Trading securities 1,592 — 22 1,538 32 Equity securities 916 — 198 644 74 Mortgage loans 37,978 — — — 37,978 Funds withheld at interest – embedded derivative (4,981) — — — (4,981) Derivative assets 4,571 — 93 4,478 — Short-term investments 527 — — 398 129 Other investments 763 — — 286 477 Cash and cash equivalents 9,996 — 9,996 — — Restricted cash 1,218 — 1,218 — — Investments in related parties AFS securities Corporate 1,356 — — 170 1,186 CLO 4,235 — — 3,732 503 ABS 8,394 — — 555 7,839 Total AFS securities – related parties 13,985 — — 4,457 9,528 Trading securities 871 — — — 871 Equity securities 304 — 59 — 245 Mortgage loans 1,234 — — — 1,234 Investment funds 1,043 — — — 1,043 Funds withheld at interest – embedded derivative (972) — — — (972) Other investments 327 — — — 327 Reinsurance recoverable 1,301 — — — 1,301 Other assets 431 — — — 431 Assets of consolidated VIEs Trading securities 2,133 — — 275 1,858 Mortgage loans 2,042 — — — 2,042 Investment funds 15,090 13,688 — — 1,402 Other investments 94 — — 2 92 Cash and cash equivalents 152 — 152 — — Total assets measured at fair value $ 206,330 $ 13,688 $ 16,000 $ 116,203 $ 60,439 Liabilities Interest sensitive contract liabilities Embedded derivative $ 7,345 $ — $ — $ — $ 7,345 Universal life benefits 739 — — — 739 Future policy benefits AmerUs Life Insurance Company (AmerUs) Closed Block 1,100 — — — 1,100 Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits 551 — — — 551 Market risk benefits 3,021 — — — 3,021 Derivative liabilities 1,892 — 43 1,848 1 Other liabilities 124 — — (89) 213 Total liabilities measured at fair value $ 14,772 $ — $ 43 $ 1,759 $ 12,970 December 31, 2022 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 2,577 $ — $ 2,570 $ 7 $ — US state, municipal and political subdivisions 927 — — 927 — Foreign governments 907 — — 906 1 Corporate 60,901 — — 59,236 1,665 CLO 16,493 — — 16,493 — ABS 10,527 — — 5,660 4,867 CMBS 4,158 — — 4,158 — RMBS 5,914 — — 5,682 232 Total AFS securities 102,404 — 2,570 93,069 6,765 Trading securities 1,595 — 23 1,519 53 Equity securities 1,087 — 150 845 92 Mortgage loans 27,454 — — — 27,454 Funds withheld at interest – embedded derivative (4,847) — — — (4,847) Derivative assets 3,309 — 42 3,267 — Short-term investments 520 — 29 455 36 Other investments 611 — — 170 441 Cash and cash equivalents 7,779 — 7,779 — — Restricted cash 628 — 628 — — Investments in related parties AFS securities Corporate 982 — — 170 812 CLO 3,079 — — 2,776 303 ABS 5,760 — — 218 5,542 Total AFS securities – related parties 9,821 — — 3,164 6,657 Trading securities 878 — — — 878 Equity securities 279 — — — 279 Mortgage loans 1,302 — — — 1,302 Investment funds 959 — — — 959 Funds withheld at interest – embedded derivative (1,425) — — — (1,425) Other investments 303 — — — 303 Reinsurance recoverable 1,388 — — — 1,388 Other assets 481 — — — 481 Assets of consolidated VIEs Trading securities 1,063 — 5 436 622 Mortgage loans 2,055 — — — 2,055 Investment funds 12,480 10,009 — — 2,471 Other investments 101 — — 2 99 Cash and cash equivalents 362 — 362 — — Total assets measured at fair value $ 170,587 $ 10,009 $ 11,588 $ 102,927 $ 46,063 Liabilities Interest sensitive contract liabilities Embedded derivative $ 5,841 $ — $ — $ — $ 5,841 Universal life benefits 829 — — — 829 Future policy benefits AmerUs Closed Block 1,164 — — — 1,164 ILICO Closed Block and life benefits 548 — — — 548 Market risk benefits 2,970 — — — 2,970 Derivative liabilities 1,646 — 38 1,607 1 Other liabilities 65 — — (77) 142 Total liabilities measured at fair value $ 13,063 $ — $ 38 $ 1,530 $ 11,495 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. Other investments – The fair value of other investments are determined using a discounted cash flow model using discount rates for similar investments. Funds withheld at interest embedded derivative – We estimate the fair value of the embedded derivative based on the change in the fair value of the assets supporting the funds withheld payable under modco and funds withheld reinsurance agreements. As a result, the fair value of the embedded derivative is classified as Level 2 or 3 based on the valuation methods used for the assets held supporting the reinsurance agreements. Derivatives – Derivative contracts can be exchange traded or over-the-counter. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy depending on trading activity. Over-the-counter derivatives are valued using valuation models or an income approach using third-party broker valuations. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, prepayment rates and correlation of the inputs. We consider and incorporate counterparty credit risk in the valuation process through counterparty credit rating requirements and monitoring of overall exposure. We also evaluate and include our own nonperformance risk in valuing derivatives. The majority of our derivatives trade in liquid markets; therefore, we can verify model inputs and model selection does not involve significant management judgment. These are typically classified within Level 2 of the fair value hierarchy. Cash and cash equivalents, including restricted cash – The carrying amount for cash equals fair value. We estimate the fair value for cash equivalents based on quoted market prices. These assets are classified as Level 1. Other assets and market risk benefits – Other assets at fair value consists of market risk benefit assets. See Note 9 – Long-duration Contracts for additional information on market risk benefits valuation methodology and additional fair value disclosures. The estimates are classified as Level 3. 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. Other liabilities – Other liabilities includes funds withheld liability, as described above in funds withheld at interest embedded derivative, and a ceded modco agreement of certain inforce funding agreement contracts for which we elected the fair value option. We estimate the fair value of the ceded modco agreement by discounting projected cash flows for net settlements and certain periodic and non-periodic payments. Unobservable inputs include estimates for asset portfolio returns and economic inputs used in the discount rate, including risk margin. Depending on the projected cash flows and other assumptions, the contract may be recorded as an asset or liability. The estimate is 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: Three months ended September 30, Nine months ended September 30, (In millions) 2023 2022 2023 2022 Trading securities $ (137) $ (121) $ (105) $ (489) Mortgage loans (984) (1,279) (909) (3,344) Investment funds (66) (47) 25 9 Future policy benefits 59 90 64 363 Other liabilities (4) — (71) — Total gains (losses) $ (1,132) $ (1,357) $ (996) $ (3,461) Gains and losses on trading securities and other liabilities 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: (In millions) September 30, 2023 December 31, 2022 Unpaid principal balance $ 45,170 $ 33,653 Mark to fair value (3,916) (2,842) Fair value $ 41,254 $ 30,811 The following represents our commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) September 30, 2023 December 31, 2022 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 161 $ 74 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (62) (55) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 99 $ 19 Fair value of commercial mortgage loans 90 days or more past due $ 40 $ 2 Fair value of commercial mortgage loans in non-accrual status 59 19 The following represents our residential loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) September 30, 2023 December 31, 2022 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 495 $ 522 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (57) (50) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 438 $ 472 Fair value of residential mortgage loans 90 days or more past due 1 $ 438 $ 472 Fair value of residential mortgage loans in non-accrual status 312 360 1 As of September 30, 2023 and December 31, 2022 includes $126 million and $221 million, respectively, 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: Three months ended September 30, Nine months ended September 30, (In millions) 2023 2022 2023 2022 Mortgage loans $ (20) $ 18 $ (31) $ (34) 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. Transfers in and out of Level 3 are primarily based on changes in the availability of pricing sources, as described in the valuation methods above. Three months ended September 30, 2023 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 $ 48 $ — $ (2) $ — — $ 46 $ — $ (2) Corporate 2,460 (8) (25) (26) (20) 2,381 — (27) ABS 5,305 — 14 (255) (438) 4,626 — 4 CMBS 12 — — — — 12 — — RMBS 6 — — 261 (4) 263 — — Trading securities 38 (1) — (5) — 32 (1) — Equity securities 67 7 — — — 74 7 — Mortgage loans 34,668 (850) — 4,160 — 37,978 (850) — Funds withheld at interest – embedded derivative (4,356) (625) — — — (4,981) — — Short-term investments 30 — (1) 100 — 129 — (1) Other investments 337 (5) — 145 — 477 (5) — Investments in related parties AFS securities Corporate 1,171 1 (10) 24 — 1,186 — (10) CLO 495 — 8 — — 503 — 8 ABS 7,742 (2) (11) 110 — 7,839 (6) (14) Trading securities 867 4 — — — 871 3 — Equity securities 252 (7) — — — 245 (7) — Mortgage loans 1,296 (61) — (1) — 1,234 (61) — Investment funds 1,061 (18) — — — 1,043 (18) — Funds withheld at interest – embedded derivative (1,297) 325 — — — (972) — — Other investments 343 (16) — — — 327 (16) — Reinsurance recoverable 1,436 (135) — — — 1,301 — — Assets of consolidated VIEs Trading securities 1,425 (48) — (45) 526 1,858 (48) — Mortgage loans 2,113 (73) — 2 — 2,042 (73) — Investment funds 1,351 (30) — 81 — 1,402 (30) — Other investments 99 5 — (12) — 92 5 — Total Level 3 assets $ 56,969 $ (1,537) $ (27) $ 4,539 $ 64 $ 60,008 $ (1,100) $ (42) Liabilities Interest sensitive contract liabilities Embedded derivative $ (8,198) $ 1,251 $ — $ (398) $ — $ (7,345) $ — $ — Universal life benefits (854) 115 — — — (739) — — Future policy benefits AmerUs Closed Block (1,159) 59 — — — (1,100) — — ILICO Closed Block and life benefits (571) 20 — — — (551) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (209) (4) — — — (213) — — Total Level 3 liabilities $ (10,992) $ 1,441 $ — $ (398) $ — $ (9,949) $ — $ — 1 Related to instruments held at end of period. Three months ended September 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 1,588 (16) (58) 205 (57) 1,662 — (55) CLO — — — 3 — 3 — — ABS 3,594 2 (50) 198 104 3,848 — (60) RMBS 68 — (1) (1) (66) — — — Trading securities 58 (4) — (2) 2 54 (4) — Equity securities 62 10 — — — 72 11 — Mortgage loans 25,218 (1,117) — 1,044 — 25,145 (1,111) — Investment funds 19 — — — (19) — — — Funds withheld at interest – embedded derivative (3,958) (1,301) — — — (5,259) — — Short-term investments 58 — — (23) — 35 — — Other investments — — — — 496 496 — — Investments in related parties AFS securities Corporate 849 1 (17) 114 (94) 853 — (15) CLO 325 — (14) — — 311 — (14) ABS 5,026 (3) (73) 284 94 5,328 — (73) Trading securities 891 4 — 5 5 905 4 — Equity securities 163 (18) — 195 — 340 (18) — Mortgage loans 1,416 (82) — (3) — 1,331 (82) — Investment funds 818 (29) — — — 789 (29) — Funds withheld at interest – embedded derivative (1,129) (442) — — — (1,571) — — Other investments — — — — 274 274 — — Reinsurance recoverable 1,580 (104) — — — 1,476 — — Assets of consolidated VIEs Trading securities 330 (7) — 529 (232) 620 (7) — Equity securities — — — — 15 15 — — Mortgage loans 1,626 (80) — 96 21 1,663 (79) — Investment funds 1,053 (19) — 1,694 (422) 2,306 (19) — Other investments 31 — — — 105 136 — — Total Level 3 assets $ 39,688 $ (3,205) $ (213) $ 4,338 $ 226 $ 40,834 $ (1,334) $ (217) Liabilities Interest sensitive contract liabilities Embedded derivative $ (5,176) $ 526 $ — $ (348) $ — $ (4,998) $ — $ — Universal life benefits (943) 91 — — — (852) — — Future policy benefits AmerUs Closed Block (1,247) 90 — — — (1,157) — — ILICO Closed Block and life benefits (623) 11 — — — (612) — — Derivative liabilities (1) — — — — (1) — — Total Level 3 liabilities $ (7,990) $ 718 $ — $ (348) $ — $ (7,620) $ — $ — 1 Related to instruments held at end of period. Nine months ended September 30, 2023 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 $ 1 $ — $ (2) $ 47 $ — $ 46 $ — $ (2) Corporate 1,665 (9) (1) 1,170 (444) 2,381 — (7) ABS 4,867 — (36) 794 (999) 4,626 — (49) CMBS — — — — 12 12 — (1) RMBS 232 6 2 258 (235) 263 — — Trading securities 53 2 — (12) (11) 32 — — Equity securities 92 (5) — — (13) 74 (5) — Mortgage loans 27,454 (794) — 11,318 — 37,978 (792) — Funds withheld at interest – embedded derivative (4,847) (134) — — — (4,981) — — Short-term investments 36 — (3) 70 26 129 — (1) Other investments 441 (5) — 41 — 477 (7) — Investments in related parties AFS securities Corporate 812 2 (18) 175 215 1,186 — (18) CLO 303 — 15 185 — 503 — 15 ABS 5,542 7 38 1,968 284 7,839 (2) 32 Trading securities 878 6 — (13) — 871 3 — Equity securities 279 (2) — (32) — 245 (3) — Mortgage loans 1,302 (44) — (24) — 1,234 (44) — Investment funds 959 52 — 32 — 1,043 53 — Funds withheld at interest – embedded derivative (1,425) 453 — — — (972) — — Other investments 303 (18) — 42 — 327 (19) — Reinsurance recoverable 1,388 (87) — — — 1,301 — — Assets of consolidated VIEs Trading securities 622 (40) — (55) 1,331 1,858 (40) — Mortgage loans 2,055 (71) — 58 — 2,042 (71) — Investment funds 2,471 (7) — 73 (1,135) 1,402 (7) — Other investments 99 7 — (14) — 92 7 — Total Level 3 assets $ 45,582 $ (681) $ (5) $ 16,081 $ (969) $ 60,008 $ (927) $ (31) Liabilities Interest sensitive contract liabilities Embedded derivative $ (5,841) $ (277) $ — $ (1,227) $ — $ (7,345) $ — $ — Universal life benefits (829) 90 — — — (739) — — Future policy benefits AmerUs Closed Block (1,164) 64 — — — (1,100) — — ILICO Closed Block and life benefits (548) (3) — — — (551) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (142) (71) — — — (213) — — Total Level 3 liabilities $ (8,525) $ (197) $ — $ (1,227) $ — $ (9,949) $ — $ — 1 Related to instruments held at end of period. Nine months ended September 30, 2022 Total realized and unrealized gains (losses) (In millions) 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 (19) (135) 385 92 1,662 — (120) CLO 14 (2) — (9) — 3 — — ABS 3,619 9 (145) 198 167 3,848 — (116) CMBS 43 — (17) — (26) — — — RMBS — — (1) 67 (66) — — — Trading securities 69 (10) — 6 (11) 54 (4) — Equity securities 429 27 — (3) (381) 72 25 — Mortgage loans 21,154 (2,888) — 6,879 — 25,145 (2,878) — Investment funds 18 1 — — (19) — — — Funds withheld at interest – embedded derivative — (5,259) — — — (5,259) — — Short-term investments 29 — (1) 7 — 35 — (1) Other investments — — — — 496 496 — — Investments in related parties AFS securities Corporate 670 (3) (23) 250 (41) 853 — (22) CLO 202 — (21) 130 — 311 — (21) ABS 6,445 (4) (208) (957) 52 5,328 — (193) Trading securities 1,771 3 — (1,057) 188 905 (4) — Equity securities 284 (32) — 76 12 340 (27) — Mortgage loans 1,369 (206) — 168 — 1,331 (206) — Investment funds 2,855 (1) — (34) (2,031) 789 (1) — Funds withheld at interest – embedded derivative — (1,571) — — — (1,571) — — Short-term investments — — — 53 (53) — — — Other investments — — — — 274 274 — — Reinsurance recoverable 1,991 (515) — — — 1,476 — — Assets of consolidated VIEs Trading securities — (7) — 529 98 620 (7) — Equity securities — — — — 15 15 — — Mortgage loans 2,152 (250) — (58) (181) 1,663 (250) — Investment funds 1,297 9 — 1,855 (855) 2,306 9 — Other investments — — — 31 105 136 — — Total Level 3 assets $ 45,752 $ (10,718) $ (551) $ 8,516 $ (2,165) $ 40,834 $ (3,343) $ (473) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,408) $ 3,079 $ — $ (669) $ — $ (4,998) $ — $ — Universal life benefits (1,235) 383 — — — (852) — — Future policy benefits AmerUs Closed Block (1,520) 363 — — — (1,157) — — ILICO Closed Block and life benefits (742) 130 — — — (612) — — Derivative liabilities (3) 2 — — — (1) — — Total Level 3 liabilities $ (10,908) $ 3,957 $ — $ (669) $ — $ (7,620) $ — $ — 1 Related to instruments held at end of period. The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above: Three months ended September 30, 2023 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities Corporate $ 26 $ — $ — $ (52) $ (26) $ — $ (20) $ (20) ABS 221 — (13) (463) (255) 357 (795) (438) RMBS 261 — — — 261 — (4) (4) Trading securities — — — (5) (5) — — — Mortgage loans 5,696 — (285) (1,251) 4,160 — — — Short-term investments 100 — — — 100 — — — Other investments 145 — — — 145 — — — Investments in related parties AFS securities Corporate 27 — — (3) 24 — — — ABS 426 — — (316) 110 — — — Trading securities 1 — (1) — — — — — Mortgage loans — — — (1) (1) — — — Assets of consolidated VIEs Trading securities 6 — (51) — (45) 526 — 526 Mortgage loans 4 — — (2) 2 — — — Investment funds 113 — (32) — 81 — — — Other investments 2 — (14) — (12) — — — Total Level 3 assets $ 7,028 $ — $ (396) $ (2,093) $ 4,539 $ 883 $ (819) $ 64 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (573) $ — $ 175 $ (398) $ — $ — $ — Total Level 3 liabilities $ — $ (573) $ — $ 175 $ (398) $ — $ — $ — Three months ended September 30, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities Corporate $ 228 $ — $ (3) $ (20) $ 205 $ 83 $ (140) $ (57) CLO 3 — — — 3 — — — ABS 344 — — (146) 198 116 (12) 104 RMBS — — — (1) (1) — (66) (66) Trading securities — — — (2) (2) 3 (1) 2 Mortgage loans 1,900 — (51) (805) 1,044 — — — Investment funds — — — — — — (19) (19) Short-term investments — — — (23) (23) — — — Other investments — — — — — 496 — 496 Investments in related parties AFS securities Corporate 116 — — (2) 114 — (94) (94) ABS 887 — — (603) 284 94 — 94 Trading securities 5 — — — 5 5 — 5 Equity securities 195 — — — 195 — — — Mortgage loans — — — (3) (3) — — — Other investments — — — — — 274 — 274 Assets of consolidated VIEs Trading securities 529 — — — 529 100 (332) (232) Equity securities — — — — — 15 — 15 Mortgage loans 102 — — (6) 96 21 — 21 Investment funds 1,695 — (1) — 1,694 — (422) (422) Other investments — — — — — 105 — 105 Total Level 3 assets $ 6,004 $ — $ (55) $ (1,611) $ 4,338 $ 1,312 $ (1,086) $ 226 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (456) $ — $ 108 $ (348) $ — $ — $ — Total Level 3 liabilities $ — $ (456) $ — $ 108 $ (348) $ — $ — $ — Nine months ended September 30, 2023 (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 $ 53 $ — $ — $ (6) $ 47 $ — $ — $ — Corporate 1,338 — — (168) 1,170 29 (473) (444) ABS 1,552 — (33) (725) 794 695 (1,694) (999) CMBS — — — — — 12 — 12 RMBS 262 — — (4) 258 5 (240) (235) Trading securities 8 — — (20) (12) 5 (16) (11) Equity securities — — — — — — (13) (13) Mortgage loans 14,361 — (348) (2,695) 11,318 — — — Short-term investments 100 — — (30) 70 26 — 26 Other investments 472 — — (431) 41 — — — Investments in related parties AFS securities Corporate 184 — — (9) 175 215 — 215 CLO 185 — — — 185 — — — ABS 3,132 — (162) (1,002) 1,968 284 — 284 Trading securities 28 — (38) (3) (13) — — — Equity securities — — — (32) (32) — — — Mortgage loans — — — (24) (24) — — — Investment funds 32 — — — 32 — — — Other investments 42 — — — 42 — — — Assets of consolidated VIEs Trading securities 26 — (81) — (55) 1,362 (31) 1,331 Mortgage loans 63 — — (5) 58 — — — Investment funds 113 — (40) — 73 475 (1,610) (1,135) Other investments 7 — (21) — (14) — — — Total Level 3 assets $ 21,958 $ — $ (723) $ (5,154) $ 16,081 $ 3,108 $ (4,077) $ (969) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (1,708) $ — $ 481 $ (1,227) $ — $ — $ — Total Level 3 liabilities $ — $ (1,708) $ — $ 481 $ (1,227) $ — $ — $ — Nine months ended September 30, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in 1 Transfers out 1 Net transfers in (out) Assets AFS securities Corporate $ 681 $ — $ (173) $ (123) $ 385 $ 276 $ (184) $ 92 CLO 3 — — (12) (9) — — — ABS 2,579 — (1,791) (590) 198 484 (317) 167 CMBS — — — — — — (26) (26) RMBS 68 — — (1) 67 — ( |
Deferred Acquisition Costs, Def
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired | 9 Months Ended |
Sep. 30, 2023 | |
Insurance [Abstract] | |
Deferred Acquisition Costs, Deferred Sales Inducements, and Value of Business Acquired | 8. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See Note 9 – Long-duration Contracts for more information on our products. Nine months ended September 30, 2023 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at December 31, 2022 $ 304 $ 755 $ 11 $ 9 $ 399 $ 2,988 $ 4,466 Additions 426 609 2 3 447 — 1,487 Amortization (74) (69) (3) (1) (40) (315) (502) Other — — — — — (3) (3) Balance at September 30, 2023 $ 656 $ 1,295 $ 10 $ 11 $ 806 $ 2,670 $ 5,448 Nine months ended September 30, 2022 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at January 1, 2022 $ — $ — $ — $ — $ — $ 3,372 $ 3,372 Additions 175 555 13 7 266 — 1,016 Amortization (5) (17) (2) — (5) (289) (318) Balance at September 30, 2022 $ 170 $ 538 $ 11 $ 7 $ 261 $ 3,083 $ 4,070 Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds, including traditional deferred annuities and indexed annuities, are amortized on a constant-level basis for a cohort of contracts using initial premium or deposit. Significant inputs and assumptions are required for determining the expected duration of the cohort and involves using accepted actuarial methods to determine decrement rates related to policyholder behavior for lapses, withdrawals (surrenders) and mortality. The assumptions used to determine the amortization of DAC and DSI are consistent with those used to estimate the related liability balance. Deferred costs related to investment contracts without significant revenue streams from sources other than investment of policyholder funds are amortized using the effective interest method, which primarily includes funding agreements. The effective interest method requires inputs to project future cash flows, which for funding agreements includes contractual terms of notional value, periodic interest payments based on either fixed or floating interest rates, and duration. For other investment-type contracts which include immediate annuities and assumed endowments without significant mortality risks, assumptions are required related to policyholder behavior for lapses and withdrawals (surrenders). The expected amortization of VOBA for the next five years is as follows: (In millions) Expected amortization 2023 1 $ 87 2024 324 2025 292 2026 260 2027 228 2028 197 1 Expected amortization for the remainder of 2023. |
Long-duration Contracts
Long-duration Contracts | 9 Months Ended |
Sep. 30, 2023 | |
Insurance [Abstract] | |
Long-duration Contracts | 9. Long-duration Contracts Interest sensitive contract liabilities – Interest sensitive contract liabilities primarily include: ▪ traditional deferred annuities, ▪ indexed annuities consisting of fixed indexed and index-linked variable annuities, ▪ funding agreements, and ▪ other investment-type contracts comprising of immediate annuities without significant mortality risk (which includes pension group annuities without life contingencies) and assumed endowments without significant mortality risks. The following represents a rollforward of the policyholder account balance by product within interest sensitive contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve. Nine months ended September 30, 2023 (In millions, except percentages) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Total Balance at December 31, 2022 $ 43,518 $ 92,660 $ 27,439 $ 4,722 $ 168,339 Deposits 18,011 8,960 4,893 3,760 35,624 Policy charges (2) (481) — — (483) Surrenders and withdrawals (8,207) (8,292) (110) (25) (16,634) Benefit payments (738) (1,216) (2,264) (223) (4,441) Interest credited 1,284 802 628 110 2,824 Foreign exchange (77) (1) (26) (344) (448) Other 1 63 77 (46) (1,419) (1,325) Balance at September 30, 2023 $ 53,852 $ 92,509 $ 30,514 $ 6,581 $ 183,456 September 30, 2023 Weighted average crediting rate 3.7 % 2.3 % 3.1 % 2.7 % 2.9 % Net amount at risk $ 425 $ 14,438 $ — $ 104 $ 14,967 Cash surrender value 50,352 84,052 — 5,335 139,739 1 Other includes a $1,371 million reduction of reserves related to the Venerable Insurance and Annuity Company (VIAC) recapture agreement. See Note 13 – Related Parties for further information. Nine months ended September 30, 2022 (In millions, except percentages) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Total Balance at January 1, 2022 $ 35,599 $ 89,755 $ 23,623 $ 2,413 $ 151,390 Deposits 7,475 8,110 6,770 1,995 24,350 Policy charges (2) (441) — — (443) Surrenders and withdrawals (3,435) (5,679) (505) (9) (9,628) Benefit payments (703) (1,215) (2,659) (249) (4,826) Interest credited 718 1,487 474 64 2,743 Foreign exchange — — (899) (109) (1,008) Other — — (693) (17) (710) Balance at September 30, 2022 $ 39,652 $ 92,017 $ 26,111 $ 4,088 $ 161,868 September 30, 2022 Weighted average crediting rate 2.9 % 2.1 % 2.2 % 2.9 % 2.3 % Net amount at risk $ 421 $ 13,169 $ — $ 36 $ 13,626 Cash surrender value 37,777 83,705 — 1,686 123,168 The following is a reconciliation of interest sensitive contract liabilities to the condensed consolidated balance sheets: September 30, (In millions) 2023 2022 Traditional deferred annuities $ 53,852 $ 39,652 Indexed annuities 92,509 92,017 Funding agreements 30,514 26,111 Other investment-type 6,581 4,088 Reconciling items 1 5,609 5,010 Interest sensitive contract liabilities $ 189,065 $ 166,878 1 Reconciling items primarily include embedded derivatives in indexed annuities, unaccreted host contract adjustments on indexed annuities, negative VOBA, sales inducement liabilities and wholly ceded universal life insurance contracts. The following represents policyholder account balances by range of guaranteed minimum crediting rates, as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums: September 30, 2023 (In millions) At guaranteed minimum 1 basis point – 100 basis points above guaranteed minimum Greater than 100 basis points above guaranteed minimum Total < 2.0% $ 28,564 $ 19,709 $ 90,121 $ 138,394 2.0% – < 4.0% 28,838 1,128 541 30,507 4.0% – < 6.0% 11,433 9 1 11,443 6.0% and greater 3,112 — — 3,112 Total $ 71,947 $ 20,846 $ 90,663 $ 183,456 September 30, 2022 (In millions) At guaranteed minimum 1 basis point – 100 basis points above guaranteed minimum Greater than 100 basis points above guaranteed minimum Total < 2.0% $ 25,599 $ 26,909 $ 65,484 $ 117,992 2.0% – < 4.0% 37,150 1,491 477 39,118 4.0% – < 6.0% 4,611 11 6 4,628 6.0% and greater 130 — — 130 Total $ 67,490 $ 28,411 $ 65,967 $ 161,868 Future policy benefits – Future policy benefits consist primarily of payout annuities, including single premium immediate annuities with life contingencies (which include pension group annuities with life contingencies). The following is a rollforward of the expected value of future policy benefits: Payout annuities with life contingencies Nine months ended September 30, (In millions) 2023 2022 Present value of expected future policy benefits Beginning balance $ 36,422 $ 35,278 Effect of changes in discount rate assumptions 8,425 — Beginning balance at original discount rate 44,847 35,278 Effect of changes in cash flow assumptions (297) — Effect of actual experience compared to expected experience (36) (115) Adjusted balance 44,514 35,163 Issuances 9,120 10,666 Interest accrual 1,194 802 Benefit payments (2,731) (2,193) Foreign exchange 5 (90) Other 1 (1,509) — Ending balance at original discount rate 50,593 44,348 Effect of changes in discount rate assumptions (9,753) (8,833) Ending balance $ 40,840 $ 35,515 1 Other represents $1,509 million reduction of reserves related to the VIAC recapture agreement. See Note 13 – Related Parties for further information. The following is a reconciliation of future policy benefits to the condensed consolidated balance sheets: September 30, (In millions) 2023 2022 Payout annuities with life contingencies $ 40,840 $ 35,515 Reconciling items 1 5,832 5,770 Future policy benefits $ 46,672 $ 41,285 1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with our liability for future policy benefits. Additionally, it includes reserves for our immaterial lines of business including term and whole life, accident and health and disability, as well as other insurance benefit reserves for our no-lapse guarantees with universal life contracts, all of which are fully ceded. The following is a reconciliation of premiums to the condensed consolidated statements of income (loss): Nine months ended September 30, (In millions) 2023 2022 Payout annuities with life contingencies $ 9,142 $ 10,745 Reconciling items 1 21 24 Premiums $ 9,163 $ 10,769 1 Reconciling items premiums related to our immaterial lines of business including term and whole life, and accident and health and disability. Gross premiums are recorded within premiums on the condensed consolidated statements of income (loss). Interest expense related to future policy benefits was $1,194 million and $802 million during the nine months ended September 30, 2023 and 2022, respectively, and is recorded as a component of policy and other operating expenses on the condensed consolidated statements of income (loss). Significant assumptions and inputs to the calculation of future policy benefits for payout annuities with life contingencies include policyholder demographic data, assumptions for policyholder longevity and policyholder utilization for contracts with deferred lives, and discount rates. We base certain key assumptions related to policyholder behavior on industry standard data adjusted to align with actual company experience, if necessary. At least annually, we review all significant cash flow assumptions and update as necessary, unless emerging experience indicates a more frequent review is necessary. The discount rate reflects market observable inputs from upper-medium grade fixed income instrument yields and is interpolated, where necessary, to conform to the duration of our liabilities. During the nine months ended September 30, 2023, future policy benefits for payout annuities with life contingencies increased by $4,418 million, which was driven by $9,120 million of issuances, primarily pension group annuities, and $1,194 million of interest accrual, partially offset by $2,731 million of benefit payments, $1,509 million reduction in reserve relating to recapture, $1,328 million change in discount rate assumptions related to an increase in rates, and $297 million resulting from favorable unlocking of assumptions, primarily related to higher interest rates and favorable mortality experience lowering future benefit payments. During the nine months ended September 30, 2022, future policy benefits for payout annuities with life contingencies increased by $237 million, which was driven by $10,666 million of issuances, primarily pension group annuities, and $802 million of interest accrual, partially offset by a $8,833 million change in discount rate assumptions related to an increase in rates and $2,193 million of benefit payments. The following represents the undiscounted and discounted expected future benefit payments for the liability for future policy benefits. As these relate to payout annuities for single premium immediate annuities with life contingencies, there are no expected future gross premiums. September 30, 2023 September 30, 2022 (In millions) Undiscounted Discounted Undiscounted Discounted Expected future benefit payments $ 73,933 $ 50,593 $ 63,743 $ 44,348 The following represents the weighted-average durations and the weighted-average interest rates of future policy benefits: September 30, 2023 2022 Weighted-average liability duration (in years) 9.6 10.2 Weighted-average interest accretion rate 3.6 % 3.1 % Weighted-average current discount rate 6.1 % 5.6 % The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the condensed consolidated statements of income (loss): Nine months ended September 30, (In millions) 2023 2022 Reserves $ 333 $ 115 Deferred profit liability (243) (110) Negative VOBA (54) — Total remeasurement gains (losses) $ 36 $ 5 During the nine months ended September 30, 2023 and 2022, we recorded reserve increases of $110 million and $38 million, respectively, to the condensed consolidated statements of income (loss) as a result of the present value of benefits and expenses exceeding the present value of gross premiums. Market risk benefits – We issue and reinsure traditional deferred and indexed annuity products that contain GLWB and GMDB riders that meet the criteria to be classified as market risk benefits. The following is a rollfoward of net market risk benefit liabilities by product: Nine months ended September 30, 2023 (In millions) Traditional deferred annuities Indexed annuities Total Balance at December 31, 2022 $ 170 $ 2,319 $ 2,489 Effect of changes in instrument-specific credit risk 13 353 366 Balance, beginning of period, before changes in instrument-specific credit risk 183 2,672 2,855 Issuances — 47 47 Interest accrual 7 108 115 Attributed fees collected 2 250 252 Benefit payments (1) (24) (25) Effect of changes in interest rates (18) (591) (609) Effect of changes in equity — (26) (26) Effect of actual behavior compared to expected behavior 4 42 46 Effect of changes in future expected policyholder behavior (3) 78 75 Effect of changes in other future expected assumptions — 6 6 Balance, end of period, before changes in instrument-specific credit risk 174 2,562 2,736 Effect of changes in instrument-specific credit risk (7) (139) (146) Balance at September 30, 2023 $ 167 $ 2,423 $ 2,590 September 30, 2023 Net amount at risk $ 425 $ 14,438 $ 14,863 Weighted-average attained age of contract holders (in years) 75 69 69 Nine months ended September 30, 2022 (In millions) Traditional deferred annuities Indexed annuities Total Balance at January 1, 2022 $ 253 $ 4,194 $ 4,447 Issuances — 42 42 Interest accrual 2 24 26 Attributed fees collected 2 245 247 Benefit payments (3) (38) (41) Effect of changes in interest rates (77) (2,016) (2,093) Effect of changes in equity — 188 188 Effect of actual behavior compared to expected behavior 4 27 31 Effect of changes in other future expected assumptions (2) (41) (43) Balance, end of period, before changes in instrument-specific credit risk 179 2,625 2,804 Effect of changes in instrument-specific credit risk (18) (506) (524) Balance at September 30, 2022 $ 161 $ 2,119 $ 2,280 September 30, 2022 Net amount at risk $ 421 $ 13,169 $ 13,590 Weighted-average attained age of contract holders (in years) 75 69 69 The following is a reconciliation of market risk benefits to the condensed consolidated balance sheets. Market risk benefit assets are included in other assets on the condensed consolidated balance sheets. September 30, 2023 September 30, 2022 (In millions) Asset Liability Net liability Asset Liability Net liability Traditional deferred annuities $ — $ 167 $ 167 $ — $ 161 $ 161 Indexed annuities 431 2,854 2,423 511 2,630 2,119 Total $ 431 $ 3,021 $ 2,590 $ 511 $ 2,791 $ 2,280 During the nine months ended September 30, 2023, net market risk benefit liabilities increased by $101 million, which was primarily driven by $252 million in fees collected from policyholders, a $220 million change in instrument-specific credit risk related to tightening of credit spreads and $115 million of interest accrual, partially offset by a decrease of $609 million related to changes in the risk-free discount rate across the curve . During the nine months ended September 30, 2022, net market risk benefit liabilities decreased by $2,167 million, which was primarily driven by a decrease of $2,093 million related to changes in the risk-free discount rate across the curve and a $524 million change in instrument-specific credit risk related to widening of credit spreads, partially offset by $247 million of fees collected from policyholders and $188 million of changes related to equity market performance. The determination of the fair value of market risk benefits requires the use of inputs related to fees and assessments and assumptions in determining the projected benefits in excess of the projected account balance. Judgment is required for both economic and actuarial assumptions, which can be either observable or unobservable, that impact future policyholder account growth. Economic assumptions include interest rates and implied volatilities throughout the duration of the liability. For indexed annuities, assumptions also include projected equity returns which impact cash flows attributable to indexed strategies, implied equity volatilities, expected index credits on the next policy anniversary date and future equity option costs. Assumptions related to the level of option budgets used for determining the future equity option costs and the impact on future policyholder account value growth are considered unobservable inputs. Policyholder behavior assumptions are unobservable inputs and are established using accepted actuarial valuation methods to estimate withdrawals (surrender rate) and income rider utilization. Assumptions are generally based on industry data and pricing assumptions which are updated for actual experience, if necessary. Actual experience may be limited for recently issued products. All inputs are used to project excess benefits and fees over a range of risk-neutral, stochastic interest rate scenarios. For indexed annuities, stochastic equity return scenarios are also included within the range. A risk margin is incorporated within the discount rate to reflect uncertainty in the projected cash flows such as variations in policyholder behavior, as well as a credit spread to reflect our nonperformance risk, which is considered an unobservable input. We use the credit spread, relative to the US Treasury curve based on our public credit rating as of the valuation date, as the credit spread to reflect our nonperformance risk in the estimate of the fair value of market risk benefits. The following summarizes the unobservable inputs for market risk benefits: September 30, 2023 (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 Market risk benefits, net $ 2,590 Discounted cash flow Nonperformance risk 0.6 % 1.6 % 1.4 % 1 Decrease Option budget 0.5 % 5.9 % 1.9 % 2 Decrease Surrender rate 3.4 % 6.5 % 4.6 % 2 Decrease Utilization rate 28.6 % 95.0 % 83.2 % 3 Increase September 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 Market risk benefits, net $ 2,280 Discounted cash flow Nonperformance risk 0.6 % 1.9 % 1.6 % 1 Decrease Option budget 0.5 % 4.5 % 1.6 % 2 Decrease Surrender rate 3.3 % 6.8 % 4.5 % 2 Decrease Utilization rate 28.6 % 95.0 % 81.9 % 3 Increase 1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve. 2 The option budget and surrender rate weighted averages are calculated based on projected account values. 3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 10. Debt Credit Facility —On June 30, 2023, AHL, ALRe, AUSA and AARe entered into a new, five one 1. Consolidated debt-to-capitalization ratio not to exceed 35%; 2. Minimum consolidated net worth of no less than $14.8 billion; and 3. Restrictions on our ability to incur liens, with certain exceptions. Interest accrues on outstanding borrowings at either the adjusted term secured overnight financing rate plus a margin or the base rate plus a margin, with the applicable margin varying based on AHL’s debt rating. Rates and terms are as defined in the Credit Facility. As of September 30, 2023 and December 31, 2022, we had no amounts outstanding under the current or previous credit facilities and were in compliance with all financial covenants under the facilities. Liquidity Facility —On June 30, 2023, AHL and ALRe entered into a new revolving credit agreement with a syndicate of banks and Wells Fargo Bank, National Association, as administrative agent (Liquidity Facility), which replaced our previous revolving credit agreement dated as of July 1, 2022. The previous credit agreement, and the commitments under it, expired on June 30, 2023. The Liquidity Facility is unsecured and has a commitment termination date of June 28, 2024, subject to any extensions of additional 364-day periods with consent of extending lenders and/or “term-out” of outstanding loans (by which, at our election, the outstanding loans may be converted to term loans which shall have a maturity of up to one year after the original maturity date), in each case in accordance with the terms of the Liquidity Facility. In connection with the Liquidity Facility, ALRe guaranteed all of the obligations of AHL under the Liquidity Facility and the related loan documents. 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 $2.6 billion, subject to being increased up to $3.1 billion in total on the terms described in the Liquidity Facility. 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 $8.8 billion; and 2. Restrictions on our ability to incur liens, with certain exceptions. Interest accrues on outstanding borrowings at either the adjusted term secured overnight financing rate plus a margin or the base rate plus a margin, with applicable margin varying based on ALRe’s financial strength rating. Rates and terms are as defined in the Liquidity Facility. On February 7, 2023, we borrowed $1.0 billion from the previous liquidity facility for short-term cash flow needs, which was repaid in the first quarter of 2023. As of September 30, 2023 and December 31, 2022, we had no amounts outstanding under the current or previous liquidity facilities and were in compliance with all financial covenants under the facilities. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Equity | 11. Equity Acc umulated Other Comprehensive Income (Loss)— The following provides the details and changes in AOCI: (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at June 30, 2023 $ (11,049) $ (378) $ 26 $ 4,708 $ 312 $ 5 $ (6,376) Other comprehensive income (loss) before reclassifications (3,199) 33 (192) 1,317 (254) (21) (2,316) Less: Reclassification adjustments for gains (losses) realized 1 (11) — 21 — — — 10 Less: Income tax expense (benefit) (654) 6 (46) 273 (52) (3) (476) Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of subsidiary issuance of equity interests and tax (577) (3) (26) 471 (8) (4) (147) Balance at September 30, 2023 $ (13,006) $ (348) $ (115) $ 5,281 $ 118 $ (9) $ (8,079) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at June 30, 2022 $ (9,996) $ (138) $ (28) $ 4,079 $ 448 $ (63) $ (5,698) Other comprehensive income (loss) before reclassifications (5,824) (128) (79) 2,374 (52) 9 (3,700) Less: Reclassification adjustments for gains (losses) realized in net income 1 (24) — 1 — — — (23) Less: Income tax expense (benefit) (1,001) (23) (12) 325 (9) (7) (727) Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of tax (713) (5) (91) 641 (1) (6) (175) Balance at September 30, 2022 $ (14,082) $ (238) $ (5) $ 5,487 $ 406 $ (41) $ (8,473) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2022 $ (12,565) $ (334) $ 47 $ 5,256 $ 285 $ (10) $ (7,321) Other comprehensive income (loss) before reclassifications (1,841) (31) (214) 1,328 (220) 6 (972) Less: Reclassification adjustments for gains (losses) realized in net income 1 (105) — 66 — — — (39) Less: Income tax expense (benefit) (828) (12) (68) 777 (46) 2 (175) Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of subsidiary issuance of equity interests and tax (467) (5) (50) 526 (7) 3 — Balance at September 30, 2023 $ (13,006) $ (348) $ (115) $ 5,281 $ 118 $ (9) $ (8,079) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at January 1, 2022 $ — $ — $ — $ — $ — $ — $ — Other comprehensive income (loss) before reclassifications (20,037) (319) (112) 8,833 524 (72) (11,183) Less: Reclassification adjustments for gains (losses) realized 1 (178) — 16 — — — (162) Less: Income tax expense (benefit) (3,526) (57) (21) 1,284 112 (12) (2,220) Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of tax (2,251) (24) (102) 2,062 6 (19) (328) Balance at September 30, 2022 $ (14,082) $ (238) $ (5) $ 5,487 $ 406 $ (41) $ (8,473) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The income tax expense (benefit) was $162 million and $(121) million for the three months ended September 30, 2023 and 2022, respectively. Our effective tax rate was 33% and 10% for the three months ended September 30, 2023 and 2022, respectively. The income tax expense (benefit) was $458 million and $(783) million for the nine months ended September 30, 2023 and 2022, respectively. Our effective tax rate was 18% and 12% for the nine months ended September 30, 2023 and 2022, respectively. On August 16, 2022, the US government enacted the Inflation Reduction Act of 2022 (IRA). The IRA contains a number of tax-related provisions including a 15% minimum corporate income tax on certain large corporations as well as an excise tax on stock repurchases. It is unclear how the IRA will be ultimately implemented by the US Department of the Treasury through regulation although the IRS has issued interim guidance relevant to us describing regulations it intends to issue upon which taxpayers are entitled to rely until the issuance of regulations. We are still evaluating the impact of the IRA on our tax liability, which tax liability could also be affected by how the provisions of the IRA are implemented through such regulation. We will continue to evaluate the IRA’s impact as further information becomes available. |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Parties | 13. 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 incremental 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 September 30, 2023 and 2022, we incurred management fees, inclusive of the base and sub-allocation fees, of $249 million and $195 million, respectively. During the nine months ended September 30, 2023 and 2022, we incurred management fees, inclusive of the base and sub-allocation fees, of $703 million and $563 million, respectively. Management fees are included within net investment income on the condensed consolidated statements of income (loss). As of September 30, 2023 and December 31, 2022, management fees payable were $95 million and $80 million, respectively, and are included in other liabilities on the condensed consolidated balance sheets. Such amounts include fees incurred attributable to Athene Co-Invest Reinsurance Affiliate Holding Ltd. (together with its subsidiaries, ACRA 1) and Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd. (together with its subsidiaries, ACRA 2) including any noncontrolling interests associated with ACRA 1 and ACRA 2 (collectively, 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. AGM owns all of our common stock and James Belardi, our Chief Executive Officer, serves as a member of the board of directors and an executive officer of AGM, and Chief Executive Officer of ISG, which is also a subsidiary of AGM. 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, five of the twelve 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 Apollo Aligned Alternatives Aggregator, L.P. (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, which include those managed by Apollo. 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. During the nine months ended September 30, 2022, we contributed $8,007 million of certain of our alternative investments to AAA in exchange for limited partnership interests in AAA. Wheels Donlen – We contributed our limited partnership investment in Athene Freedom Parent, LP (Athene Freedom), for which an Apollo affiliate is the general partner, to AAA during the second quarter of 2022. Athene Freedom indirectly invests in Wheels, Inc., Donlen, LLC, and LeasePlan USA, Inc. (collectively, Wheels Donlen). We own securities issued by Wheels Donlen of $1,418 million and $1,024 million as of September 30, 2023 and December 31, 2022, respectively, which are included in related party AFS securities on the condensed consolidated balance sheets. We also have commitments to make additional investments in Wheels Donlen of $306 million as of September 30, 2023. MidCap FinCo Designated Activity Company (MidCap Financial) – We have various investments in MidCap Financial including an investment through AAA, senior unsecured notes and redeemable preferred stock. We previously directly held MidCap Financial profit participating notes until contribution to AAA during the second quarter of 2022. We also hold structured securities issued by MidCap Financial affiliates. As of September 30, 2023 and December 31, 2022, we held securities issued by MidCap Financial and its affiliates of $1,826 million and $1,262 million, respectively, which are included in related party AFS or trading securities on the condensed consolidated balance sheets. Athora – We have a cooperation agreement with Athora, pursuant to which, among other things, (1) for a period of 30 days from the receipt of notice of a cession, we have the right of first refusal to reinsure (i) up to 50% of the liabilities ceded from Athora’s reinsurance subsidiaries to Athora Life Re Ltd. and (ii) up to 20% of the liabilities ceded from a third party to any of Athora’s insurance subsidiaries, subject to a limitation in the aggregate of 20% of Athora’s liabilities, (2) Athora agreed to cause its insurance subsidiaries to consider the purchase of certain funding agreements and/or other spread instruments issued by our insurance subsidiaries, subject to a limitation that the fair market value of such funding agreements purchased by any of Athora’s insurance subsidiaries may generally not exceed 3% of the fair market value of such subsidiary’s total assets, (3) we provide Athora with a right of first refusal to pursue acquisition and reinsurance transactions in Europe (other than the United Kingdom (UK)) and (4) Athora provides us and our subsidiaries with a right of first refusal to pursue acquisition and reinsurance transactions in North America and the UK. Notwithstanding the foregoing, pursuant to the cooperation agreement, Athora is only required to use its reasonable best efforts to cause its subsidiaries to adhere to the provisions set forth in the cooperation agreement and therefore Athora’s ability to cause its subsidiaries to act pursuant to the cooperation agreement may be limited by, among other things, legal prohibitions or the inability to obtain the approval of the board of directors or other applicable governing body of the applicable subsidiary, which approval is solely at the discretion of such governing body. As of September 30, 2023 , we have not exercised our right of first refusal to reinsure liabilities ceded to Athora’s insurance or reinsurance subsidiaries. We have investments in Athora’s equity, which we hold as a related party investment fund on the condensed consolidated balance sheets, and non-redeemable preferred equity securities. The following table summarizes our investments in Athora: (In millions) September 30, 2023 December 31, 2022 Investment fund $ 1,043 $ 959 Non-redeemable preferred equity securities 239 273 Total investment in Athora $ 1,282 $ 1,232 Additionally, as of September 30, 2023 and December 31, 2022, we had $58 million and $59 million, respectively, of funding agreements outstanding to Athora . We also have commitments to make additional equity investments in Athora of $513 million as of September 30, 2023. Catalina – We have an investment in Apollo Rose II (B) (Apollo Rose), which we consolidate as a VIE. Apollo Rose has equity interests in Catalina Holdings (Bermuda) Ltd. (Catalina) and is reflected as a related party investment fund in assets of consolidated VIEs on the condensed consolidated balance sheets. During the fourth quarter of 2022, we entered into a strategic modco reinsurance agreement with Catalina General Insurance Ltd., which is a subsidiary of Catalina, to cede certain inforce funding agreements. We elected the fair value option on this agreement and had a liability of $213 million and $142 million as of September 30, 2023 and December 31, 2022, respectively, which is included in other liabilities on the condensed consolidated balance sheets. Venerable – We have coinsurance and modco agreements with VIAC. Effective July 1, 2023, VIAC recaptured $2.7 billion of reserves, which represents a portion of their business that was subject to those coinsurance and modco agreements. We recognized a gain of $555 million, which is included in other revenues on the condensed consolidated statements of income (loss), in the third quarter of 2023 as a result of the settlement of the recapture agreement. As a result of our intent to transfer the assets supporting this business to VIAC in connection with the recapture, we were required by US GAAP to recognize the unrealized losses on these assets of $104 million as intent-to-sell impairments in the second quarter of 2023. VIAC is a related party due to our minority equity investment in its holding company’s parent, VA Capital , which was $206 million and $240 million as of September 30, 2023 and December 31, 2022, 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 fair value and were $327 million and $303 million as of September 30, 2023 and December 31, 2022, 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 September 30, 2023 and December 31, 2022, we had $1,739 million and $1,046 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 and 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 purchased both senior and subordinated notes of PK Air. 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. We had investments in PK Air notes of $1,656 million and $1,183 million as of September 30, 2023 and December 31, 2022, respectively, which are included in related party AFS on the condensed consolidated balance sheets. We also have commitments to make additional investments in PK Air of $1,472 million as of September 30, 2023. Apollo/Athene Dedicated Investment Programs I and II (collectively, ADIP) – ACRA 1 is partially owned by Apollo/Athene Dedicated Investment Program (ADIP I), a fund managed by Apollo. ALRe currently holds 36.55% of the economic interests in ACRA 1 and all of ACRA 1’s voting interests, with ADIP I holding the remaining 63.45% of the economic interests. Effective July 1, 2023, ALRe sold 50% of its non-voting, economic interests in ACRA 2 to Apollo/Athene Dedicated Investment Program II (ADIP II), a fund managed by Apollo, for $640 million. ALRe holds all of ACRA 2’s voting interests. We received capital contributions and paid distributions relating to ACRA of the following: Three months ended September 30, Nine months ended September 30, (In millions) 2023 2022 2023 2022 Contributions from ADIP $ 325 $ 336 $ 325 $ 1,047 Distributions to ADIP (254) — (381) — Additionally, as of September 30, 2023 and December 31, 2022 , we had $206 million and $202 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 interests. Unsecured Revolving Promissory Note Receivable with AGM – AHL has an unsecured revolving promissory note with AGM which allows AGM to borrow funds from AHL. The note has a borrowing capacity of $500 million. Interest accrues at the US mid-term applicable federal rate per year and has a maturity date of December 13, 2025, or earlier at AHL’s request. The note receivable had an outstanding balance of $112 million and $78 million as of September 30, 2023 and December 31, 2022, respectively . Unsecured Revolving Promissory Note Payable with AGM – AHL has an unsecured revolving promissory note with AGM which allows AHL to borrow funds from AGM. The note has a borrowing capacity of $500 million. Interest accrues at the US mid-term applicable federal rate per year and has a maturity date of December 13, 2025, or earlier at AGM’s request. There was no outstanding balance on the note payable as of September 30, 2023 and December 31, 2022, respectively . Atlas Securitized Products Holdings LP (Atlas) – We have an equity investment in Atlas, an asset-backed specialty lender, through our investment in AAA. A s of September 30, 2023 and December 31, 2022, we had $1,007 million and $0 million, respectively, of related party AFS securities issued by Atlas. Additionally, we have $922 million and $0 million of reverse repurchase agreements issued by Atlas as of September 30, 2023 and December 31, 2022, respectively, which are held as related party short-term investments on the condensed consolidated balance sheets. See Note 14 – Commitments and Contingencies for further information on assurance letters issued in support of Atlas. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. 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 $20.6 billion as of September 30, 2023. We expect most of our current commitments could 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 September 30, 2023 and December 31, 2022, we had $6.7 billion and $3.7 billion, respectively, of FHLB funding agreements outstanding. We are required to provide collateral in excess of the funding agreement amounts outstanding, considering any discounts to the securities posted and prepayment penalties. We have a funding agreement backed notes (FABN) program, which allows Athene Global Funding, a special-purpose, unaffiliated statutory trust, to offer its senior secured medium-term notes. Athene Global Funding uses the net proceeds from each sale to purchase one or more funding agreements from us. As of September 30, 2023 and December 31, 2022, we had $20.2 billion and $21.0 billion, respectively, of board-authorized FABN f unding agreements outstanding . We had $14.2 billion of board-authorized FABN capacity remaining as of September 30, 2023. 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 are used by the special-purpose entity to purchase funding agreements from us. As of September 30, 2023 and December 31, 2022, we had $4.0 billion and $3.0 billion, 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: (In millions) September 30, 2023 December 31, 2022 AFS securities $ 24,307 $ 15,366 Trading securities 163 55 Equity securities 77 38 Mortgage loans 10,802 8,849 Investment funds 193 103 Derivative assets 88 65 Short-term investments 68 120 Other investments 286 170 Restricted cash 1,218 628 Total restricted assets $ 37,202 $ 25,394 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 $1,326 million as of September 30, 2023. These letters of credit were issued for our reinsurance program and have expirations through June 19, 2026. Assurance Letter —In February 2023, the Company, Apollo and Credit Suisse AG (CS) undertook the first two closes on a previously announced transaction whereby Atlas, which is owned by AAA, acquired certain assets of the CS Securitized Products Group. Under terms of the transaction, Atlas has agreed to pay CS $3.3 billion, of which $0.4 billion is deferred until February 8, 2026, and $2.9 billion is deferred until February 8, 2028. This deferred purchase price is an obligation first of Atlas, and (as a result of additional guarantees provided by AAA, Apollo Asset Management, Inc. (AAM) and AHL) second of AAA, third of AAM, fourth of AHL and fifth of AARe. AARe and AAM have each issued an assurance letter to CS to guarantee the full amount of $3.3 billion. The fair values of our guarantees related to this transaction are not material to the consolidated financial statements. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | |||||||
Net Income (Loss) Attributable to Parent | $ 486 | $ (587) | $ (1,015) | $ (2,720) | $ 1,695 | $ (3,307) | $ (2,910) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Business, Basis of Presentati_2
Business, Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
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 (US 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, 2022 has been derived from the audited financial statements, with necessary unaudited adjustments made for the implementation of targeted improvements to the accounting for long-duration contracts, and does not include all of the information and footnotes required by US 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, 2022. |
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, 2022 has been derived from the audited financial statements, with necessary unaudited adjustments made for the implementation of targeted improvements to the accounting for long-duration contracts, and does not include all of the information and footnotes required by US 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. |
Reinsurance | Reinsurance —We assume and cede insurance and investment contracts under coinsurance, funds withheld coinsurance (funds withheld) and modified coinsurance (modco). We follow reinsurance accounting for transactions that provide indemnification against loss or liability relating to insurance risk (risk transfer). To meet risk transfer requirements, a reinsurance agreement must transfer insurance risk arising from uncertainties about both underwriting and timing risks. Cessions under reinsurance do not discharge our obligations as the primary insurer unless the requirements of assumption reinsurance have been met. We generally have the right of offset on reinsurance contracts, but have elected to present reinsurance settlement amounts due to and from us on a gross basis. For assets and liabilities ceded under reinsurance agreements, we generally apply the same measurement guidance for our directly issued or assumed contracts. Ceded amounts are recorded within reinsurance recoverable on the condensed consolidated balance sheets. For reinsurance of in-force contracts that pass risk transfer, the issue year used for the purpose of measuring the reinsurance recoverable is dependent on the effective date of the reinsurance agreement, which may differ from the issue year for the direct or assumed contract. The issue year informs the locked-in discount rate used for the purposes of interest accretion. This may result in different discount rates used for the direct or assumed reserves and ceded reserves when reinsuring an in-force block of insurance contracts. For flow reinsurance of insurance contracts that pass risk transfer, the contracts have the same cash flow assumptions as the direct or assumed contracts when the terms are consistent between those respective contracts and the ceded reinsurance agreement. When we recognize an immediate loss due to the present value of future benefits and expenses exceeding the present value of future gross premiums, a gain is recognized on the corresponding reinsurance recoverable to the extent it does not result in gain recognition at treaty inception. Likewise, where the direct or assumed reserve has been floored to zero, the corresponding reinsurance recoverable will be consistently set to zero. See – Future Policy Benefits below for further information. Accounting for reinsurance requires the use of assumptions, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. We attempt to minimize our counterparty credit risk through the structuring of the terms of our reinsurance agreements, including the use of trusts, and monitor credit ratings of counterparties for signs of declining credit quality. When a ceding company does not report information on a timely basis, we record accruals based on the best available information at the time, which includes the reinsurance agreement terms and historical experience. We periodically compare actual and anticipated experience to the assumptions used to establish reinsurance assets and liabilities. Assets and liabilities assumed or ceded under coinsurance, funds withheld or modco are presented gross on the condensed consolidated balance sheets. For investment contracts, the change in the direct or assumed and ceded reserves are presented net in interest sensitive contract benefits on the condensed consolidated statements of income (loss). For insurance contracts, the change in the direct or assumed and ceded reserves and benefits are presented net in future policy and other policy benefits on the condensed consolidated statements of income (loss), except for changes related to the discount rate which are presented net in other comprehensive income (loss) (OCI) on the condensed consolidated statements of comprehensive income (loss). For market risk benefits, the change in the direct or assumed and ceded reserves are presented net in market risk benefits remeasurement (gains) losses on the condensed consolidated statements of income (loss), except for changes related to instrument-specific credit risk on direct and assumed contracts which are presented net in OCI on the condensed consolidated statements of comprehensive income (loss). For the reinsurance of existing in-force blocks that transfer significant insurance risk, the difference between the assets received or paid and the liabilities assumed or ceded represents the net cost of reinsurance at the inception of the reinsurance agreement. The net cost of reinsurance is amortized on a basis consistent with the methodologies and assumptions used to amortize deferred acquisition costs (DAC) and deferred sales inducements (DSI). |
Deferred Acquisition Costs and Deferred Sales Inducements | Costs related directly to the successful acquisition of new, or the renewal of existing, insurance or investment contracts are deferred. 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, deferred sales inducements and value of business acquired on the condensed consolidated balance sheets. These costs are not capitalized until they are incurred. 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 grouped into cohorts based on issue year and contract type and amortized on a constant level basis over the expected term of the related contracts. The cohorts and assumptions used for the amortization of deferred costs are consistent with those used in estimating the related liabilities for these contracts. The constant level basis generally is the initial premium or deposit and is projected based on assumptions related to policyholder behavior, including lapses and mortality, over the expected term of the contracts. Each reporting period, we replace expected experience with actual experience to determine the related amortization expense. Changes to projected experience are recognized in amortization expense prospectively over the remaining contract term. Amortization of DAC and DSI is included in amortization of deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of income (loss). 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. The deferred costs represent the difference between the net and gross liability and the change relates to amortization for the period. |
Deferred Acquisition Costs and Deferred Sales Inducements | Costs related directly to the successful acquisition of new, or the renewal of existing, insurance or investment contracts are deferred. 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, deferred sales inducements and value of business acquired on the condensed consolidated balance sheets. These costs are not capitalized until they are incurred. 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 grouped into cohorts based on issue year and contract type and amortized on a constant level basis over the expected term of the related contracts. The cohorts and assumptions used for the amortization of deferred costs are consistent with those used in estimating the related liabilities for these contracts. The constant level basis generally is the initial premium or deposit and is projected based on assumptions related to policyholder behavior, including lapses and mortality, over the expected term of the contracts. Each reporting period, we replace expected experience with actual experience to determine the related amortization expense. Changes to projected experience are recognized in amortization expense prospectively over the remaining contract term. Amortization of DAC and DSI is included in amortization of deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of income (loss). 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. The deferred costs represent the difference between the net and gross liability and the change relates to amortization for the period. |
Value of Business Acquired (VOBA) | We establish VOBA for blocks of insurance contracts acquired through the acquisition of insurance entities and through application of pushdown accounting related to our merger with AGM. We record the fair value of the liabilities assumed in two components: reserves and VOBA. Reserves are established using our best estimate assumptions as of the business combination date. VOBA is the difference between the fair value of the liabilities and the reserves. VOBA can be either positive or negative and is amortized in relation to respective policyholder liabilities. Significant assumptions that impact VOBA amortization are consistent with those that impact the measurement of policyholder liabilities. We perform periodic tests to determine if positive VOBA remains recoverable. If we determine that positive VOBA is not recoverable, we would record a cumulative charge to the current period. 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. See Note 8 – Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired for further information. |
Interest Sensitive Contract Liabilities | Universal life-type policies and investment contracts include traditional deferred annuities, indexed annuities consisting of fixed indexed and index-linked variable annuities in the accumulation phase, funding agreements, immediate annuities without significant mortality risk (which include pension group annuities without life contingencies), universal life insurance, and other investment contracts inclusive of assumed endowments without significant mortality risk. We carry liabilities for traditional deferred annuities, indexed annuities, funding agreements and universal life insurance at the account balances without reduction for potential surrender or withdrawal charges, except for a block of universal life business ceded to Global Atlantic Financial Group Limited (together with its subsidiaries, Global Atlantic), which we carry at fair value. Liabilities for immediate annuities without significant mortality risk are calculated as the present value of future liability cash flows and policy maintenance expenses discounted at contractual interest rates. Certain of our contracts are offered with additional contract features that meet the definition of a market risk benefit. See – Market Risk Benefits below for further information. Unearned revenue liabilities are established when amounts are assessed against the policyholder for services to be provided in future periods. These balances are amortized consistent with the methodologies and assumptions used to amortize DAC and DSI. Changes in interest sensitive contract liabilities, excluding deposits and withdrawals, are recorded in interest sensitive contract benefits or product charges on the condensed consolidated statements of income (loss). Interest sensitive contract liabilities are not reduced for amounts ceded under reinsurance agreements which are reported as reinsurance recoverable on the condensed consolidated balance sheets. |
Future Policy Benefits | We issue contracts classified as long-duration, which include term and whole life, accident and health, disability, and immediate annuities with life contingencies (which include pension group annuities with life contingencies). Liabilities for nonparticipating long-duration contracts are established as the estimated present value of benefits we expect to pay to or on behalf of the policyholder and related expenses less the present value of the net premiums to be collected, referred to as the net premium ratio. The contracts are grouped into cohorts based on issue year and contract type, with an exception for pension group annuities, which are generally assessed at the group annuity contract level. Contracts with different issuance years are not combined. Contracts acquired in a business combination are grouped into a single cohort by contract type, except for pension group annuities, which follow the group annuity contract level. Liabilities for nonparticipating long-duration contracts are established using accepted actuarial valuation methods which require the use of assumptions related to discount rate, expenses, longevity, mortality, morbidity, persistency and other policyholder behavior. We base certain key assumptions, such as longevity, mortality and morbidity, on industry standard data adjusted to align with actual company experience, if needed. We have elected to use expense assumptions that are locked in at issuance for each cohort. All other cash flow assumptions are established at contract issuance and reviewed annually or more frequently if actual experience suggests a revision is necessary. The effects of changes in cash flow assumptions impacting the net premium ratio are recorded as remeasurement changes in the period in which they are made. As cash flow assumptions are reviewed at least annually, there is no provision for adverse deviation included within the liability. Actual experience is recognized in the period in which the experience arises. Actual experience is then incorporated into the net premium ratio for all products and cohorts on a quarterly basis. When the net premium ratio is revised, whether to incorporate actual experience each reporting period or for the review of cash flow assumptions, the liability is recalculated as of the beginning of the period, discounted at the original contract issuance discount rate, and compared with the carrying amount of the liability as of the same date to determine the current period change. The current period change in the liability is recognized as a remeasurement gain or loss. To the extent the present value of benefits and expenses exceeds the present value of gross premiums, we will cap the net premium ratio at 100% by increasing the corresponding liability and recognizing an immediate loss through the condensed consolidated statements of income (loss). The liability is never recorded at an amount less than zero for the cohort. The liability for nonparticipating long-duration contracts is discounted using an upper-medium grade fixed income instrument yield aligned to the duration of the liability. In determining reference portfolio of instruments, we have used a single A equivalent level rate and maximized the use of observable data to the extent possible for the duration of our liabilities. The discount rate is required to be updated at the end of each reporting period for the remeasurement of the liability but is locked-in for each cohort for the purpose of interest accretion expense. Changes in the value of the liability for nonparticipating long-duration contracts due to changes in the discount rate are recognized as a component of OCI on the condensed consolidated statements of comprehensive income (loss). The change in the liability for the remeasurement gain or loss and all other changes in the liability are recorded in future policy and other policy benefits on the condensed consolidated statements of income (loss). Future policy benefits include liabilities for no-lapse guarantees on universal life insurance and fixed indexed universal life insurance that do not meet the criteria to be classified and accounted for as a market risk benefit. We establish future policy benefits for no-lapse guarantees by estimating the expected value of death benefits paid after policyholder account balances have been exhausted. We recognize these benefits proportionally over the life of the contracts based on total actual and expected assessments. The methods we use to estimate the liabilities have assumptions about policyholder behavior, mortality, expected yield on investments supporting the liability and market conditions affecting policyholder account balance growth. For the liabilities associated with no-lapse guarantees, each reporting period we update expected excess benefits and assessments with actual excess benefits and assessments and adjust the liability balances due to the OCI effects of unrealized investment gains and losses on available-for-sale (AFS) securities. We also periodically revise the key assumptions used in the calculation of the liabilities that result in revisions to the expected excess benefits and assessments. The effects of changes in assumptions are recorded as unlocking in the period in which the changes are made. Changes in the liabilities associated with no-lapse guarantees, other than the adjustment for the OCI effects of unrealized investment gains and losses on AFS securities, are recorded in future policy and other policy benefits on the condensed consolidated statements of income (loss). Future policy benefits are not reduced for amounts ceded under reinsurance agreements which are reported as reinsurance recoverable on the condensed consolidated balance sheets. |
Market Risk Benefits | Market risk benefits represent contracts or contract features that both provide protection to the contract holder from, and expose the insurance entity to, other-than-nominal capital market risk. We issue and reinsure deferred annuity contracts which contain guaranteed lifetime withdrawal benefits (GLWB) and guaranteed minimum death benefit (GMDB) riders that meet the criteria for, and are classified as, market risk benefits. Market risk benefits are measured at fair value at the contract level and may be recorded as a liability or an asset, which are included in market risk benefits or other assets, respectively, on the condensed consolidated balance sheets. Multiple market risk benefits on a contract are treated as a single, compound market risk benefit. At contract inception, we assess the fees and assessments that are collectible from the policyholder and allocate them to the extent they are attributable to the market risk benefit. These attributed fees are used in the valuation of the market risk benefits and are never negative or exceed total explicit fees collectible from the policyholder. If the fees are sufficient to cover the projected benefits, a non-option based valuation model is used. If the fees are insufficient to cover the projected benefits, an option-based valuation model is used to compute the market risk benefit liability at contract inception, with an equal and offsetting adjustment recognized in interest sensitive contract liabilities. Changes in fair value of market risk benefits are recorded in market risk benefits remeasurement (gains) losses on the condensed consolidated statements of income (loss), excluding portions attributed to changes in instrument-specific credit risk, which are recorded in OCI on the condensed consolidated statements of comprehensive income (loss). Market risk benefits are not reduced for market risk benefits ceded under reinsurance agreements. Ceded market risk benefits are measured at fair value and recorded within reinsurance recoverable on the condensed consolidated balance sheets. Upon annuitization of the contract or the extinguishment of the account balance, the market risk benefit, related annuity contract and unamortized deferred costs are derecognized, including amounts within AOCI. A payout annuity is then established for GLWBs. |
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). When the net premium ratio for the corresponding future policy benefit is updated for actual experience and changes to projected cash flow assumptions, the deferred profit liability is retrospectively recalculated from the contract issuance date through the beginning of the current reporting period. The revised deferred profit liability is compared to the beginning of the period carrying amount to determine the change to be recognized as a remeasurement gain or loss within future policy and other policy benefits on the condensed consolidated statements of income (loss). Unlike the related future policy benefit, the deferred profit liability will not be remeasured for changes in discount rates each reporting period. Negative VOBA balances associated with payout contracts involving life contingencies, including pension group annuities, are accounted for in a manner similar to the deferred profit liability. All insurance-related revenue is reported net of reinsurance ceded. |
Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Business Combinations – Joint Venture Formations (ASU 2023-05) The amendments in this update address how a joint venture initially recognizes and measures contributions received at its formation date. The amendments require a joint venture to apply a new basis of accounting upon formation and to initially recognize its assets and liabilities at fair value. The guidance is effective prospectively for all joint ventures formed on or after January 1, 2025, while retrospective application may be elected for a joint venture formed before the effective date. Early adoption is permitted. We are currently evaluating the impact of the new pronouncement. Investments – Equity Method and Joint Ventures (Accounting Standards Update (ASU) 2023-02) The amendments in this update introduce the option of applying the proportional amortization method (PAM) to account for investments made primarily for the purpose of receiving income tax credits or other income tax benefits when certain requirements are met. Currently, PAM only applies to low-income housing tax credit (LIHTC) investments. The guidance is effective for us on January 1, 2024; however, early adoption is permitted. We are currently evaluating the impact of the new pronouncement. Adopted 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 and are commonly referred to as long-duration targeted improvements (LDTI). • 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 DAC 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 adopted LDTI as of January 1, 2023 and, for all provisions of the update, applied a retrospective transition approach using a transition date of January 1, 2022, the date of our merger with AGM. At the merger date, VOBA balances were established as the difference between the fair value of the liabilities and the reserves established as of this date. Upon transition to LDTI, the liability for future policy benefits and contractual features that meet the criteria for market risk benefits were adjusted to conform to LDTI, with an offsetting adjustment made to positive or negative VOBA. No adjustments were recorded to AOCI or retained deficit as of the transition date. See Note 2 – Adoption of Accounting Pronouncement for the effects of LDTI adoption on our 2022 condensed consolidated financial statements. Reference Rate Reform (Topic 848) (Accounting Standards Update (ASU) 2022-06, ASU 2021-01, ASU 2020-04) We adopted ASU 2020-04 and ASU 2021-01 and elected to apply certain of the practical expedients related to contract modifications, hedge accounting relationships, and derivative modifications pertaining to discounting, margining, or contract price alignment. The main purpose of the practical expedients is to ease the administrative burden of accounting for contracts impacted by reference rate reform, and these elections did not have, and are not expected to have, a material impact on the consolidated financial statements. ASU 2022-06 amended and deferred the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which we will no longer be permitted to apply the expedients provided in Topic 848. We will continue to evaluate the impact of reference rate reform on contract modifications and hedging relationships. Fair Value Measurement — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03) This amendment clarifies guidance that a restriction that is a characteristic of the holding entity, rather than a characteristic of the equity security itself, should not be considered in its fair value measurement. As a result, we are required to measure the fair value of equity securities subject to contractual restrictions attributable to the holding entity on the basis of the market price of the same equity security without those contractual restrictions. Companies are not permitted to recognize a contractual sale restriction attributable to the holding entity as a separate unit of account. The guidance also requires disclosures for these equity securities. We early adopted this update effective July 1, 2023. The adoption of this update was applied on a prospective basis and did not have a material effect on our condensed consolidated financial statements. |
Adoption of Accounting Pronou_2
Adoption of Accounting Pronouncement (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards Update and Change in Accounting Principle | The following represents the effects of LDTI adoption on the applicable financial statement lines of our condensed consolidated balance sheet: December 31, 2022 (In millions) Reported Adoption Adjusted Assets Reinsurance recoverable $ 4,367 $ (9) $ 4,358 Deferred acquisition costs, deferred sales inducements and value of business acquired 5,576 (1,110) 4,466 Other assets 9,690 (997) 8,693 Total assets $ 246,047 $ (2,116) $ 243,931 Liabilities and Equity Liabilities Interest sensitive contract liabilities $ 173,653 $ (37) $ 173,616 Future policy benefits 55,328 (13,218) 42,110 Market risk benefits — 2,970 2,970 Total liabilities 243,667 (10,285) 233,382 Equity Retained deficit (4,892) 1,252 (3,640) Accumulated other comprehensive income (loss) (12,311) 4,990 (7,321) Total Athene Holding Ltd. shareholders’ equity 916 6,242 7,158 Noncontrolling interests 1,464 1,927 3,391 Total equity 2,380 8,169 10,549 Total liabilities and equity $ 246,047 $ (2,116) $ 243,931 The following represents the effects of LDTI adoption on the applicable financial statement lines of our condensed consolidated statements of income (loss): Three months ended March 31, 2022 (In millions) Reported Adoption Adjusted Revenues Investment related gains (losses) $ (4,200) $ (12) $ (4,212) Total revenues (269) (12) (281) Benefits and expenses Interest sensitive contract benefits (41) (58) (99) Future policy and other policy benefits 2,085 99 2,184 Market risk benefits remeasurement (gains) losses — (622) (622) Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 125 (27) 98 Policy and other operating expenses 335 3 338 Total benefits and expenses 2,504 (605) 1,899 Income (loss) before income taxes (2,773) 593 (2,180) Income tax expense (benefit) (407) 123 (284) Net income (loss) (2,366) 470 (1,896) Less: Net income (loss) attributable to noncontrolling interests (883) 2 (881) Net income (loss) attributable to Athene Holding Ltd. shareholders (1,483) 468 (1,015) Less: Preferred stock dividends 35 — 35 Net income (loss) available to Athene Holding Ltd. common shareholder $ (1,518) $ 468 $ (1,050) Six months ended June 30, 2022 (In millions) Reported Adoption Adjusted Revenues Total revenues $ 1,526 $ — $ 1,526 Benefits and expenses Interest sensitive contract benefits (662) (90) (752) Future policy and other policy benefits 7,694 266 7,960 Market risk benefits remeasurement (gains) losses — (1,231) (1,231) Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 250 (44) 206 Policy and other operating expenses 693 2 695 Total benefits and expenses 7,975 (1,097) 6,878 Income (loss) before income taxes (6,449) 1,097 (5,352) Income tax expense (benefit) (891) 229 (662) Net income (loss) (5,558) 868 (4,690) Less: Net loss attributable to noncontrolling interests (1,955) (15) (1,970) Net income (loss) attributable to Athene Holding Ltd. shareholders (3,603) 883 (2,720) Less: Preferred stock dividends 70 — 70 Net income (loss) available to Athene Holding Ltd. common shareholder $ (3,673) $ 883 $ (2,790) Nine months ended September 30, 2022 (In millions) Reported Adoption Adjusted Revenues Investment related gains (losses) $ (12,812) $ 1 $ (12,811) Total revenues 3,835 1 3,836 Benefits and expenses Interest sensitive contract benefits (573) (8) (581) Future policy and other policy benefits 10,988 242 11,230 Market risk benefits remeasurement (gains) losses — (1,689) (1,689) Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 375 (57) 318 Policy and other operating expenses 1,081 2 1,083 Total benefits and expenses 11,871 (1,510) 10,361 Income (loss) before income taxes (8,036) 1,511 (6,525) Income tax expense (benefit) (1,101) 318 (783) Net income (loss) (6,935) 1,193 (5,742) Less: Net income (loss) attributable to noncontrolling interests (2,431) (4) (2,435) Net income (loss) attributable to Athene Holding Ltd. shareholders (4,504) 1,197 (3,307) Less: Preferred stock dividends 105 — 105 Net income (loss) available to Athene Holding Ltd. common shareholder $ (4,609) $ 1,197 $ (3,412) Year ended December 31, 2022 (In millions) Reported Adoption Adjusted Revenues Total revenues $ 7,623 $ — $ 7,623 Benefits and expenses Interest sensitive contract benefits 541 (3) 538 Future policy and other policy benefits 12,310 155 12,465 Market risk benefits remeasurement (gains) losses — (1,657) (1,657) Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 509 (65) 444 Policy and other operating expenses 1,493 2 1,495 Total benefits and expenses 14,853 (1,568) 13,285 Income (loss) before income taxes (7,230) 1,568 (5,662) Income tax expense (benefit) (976) 330 (646) Net income (loss) (6,254) 1,238 (5,016) Less: Net loss attributable to noncontrolling interests (2,092) (14) (2,106) Net income (loss) attributable to Athene Holding Ltd. shareholders (4,162) 1,252 (2,910) Less: Preferred stock dividends 141 — 141 Net income (loss) available to Athene Holding Ltd. common shareholder $ (4,303) $ 1,252 $ (3,051) The following represents the effects of LDTI adoption on the applicable financial statement lines of our condensed consolidated statements of comprehensive income (loss): Three months ended March 31, 2022 (In millions) Reported Adoption Adjusted Net income (loss) $ (2,366) $ 470 $ (1,896) Other comprehensive income (loss), before tax Unrealized investment gains (losses) on available-for-sale securities (6,430) (267) (6,697) Remeasurement gains (losses) on future policy benefits related to discount rate — 3,562 3,562 Remeasurement gains (losses) on market risk benefits related to credit risk — 397 397 Foreign currency translation and other adjustments 4 (6) (2) Other comprehensive income (loss), before tax (6,555) 3,686 (2,869) Income tax expense (benefit) related to other comprehensive income (loss) (1,170) 555 (615) Other comprehensive income (loss) (5,385) 3,131 (2,254) Comprehensive income (loss) (7,751) 3,601 (4,150) Less: Comprehensive income (loss) attributable to noncontrolling interests (1,594) 777 (817) Comprehensive income (loss) attributable to Athene Holding Ltd. shareholders $ (6,157) $ 2,824 $ (3,333) Six months ended June 30, 2022 (In millions) Reported Adoption Adjusted Net income (loss) $ (5,558) $ 868 $ (4,690) Other comprehensive income (loss), before tax Unrealized investment gains (losses) on available-for-sale securities (13,703) (547) (14,250) Remeasurement gains (losses) on future policy benefits related to discount rate — 6,459 6,459 Remeasurement gains (losses) on market risk benefits related to credit risk — 576 576 Foreign currency translation and other adjustments (54) (27) (81) Other comprehensive income (loss), before tax (13,805) 6,461 (7,344) Income tax expense (benefit) related to other comprehensive income (loss) (2,453) 960 (1,493) Other comprehensive income (loss) (11,352) 5,501 (5,851) Comprehensive income (loss) (16,910) 6,369 (10,541) Less: Comprehensive income (loss) attributable to noncontrolling interests (3,520) 1,397 (2,123) Comprehensive income (loss) attributable to Athene Holding Ltd. shareholders $ (13,390) $ 4,972 $ (8,418) Nine months ended September 30, 2022 (In millions) Reported Adoption Adjusted Net income (loss) $ (6,935) $ 1,193 $ (5,742) Other comprehensive income (loss), before tax Unrealized investment gains (losses) on available-for-sale securities (19,414) (764) (20,178) Remeasurement gains (losses) on future policy benefits related to discount rate — 8,833 8,833 Remeasurement gains (losses) on market risk benefits related to credit risk — 524 524 Foreign currency translation and other adjustments (13) (59) (72) Other comprehensive income (loss), before tax (19,555) 8,534 (11,021) Income tax expense (benefit) related to other comprehensive income (loss) (3,444) 1,224 (2,220) Other comprehensive income (loss) (16,111) 7,310 (8,801) Comprehensive income (loss) (23,046) 8,503 (14,543) Less: Comprehensive income (loss) attributable to noncontrolling interests (4,787) 2,024 (2,763) Comprehensive income (loss) attributable to Athene Holding Ltd. shareholders $ (18,259) $ 6,479 $ (11,780) Year ended December 31, 2022 (In millions) Reported Adoption Adjusted Net income (loss) $ (6,254) $ 1,238 $ (5,016) Other comprehensive income (loss), before tax Unrealized investment gains (losses) on available-for-sale securities (17,457) (699) (18,156) Remeasurement gains (losses) on future policy benefits related to discount rate — 8,425 8,425 Remeasurement gains (losses) on market risk benefits related to credit risk — 366 366 Foreign currency translation and other adjustments (16) (11) (27) Other comprehensive income (loss), before tax (17,471) 8,081 (9,390) Income tax expense (benefit) related to other comprehensive income (loss) (3,083) 1,150 (1,933) Other comprehensive income (loss) (14,388) 6,931 (7,457) Comprehensive income (loss) (20,642) 8,169 (12,473) Less: Comprehensive income (loss) attributable to noncontrolling interests (4,169) 1,927 (2,242) Comprehensive income (loss) attributable to Athene Holding Ltd. shareholders $ (16,473) $ 6,242 $ (10,231) The following represents the effects of LDTI adoption on the applicable financial statement lines of our condensed consolidated statements of cash flows: Three months ended March 31, 2022 (In millions) Reported Adoption Adjusted Net income (loss) $ (2,366) $ 470 $ (1,896) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 125 (27) 98 Net recognized (gains) losses on investments and derivatives 1,813 12 1,825 Changes in operating assets and liabilities: Interest sensitive contract liabilities (480) (68) (548) Future policy benefits, market risk benefits and reinsurance recoverable (266) (510) (776) Other assets and liabilities (734) 123 (611) Net cash provided by operating activities 155 — 155 Net cash used in investing activities (6,165) — (6,165) Net cash provided by financing activities 5,463 — 5,463 Effect of exchange rate changes on cash and cash equivalents (4) — (4) Net decrease in cash and cash equivalents (551) — (551) Cash and cash equivalents at beginning of year 1 10,429 — 10,429 Cash and cash equivalents at end of period 1 $ 9,878 $ — $ 9,878 1 Includes cash and cash equivalents, restricted cash and cash and cash equivalents of consolidated variable interest entities. Six months ended June 30, 2022 (In millions) Reported Adoption Adjusted Net income (loss) $ (5,558) $ 868 $ (4,690) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 250 (44) 206 Changes in operating assets and liabilities: Interest sensitive contract liabilities (1,604) (120) (1,724) Future policy benefits, market risk benefits and reinsurance recoverable 3,933 (933) 3,000 Other assets and liabilities (1,139) 229 (910) Net cash provided by operating activities 4,726 — 4,726 Net cash used in investing activities (11,719) — (11,719) Net cash provided by financing activities 8,707 — 8,707 Effect of exchange rate changes on cash and cash equivalents (20) — (20) Net increase in cash and cash equivalents 1,694 — 1,694 Cash and cash equivalents at beginning of year 1 10,429 — 10,429 Cash and cash equivalents at end of period 1 $ 12,123 $ — $ 12,123 1 Includes cash and cash equivalents, restricted cash and cash and cash equivalents of consolidated variable interest entities. Nine months ended September 30, 2022 (In millions) Reported Adoption Adjusted Net income (loss) $ (6,935) $ 1,193 $ (5,742) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 375 (57) 318 Net recognized (gains) losses on investments and derivatives 5,958 (1) 5,957 Changes in operating assets and liabilities: Interest sensitive contract liabilities (2,002) (50) (2,052) Future policy benefits, market risk benefits and reinsurance recoverable 5,240 (1,403) 3,837 Other assets and liabilities (1,586) 318 (1,268) Net cash provided by operating activities 6,077 — 6,077 Net cash used in investing activities (22,338) — (22,338) Net cash provided by financing activities 17,115 — 17,115 Effect of exchange rate changes on cash and cash equivalents (18) — (18) Net increase in cash and cash equivalents 836 — 836 Cash and cash equivalents at beginning of year 1 10,429 — 10,429 Cash and cash equivalents at end of period 1 $ 11,265 $ — $ 11,265 1 Includes cash and cash equivalents, restricted cash and cash and cash equivalents of consolidated variable interest entities. Year ended December 31, 2022 (In millions) Reported Adoption Adjusted Net income (loss) $ (6,254) $ 1,238 $ (5,016) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 509 (65) 444 Changes in operating assets and liabilities: Interest sensitive contract liabilities (1,269) (68) (1,337) Future policy benefits, market risk benefits and reinsurance recoverable 5,339 (1,438) 3,901 Other assets and liabilities (1,527) 333 (1,194) Net cash provided by operating activities 6,258 — 6,258 Net cash used in investing activities (34,375) — (34,375) Net cash provided by financing activities 26,472 — 26,472 Effect of exchange rate changes on cash and cash equivalents (15) — (15) Net decrease in cash and cash equivalents (1,660) — (1,660) Cash and cash equivalents at beginning of year 1 10,429 — 10,429 Cash and cash equivalents at end of year 1 $ 8,769 $ — $ 8,769 1 Includes cash and cash equivalents, restricted cash and cash and cash equivalents of consolidated variable interest entities. |
Liability for Future Policy Benefit, Activity | The following table summarizes future policy benefits and changes to the liability: (In millions) Traditional deferred annuities Indexed annuities Payout annuities Reconciling items 1 Total Balance as of January 1, 2022 $ 221 $ 5,389 $ 32,872 $ 8,632 $ 47,114 Change in discount rate assumptions — — 2,406 — 2,406 Adjustment for removal of balances related to market risk benefits (221) (5,389) — — (5,610) Adjustment for offsetting balance in negative VOBA 2 — — — (2,428) (2,428) Adjusted balance as of January 1, 2022 $ — $ — $ 35,278 $ 6,204 $ 41,482 1 Reconciling items primarily include negative VOBA associated with our liability for future policy benefits, as well as reserves for our immaterial lines of business including term and whole life, accident and health and disability, as well as other insurance benefit reserves for our no-lapse guarantees with universal life contracts, all of which are fully ceded. 2 Uneliminated adjustments were recorded to positive VOBA within deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated balance sheets. The following is a rollforward of the expected value of future policy benefits: Payout annuities with life contingencies Nine months ended September 30, (In millions) 2023 2022 Present value of expected future policy benefits Beginning balance $ 36,422 $ 35,278 Effect of changes in discount rate assumptions 8,425 — Beginning balance at original discount rate 44,847 35,278 Effect of changes in cash flow assumptions (297) — Effect of actual experience compared to expected experience (36) (115) Adjusted balance 44,514 35,163 Issuances 9,120 10,666 Interest accrual 1,194 802 Benefit payments (2,731) (2,193) Foreign exchange 5 (90) Other 1 (1,509) — Ending balance at original discount rate 50,593 44,348 Effect of changes in discount rate assumptions (9,753) (8,833) Ending balance $ 40,840 $ 35,515 1 Other represents $1,509 million reduction of reserves related to the VIAC recapture agreement. See Note 13 – Related Parties for further information. The following is a reconciliation of premiums to the condensed consolidated statements of income (loss): Nine months ended September 30, (In millions) 2023 2022 Payout annuities with life contingencies $ 9,142 $ 10,745 Reconciling items 1 21 24 Premiums $ 9,163 $ 10,769 1 Reconciling items premiums related to our immaterial lines of business including term and whole life, and accident and health and disability. The following represents the undiscounted and discounted expected future benefit payments for the liability for future policy benefits. As these relate to payout annuities for single premium immediate annuities with life contingencies, there are no expected future gross premiums. September 30, 2023 September 30, 2022 (In millions) Undiscounted Discounted Undiscounted Discounted Expected future benefit payments $ 73,933 $ 50,593 $ 63,743 $ 44,348 The following represents the weighted-average durations and the weighted-average interest rates of future policy benefits: September 30, 2023 2022 Weighted-average liability duration (in years) 9.6 10.2 Weighted-average interest accretion rate 3.6 % 3.1 % Weighted-average current discount rate 6.1 % 5.6 % |
Market Risk Benefit, Activity | The following table presents the net liability position of market risk benefits: (In millions) Traditional deferred annuities Indexed annuities Total Balance as of January 1, 2022 $ — $ — $ — Adjustment for addition of existing balances 1 221 5,389 5,610 Adjustment to positive VOBA due to fair value adjustment for market risk benefits 2 32 (1,165) (1,133) Adjustment to negative VOBA due to fair value adjustment for market risk benefits 3 — (30) (30) Adjusted balance as of January 1, 2022 $ 253 $ 4,194 $ 4,447 1 Previously recorded within future policy benefits on the condensed consolidated balance sheets. 2 Previously recorded within deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated balance sheets. 3 Previously recorded within interest sensitive contract liabilities on the condensed consolidated balance sheets. The following table represents market risk benefits by asset and liability positions: (In millions) Asset 1 Liability Net liability Traditional deferred annuities $ — $ 253 $ 253 Indexed annuities 366 4,560 4,194 Adjusted balance as of January 1, 2022 $ 366 $ 4,813 $ 4,447 1 Included in other assets on the condensed consolidated balance sheets. The following is a rollfoward of net market risk benefit liabilities by product: Nine months ended September 30, 2023 (In millions) Traditional deferred annuities Indexed annuities Total Balance at December 31, 2022 $ 170 $ 2,319 $ 2,489 Effect of changes in instrument-specific credit risk 13 353 366 Balance, beginning of period, before changes in instrument-specific credit risk 183 2,672 2,855 Issuances — 47 47 Interest accrual 7 108 115 Attributed fees collected 2 250 252 Benefit payments (1) (24) (25) Effect of changes in interest rates (18) (591) (609) Effect of changes in equity — (26) (26) Effect of actual behavior compared to expected behavior 4 42 46 Effect of changes in future expected policyholder behavior (3) 78 75 Effect of changes in other future expected assumptions — 6 6 Balance, end of period, before changes in instrument-specific credit risk 174 2,562 2,736 Effect of changes in instrument-specific credit risk (7) (139) (146) Balance at September 30, 2023 $ 167 $ 2,423 $ 2,590 September 30, 2023 Net amount at risk $ 425 $ 14,438 $ 14,863 Weighted-average attained age of contract holders (in years) 75 69 69 Nine months ended September 30, 2022 (In millions) Traditional deferred annuities Indexed annuities Total Balance at January 1, 2022 $ 253 $ 4,194 $ 4,447 Issuances — 42 42 Interest accrual 2 24 26 Attributed fees collected 2 245 247 Benefit payments (3) (38) (41) Effect of changes in interest rates (77) (2,016) (2,093) Effect of changes in equity — 188 188 Effect of actual behavior compared to expected behavior 4 27 31 Effect of changes in other future expected assumptions (2) (41) (43) Balance, end of period, before changes in instrument-specific credit risk 179 2,625 2,804 Effect of changes in instrument-specific credit risk (18) (506) (524) Balance at September 30, 2022 $ 161 $ 2,119 $ 2,280 September 30, 2022 Net amount at risk $ 421 $ 13,169 $ 13,590 Weighted-average attained age of contract holders (in years) 75 69 69 The following is a reconciliation of market risk benefits to the condensed consolidated balance sheets. Market risk benefit assets are included in other assets on the condensed consolidated balance sheets. September 30, 2023 September 30, 2022 (In millions) Asset Liability Net liability Asset Liability Net liability Traditional deferred annuities $ — $ 167 $ 167 $ — $ 161 $ 161 Indexed annuities 431 2,854 2,423 511 2,630 2,119 Total $ 431 $ 3,021 $ 2,590 $ 511 $ 2,791 $ 2,280 |
Deferred Acquisition Costs | The following table summarizes the change in deferred acquisition costs, deferred sales inducements and value of business acquired: (In millions) VOBA Balance as of January 1, 2022 $ 4,527 Change in discount rate assumptions for future policy benefits (22) Fair value adjustment of market risk benefits (1,133) Adjusted balance as of January 1, 2022 $ 3,372 The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See Note 9 – Long-duration Contracts for more information on our products. Nine months ended September 30, 2023 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at December 31, 2022 $ 304 $ 755 $ 11 $ 9 $ 399 $ 2,988 $ 4,466 Additions 426 609 2 3 447 — 1,487 Amortization (74) (69) (3) (1) (40) (315) (502) Other — — — — — (3) (3) Balance at September 30, 2023 $ 656 $ 1,295 $ 10 $ 11 $ 806 $ 2,670 $ 5,448 Nine months ended September 30, 2022 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at January 1, 2022 $ — $ — $ — $ — $ — $ 3,372 $ 3,372 Additions 175 555 13 7 266 — 1,016 Amortization (5) (17) (2) — (5) (289) (318) Balance at September 30, 2022 $ 170 $ 538 $ 11 $ 7 $ 261 $ 3,083 $ 4,070 |
Business Combination (Tables)
Business Combination (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 interests 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 $ 176,015 Cash and cash equivalents 9,479 Restricted cash 796 Investment in related parties 33,863 Reinsurance recoverable 4,977 VOBA 3,372 Other assets 6,115 Assets of consolidated variable interest entities 3,635 Estimated fair value of total assets acquired by AGM 238,252 Liabilities Interest sensitive contract liabilities 160,241 Future policy benefits 41,482 Market risk benefits 4,813 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 219,779 Identifiable net assets 18,473 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 13,531 Goodwill attributable to AHL $ 4,073 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. Amortization of these assets is on a straight-line basis. 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. Amortization of this asset is on a straight-line basis. 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. These assets are not amortized. |
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 $ 3,372 7 Distribution channels 1,870 18 Trade name 160 20 Insurance licenses 26 Indefinite Total $ 5,428 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Schedule of Investments [Abstract] | |
Available-for-sale Securities | The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of our AFS investments by asset type: September 30, 2023 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 5,506 $ — $ — $ (1,246) $ 4,260 US state, municipal and political subdivisions 1,273 — — (311) 962 Foreign governments 1,279 (27) 6 (343) 915 Corporate 83,029 (140) 68 (15,656) 67,301 CLO 19,641 (3) 171 (883) 18,926 ABS 11,608 (30) 23 (794) 10,807 CMBS 6,092 (7) 12 (601) 5,496 RMBS 7,888 (371) 161 (630) 7,048 Total AFS securities 136,316 (578) 441 (20,464) 115,715 AFS securities – related parties Corporate 1,426 — 1 (71) 1,356 CLO 4,390 — 19 (174) 4,235 ABS 8,762 (1) 17 (384) 8,394 Total AFS securities – related parties 14,578 (1) 37 (629) 13,985 Total AFS securities including related parties $ 150,894 $ (579) $ 478 $ (21,093) $ 129,700 December 31, 2022 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 3,333 $ — $ — $ (756) $ 2,577 US state, municipal and political subdivisions 1,218 — — (291) 927 Foreign governments 1,207 (27) 3 (276) 907 Corporate 74,644 (61) 92 (13,774) 60,901 CLO 17,722 (7) 115 (1,337) 16,493 ABS 11,447 (29) 15 (906) 10,527 CMBS 4,636 (5) 6 (479) 4,158 RMBS 6,775 (329) 64 (596) 5,914 Total AFS securities 120,982 (458) 295 (18,415) 102,404 AFS securities – related parties Corporate 1,028 — 1 (47) 982 CLO 3,346 (1) 10 (276) 3,079 ABS 6,066 — 3 (309) 5,760 Total AFS securities – related parties 10,440 (1) 14 (632) 9,821 Total AFS securities including related parties $ 131,422 $ (459) $ 309 $ (19,047) $ 112,225 The following summarizes the number of AFS securities that were in an unrealized loss position, including related parties, for which an allowance for credit losses has not been recorded: September 30, 2023 Unrealized loss position Unrealized loss position 12 months or more AFS securities 9,552 7,841 AFS securities – related parties 203 139 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | Allowance for Credit Losses — The following table summarizes the activity in the allowance for credit losses for AFS securities including purchased credit deteriorated (PCD) securities by asset type: Three months ended September 30, 2023 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending balance AFS securities Foreign governments $ 27 $ — $ — $ — $ — $ — $ 27 Corporate 73 67 — (2) — 2 140 CLO 3 — — — — — 3 ABS 35 1 — (4) — (2) 30 CMBS 6 1 — — — — 7 RMBS 377 4 1 (5) — (6) 371 Total AFS securities 521 73 1 (11) — (6) 578 AFS securities – related parties ABS 1 — — — — — 1 Total AFS securities – related parties 1 — — — — — 1 Total AFS securities including related parties $ 522 $ 73 $ 1 $ (11) $ — $ (6) $ 579 Three months ended September 30, 2022 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending balance AFS securities Foreign governments $ 61 $ — $ — $ (28) $ — $ (6) $ 27 Corporate 70 5 — — (6) (3) 66 CLO 107 2 — — — (104) 5 ABS 14 7 — — — (8) 13 CMBS 9 — — — — (6) 3 RMBS 348 1 2 (7) — (23) 321 Total AFS securities 609 15 2 (35) (6) (150) 435 AFS securities – related party CLO 19 — — — — (18) 1 ABS 1 — — — — (1) — Total AFS securities – related party 20 — — — — (19) 1 Total AFS securities including related parties $ 629 $ 15 $ 2 $ (35) $ (6) $ (169) $ 436 Nine months ended September 30, 2023 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending balance AFS securities Foreign governments $ 27 $ — $ — $ — $ — $ — $ 27 Corporate 61 88 — (8) — (1) 140 CLO 7 1 — — — (5) 3 ABS 29 2 — (4) — 3 30 CMBS 5 4 — — — (2) 7 RMBS 329 15 40 (13) — — 371 Total AFS securities 458 110 40 (25) — (5) 578 AFS securities – related parties CLO 1 — — — — (1) — ABS — 1 — — — — 1 Total AFS securities – related parties 1 1 — — — (1) 1 Total AFS securities including related parties $ 459 $ 111 $ 40 $ (25) $ — $ (6) $ 579 Nine months ended September 30, 2022 Additions Reductions (In millions) January 1, 2022 Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending balance AFS securities Foreign governments $ — $ 66 $ — $ (28) $ — $ (11) $ 27 Corporate — 66 — — (6) 6 66 CLO — 24 — — — (19) 5 ABS 5 16 — — — (8) 13 CMBS — 14 — — — (11) 3 RMBS 306 30 3 (24) — 6 321 Total AFS securities 311 216 3 (52) (6) (37) 435 AFS securities – related parties CLO — 3 — — — (2) 1 ABS — 18 — — — (18) — Total AFS securities – related party — 21 — — (20) 1 Total AFS securities including related parties $ 311 $ 237 $ 3 $ (52) $ (6) $ (57) $ 436 |
Available-for-sale Securities by Contractual Maturity | The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below: September 30, 2023 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 2,232 $ 2,167 Due after one year through five years 15,532 14,370 Due after five years through ten years 22,864 19,179 Due after ten years 50,459 37,722 CLO, ABS, CMBS and RMBS 45,229 42,277 Total AFS securities 136,316 115,715 AFS securities – related parties Due after one year through five years 908 883 Due after five years through ten years 130 123 Due after ten years 388 350 CLO and ABS 13,152 12,629 Total AFS securities – related parties 14,578 13,985 Total AFS securities including related parties $ 150,894 $ 129,700 |
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 parties, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost: September 30, 2023 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 $ 2,023 $ (292) $ 2,167 $ (954) $ 4,190 $ (1,246) US state, municipal and political subdivisions 119 (11) 840 (300) 959 (311) Foreign governments 117 (9) 785 (331) 902 (340) Corporate 17,338 (1,075) 48,290 (14,553) 65,628 (15,628) CLO 685 (21) 12,001 (811) 12,686 (832) ABS 2,780 (116) 4,320 (597) 7,100 (713) CMBS 1,453 (23) 1,883 (501) 3,336 (524) RMBS 1,272 (62) 1,923 (318) 3,195 (380) Total AFS securities 25,787 (1,609) 72,209 (18,365) 97,996 (19,974) AFS securities – related parties Corporate 578 (34) 356 (36) 934 (70) CLO 498 (19) 2,591 (153) 3,089 (172) ABS 2,702 (99) 2,570 (259) 5,272 (358) Total AFS securities – related parties 3,778 (152) 5,517 (448) 9,295 (600) Total AFS securities including related parties $ 29,565 $ (1,761) $ 77,726 $ (18,813) $ 107,291 $ (20,574) December 31, 2022 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities US government and agencies $ 2,539 $ (756) $ — $ — $ 2,539 $ (756) US state, municipal and political subdivisions 911 (291) — — 911 (291) Foreign governments 891 (275) — — 891 (275) Corporate 58,256 (13,773) — — 58,256 (13,773) CLO 13,486 (1,277) — — 13,486 (1,277) ABS 8,119 (801) — — 8,119 (801) CMBS 2,650 (427) — — 2,650 (427) RMBS 2,621 (365) — — 2,621 (365) Total AFS securities 89,473 (17,965) — — 89,473 (17,965) AFS securities – related parties Corporate 619 (47) — — 619 (47) CLO 2,752 (273) — — 2,752 (273) ABS 5,487 (308) — — 5,487 (308) Total AFS securities – related parties 8,858 (628) — — 8,858 (628) Total AFS securities including related parties $ 98,331 $ (18,593) $ — $ — $ 98,331 $ (18,593) |
Net Investment Income | Net Investment Income —Net investment income by asset class consists of the following: Three months ended September 30, Nine months ended September 30, (In millions) 2023 2022 2023 2022 AFS securities $ 1,822 $ 1,077 $ 4,940 $ 2,885 Trading securities 49 41 135 153 Equity securities 14 17 54 41 Mortgage loans 642 336 1,632 870 Investment funds (13) (35) 59 373 Funds withheld at interest 486 534 1,368 1,347 Other 214 75 623 165 Investment revenue 3,214 2,045 8,811 5,834 Investment expenses (286) (202) (759) (582) Net investment income $ 2,928 $ 1,843 $ 8,052 $ 5,252 |
Investment Related Gains (Losses) | Investment Related Gains (Losses) —Investment related gains (losses) by asset class consists of the following: Three months ended September 30, Nine months ended September 30, (In millions) 2023 2022 2023 2022 AFS securities 1 Gross realized gains on investment activity $ 55 $ 84 $ 379 $ 404 Gross realized losses on investment activity (431) (761) (647) (2,003) Net realized investment losses on AFS securities (376) (677) (268) (1,599) Net recognized investment losses on trading securities (137) (121) (105) (489) Net recognized investment losses on equity securities (3) (9) (34) (257) Net recognized investment losses on mortgage loans (911) (1,199) (838) (3,094) Derivative losses (1,480) (1,821) (66) (8,794) Provision for credit losses (60) 171 (237) (193) Other gains 343 808 355 1,615 Investment related gains (losses) $ (2,624) $ (2,848) $ (1,193) $ (12,811) 1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges. The following table summarizes the change in unrealized gains (losses) on trading and equity securities, including related parties, we held as of the respective period end: Three months ended September 30, Nine months ended September 30, (In millions) 2023 2022 2023 2022 Trading securities $ (75) $ (119) $ (35) $ (455) Trading securities – related parties 3 3 3 (3) Equity securities 6 2 9 (237) Equity securities – related parties (9) (18) (16) (31) |
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 7 – 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: (In millions) September 30, 2023 December 31, 2022 Commercial mortgage loans $ 24,667 $ 21,061 Commercial mortgage loans under development 1,232 790 Total commercial mortgage loans 25,899 21,851 Mark to fair value (2,430) (1,743) Commercial mortgage loans 23,469 20,108 Residential mortgage loans 19,271 11,802 Mark to fair value (1,486) (1,099) Residential mortgage loans 17,785 10,703 Mortgage loans $ 41,254 $ 30,811 The distribution of commercial mortgage loans, including those under development, by property type and geographic region, is as follows: September 30, 2023 December 31, 2022 (In millions, except for percentages) Fair Value Percentage of Total Fair Value Percentage of Total Property type Office building $ 4,325 18.5 % $ 4,651 23.1 % Retail 1,815 7.7 % 1,454 7.2 % Apartment 8,463 36.1 % 6,692 33.3 % Hotels 2,373 10.1 % 1,855 9.2 % Industrial 2,565 10.9 % 2,047 10.2 % Other commercial 3,928 16.7 % 3,409 17.0 % Total commercial mortgage loans $ 23,469 100.0 % $ 20,108 100.0 % US region East North Central $ 1,439 6.1 % $ 1,437 7.1 % East South Central 422 1.8 % 413 2.1 % Middle Atlantic 6,656 28.4 % 5,183 25.8 % Mountain 949 4.0 % 898 4.5 % New England 1,179 5.0 % 1,076 5.4 % Pacific 4,175 17.8 % 3,781 18.8 % South Atlantic 3,879 16.6 % 2,756 13.7 % West North Central 194 0.8 % 231 1.1 % West South Central 981 4.2 % 1,085 5.4 % Total US region 19,874 84.7 % 16,860 83.9 % International region United Kingdom 2,200 9.4 % 1,898 9.4 % Other international 1 1,395 5.9 % 1,350 6.7 % Total international region 3,595 15.3 % 3,248 16.1 % Total commercial mortgage loans $ 23,469 100.0 % $ 20,108 100.0 % 1 Represents all other countries, with each individual country comprising less than 5% of the portfolio. Our residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table: September 30, 2023 December 31, 2022 US States California 27.9 % 28.9 % Florida 11.8 % 9.7 % New York 6.5 % 5.6 % Texas 5.6 % 4.3 % New Jersey 5.2 % 5.3 % Arizona 4.3 % 5.1 % Other 1 29.7 % 27.4 % Total US residential mortgage loan percentage 91.0 % 86.3 % International United Kingdom 3.8 % 5.4 % Other 2 5.2 % 8.3 % Total international residential mortgage loan percentage 9.0 % 13.7 % 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 parties and consolidated VIEs: September 30, 2023 December 31, 2022 (In millions, except for percentages) Carrying value Percent of total Carrying value Percent of total Investment funds Equity $ 90 72.5 % $ 46 58.2 % Hybrid 24 19.4 % 32 40.5 % Other 10 8.1 % 1 1.3 % Total investment funds 124 100.0 % 79 100.0 % Investment funds – related parties Strategic origination platforms 45 2.8 % 34 2.2 % Strategic insurance platforms 1,287 80.2 % 1,259 80.2 % Apollo and other fund investments Equity 244 15.2 % 246 15.7 % Yield 6 0.4 % 5 0.3 % Other 22 1.4 % 25 1.6 % Total investment funds – related parties 1,604 100.0 % 1,569 100.0 % Investment funds – consolidated VIEs Strategic origination platforms 5,322 35.3 % 4,829 38.7 % Strategic insurance platforms 511 3.4 % 529 4.2 % Apollo and other fund investments Equity 3,430 22.7 % 2,640 21.2 % Hybrid 3,771 25.0 % 3,112 24.9 % Yield 1,357 9.0 % 1,044 8.4 % Other 699 4.6 % 326 2.6 % Total investment funds – consolidated VIEs 15,090 100.0 % 12,480 100.0 % Total investment funds including related parties and funds owned by consolidated VIEs $ 16,818 $ 14,128 |
Schedule of Variable Interest Entities | The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: September 30, 2023 December 31, 2022 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 124 $ 593 $ 79 $ 340 Investment in related parties – investment funds 1,604 2,325 1,569 2,253 Assets of consolidated VIEs – investment funds 15,090 21,270 12,480 20,278 Investment in fixed maturity securities 42,685 46,101 37,454 40,992 Investment in related parties – fixed maturity securities 13,500 16,414 9,717 10,290 Investment in related parties – equity securities 304 304 279 279 Total non-consolidated investments $ 73,307 $ 87,007 $ 61,578 $ 74,432 The following summarizes the income statement activity of the consolidated VIEs: Three months ended September 30, Nine months ended September 30, (In millions) 2023 2022 2023 2022 Trading securities $ 28 $ 10 $ 79 $ 10 Equity securities — 13 — 13 Mortgage loans 29 22 83 65 Investment funds 20 4 55 (5) Other investments (2) (16) (7) (3) Net investment income $ 75 $ 33 $ 210 $ 80 Net recognized investment losses on trading securities $ (16) $ (38) $ (15) $ (38) Net recognized investment losses on mortgage loans (25) (103) (45) (262) Net recognized investment gains on investment funds 292 236 833 354 Other gains (losses) (1) (16) (29) 5 Investment related gains (losses) $ 250 $ 79 $ 744 $ 59 |
Schedule of Repurchase Agreements | The following table summarizes the remaining contractual maturities of our repurchase agreements, which are included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets: (In millions) September 30, 2023 December 31, 2022 Less than 30 days $ 533 $ 608 30-90 days 427 1,268 91 days to 1 year 686 — Greater than 1 year 2,866 2,867 Payables for repurchase agreements $ 4,512 $ 4,743 The following table summarizes the securities pledged as collateral for repurchase agreements: September 30, 2023 December 31, 2022 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities US government and agencies $ 1,353 $ 962 $ 2,559 $ 1,941 Foreign governments 152 101 146 107 Corporate 2,899 2,285 1,940 1,605 CLO 264 259 273 261 ABS 1,226 1,074 1,243 1,082 Total securities pledged under repurchase agreements $ 5,894 $ 4,681 $ 6,161 $ 4,996 |
Schedules of Concentration of Risk, by Risk Factor | The following table represents our investment concentrations in excess of 10% of shareholders’ equity: (In millions) September 30, 2023 AT&T Inc. $ 1,461 Wheels Donlen 1 1,454 PK AirFinance 1 1,410 MFI Investments 1,361 Athora 1 1,282 Atlas 1 1,007 Atlas 1 – reverse repurchase agreement 922 AP Tundra 865 (In millions) December 31, 2022 Wheels Donlen 1 $ 1,288 Athora 1 1,232 PK AirFinance 1 999 AP Tundra 896 MFI Investments 878 SoftBank Vision Fund II 789 MidCap 1 788 Cayman Universe 756 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 13 – Related Parties. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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: September 30, 2023 December 31, 2022 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency hedges Swaps 8,240 $ 647 $ 167 6,677 $ 747 $ 154 Forwards 6,381 437 40 6,283 406 52 Interest rate swaps 4,468 — 809 4,468 — 803 Forwards on net investments 219 3 — 216 2 — Interest rate swaps 10,031 14 203 9,332 9 150 Total derivatives designated as hedges 1,101 1,219 1,164 1,159 Derivatives not designated as hedges Equity options 71,579 2,530 101 65,089 1,374 114 Futures 30 69 8 18 33 — Foreign currency swaps 4,549 278 108 3,563 251 112 Interest rate swaps 482 79 — 488 74 — Other swaps 180 — 3 89 — 4 Foreign currency forwards 22,322 514 453 16,376 413 257 Embedded derivatives Funds withheld including related parties (5,953) (89) (6,272) (77) Interest sensitive contract liabilities — 7,345 — 5,841 Total derivatives not designated as hedges (2,483) 7,929 (4,127) 6,251 Total derivatives $ (1,382) $ 9,148 $ (2,963) $ 7,410 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities: September 30, 2023 December 31, 2022 (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 $ 5,372 $ (245) $ 5,259 $ (217) Foreign currency swaps 5,448 (452) 4,797 (398) Interest sensitive contract liabilities Foreign currency swaps 1,369 90 1,081 88 Foreign currency interest rate swaps 3,724 647 4,348 632 Interest rate swaps 6,711 386 6,577 323 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 September 30, 2023 Investment related gains (losses) Foreign currency forwards $ 179 $ (187) $ (8) $ 21 $ 5 Foreign currency swaps 161 (166) (5) — — Foreign currency interest rate swaps (90) 95 5 — — Interest rate swaps (74) 63 (11) — — Interest sensitive contract benefits Foreign currency interest rate swaps 16 (14) 2 — — Three months ended September 30, 2022 Investment related gains (losses) Foreign currency forwards $ 288 $ (290) $ (2) $ 18 $ — Foreign currency swaps 256 (283) (27) — — Foreign currency interest rate swaps (379) 384 5 — — Interest rate swaps (268) 264 (4) — — Interest sensitive contract benefits Foreign currency interest rate swaps 12 (14) (2) — — Amount Excluded (In millions) Derivatives Hedged Items Net Recognized in income through amortization approach Recognized in income through changes in fair value Nine months ended September 30, 2023 Investment related gains (losses) Foreign currency forwards $ 74 $ (77) $ (3) $ 66 $ 12 Foreign currency swaps 59 (57) 2 — — Foreign currency interest rate swaps (5) 15 10 — — Interest rate swaps (92) 79 (13) — — Interest sensitive contract benefits Foreign currency interest rate swaps 44 (44) — — — Nine months ended September 30, 2022 Investment related gains (losses) Foreign currency forwards $ 616 $ (648) $ (32) $ 48 $ 1 Foreign currency swaps 589 (630) (41) — — Foreign currency interest rate swaps (873) 879 6 — — Interest rate swaps (345) 357 12 — — Interest sensitive contract benefits Foreign currency interest rate swaps 37 (37) — — — The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI : Three months ended September 30, Nine months ended September 30, (In millions) 2023 2022 2023 2022 Foreign currency forwards $ (65) $ (20) $ (63) $ (77) Foreign currency swaps (239) 51 (182) 60 |
Gains (Losses) Related to Derivatives Not Designated as Hedges | The following is a summary of the gains (losses) related to derivatives not designated as hedges: Three months ended September 30, Nine months ended September 30, (In millions) 2023 2022 2023 2022 Equity options $ (951) $ (449) $ 390 $ (2,728) Futures (73) (34) 22 (153) Swaps (24) 132 38 121 Foreign currency forwards 146 454 (191) 971 Embedded derivatives on funds withheld (780) (1,839) (439) (7,041) Amounts recognized in investment related gains (losses) (1,682) (1,736) (180) (8,830) Embedded derivatives in indexed annuity products 1 1,251 526 (277) 3,079 Total gains (losses) on derivatives not designated as hedges $ (431) $ (1,210) $ (457) $ (5,751) 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 September 30, 2023 Derivative assets $ 4,571 $ (1,665) $ (3,140) $ (234) $ — $ (234) Derivative liabilities (1,892) 1,665 655 428 — 428 December 31, 2022 Derivative assets $ 3,309 $ (1,477) $ (1,952) $ (120) $ — $ (120) Derivative liabilities (1,646) 1,477 478 309 — 309 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of September 30, 2023 and December 31, 2022, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated balance sheets. 3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received. |
Estimated Fair Value of Net Derivative and Other Financial Liabilities | The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated balance sheets (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral September 30, 2023 Derivative assets $ 4,571 $ (1,665) $ (3,140) $ (234) $ — $ (234) Derivative liabilities (1,892) 1,665 655 428 — 428 December 31, 2022 Derivative assets $ 3,309 $ (1,477) $ (1,952) $ (120) $ — $ (120) Derivative liabilities (1,646) 1,477 478 309 — 309 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of September 30, 2023 and December 31, 2022, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated balance sheets. 3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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: September 30, 2023 December 31, 2022 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 124 $ 593 $ 79 $ 340 Investment in related parties – investment funds 1,604 2,325 1,569 2,253 Assets of consolidated VIEs – investment funds 15,090 21,270 12,480 20,278 Investment in fixed maturity securities 42,685 46,101 37,454 40,992 Investment in related parties – fixed maturity securities 13,500 16,414 9,717 10,290 Investment in related parties – equity securities 304 304 279 279 Total non-consolidated investments $ 73,307 $ 87,007 $ 61,578 $ 74,432 The following summarizes the income statement activity of the consolidated VIEs: Three months ended September 30, Nine months ended September 30, (In millions) 2023 2022 2023 2022 Trading securities $ 28 $ 10 $ 79 $ 10 Equity securities — 13 — 13 Mortgage loans 29 22 83 65 Investment funds 20 4 55 (5) Other investments (2) (16) (7) (3) Net investment income $ 75 $ 33 $ 210 $ 80 Net recognized investment losses on trading securities $ (16) $ (38) $ (15) $ (38) Net recognized investment losses on mortgage loans (25) (103) (45) (262) Net recognized investment gains on investment funds 292 236 833 354 Other gains (losses) (1) (16) (29) 5 Investment related gains (losses) $ 250 $ 79 $ 744 $ 59 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following represents the hierarchy for our assets and liabilities measured at fair value on a recurring basis: September 30, 2023 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 4,260 $ — $ 4,253 $ 7 $ — US state, municipal and political subdivisions 962 — — 962 — Foreign governments 915 — — 869 46 Corporate 67,301 — 9 64,911 2,381 CLO 18,926 — — 18,926 — ABS 10,807 — — 6,181 4,626 CMBS 5,496 — — 5,484 12 RMBS 7,048 — — 6,785 263 Total AFS securities 115,715 — 4,262 104,125 7,328 Trading securities 1,592 — 22 1,538 32 Equity securities 916 — 198 644 74 Mortgage loans 37,978 — — — 37,978 Funds withheld at interest – embedded derivative (4,981) — — — (4,981) Derivative assets 4,571 — 93 4,478 — Short-term investments 527 — — 398 129 Other investments 763 — — 286 477 Cash and cash equivalents 9,996 — 9,996 — — Restricted cash 1,218 — 1,218 — — Investments in related parties AFS securities Corporate 1,356 — — 170 1,186 CLO 4,235 — — 3,732 503 ABS 8,394 — — 555 7,839 Total AFS securities – related parties 13,985 — — 4,457 9,528 Trading securities 871 — — — 871 Equity securities 304 — 59 — 245 Mortgage loans 1,234 — — — 1,234 Investment funds 1,043 — — — 1,043 Funds withheld at interest – embedded derivative (972) — — — (972) Other investments 327 — — — 327 Reinsurance recoverable 1,301 — — — 1,301 Other assets 431 — — — 431 Assets of consolidated VIEs Trading securities 2,133 — — 275 1,858 Mortgage loans 2,042 — — — 2,042 Investment funds 15,090 13,688 — — 1,402 Other investments 94 — — 2 92 Cash and cash equivalents 152 — 152 — — Total assets measured at fair value $ 206,330 $ 13,688 $ 16,000 $ 116,203 $ 60,439 Liabilities Interest sensitive contract liabilities Embedded derivative $ 7,345 $ — $ — $ — $ 7,345 Universal life benefits 739 — — — 739 Future policy benefits AmerUs Life Insurance Company (AmerUs) Closed Block 1,100 — — — 1,100 Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits 551 — — — 551 Market risk benefits 3,021 — — — 3,021 Derivative liabilities 1,892 — 43 1,848 1 Other liabilities 124 — — (89) 213 Total liabilities measured at fair value $ 14,772 $ — $ 43 $ 1,759 $ 12,970 December 31, 2022 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 2,577 $ — $ 2,570 $ 7 $ — US state, municipal and political subdivisions 927 — — 927 — Foreign governments 907 — — 906 1 Corporate 60,901 — — 59,236 1,665 CLO 16,493 — — 16,493 — ABS 10,527 — — 5,660 4,867 CMBS 4,158 — — 4,158 — RMBS 5,914 — — 5,682 232 Total AFS securities 102,404 — 2,570 93,069 6,765 Trading securities 1,595 — 23 1,519 53 Equity securities 1,087 — 150 845 92 Mortgage loans 27,454 — — — 27,454 Funds withheld at interest – embedded derivative (4,847) — — — (4,847) Derivative assets 3,309 — 42 3,267 — Short-term investments 520 — 29 455 36 Other investments 611 — — 170 441 Cash and cash equivalents 7,779 — 7,779 — — Restricted cash 628 — 628 — — Investments in related parties AFS securities Corporate 982 — — 170 812 CLO 3,079 — — 2,776 303 ABS 5,760 — — 218 5,542 Total AFS securities – related parties 9,821 — — 3,164 6,657 Trading securities 878 — — — 878 Equity securities 279 — — — 279 Mortgage loans 1,302 — — — 1,302 Investment funds 959 — — — 959 Funds withheld at interest – embedded derivative (1,425) — — — (1,425) Other investments 303 — — — 303 Reinsurance recoverable 1,388 — — — 1,388 Other assets 481 — — — 481 Assets of consolidated VIEs Trading securities 1,063 — 5 436 622 Mortgage loans 2,055 — — — 2,055 Investment funds 12,480 10,009 — — 2,471 Other investments 101 — — 2 99 Cash and cash equivalents 362 — 362 — — Total assets measured at fair value $ 170,587 $ 10,009 $ 11,588 $ 102,927 $ 46,063 Liabilities Interest sensitive contract liabilities Embedded derivative $ 5,841 $ — $ — $ — $ 5,841 Universal life benefits 829 — — — 829 Future policy benefits AmerUs Closed Block 1,164 — — — 1,164 ILICO Closed Block and life benefits 548 — — — 548 Market risk benefits 2,970 — — — 2,970 Derivative liabilities 1,646 — 38 1,607 1 Other liabilities 65 — — (77) 142 Total liabilities measured at fair value $ 13,063 $ — $ 38 $ 1,530 $ 11,495 |
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: Three months ended September 30, Nine months ended September 30, (In millions) 2023 2022 2023 2022 Trading securities $ (137) $ (121) $ (105) $ (489) Mortgage loans (984) (1,279) (909) (3,344) Investment funds (66) (47) 25 9 Future policy benefits 59 90 64 363 Other liabilities (4) — (71) — Total gains (losses) $ (1,132) $ (1,357) $ (996) $ (3,461) The following summarizes information for fair value option mortgage loans, including related parties and consolidated VIEs: (In millions) September 30, 2023 December 31, 2022 Unpaid principal balance $ 45,170 $ 33,653 Mark to fair value (3,916) (2,842) Fair value $ 41,254 $ 30,811 The following represents our commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) September 30, 2023 December 31, 2022 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 161 $ 74 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (62) (55) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 99 $ 19 Fair value of commercial mortgage loans 90 days or more past due $ 40 $ 2 Fair value of commercial mortgage loans in non-accrual status 59 19 The following represents our residential loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) September 30, 2023 December 31, 2022 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 495 $ 522 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (57) (50) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 438 $ 472 Fair value of residential mortgage loans 90 days or more past due 1 $ 438 $ 472 Fair value of residential mortgage loans in non-accrual status 312 360 1 As of September 30, 2023 and December 31, 2022 includes $126 million and $221 million, respectively, 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: Three months ended September 30, Nine months ended September 30, (In millions) 2023 2022 2023 2022 Mortgage loans $ (20) $ 18 $ (31) $ (34) |
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. Transfers in and out of Level 3 are primarily based on changes in the availability of pricing sources, as described in the valuation methods above. Three months ended September 30, 2023 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 $ 48 $ — $ (2) $ — — $ 46 $ — $ (2) Corporate 2,460 (8) (25) (26) (20) 2,381 — (27) ABS 5,305 — 14 (255) (438) 4,626 — 4 CMBS 12 — — — — 12 — — RMBS 6 — — 261 (4) 263 — — Trading securities 38 (1) — (5) — 32 (1) — Equity securities 67 7 — — — 74 7 — Mortgage loans 34,668 (850) — 4,160 — 37,978 (850) — Funds withheld at interest – embedded derivative (4,356) (625) — — — (4,981) — — Short-term investments 30 — (1) 100 — 129 — (1) Other investments 337 (5) — 145 — 477 (5) — Investments in related parties AFS securities Corporate 1,171 1 (10) 24 — 1,186 — (10) CLO 495 — 8 — — 503 — 8 ABS 7,742 (2) (11) 110 — 7,839 (6) (14) Trading securities 867 4 — — — 871 3 — Equity securities 252 (7) — — — 245 (7) — Mortgage loans 1,296 (61) — (1) — 1,234 (61) — Investment funds 1,061 (18) — — — 1,043 (18) — Funds withheld at interest – embedded derivative (1,297) 325 — — — (972) — — Other investments 343 (16) — — — 327 (16) — Reinsurance recoverable 1,436 (135) — — — 1,301 — — Assets of consolidated VIEs Trading securities 1,425 (48) — (45) 526 1,858 (48) — Mortgage loans 2,113 (73) — 2 — 2,042 (73) — Investment funds 1,351 (30) — 81 — 1,402 (30) — Other investments 99 5 — (12) — 92 5 — Total Level 3 assets $ 56,969 $ (1,537) $ (27) $ 4,539 $ 64 $ 60,008 $ (1,100) $ (42) Liabilities Interest sensitive contract liabilities Embedded derivative $ (8,198) $ 1,251 $ — $ (398) $ — $ (7,345) $ — $ — Universal life benefits (854) 115 — — — (739) — — Future policy benefits AmerUs Closed Block (1,159) 59 — — — (1,100) — — ILICO Closed Block and life benefits (571) 20 — — — (551) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (209) (4) — — — (213) — — Total Level 3 liabilities $ (10,992) $ 1,441 $ — $ (398) $ — $ (9,949) $ — $ — 1 Related to instruments held at end of period. Three months ended September 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 1,588 (16) (58) 205 (57) 1,662 — (55) CLO — — — 3 — 3 — — ABS 3,594 2 (50) 198 104 3,848 — (60) RMBS 68 — (1) (1) (66) — — — Trading securities 58 (4) — (2) 2 54 (4) — Equity securities 62 10 — — — 72 11 — Mortgage loans 25,218 (1,117) — 1,044 — 25,145 (1,111) — Investment funds 19 — — — (19) — — — Funds withheld at interest – embedded derivative (3,958) (1,301) — — — (5,259) — — Short-term investments 58 — — (23) — 35 — — Other investments — — — — 496 496 — — Investments in related parties AFS securities Corporate 849 1 (17) 114 (94) 853 — (15) CLO 325 — (14) — — 311 — (14) ABS 5,026 (3) (73) 284 94 5,328 — (73) Trading securities 891 4 — 5 5 905 4 — Equity securities 163 (18) — 195 — 340 (18) — Mortgage loans 1,416 (82) — (3) — 1,331 (82) — Investment funds 818 (29) — — — 789 (29) — Funds withheld at interest – embedded derivative (1,129) (442) — — — (1,571) — — Other investments — — — — 274 274 — — Reinsurance recoverable 1,580 (104) — — — 1,476 — — Assets of consolidated VIEs Trading securities 330 (7) — 529 (232) 620 (7) — Equity securities — — — — 15 15 — — Mortgage loans 1,626 (80) — 96 21 1,663 (79) — Investment funds 1,053 (19) — 1,694 (422) 2,306 (19) — Other investments 31 — — — 105 136 — — Total Level 3 assets $ 39,688 $ (3,205) $ (213) $ 4,338 $ 226 $ 40,834 $ (1,334) $ (217) Liabilities Interest sensitive contract liabilities Embedded derivative $ (5,176) $ 526 $ — $ (348) $ — $ (4,998) $ — $ — Universal life benefits (943) 91 — — — (852) — — Future policy benefits AmerUs Closed Block (1,247) 90 — — — (1,157) — — ILICO Closed Block and life benefits (623) 11 — — — (612) — — Derivative liabilities (1) — — — — (1) — — Total Level 3 liabilities $ (7,990) $ 718 $ — $ (348) $ — $ (7,620) $ — $ — 1 Related to instruments held at end of period. Nine months ended September 30, 2023 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 $ 1 $ — $ (2) $ 47 $ — $ 46 $ — $ (2) Corporate 1,665 (9) (1) 1,170 (444) 2,381 — (7) ABS 4,867 — (36) 794 (999) 4,626 — (49) CMBS — — — — 12 12 — (1) RMBS 232 6 2 258 (235) 263 — — Trading securities 53 2 — (12) (11) 32 — — Equity securities 92 (5) — — (13) 74 (5) — Mortgage loans 27,454 (794) — 11,318 — 37,978 (792) — Funds withheld at interest – embedded derivative (4,847) (134) — — — (4,981) — — Short-term investments 36 — (3) 70 26 129 — (1) Other investments 441 (5) — 41 — 477 (7) — Investments in related parties AFS securities Corporate 812 2 (18) 175 215 1,186 — (18) CLO 303 — 15 185 — 503 — 15 ABS 5,542 7 38 1,968 284 7,839 (2) 32 Trading securities 878 6 — (13) — 871 3 — Equity securities 279 (2) — (32) — 245 (3) — Mortgage loans 1,302 (44) — (24) — 1,234 (44) — Investment funds 959 52 — 32 — 1,043 53 — Funds withheld at interest – embedded derivative (1,425) 453 — — — (972) — — Other investments 303 (18) — 42 — 327 (19) — Reinsurance recoverable 1,388 (87) — — — 1,301 — — Assets of consolidated VIEs Trading securities 622 (40) — (55) 1,331 1,858 (40) — Mortgage loans 2,055 (71) — 58 — 2,042 (71) — Investment funds 2,471 (7) — 73 (1,135) 1,402 (7) — Other investments 99 7 — (14) — 92 7 — Total Level 3 assets $ 45,582 $ (681) $ (5) $ 16,081 $ (969) $ 60,008 $ (927) $ (31) Liabilities Interest sensitive contract liabilities Embedded derivative $ (5,841) $ (277) $ — $ (1,227) $ — $ (7,345) $ — $ — Universal life benefits (829) 90 — — — (739) — — Future policy benefits AmerUs Closed Block (1,164) 64 — — — (1,100) — — ILICO Closed Block and life benefits (548) (3) — — — (551) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (142) (71) — — — (213) — — Total Level 3 liabilities $ (8,525) $ (197) $ — $ (1,227) $ — $ (9,949) $ — $ — 1 Related to instruments held at end of period. Nine months ended September 30, 2022 Total realized and unrealized gains (losses) (In millions) 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 (19) (135) 385 92 1,662 — (120) CLO 14 (2) — (9) — 3 — — ABS 3,619 9 (145) 198 167 3,848 — (116) CMBS 43 — (17) — (26) — — — RMBS — — (1) 67 (66) — — — Trading securities 69 (10) — 6 (11) 54 (4) — Equity securities 429 27 — (3) (381) 72 25 — Mortgage loans 21,154 (2,888) — 6,879 — 25,145 (2,878) — Investment funds 18 1 — — (19) — — — Funds withheld at interest – embedded derivative — (5,259) — — — (5,259) — — Short-term investments 29 — (1) 7 — 35 — (1) Other investments — — — — 496 496 — — Investments in related parties AFS securities Corporate 670 (3) (23) 250 (41) 853 — (22) CLO 202 — (21) 130 — 311 — (21) ABS 6,445 (4) (208) (957) 52 5,328 — (193) Trading securities 1,771 3 — (1,057) 188 905 (4) — Equity securities 284 (32) — 76 12 340 (27) — Mortgage loans 1,369 (206) — 168 — 1,331 (206) — Investment funds 2,855 (1) — (34) (2,031) 789 (1) — Funds withheld at interest – embedded derivative — (1,571) — — — (1,571) — — Short-term investments — — — 53 (53) — — — Other investments — — — — 274 274 — — Reinsurance recoverable 1,991 (515) — — — 1,476 — — Assets of consolidated VIEs Trading securities — (7) — 529 98 620 (7) — Equity securities — — — — 15 15 — — Mortgage loans 2,152 (250) — (58) (181) 1,663 (250) — Investment funds 1,297 9 — 1,855 (855) 2,306 9 — Other investments — — — 31 105 136 — — Total Level 3 assets $ 45,752 $ (10,718) $ (551) $ 8,516 $ (2,165) $ 40,834 $ (3,343) $ (473) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,408) $ 3,079 $ — $ (669) $ — $ (4,998) $ — $ — Universal life benefits (1,235) 383 — — — (852) — — Future policy benefits AmerUs Closed Block (1,520) 363 — — — (1,157) — — ILICO Closed Block and life benefits (742) 130 — — — (612) — — Derivative liabilities (3) 2 — — — (1) — — Total Level 3 liabilities $ (10,908) $ 3,957 $ — $ (669) $ — $ (7,620) $ — $ — 1 Related to instruments held at end of period. |
Gross Components of Purchases, Sales, Issuances and Settlements, net | The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above: Three months ended September 30, 2023 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities Corporate $ 26 $ — $ — $ (52) $ (26) $ — $ (20) $ (20) ABS 221 — (13) (463) (255) 357 (795) (438) RMBS 261 — — — 261 — (4) (4) Trading securities — — — (5) (5) — — — Mortgage loans 5,696 — (285) (1,251) 4,160 — — — Short-term investments 100 — — — 100 — — — Other investments 145 — — — 145 — — — Investments in related parties AFS securities Corporate 27 — — (3) 24 — — — ABS 426 — — (316) 110 — — — Trading securities 1 — (1) — — — — — Mortgage loans — — — (1) (1) — — — Assets of consolidated VIEs Trading securities 6 — (51) — (45) 526 — 526 Mortgage loans 4 — — (2) 2 — — — Investment funds 113 — (32) — 81 — — — Other investments 2 — (14) — (12) — — — Total Level 3 assets $ 7,028 $ — $ (396) $ (2,093) $ 4,539 $ 883 $ (819) $ 64 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (573) $ — $ 175 $ (398) $ — $ — $ — Total Level 3 liabilities $ — $ (573) $ — $ 175 $ (398) $ — $ — $ — Three months ended September 30, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities Corporate $ 228 $ — $ (3) $ (20) $ 205 $ 83 $ (140) $ (57) CLO 3 — — — 3 — — — ABS 344 — — (146) 198 116 (12) 104 RMBS — — — (1) (1) — (66) (66) Trading securities — — — (2) (2) 3 (1) 2 Mortgage loans 1,900 — (51) (805) 1,044 — — — Investment funds — — — — — — (19) (19) Short-term investments — — — (23) (23) — — — Other investments — — — — — 496 — 496 Investments in related parties AFS securities Corporate 116 — — (2) 114 — (94) (94) ABS 887 — — (603) 284 94 — 94 Trading securities 5 — — — 5 5 — 5 Equity securities 195 — — — 195 — — — Mortgage loans — — — (3) (3) — — — Other investments — — — — — 274 — 274 Assets of consolidated VIEs Trading securities 529 — — — 529 100 (332) (232) Equity securities — — — — — 15 — 15 Mortgage loans 102 — — (6) 96 21 — 21 Investment funds 1,695 — (1) — 1,694 — (422) (422) Other investments — — — — — 105 — 105 Total Level 3 assets $ 6,004 $ — $ (55) $ (1,611) $ 4,338 $ 1,312 $ (1,086) $ 226 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (456) $ — $ 108 $ (348) $ — $ — $ — Total Level 3 liabilities $ — $ (456) $ — $ 108 $ (348) $ — $ — $ — Nine months ended September 30, 2023 (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 $ 53 $ — $ — $ (6) $ 47 $ — $ — $ — Corporate 1,338 — — (168) 1,170 29 (473) (444) ABS 1,552 — (33) (725) 794 695 (1,694) (999) CMBS — — — — — 12 — 12 RMBS 262 — — (4) 258 5 (240) (235) Trading securities 8 — — (20) (12) 5 (16) (11) Equity securities — — — — — — (13) (13) Mortgage loans 14,361 — (348) (2,695) 11,318 — — — Short-term investments 100 — — (30) 70 26 — 26 Other investments 472 — — (431) 41 — — — Investments in related parties AFS securities Corporate 184 — — (9) 175 215 — 215 CLO 185 — — — 185 — — — ABS 3,132 — (162) (1,002) 1,968 284 — 284 Trading securities 28 — (38) (3) (13) — — — Equity securities — — — (32) (32) — — — Mortgage loans — — — (24) (24) — — — Investment funds 32 — — — 32 — — — Other investments 42 — — — 42 — — — Assets of consolidated VIEs Trading securities 26 — (81) — (55) 1,362 (31) 1,331 Mortgage loans 63 — — (5) 58 — — — Investment funds 113 — (40) — 73 475 (1,610) (1,135) Other investments 7 — (21) — (14) — — — Total Level 3 assets $ 21,958 $ — $ (723) $ (5,154) $ 16,081 $ 3,108 $ (4,077) $ (969) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (1,708) $ — $ 481 $ (1,227) $ — $ — $ — Total Level 3 liabilities $ — $ (1,708) $ — $ 481 $ (1,227) $ — $ — $ — Nine months ended September 30, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in 1 Transfers out 1 Net transfers in (out) Assets AFS securities Corporate $ 681 $ — $ (173) $ (123) $ 385 $ 276 $ (184) $ 92 CLO 3 — — (12) (9) — — — ABS 2,579 — (1,791) (590) 198 484 (317) 167 CMBS — — — — — — (26) (26) RMBS 68 — — (1) 67 — (66) (66) Trading securities 8 — — (2) 6 42 (53) (11) Equity securities — — (3) — (3) 19 (400) (381) Mortgage loans 9,377 — (181) (2,317) 6,879 — — — Investment funds — — — — — — (19) (19) Short-term investments 59 — — (52) 7 — — — Other investments — — — — — 496 — 496 Investments in related parties AFS securities Corporate 483 — (217) (16) 250 53 (94) (41) CLO 130 — — — 130 — — — ABS 2,160 — (93) (3,024) (957) 1,916 (1,864) 52 Trading securities 41 — (1,052) (46) (1,057) 1,448 (1,260) 188 Equity securities 195 — (119) — 76 125 (113) 12 Mortgage securities 182 — — (14) 168 — — — Investment funds — — (34) — (34) — (2,031) (2,031) Short-term investments 53 — — — 53 — (53) (53) Other investments — — — — — 274 — 274 Assets of consolidated VIEs Trading securities 529 — — — 529 430 (332) 98 Equity securities — — — — — 15 — 15 Mortgage loans 102 — — (160) (58) 42 (223) (181) Investment funds 1,981 — (126) — 1,855 11,087 (11,942) (855) Other investments 31 — — — 31 2,007 (1,902) 105 Total Level 3 assets $ 18,662 $ — $ (3,789) $ (6,357) $ 8,516 $ 18,714 $ (20,879) $ (2,165) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (1,053) $ — $ 384 $ (669) $ — $ — $ — Total Level 3 liabilities $ — $ (1,053) $ — $ 384 $ (669) $ — $ — $ — 1 Transfers in and out are primarily assets of VIEs that changed consolidation status in 2022. |
Summary of the Unobservable Inputs for the Embedded Derivative of Fixed Indexed Annuities | The following summarizes the unobservable inputs for AFS, trading and equity securities, mortgage loans, investment funds and the embedded derivatives of fixed indexed annuities, including those of consolidated VIEs: September 30, 2023 (In millions, except for percentages and multiples) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value AFS, trading and equity securities $ 14,272 Discounted cash flow Discount rate 2.3 % 18.8 % 7.2 % 1 Decrease Mortgage loans 41,254 Discounted cash flow Discount rate 2.2 % 21.9 % 7.0 % 1 Decrease Investment funds 483 Discounted cash flow Discount rate 6.3 % 6.3 % 6.3 % Decrease 511 Net tangible asset values Implied multiple 1.18x 1.18x 1.18x Increase 408 Reported net asset value Reported net asset value N/A N/A N/A N/A Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 7,345 Discounted cash flow Nonperformance risk 0.6 % 1.6 % 1.2 % 2 Decrease Option budget 0.5 % 5.9 % 2.3 % 3 Increase Surrender rate 6.7 % 13.3 % 8.8 % 3 Decrease December 31, 2022 (In millions, except for percentages and multiples) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value AFS, trading and equity securities $ 10,671 Discounted cash flow Discount rate 2.2 % 18.8 % 6.8 % 1 Decrease Mortgage loans 30,811 Discounted cash flow Discount rate 1.5 % 22.1 % 6.3 % 1 Decrease Investment funds 506 Discounted cash flow Discount rate 6.4 % 6.4 % 6.4 % Decrease 873 Discounted cash flow / Discount rate / 16.5% / 9x 16.5% / 9x 16.5% / 9x Decrease/Increase 529 Net tangible asset values Implied multiple 1.26x 1.26x 1.26x Increase 563 Reported net asset value Reported net asset value N/A N/A N/A N/A Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 5,841 Discounted cash flow Nonperformance risk 0.1 % 1.7 % 1.0 % 2 Decrease Option budget 0.5 % 5.3 % 1.9 % 3 Increase Surrender rate 5.1 % 11.5 % 8.1 % 3 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 cash flows attributable to the embedded derivative. 3 The option budget and surrender rate weighted averages are calculated based on projected account values. The following summarizes the unobservable inputs for market risk benefits: September 30, 2023 (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 Market risk benefits, net $ 2,590 Discounted cash flow Nonperformance risk 0.6 % 1.6 % 1.4 % 1 Decrease Option budget 0.5 % 5.9 % 1.9 % 2 Decrease Surrender rate 3.4 % 6.5 % 4.6 % 2 Decrease Utilization rate 28.6 % 95.0 % 83.2 % 3 Increase September 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 Market risk benefits, net $ 2,280 Discounted cash flow Nonperformance risk 0.6 % 1.9 % 1.6 % 1 Decrease Option budget 0.5 % 4.5 % 1.6 % 2 Decrease Surrender rate 3.3 % 6.8 % 4.5 % 2 Decrease Utilization rate 28.6 % 95.0 % 81.9 % 3 Increase 1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve. 2 The option budget and surrender rate weighted averages are calculated based on projected account values. 3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values. |
Summary of Financial Instruments Not Carried at Fair Value on the Balance Sheet | The following represents our financial instruments not carried at fair value on the condensed consolidated balance sheets: September 30, 2023 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 124 $ 124 $ 124 $ — $ — $ — Policy loans 336 336 — — 336 — Funds withheld at interest 30,934 30,934 — — — 30,934 Other investments 40 45 — — — 45 Investments in related parties Investment funds 561 561 561 — — — Funds withheld at interest 7,592 7,592 — — — 7,592 Short-term investments 949 949 — — 949 — Total financial assets not carried at fair value $ 40,536 $ 40,541 $ 685 $ — $ 1,285 $ 38,571 Financial liabilities Interest sensitive contract liabilities $ 140,229 $ 126,779 $ — $ — $ — $ 126,779 Debt 3,634 2,839 — — 2,839 — Securities to repurchase 4,512 4,512 — — 4,512 — Funds withheld liability 349 349 — — 349 — Total financial liabilities not carried at fair value $ 148,724 $ 134,479 $ — $ — $ 7,700 $ 126,779 December 31, 2022 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 79 $ 79 $ 79 $ — $ — $ — Policy loans 347 347 — — 347 — Funds withheld at interest 37,727 37,727 — — — 37,727 Short-term investments 1,640 1,640 — — 1,614 26 Other investments 162 162 — — — 162 Investments in related parties Investment funds 610 610 610 — — — Funds withheld at interest 11,233 11,233 — — — 11,233 Total financial assets not carried at fair value $ 51,798 $ 51,798 $ 689 $ — $ 1,961 $ 49,148 Financial liabilities Interest sensitive contract liabilities $ 125,101 $ 111,608 $ — $ — $ — $ 111,608 Debt 3,658 2,893 — — 2,893 — Securities to repurchase 4,743 4,743 — — 4,743 — Funds withheld liability 360 360 — — 360 — Total financial liabilities not carried at fair value $ 133,862 $ 119,604 $ — $ — $ 7,996 $ 111,608 |
Deferred Acquisition Costs, D_2
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Insurance [Abstract] | |
Deferred Acquisition Costs | The following table summarizes the change in deferred acquisition costs, deferred sales inducements and value of business acquired: (In millions) VOBA Balance as of January 1, 2022 $ 4,527 Change in discount rate assumptions for future policy benefits (22) Fair value adjustment of market risk benefits (1,133) Adjusted balance as of January 1, 2022 $ 3,372 The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See Note 9 – Long-duration Contracts for more information on our products. Nine months ended September 30, 2023 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at December 31, 2022 $ 304 $ 755 $ 11 $ 9 $ 399 $ 2,988 $ 4,466 Additions 426 609 2 3 447 — 1,487 Amortization (74) (69) (3) (1) (40) (315) (502) Other — — — — — (3) (3) Balance at September 30, 2023 $ 656 $ 1,295 $ 10 $ 11 $ 806 $ 2,670 $ 5,448 Nine months ended September 30, 2022 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at January 1, 2022 $ — $ — $ — $ — $ — $ 3,372 $ 3,372 Additions 175 555 13 7 266 — 1,016 Amortization (5) (17) (2) — (5) (289) (318) Balance at September 30, 2022 $ 170 $ 538 $ 11 $ 7 $ 261 $ 3,083 $ 4,070 |
Deferred Sales Inducements | The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See Note 9 – Long-duration Contracts for more information on our products. Nine months ended September 30, 2023 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at December 31, 2022 $ 304 $ 755 $ 11 $ 9 $ 399 $ 2,988 $ 4,466 Additions 426 609 2 3 447 — 1,487 Amortization (74) (69) (3) (1) (40) (315) (502) Other — — — — — (3) (3) Balance at September 30, 2023 $ 656 $ 1,295 $ 10 $ 11 $ 806 $ 2,670 $ 5,448 Nine months ended September 30, 2022 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at January 1, 2022 $ — $ — $ — $ — $ — $ 3,372 $ 3,372 Additions 175 555 13 7 266 — 1,016 Amortization (5) (17) (2) — (5) (289) (318) Balance at September 30, 2022 $ 170 $ 538 $ 11 $ 7 $ 261 $ 3,083 $ 4,070 |
Present Value of Future Insurance Profits | The expected amortization of VOBA for the next five years is as follows: (In millions) Expected amortization 2023 1 $ 87 2024 324 2025 292 2026 260 2027 228 2028 197 1 Expected amortization for the remainder of 2023. |
Long-duration Contracts (Tables
Long-duration Contracts (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Insurance [Abstract] | |
Policyholder Account Balance | The following represents a rollforward of the policyholder account balance by product within interest sensitive contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve. Nine months ended September 30, 2023 (In millions, except percentages) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Total Balance at December 31, 2022 $ 43,518 $ 92,660 $ 27,439 $ 4,722 $ 168,339 Deposits 18,011 8,960 4,893 3,760 35,624 Policy charges (2) (481) — — (483) Surrenders and withdrawals (8,207) (8,292) (110) (25) (16,634) Benefit payments (738) (1,216) (2,264) (223) (4,441) Interest credited 1,284 802 628 110 2,824 Foreign exchange (77) (1) (26) (344) (448) Other 1 63 77 (46) (1,419) (1,325) Balance at September 30, 2023 $ 53,852 $ 92,509 $ 30,514 $ 6,581 $ 183,456 September 30, 2023 Weighted average crediting rate 3.7 % 2.3 % 3.1 % 2.7 % 2.9 % Net amount at risk $ 425 $ 14,438 $ — $ 104 $ 14,967 Cash surrender value 50,352 84,052 — 5,335 139,739 1 Other includes a $1,371 million reduction of reserves related to the Venerable Insurance and Annuity Company (VIAC) recapture agreement. See Note 13 – Related Parties for further information. Nine months ended September 30, 2022 (In millions, except percentages) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Total Balance at January 1, 2022 $ 35,599 $ 89,755 $ 23,623 $ 2,413 $ 151,390 Deposits 7,475 8,110 6,770 1,995 24,350 Policy charges (2) (441) — — (443) Surrenders and withdrawals (3,435) (5,679) (505) (9) (9,628) Benefit payments (703) (1,215) (2,659) (249) (4,826) Interest credited 718 1,487 474 64 2,743 Foreign exchange — — (899) (109) (1,008) Other — — (693) (17) (710) Balance at September 30, 2022 $ 39,652 $ 92,017 $ 26,111 $ 4,088 $ 161,868 September 30, 2022 Weighted average crediting rate 2.9 % 2.1 % 2.2 % 2.9 % 2.3 % Net amount at risk $ 421 $ 13,169 $ — $ 36 $ 13,626 Cash surrender value 37,777 83,705 — 1,686 123,168 |
Policyholder Account Balance and Liability for Unpaid Claims and Claims Adjustment Expense | The following is a reconciliation of interest sensitive contract liabilities to the condensed consolidated balance sheets: September 30, (In millions) 2023 2022 Traditional deferred annuities $ 53,852 $ 39,652 Indexed annuities 92,509 92,017 Funding agreements 30,514 26,111 Other investment-type 6,581 4,088 Reconciling items 1 5,609 5,010 Interest sensitive contract liabilities $ 189,065 $ 166,878 1 Reconciling items primarily include embedded derivatives in indexed annuities, unaccreted host contract adjustments on indexed annuities, negative VOBA, sales inducement liabilities and wholly ceded universal life insurance contracts. The following is a reconciliation of future policy benefits to the condensed consolidated balance sheets: September 30, (In millions) 2023 2022 Payout annuities with life contingencies $ 40,840 $ 35,515 Reconciling items 1 5,832 5,770 Future policy benefits $ 46,672 $ 41,285 1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with our liability for future policy benefits. Additionally, it includes reserves for our immaterial lines of business including term and whole life, accident and health and disability, as well as other insurance benefit reserves for our no-lapse guarantees with universal life contracts, all of which are fully ceded. |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate | The following represents policyholder account balances by range of guaranteed minimum crediting rates, as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums: September 30, 2023 (In millions) At guaranteed minimum 1 basis point – 100 basis points above guaranteed minimum Greater than 100 basis points above guaranteed minimum Total < 2.0% $ 28,564 $ 19,709 $ 90,121 $ 138,394 2.0% – < 4.0% 28,838 1,128 541 30,507 4.0% – < 6.0% 11,433 9 1 11,443 6.0% and greater 3,112 — — 3,112 Total $ 71,947 $ 20,846 $ 90,663 $ 183,456 September 30, 2022 (In millions) At guaranteed minimum 1 basis point – 100 basis points above guaranteed minimum Greater than 100 basis points above guaranteed minimum Total < 2.0% $ 25,599 $ 26,909 $ 65,484 $ 117,992 2.0% – < 4.0% 37,150 1,491 477 39,118 4.0% – < 6.0% 4,611 11 6 4,628 6.0% and greater 130 — — 130 Total $ 67,490 $ 28,411 $ 65,967 $ 161,868 |
Liability for Future Policy Benefit, Activity | The following table summarizes future policy benefits and changes to the liability: (In millions) Traditional deferred annuities Indexed annuities Payout annuities Reconciling items 1 Total Balance as of January 1, 2022 $ 221 $ 5,389 $ 32,872 $ 8,632 $ 47,114 Change in discount rate assumptions — — 2,406 — 2,406 Adjustment for removal of balances related to market risk benefits (221) (5,389) — — (5,610) Adjustment for offsetting balance in negative VOBA 2 — — — (2,428) (2,428) Adjusted balance as of January 1, 2022 $ — $ — $ 35,278 $ 6,204 $ 41,482 1 Reconciling items primarily include negative VOBA associated with our liability for future policy benefits, as well as reserves for our immaterial lines of business including term and whole life, accident and health and disability, as well as other insurance benefit reserves for our no-lapse guarantees with universal life contracts, all of which are fully ceded. 2 Uneliminated adjustments were recorded to positive VOBA within deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated balance sheets. The following is a rollforward of the expected value of future policy benefits: Payout annuities with life contingencies Nine months ended September 30, (In millions) 2023 2022 Present value of expected future policy benefits Beginning balance $ 36,422 $ 35,278 Effect of changes in discount rate assumptions 8,425 — Beginning balance at original discount rate 44,847 35,278 Effect of changes in cash flow assumptions (297) — Effect of actual experience compared to expected experience (36) (115) Adjusted balance 44,514 35,163 Issuances 9,120 10,666 Interest accrual 1,194 802 Benefit payments (2,731) (2,193) Foreign exchange 5 (90) Other 1 (1,509) — Ending balance at original discount rate 50,593 44,348 Effect of changes in discount rate assumptions (9,753) (8,833) Ending balance $ 40,840 $ 35,515 1 Other represents $1,509 million reduction of reserves related to the VIAC recapture agreement. See Note 13 – Related Parties for further information. The following is a reconciliation of premiums to the condensed consolidated statements of income (loss): Nine months ended September 30, (In millions) 2023 2022 Payout annuities with life contingencies $ 9,142 $ 10,745 Reconciling items 1 21 24 Premiums $ 9,163 $ 10,769 1 Reconciling items premiums related to our immaterial lines of business including term and whole life, and accident and health and disability. The following represents the undiscounted and discounted expected future benefit payments for the liability for future policy benefits. As these relate to payout annuities for single premium immediate annuities with life contingencies, there are no expected future gross premiums. September 30, 2023 September 30, 2022 (In millions) Undiscounted Discounted Undiscounted Discounted Expected future benefit payments $ 73,933 $ 50,593 $ 63,743 $ 44,348 The following represents the weighted-average durations and the weighted-average interest rates of future policy benefits: September 30, 2023 2022 Weighted-average liability duration (in years) 9.6 10.2 Weighted-average interest accretion rate 3.6 % 3.1 % Weighted-average current discount rate 6.1 % 5.6 % |
Additional Liability, Long-Duration Insurance | The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the condensed consolidated statements of income (loss): Nine months ended September 30, (In millions) 2023 2022 Reserves $ 333 $ 115 Deferred profit liability (243) (110) Negative VOBA (54) — Total remeasurement gains (losses) $ 36 $ 5 |
Market Risk Benefit, Activity | The following table presents the net liability position of market risk benefits: (In millions) Traditional deferred annuities Indexed annuities Total Balance as of January 1, 2022 $ — $ — $ — Adjustment for addition of existing balances 1 221 5,389 5,610 Adjustment to positive VOBA due to fair value adjustment for market risk benefits 2 32 (1,165) (1,133) Adjustment to negative VOBA due to fair value adjustment for market risk benefits 3 — (30) (30) Adjusted balance as of January 1, 2022 $ 253 $ 4,194 $ 4,447 1 Previously recorded within future policy benefits on the condensed consolidated balance sheets. 2 Previously recorded within deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated balance sheets. 3 Previously recorded within interest sensitive contract liabilities on the condensed consolidated balance sheets. The following table represents market risk benefits by asset and liability positions: (In millions) Asset 1 Liability Net liability Traditional deferred annuities $ — $ 253 $ 253 Indexed annuities 366 4,560 4,194 Adjusted balance as of January 1, 2022 $ 366 $ 4,813 $ 4,447 1 Included in other assets on the condensed consolidated balance sheets. The following is a rollfoward of net market risk benefit liabilities by product: Nine months ended September 30, 2023 (In millions) Traditional deferred annuities Indexed annuities Total Balance at December 31, 2022 $ 170 $ 2,319 $ 2,489 Effect of changes in instrument-specific credit risk 13 353 366 Balance, beginning of period, before changes in instrument-specific credit risk 183 2,672 2,855 Issuances — 47 47 Interest accrual 7 108 115 Attributed fees collected 2 250 252 Benefit payments (1) (24) (25) Effect of changes in interest rates (18) (591) (609) Effect of changes in equity — (26) (26) Effect of actual behavior compared to expected behavior 4 42 46 Effect of changes in future expected policyholder behavior (3) 78 75 Effect of changes in other future expected assumptions — 6 6 Balance, end of period, before changes in instrument-specific credit risk 174 2,562 2,736 Effect of changes in instrument-specific credit risk (7) (139) (146) Balance at September 30, 2023 $ 167 $ 2,423 $ 2,590 September 30, 2023 Net amount at risk $ 425 $ 14,438 $ 14,863 Weighted-average attained age of contract holders (in years) 75 69 69 Nine months ended September 30, 2022 (In millions) Traditional deferred annuities Indexed annuities Total Balance at January 1, 2022 $ 253 $ 4,194 $ 4,447 Issuances — 42 42 Interest accrual 2 24 26 Attributed fees collected 2 245 247 Benefit payments (3) (38) (41) Effect of changes in interest rates (77) (2,016) (2,093) Effect of changes in equity — 188 188 Effect of actual behavior compared to expected behavior 4 27 31 Effect of changes in other future expected assumptions (2) (41) (43) Balance, end of period, before changes in instrument-specific credit risk 179 2,625 2,804 Effect of changes in instrument-specific credit risk (18) (506) (524) Balance at September 30, 2022 $ 161 $ 2,119 $ 2,280 September 30, 2022 Net amount at risk $ 421 $ 13,169 $ 13,590 Weighted-average attained age of contract holders (in years) 75 69 69 The following is a reconciliation of market risk benefits to the condensed consolidated balance sheets. Market risk benefit assets are included in other assets on the condensed consolidated balance sheets. September 30, 2023 September 30, 2022 (In millions) Asset Liability Net liability Asset Liability Net liability Traditional deferred annuities $ — $ 167 $ 167 $ — $ 161 $ 161 Indexed annuities 431 2,854 2,423 511 2,630 2,119 Total $ 431 $ 3,021 $ 2,590 $ 511 $ 2,791 $ 2,280 |
Summary of the Unobservable Inputs for the Embedded Derivative of Fixed Indexed Annuities | The following summarizes the unobservable inputs for AFS, trading and equity securities, mortgage loans, investment funds and the embedded derivatives of fixed indexed annuities, including those of consolidated VIEs: September 30, 2023 (In millions, except for percentages and multiples) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value AFS, trading and equity securities $ 14,272 Discounted cash flow Discount rate 2.3 % 18.8 % 7.2 % 1 Decrease Mortgage loans 41,254 Discounted cash flow Discount rate 2.2 % 21.9 % 7.0 % 1 Decrease Investment funds 483 Discounted cash flow Discount rate 6.3 % 6.3 % 6.3 % Decrease 511 Net tangible asset values Implied multiple 1.18x 1.18x 1.18x Increase 408 Reported net asset value Reported net asset value N/A N/A N/A N/A Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 7,345 Discounted cash flow Nonperformance risk 0.6 % 1.6 % 1.2 % 2 Decrease Option budget 0.5 % 5.9 % 2.3 % 3 Increase Surrender rate 6.7 % 13.3 % 8.8 % 3 Decrease December 31, 2022 (In millions, except for percentages and multiples) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value AFS, trading and equity securities $ 10,671 Discounted cash flow Discount rate 2.2 % 18.8 % 6.8 % 1 Decrease Mortgage loans 30,811 Discounted cash flow Discount rate 1.5 % 22.1 % 6.3 % 1 Decrease Investment funds 506 Discounted cash flow Discount rate 6.4 % 6.4 % 6.4 % Decrease 873 Discounted cash flow / Discount rate / 16.5% / 9x 16.5% / 9x 16.5% / 9x Decrease/Increase 529 Net tangible asset values Implied multiple 1.26x 1.26x 1.26x Increase 563 Reported net asset value Reported net asset value N/A N/A N/A N/A Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 5,841 Discounted cash flow Nonperformance risk 0.1 % 1.7 % 1.0 % 2 Decrease Option budget 0.5 % 5.3 % 1.9 % 3 Increase Surrender rate 5.1 % 11.5 % 8.1 % 3 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 cash flows attributable to the embedded derivative. 3 The option budget and surrender rate weighted averages are calculated based on projected account values. The following summarizes the unobservable inputs for market risk benefits: September 30, 2023 (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 Market risk benefits, net $ 2,590 Discounted cash flow Nonperformance risk 0.6 % 1.6 % 1.4 % 1 Decrease Option budget 0.5 % 5.9 % 1.9 % 2 Decrease Surrender rate 3.4 % 6.5 % 4.6 % 2 Decrease Utilization rate 28.6 % 95.0 % 83.2 % 3 Increase September 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 Market risk benefits, net $ 2,280 Discounted cash flow Nonperformance risk 0.6 % 1.9 % 1.6 % 1 Decrease Option budget 0.5 % 4.5 % 1.6 % 2 Decrease Surrender rate 3.3 % 6.8 % 4.5 % 2 Decrease Utilization rate 28.6 % 95.0 % 81.9 % 3 Increase 1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve. 2 The option budget and surrender rate weighted averages are calculated based on projected account values. 3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values. |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | The following provides the details and changes in AOCI: (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at June 30, 2023 $ (11,049) $ (378) $ 26 $ 4,708 $ 312 $ 5 $ (6,376) Other comprehensive income (loss) before reclassifications (3,199) 33 (192) 1,317 (254) (21) (2,316) Less: Reclassification adjustments for gains (losses) realized 1 (11) — 21 — — — 10 Less: Income tax expense (benefit) (654) 6 (46) 273 (52) (3) (476) Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of subsidiary issuance of equity interests and tax (577) (3) (26) 471 (8) (4) (147) Balance at September 30, 2023 $ (13,006) $ (348) $ (115) $ 5,281 $ 118 $ (9) $ (8,079) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at June 30, 2022 $ (9,996) $ (138) $ (28) $ 4,079 $ 448 $ (63) $ (5,698) Other comprehensive income (loss) before reclassifications (5,824) (128) (79) 2,374 (52) 9 (3,700) Less: Reclassification adjustments for gains (losses) realized in net income 1 (24) — 1 — — — (23) Less: Income tax expense (benefit) (1,001) (23) (12) 325 (9) (7) (727) Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of tax (713) (5) (91) 641 (1) (6) (175) Balance at September 30, 2022 $ (14,082) $ (238) $ (5) $ 5,487 $ 406 $ (41) $ (8,473) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2022 $ (12,565) $ (334) $ 47 $ 5,256 $ 285 $ (10) $ (7,321) Other comprehensive income (loss) before reclassifications (1,841) (31) (214) 1,328 (220) 6 (972) Less: Reclassification adjustments for gains (losses) realized in net income 1 (105) — 66 — — — (39) Less: Income tax expense (benefit) (828) (12) (68) 777 (46) 2 (175) Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of subsidiary issuance of equity interests and tax (467) (5) (50) 526 (7) 3 — Balance at September 30, 2023 $ (13,006) $ (348) $ (115) $ 5,281 $ 118 $ (9) $ (8,079) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at January 1, 2022 $ — $ — $ — $ — $ — $ — $ — Other comprehensive income (loss) before reclassifications (20,037) (319) (112) 8,833 524 (72) (11,183) Less: Reclassification adjustments for gains (losses) realized 1 (178) — 16 — — — (162) Less: Income tax expense (benefit) (3,526) (57) (21) 1,284 112 (12) (2,220) Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of tax (2,251) (24) (102) 2,062 6 (19) (328) Balance at September 30, 2022 $ (14,082) $ (238) $ (5) $ 5,487 $ 406 $ (41) $ (8,473) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). |
Related Parties (Tables)
Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table summarizes our investments in Athora: (In millions) September 30, 2023 December 31, 2022 Investment fund $ 1,043 $ 959 Non-redeemable preferred equity securities 239 273 Total investment in Athora $ 1,282 $ 1,232 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Restricted Pledged Assets and Funds in Trust | The total restricted assets included on the condensed consolidated balance sheets are as follows: (In millions) September 30, 2023 December 31, 2022 AFS securities $ 24,307 $ 15,366 Trading securities 163 55 Equity securities 77 38 Mortgage loans 10,802 8,849 Investment funds 193 103 Derivative assets 88 65 Short-term investments 68 120 Other investments 286 170 Restricted cash 1,218 628 Total restricted assets $ 37,202 $ 25,394 |
Business, Basis of Presentati_3
Business, Basis of Presentation and Significant Accounting Policies Narrative (Details) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Net premium ratio cap (in percent) | 100% |
Adoption of Accounting Pronou_3
Adoption of Accounting Pronouncement - Future Policy Benefits and Changes to the Liability (Details) $ in Millions | Jan. 01, 2022 USD ($) |
Policyholder Account Balance [Roll Forward] | |
Balance as of January 1, 2022 | $ 47,114 |
Change in discount rate assumptions | 2,406 |
Adjustment for removal of balances related to market risk benefits | (5,610) |
Adjustment for offsetting balance in negative VOBA | (2,428) |
Adjusted balance as of January 1, 2022 | 41,482 |
Traditional deferred annuities | |
Policyholder Account Balance [Roll Forward] | |
Balance as of January 1, 2022 | 221 |
Change in discount rate assumptions | 0 |
Adjustment for removal of balances related to market risk benefits | (221) |
Adjustment for offsetting balance in negative VOBA | 0 |
Adjusted balance as of January 1, 2022 | 0 |
Indexed annuities | |
Policyholder Account Balance [Roll Forward] | |
Balance as of January 1, 2022 | 5,389 |
Change in discount rate assumptions | 0 |
Adjustment for removal of balances related to market risk benefits | (5,389) |
Adjustment for offsetting balance in negative VOBA | 0 |
Adjusted balance as of January 1, 2022 | 0 |
Payout annuities with life contingencies | |
Policyholder Account Balance [Roll Forward] | |
Balance as of January 1, 2022 | 32,872 |
Change in discount rate assumptions | 2,406 |
Adjustment for removal of balances related to market risk benefits | 0 |
Adjustment for offsetting balance in negative VOBA | 0 |
Adjusted balance as of January 1, 2022 | 35,278 |
Reconciling items | |
Policyholder Account Balance [Roll Forward] | |
Balance as of January 1, 2022 | 8,632 |
Change in discount rate assumptions | 0 |
Adjustment for removal of balances related to market risk benefits | 0 |
Adjustment for offsetting balance in negative VOBA | (2,428) |
Adjusted balance as of January 1, 2022 | $ 6,204 |
Adoption of Accounting Pronou_4
Adoption of Accounting Pronouncement - Market Risk Benefit (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jan. 01, 2022 |
Market Risk Benefit [Roll Forward] | ||||
Beginning Balance | $ 2,736 | $ (2,489) | $ 2,804 | $ 4,447 |
Reported | ||||
Market Risk Benefit [Roll Forward] | ||||
Beginning Balance | 0 | |||
Adjustment for addition of existing balances | ||||
Market Risk Benefit [Roll Forward] | ||||
Beginning Balance | 5,610 | |||
Adjustment to positive VOBA due to fair value adjustment for market risk benefits | ||||
Market Risk Benefit [Roll Forward] | ||||
Beginning Balance | (1,133) | |||
Adjustment to negative VOBA due to fair value adjustment for market risk benefits | ||||
Market Risk Benefit [Roll Forward] | ||||
Beginning Balance | (30) | |||
Traditional deferred annuities | ||||
Market Risk Benefit [Roll Forward] | ||||
Beginning Balance | 174 | (170) | 179 | 253 |
Traditional deferred annuities | Reported | ||||
Market Risk Benefit [Roll Forward] | ||||
Beginning Balance | 0 | |||
Traditional deferred annuities | Adjustment for addition of existing balances | ||||
Market Risk Benefit [Roll Forward] | ||||
Beginning Balance | 221 | |||
Traditional deferred annuities | Adjustment to positive VOBA due to fair value adjustment for market risk benefits | ||||
Market Risk Benefit [Roll Forward] | ||||
Beginning Balance | 32 | |||
Traditional deferred annuities | Adjustment to negative VOBA due to fair value adjustment for market risk benefits | ||||
Market Risk Benefit [Roll Forward] | ||||
Beginning Balance | 0 | |||
Indexed annuities | ||||
Market Risk Benefit [Roll Forward] | ||||
Beginning Balance | $ 2,562 | $ (2,319) | $ 2,625 | 4,194 |
Indexed annuities | Reported | ||||
Market Risk Benefit [Roll Forward] | ||||
Beginning Balance | 0 | |||
Indexed annuities | Adjustment for addition of existing balances | ||||
Market Risk Benefit [Roll Forward] | ||||
Beginning Balance | 5,389 | |||
Indexed annuities | Adjustment to positive VOBA due to fair value adjustment for market risk benefits | ||||
Market Risk Benefit [Roll Forward] | ||||
Beginning Balance | (1,165) | |||
Indexed annuities | Adjustment to negative VOBA due to fair value adjustment for market risk benefits | ||||
Market Risk Benefit [Roll Forward] | ||||
Beginning Balance | $ (30) |
Adoption of Accounting Pronou_5
Adoption of Accounting Pronouncement - Market Risk Benefits by Asset and Liability Positions (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jan. 01, 2022 |
Market Risk Benefit [Line Items] | ||||
Asset | $ 431 | $ 511 | ||
Liability | 3,021 | $ 2,970 | 2,791 | |
Net liability | (2,590) | (2,855) | (2,280) | |
Reported | ||||
Market Risk Benefit [Line Items] | ||||
Asset | $ 366 | |||
Liability | 0 | 4,813 | ||
Net liability | 4,447 | |||
Traditional deferred annuities | ||||
Market Risk Benefit [Line Items] | ||||
Asset | 0 | 0 | ||
Liability | 167 | 161 | ||
Net liability | (167) | (183) | (161) | |
Traditional deferred annuities | Reported | ||||
Market Risk Benefit [Line Items] | ||||
Asset | 0 | |||
Liability | 253 | |||
Net liability | 253 | |||
Indexed annuities | ||||
Market Risk Benefit [Line Items] | ||||
Asset | 431 | 511 | ||
Liability | 2,854 | 2,630 | ||
Net liability | $ (2,423) | $ (2,672) | $ (2,119) | |
Indexed annuities | Reported | ||||
Market Risk Benefit [Line Items] | ||||
Asset | 366 | |||
Liability | 4,560 | |||
Net liability | $ 4,194 |
Adoption of Accounting Pronou_6
Adoption of Accounting Pronouncement - Deferred Acquisition Costs (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
VOBA | |||
Beginning balance | $ 2,988 | $ 3,083 | $ 3,372 |
Ending balance | $ 2,670 | $ 2,988 | 3,083 |
Reported | |||
VOBA | |||
Beginning balance | 4,527 | ||
Change in discount rate assumptions for future policy benefits | |||
VOBA | |||
Beginning balance | 22 | ||
Fair value adjustment of market risk benefits | |||
VOBA | |||
Beginning balance | $ 1,133 |
Adoption of Accounting Pronou_7
Adoption of Accounting Pronouncement - Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Jan. 01, 2022 |
Assets | ||||||
Reinsurance recoverable | $ 4,058 | $ 4,358 | ||||
Deferred acquisition costs, deferred sales inducements and value of business acquired | 5,448 | 4,466 | $ 4,070 | $ 3,372 | ||
Other assets | 8,628 | 8,693 | ||||
Total assets | 269,763 | 243,931 | ||||
Liabilities | ||||||
Interest sensitive contract liabilities | 189,065 | 173,616 | 166,878 | |||
Future policy benefits | 46,672 | 42,110 | 41,285 | |||
Market risk benefits | 3,021 | 2,970 | 2,791 | |||
Total liabilities | 255,734 | 233,382 | ||||
Equity | ||||||
Retained deficit | (2,831) | (3,640) | ||||
Accumulated other comprehensive income (loss) | (8,079) | $ (6,376) | (7,321) | (8,473) | $ (5,698) | 0 |
Total Athene Holding Ltd. shareholders’ equity | 8,537 | 7,158 | ||||
Noncontrolling interests | 5,492 | 3,391 | ||||
Total equity | 14,029 | $ 13,234 | 10,549 | $ 6,637 | $ 9,758 | 22,546 |
Total liabilities and equity | $ 269,763 | 243,931 | ||||
Reported | ||||||
Assets | ||||||
Reinsurance recoverable | 4,367 | |||||
Deferred acquisition costs, deferred sales inducements and value of business acquired | 5,576 | |||||
Other assets | 9,690 | |||||
Total assets | 246,047 | |||||
Liabilities | ||||||
Interest sensitive contract liabilities | 173,653 | |||||
Future policy benefits | 55,328 | |||||
Market risk benefits | 0 | $ 4,813 | ||||
Total liabilities | 243,667 | |||||
Equity | ||||||
Retained deficit | (4,892) | |||||
Accumulated other comprehensive income (loss) | (12,311) | |||||
Total Athene Holding Ltd. shareholders’ equity | 916 | |||||
Noncontrolling interests | 1,464 | |||||
Total equity | 2,380 | |||||
Total liabilities and equity | 246,047 | |||||
Adoption | ||||||
Assets | ||||||
Reinsurance recoverable | (9) | |||||
Deferred acquisition costs, deferred sales inducements and value of business acquired | (1,110) | |||||
Other assets | (997) | |||||
Total assets | (2,116) | |||||
Liabilities | ||||||
Interest sensitive contract liabilities | (37) | |||||
Future policy benefits | (13,218) | |||||
Market risk benefits | 2,970 | |||||
Total liabilities | (10,285) | |||||
Equity | ||||||
Retained deficit | 1,252 | |||||
Accumulated other comprehensive income (loss) | 4,990 | |||||
Total Athene Holding Ltd. shareholders’ equity | 6,242 | |||||
Noncontrolling interests | 1,927 | |||||
Total equity | 8,169 | |||||
Total liabilities and equity | $ (2,116) |
Adoption of Accounting Pronou_8
Adoption of Accounting Pronouncement - Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | |
Revenues | ||||||||
Investment related gains (losses) | $ (2,624) | $ (2,848) | $ (4,212) | $ (1,193) | $ (12,811) | |||
Total revenues | 1,436 | 2,310 | (281) | $ 1,526 | 18,182 | 3,836 | $ 7,623 | |
Benefits and expenses | ||||||||
Interest sensitive contract benefits | 333 | 171 | (99) | (752) | 3,634 | (581) | 538 | |
Future policy and other policy benefits | 368 | 3,270 | 2,184 | 7,960 | 10,346 | 11,230 | 12,465 | |
Market risk benefits remeasurement (gains) losses | (441) | (458) | (622) | (1,231) | (166) | (1,689) | (1,657) | |
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired | 211 | 112 | 98 | 206 | 502 | 318 | 444 | |
Policy and other operating expenses | 472 | 388 | 338 | 695 | 1,359 | 1,083 | 1,495 | |
Total benefits and expenses | 943 | 3,483 | 1,899 | 6,878 | 15,675 | 10,361 | 13,285 | |
Income (loss) before income taxes | 493 | (1,173) | (2,180) | (5,352) | 2,507 | (6,525) | (5,662) | |
Income tax expense (benefit) | 162 | (121) | (284) | (662) | 458 | (783) | (646) | |
Net income (loss) | 331 | (1,052) | (1,896) | (4,690) | 2,049 | (5,742) | $ (5,742) | (5,016) |
Less: Net income (loss) attributable to noncontrolling interests | (155) | (465) | (881) | (1,970) | 354 | (2,435) | (2,106) | |
Net income (loss) attributable to Athene Holding Ltd. shareholders | 486 | (587) | (1,015) | (2,720) | 1,695 | (3,307) | (2,910) | |
Less: Preferred stock dividends | 44 | 35 | 35 | 70 | 136 | 105 | 141 | |
Net income (loss) available to Athene Holding Ltd. common shareholder | $ 442 | $ (622) | (1,050) | (2,790) | $ 1,559 | (3,412) | (3,051) | |
Reported | ||||||||
Revenues | ||||||||
Investment related gains (losses) | (4,200) | (12,812) | ||||||
Total revenues | (269) | 1,526 | 3,835 | 7,623 | ||||
Benefits and expenses | ||||||||
Interest sensitive contract benefits | (41) | (662) | (573) | 541 | ||||
Future policy and other policy benefits | 2,085 | 7,694 | 10,988 | 12,310 | ||||
Market risk benefits remeasurement (gains) losses | 0 | 0 | 0 | 0 | ||||
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired | 125 | 250 | 375 | 509 | ||||
Policy and other operating expenses | 335 | 693 | 1,081 | 1,493 | ||||
Total benefits and expenses | 2,504 | 7,975 | 11,871 | 14,853 | ||||
Income (loss) before income taxes | (2,773) | (6,449) | (8,036) | (7,230) | ||||
Income tax expense (benefit) | (407) | (891) | (1,101) | (976) | ||||
Net income (loss) | (2,366) | (5,558) | (6,935) | (6,254) | ||||
Less: Net income (loss) attributable to noncontrolling interests | (883) | (1,955) | (2,431) | (2,092) | ||||
Net income (loss) attributable to Athene Holding Ltd. shareholders | (1,483) | (3,603) | (4,504) | (4,162) | ||||
Less: Preferred stock dividends | 35 | 70 | 105 | 141 | ||||
Net income (loss) available to Athene Holding Ltd. common shareholder | (1,518) | (3,673) | (4,609) | (4,303) | ||||
Adoption | ||||||||
Revenues | ||||||||
Investment related gains (losses) | (12) | 1 | ||||||
Total revenues | (12) | 0 | 1 | 0 | ||||
Benefits and expenses | ||||||||
Interest sensitive contract benefits | (58) | (90) | (8) | (3) | ||||
Future policy and other policy benefits | 99 | 266 | 242 | 155 | ||||
Market risk benefits remeasurement (gains) losses | (622) | (1,231) | (1,689) | (1,657) | ||||
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired | (27) | (44) | (57) | (65) | ||||
Policy and other operating expenses | 3 | 2 | 2 | 2 | ||||
Total benefits and expenses | (605) | (1,097) | (1,510) | (1,568) | ||||
Income (loss) before income taxes | 593 | 1,097 | 1,511 | 1,568 | ||||
Income tax expense (benefit) | 123 | 229 | 318 | 330 | ||||
Net income (loss) | 470 | 868 | 1,193 | 1,238 | ||||
Less: Net income (loss) attributable to noncontrolling interests | 2 | (15) | (4) | (14) | ||||
Net income (loss) attributable to Athene Holding Ltd. shareholders | 468 | 883 | 1,197 | 1,252 | ||||
Less: Preferred stock dividends | 0 | 0 | 0 | 0 | ||||
Net income (loss) available to Athene Holding Ltd. common shareholder | $ 468 | $ 883 | $ 1,197 | $ 1,252 |
Adoption of Accounting Pronou_9
Adoption of Accounting Pronouncement - Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Net income (loss) | $ 331 | $ (1,052) | $ (1,896) | $ (4,690) | $ 2,049 | $ (5,742) | $ (5,742) | $ (5,016) |
Other comprehensive income (loss), before tax | ||||||||
Unrealized investment gains (losses) on available-for-sale securities | (3,155) | (5,928) | (6,697) | (14,250) | (1,767) | (20,178) | (18,156) | |
Remeasurement gains (losses) on future policy benefits related to discount rate | 1,317 | 2,374 | 3,562 | 6,459 | 1,328 | 8,833 | 8,425 | |
Remeasurement gains (losses) on market risk benefits related to credit risk | (254) | (52) | 397 | 576 | (220) | 524 | 366 | |
Foreign currency translation and other adjustments | (21) | 9 | (2) | (81) | 6 | (72) | (27) | |
Other Comprehensive Income (Loss), before Tax, Total | (2,326) | (3,677) | (2,869) | (7,344) | (933) | (11,021) | (9,390) | |
Income tax expense (benefit) related to other comprehensive income (loss) | (476) | (727) | (615) | (1,493) | (175) | (2,220) | (2,220) | (1,933) |
Other comprehensive income (loss) | (1,850) | (2,950) | (2,254) | (5,851) | (758) | (8,801) | $ (8,801) | (7,457) |
Comprehensive income (loss) | (1,519) | (4,002) | (4,150) | (10,541) | 1,291 | (14,543) | (12,473) | |
Less: Comprehensive income (loss) attributable to noncontrolling interests | (299) | (640) | (817) | (2,123) | 357 | (2,763) | (2,242) | |
Comprehensive income (loss) attributable to Athene Holding Ltd. shareholders | $ (1,220) | $ (3,362) | (3,333) | (8,418) | $ 934 | (11,780) | (10,231) | |
Adoption | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Net income (loss) | 470 | 868 | 1,193 | 1,238 | ||||
Other comprehensive income (loss), before tax | ||||||||
Unrealized investment gains (losses) on available-for-sale securities | (267) | (547) | (764) | (699) | ||||
Remeasurement gains (losses) on future policy benefits related to discount rate | 3,562 | 6,459 | 8,833 | 8,425 | ||||
Remeasurement gains (losses) on market risk benefits related to credit risk | 397 | 576 | 524 | 366 | ||||
Foreign currency translation and other adjustments | (6) | (27) | (59) | (11) | ||||
Other Comprehensive Income (Loss), before Tax, Total | 3,686 | 6,461 | 8,534 | 8,081 | ||||
Income tax expense (benefit) related to other comprehensive income (loss) | 555 | 960 | 1,224 | 1,150 | ||||
Other comprehensive income (loss) | 3,131 | 5,501 | 7,310 | 6,931 | ||||
Comprehensive income (loss) | 3,601 | 6,369 | 8,503 | 8,169 | ||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 777 | 1,397 | 2,024 | 1,927 | ||||
Comprehensive income (loss) attributable to Athene Holding Ltd. shareholders | 2,824 | 4,972 | 6,479 | 6,242 | ||||
Reported | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Net income (loss) | (2,366) | (5,558) | (6,935) | (6,254) | ||||
Other comprehensive income (loss), before tax | ||||||||
Unrealized investment gains (losses) on available-for-sale securities | (6,430) | (13,703) | (19,414) | (17,457) | ||||
Remeasurement gains (losses) on future policy benefits related to discount rate | 0 | 0 | 0 | 0 | ||||
Remeasurement gains (losses) on market risk benefits related to credit risk | 0 | 0 | 0 | 0 | ||||
Foreign currency translation and other adjustments | 4 | (54) | (13) | (16) | ||||
Other Comprehensive Income (Loss), before Tax, Total | (6,555) | (13,805) | (19,555) | (17,471) | ||||
Income tax expense (benefit) related to other comprehensive income (loss) | (1,170) | (2,453) | (3,444) | (3,083) | ||||
Other comprehensive income (loss) | (5,385) | (11,352) | (16,111) | (14,388) | ||||
Comprehensive income (loss) | (7,751) | (16,910) | (23,046) | (20,642) | ||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | (1,594) | (3,520) | (4,787) | (4,169) | ||||
Comprehensive income (loss) attributable to Athene Holding Ltd. shareholders | $ (6,157) | $ (13,390) | $ (18,259) | $ (16,473) |
Adoption of Accounting Prono_10
Adoption of Accounting Pronouncement - Statement of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Net income (loss) | $ 331 | $ (1,052) | $ (1,896) | $ (4,690) | $ 2,049 | $ (5,742) | $ (5,742) | $ (5,016) | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired | 211 | 112 | 98 | 206 | 502 | 318 | 444 | |||||||||
Net recognized (gains) losses on investments and derivatives | 1,825 | 325 | 5,957 | |||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Interest sensitive contract liabilities | (548) | (1,724) | 1,485 | (2,052) | (1,337) | |||||||||||
Future policy benefits, market risk benefits and reinsurance recoverable | (776) | 3,000 | 2,917 | 3,837 | 3,901 | |||||||||||
Other assets and liabilities | (611) | (910) | 387 | (1,268) | (1,194) | |||||||||||
Net cash provided by operating activities | 155 | 4,726 | 3,704 | 6,077 | 6,258 | |||||||||||
Net cash used in investing activities | (6,165) | (11,719) | (29,000) | (22,338) | (34,375) | |||||||||||
Net cash provided by financing activities | 5,463 | 8,707 | 27,891 | 17,115 | 26,472 | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | (4) | (20) | 2 | (18) | (15) | |||||||||||
Net increase in cash and cash equivalents | (551) | 1,694 | 2,597 | 836 | (1,660) | |||||||||||
Cash and cash equivalents at beginning of year | 12,123 | 10,429 | [1] | 10,429 | [1] | 8,769 | [1] | 10,429 | [1] | 10,429 | [1] | |||||
Cash and cash equivalents at end of period | $ 11,366 | [1] | 11,265 | [1] | 9,878 | 12,123 | 11,366 | [1] | 11,265 | [1] | 11,265 | [1] | 8,769 | [1] | ||
Reported | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Net income (loss) | (2,366) | (5,558) | (6,935) | (6,254) | ||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired | 125 | 250 | 375 | 509 | ||||||||||||
Net recognized (gains) losses on investments and derivatives | 1,813 | 5,958 | ||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Interest sensitive contract liabilities | (480) | (1,604) | (2,002) | (1,269) | ||||||||||||
Future policy benefits, market risk benefits and reinsurance recoverable | (266) | 3,933 | 5,240 | 5,339 | ||||||||||||
Other assets and liabilities | (734) | (1,139) | (1,586) | (1,527) | ||||||||||||
Net cash provided by operating activities | 155 | 4,726 | 6,077 | 6,258 | ||||||||||||
Net cash used in investing activities | (6,165) | (11,719) | (22,338) | (34,375) | ||||||||||||
Net cash provided by financing activities | 5,463 | 8,707 | 17,115 | 26,472 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (4) | (20) | (18) | (15) | ||||||||||||
Net increase in cash and cash equivalents | (551) | 1,694 | 836 | (1,660) | ||||||||||||
Cash and cash equivalents at beginning of year | 12,123 | 10,429 | 10,429 | 8,769 | 10,429 | 10,429 | ||||||||||
Cash and cash equivalents at end of period | 11,265 | 9,878 | 12,123 | 11,265 | 11,265 | 8,769 | ||||||||||
Adoption | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Net income (loss) | 470 | 868 | 1,193 | 1,238 | ||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired | (27) | (44) | (57) | (65) | ||||||||||||
Net recognized (gains) losses on investments and derivatives | 12 | (1) | ||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Interest sensitive contract liabilities | (68) | (120) | (50) | (68) | ||||||||||||
Future policy benefits, market risk benefits and reinsurance recoverable | (510) | (933) | (1,403) | (1,438) | ||||||||||||
Other assets and liabilities | 123 | 229 | 318 | 333 | ||||||||||||
Net cash provided by operating activities | 0 | 0 | 0 | 0 | ||||||||||||
Net cash used in investing activities | 0 | 0 | 0 | 0 | ||||||||||||
Net cash provided by financing activities | 0 | 0 | 0 | 0 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | 0 | ||||||||||||
Net increase in cash and cash equivalents | 0 | 0 | 0 | 0 | ||||||||||||
Cash and cash equivalents at beginning of year | 0 | 0 | 0 | $ 0 | 0 | 0 | ||||||||||
Cash and cash equivalents at end of period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||
[1] 1 Includes cash and cash equivalents, restricted cash and cash and cash equivalents of consolidated variable interest entities. |
Business Combination - Addition
Business Combination - Additional Information (Details) - Apollo Global Management , Inc. | Jan. 01, 2022 shares |
Business Acquisition [Line Items] | |
Business Acquisition, Share Conversion Rate | 1.149 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 158,200,000 |
Apollo | |
Business Acquisition [Line Items] | |
Common Stock, Shares, Outstanding and Previously Held | 54,600,000 |
Common Class A | |
Business Acquisition [Line Items] | |
Common stock outstanding (in shares) | 137,600,000 |
Business Combination - Consider
Business Combination - Consideration Calculation (Details) $ / shares in Units, shares in Millions, $ in Millions | Jan. 01, 2022 USD ($) $ / shares shares | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) |
Business Acquisition [Line Items] | ||||||
Total equity | $ 22,546 | $ 14,029 | $ 13,234 | $ 10,549 | $ 6,637 | $ 9,758 |
Apollo Global Management , Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Share Exchange Ratio | 1.149 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 158.2 | |||||
Share Price | $ / shares | $ 72.43 | |||||
Business Combination, Consideration Transferred prior to Adjustments | $ 11,455 | |||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 699 | |||||
Business Combination, Consideration Transferred, Other | 896 | |||||
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 | |||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 2,276 | |||||
Apollo Global Management , Inc. | Common Class A | ||||||
Business Acquisition [Line Items] | ||||||
Common stock outstanding (in shares) | shares | 137.6 | |||||
Apollo Global Management , Inc. | Preferred stock | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 2,666 |
Business Combination - Fair Val
Business Combination - Fair Value and Goodwill Calculation (Details) - USD ($) $ in Millions | Jan. 01, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 9,996 | $ 7,779 | ||
Restricted cash | 1,218 | 628 | ||
Reinsurance recoverable | 4,058 | 4,358 | ||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 3,372 | 2,670 | 2,988 | $ 3,083 |
Interest sensitive contract liabilities | 189,065 | 173,616 | 166,878 | |
Payout annuities with life contingencies | 46,672 | 42,110 | 41,285 | |
Liability | 3,021 | 2,970 | $ 2,791 | |
Payables for collateral on derivatives and securities to repurchase | 7,652 | 6,707 | ||
Goodwill | 4,060 | 4,058 | ||
Related Party | ||||
Business Acquisition [Line Items] | ||||
Interest sensitive contract liabilities | 9,055 | 11,889 | ||
Payout annuities with life contingencies | 3 | 1,353 | ||
Liability | 183 | 195 | ||
Variable Interest Entities | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 152 | $ 362 | ||
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 | 176,015 | |||
Cash and cash equivalents | 9,479 | |||
Restricted cash | 796 | |||
Reinsurance recoverable | 4,977 | |||
Business Combination, Consideration Transferred, Liabilities Incurred | 3,372 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 6,115 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 238,252 | |||
Interest sensitive contract liabilities | 160,241 | |||
Payout annuities with life contingencies | 41,482 | |||
Liability | 4,813 | |||
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 | 219,779 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 18,473 | |||
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 | 13,531 | |||
Goodwill | 4,073 | |||
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. | Related Party | ||||
Business Acquisition [Line Items] | ||||
Investments | 33,863 | |||
Apollo Global Management , Inc. | Variable Interest Entities | ||||
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 |
Business Combination - Fair V_2
Business Combination - Fair Value of Intangible Assets (Details) - Apollo Global Management , Inc. $ in Millions | Jan. 01, 2022 USD ($) |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 5,428 |
Licensing Agreements | |
Business Acquisition [Line Items] | |
Indefinite-lived Intangible Assets Acquired | 26 |
Insurance Contracts Acquired in Business Combination | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 3,372 |
Finite-Lived Intangible Asset, Useful Life | 7 years |
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 |
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 |
Investments - Schedule of AFS S
Investments - Schedule of AFS Securities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Jan. 01, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||||||
Available-for-sale securities | $ 150,894 | $ 131,422 | ||||
AFS securities allowance for credit losses | (579) | $ (522) | (459) | $ (436) | $ (629) | $ (311) |
Gross Unrealized Gains | 478 | 309 | ||||
Gross Unrealized Losses | (21,093) | (19,047) | ||||
Available-for-sale securities | 129,700 | 112,225 | ||||
Consolidated Entity, excluding Affiliated Entity | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Available-for-sale securities | 136,316 | 120,982 | ||||
AFS securities allowance for credit losses | (578) | (521) | (458) | (435) | (609) | (311) |
Gross Unrealized Gains | 441 | 295 | ||||
Gross Unrealized Losses | (20,464) | (18,415) | ||||
Available-for-sale securities | $ 115,715 | $ 102,404 | ||||
Carrying Amount, Assets, Percent of Total | 100% | 100% | ||||
Related Party | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Available-for-sale securities | $ 14,578 | $ 10,440 | ||||
AFS securities allowance for credit losses | (1) | (1) | (1) | (1) | (20) | 0 |
Gross Unrealized Gains | 37 | 14 | ||||
Gross Unrealized Losses | (629) | (632) | ||||
Available-for-sale securities | $ 13,985 | $ 9,821 | ||||
Carrying Amount, Assets, Percent of Total | 100% | 100% | ||||
U.S. government and agencies | Consolidated Entity, excluding Affiliated Entity | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Available-for-sale securities | $ 5,506 | $ 3,333 | ||||
AFS securities allowance for credit losses | 0 | 0 | ||||
Gross Unrealized Gains | 0 | 0 | ||||
Gross Unrealized Losses | (1,246) | (756) | ||||
Available-for-sale securities | 4,260 | 2,577 | ||||
US state, municipal and political subdivisions | Consolidated Entity, excluding Affiliated Entity | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Available-for-sale securities | 1,273 | 1,218 | ||||
AFS securities allowance for credit losses | 0 | 0 | ||||
Gross Unrealized Gains | 0 | 0 | ||||
Gross Unrealized Losses | (311) | (291) | ||||
Available-for-sale securities | 962 | 927 | ||||
Foreign governments | Consolidated Entity, excluding Affiliated Entity | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Available-for-sale securities | 1,279 | 1,207 | ||||
AFS securities allowance for credit losses | (27) | (27) | (27) | (27) | (61) | 0 |
Gross Unrealized Gains | 6 | 3 | ||||
Gross Unrealized Losses | (343) | (276) | ||||
Available-for-sale securities | 915 | 907 | ||||
Corporate | Consolidated Entity, excluding Affiliated Entity | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Available-for-sale securities | 83,029 | 74,644 | ||||
AFS securities allowance for credit losses | (140) | (73) | (61) | (66) | (70) | 0 |
Gross Unrealized Gains | 68 | 92 | ||||
Gross Unrealized Losses | (15,656) | (13,774) | ||||
Available-for-sale securities | 67,301 | 60,901 | ||||
Corporate | Related Party | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Available-for-sale securities | 1,426 | 1,028 | ||||
AFS securities allowance for credit losses | 0 | 0 | ||||
Gross Unrealized Gains | 1 | 1 | ||||
Gross Unrealized Losses | (71) | (47) | ||||
Available-for-sale securities | 1,356 | 982 | ||||
CLO | Consolidated Entity, excluding Affiliated Entity | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Available-for-sale securities | 19,641 | 17,722 | ||||
AFS securities allowance for credit losses | (3) | (3) | (7) | (5) | (107) | 0 |
Gross Unrealized Gains | 171 | 115 | ||||
Gross Unrealized Losses | (883) | (1,337) | ||||
Available-for-sale securities | 18,926 | 16,493 | ||||
CLO | Related Party | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Available-for-sale securities | 4,390 | 3,346 | ||||
AFS securities allowance for credit losses | 0 | (1) | (1) | (19) | 0 | |
Gross Unrealized Gains | 19 | 10 | ||||
Gross Unrealized Losses | (174) | (276) | ||||
Available-for-sale securities | 4,235 | 3,079 | ||||
ABS | Consolidated Entity, excluding Affiliated Entity | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Available-for-sale securities | 11,608 | 11,447 | ||||
AFS securities allowance for credit losses | (30) | (35) | (29) | (13) | (14) | (5) |
Gross Unrealized Gains | 23 | 15 | ||||
Gross Unrealized Losses | (794) | (906) | ||||
Available-for-sale securities | 10,807 | 10,527 | ||||
ABS | Related Party | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Available-for-sale securities | 8,762 | 6,066 | ||||
AFS securities allowance for credit losses | (1) | (1) | 0 | 0 | (1) | 0 |
Gross Unrealized Gains | 17 | 3 | ||||
Gross Unrealized Losses | (384) | (309) | ||||
Available-for-sale securities | 8,394 | 5,760 | ||||
CMBS | Consolidated Entity, excluding Affiliated Entity | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Available-for-sale securities | 6,092 | 4,636 | ||||
AFS securities allowance for credit losses | (7) | (6) | (5) | (3) | (9) | 0 |
Gross Unrealized Gains | 12 | 6 | ||||
Gross Unrealized Losses | (601) | (479) | ||||
Available-for-sale securities | 5,496 | 4,158 | ||||
RMBS | Consolidated Entity, excluding Affiliated Entity | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Available-for-sale securities | 7,888 | 6,775 | ||||
AFS securities allowance for credit losses | (371) | $ (377) | (329) | $ (321) | $ (348) | $ (306) |
Gross Unrealized Gains | 161 | 64 | ||||
Gross Unrealized Losses | (630) | (596) | ||||
Available-for-sale securities | $ 7,048 | $ 5,914 |
Investments - Maturities of AFS
Investments - Maturities of AFS Securities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Amortized Cost | $ 150,894 | $ 131,422 |
Fair Value | ||
Total AFS fixed maturity securities | 129,700 | 112,225 |
Consolidated Entity, excluding Affiliated Entity | ||
Amortized Cost | ||
Due in one year or less | 2,232 | |
Due after one year through five years | 15,532 | |
Due after five years through ten years | 22,864 | |
Due after ten years | 50,459 | |
CLO, ABS, CMBS and RMBS | 45,229 | |
Amortized Cost | 136,316 | 120,982 |
Fair Value | ||
Due in one year or less | 2,167 | |
Due after one year through five years | 14,370 | |
Due after five years through ten years | 19,179 | |
Due after ten years | 37,722 | |
CLO, ABS, CMBS and RMBS | 42,277 | |
Total AFS fixed maturity securities | 115,715 | 102,404 |
Related Party | ||
Amortized Cost | ||
Due after one year through five years | 908 | |
Due after five years through ten years | 130 | |
Due after ten years | 388 | |
CLO, ABS, CMBS and RMBS | 13,152 | |
Amortized Cost | 14,578 | 10,440 |
Fair Value | ||
Due after one year through five years | 883 | |
Due after five years through ten years | 123 | |
Due after ten years | 350 | |
CLO, ABS, CMBS and RMBS | 12,629 | |
Total AFS fixed maturity securities | $ 13,985 | $ 9,821 |
Investments - Unrealized Losses
Investments - Unrealized Losses on AFS Securities (Details) $ in Millions | Sep. 30, 2023 USD ($) security | Dec. 31, 2022 USD ($) |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | $ 29,565 | $ 98,331 |
Fair Value, 12 months or greater | 77,726 | 0 |
Total | 107,291 | 98,331 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,761) | (18,593) |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (18,813) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (20,574) | (18,593) |
Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 25,787 | 89,473 |
Fair Value, 12 months or greater | 72,209 | 0 |
Total | 97,996 | 89,473 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,609) | (17,965) |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (18,365) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (19,974) | (17,965) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 7,841 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 9,552 | |
Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | $ 3,778 | 8,858 |
Fair Value, 12 months or greater | 5,517 | 0 |
Total | 9,295 | 8,858 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (152) | (628) |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (448) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (600) | (628) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 139 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 203 | |
U.S. government and agencies | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | $ 2,023 | 2,539 |
Fair Value, 12 months or greater | 2,167 | 0 |
Total | 4,190 | 2,539 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (292) | (756) |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (954) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (1,246) | (756) |
US state, municipal and political subdivisions | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 119 | 911 |
Fair Value, 12 months or greater | 840 | 0 |
Total | 959 | 911 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (11) | (291) |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (300) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (311) | (291) |
Foreign governments | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 117 | 891 |
Fair Value, 12 months or greater | 785 | 0 |
Total | 902 | 891 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (9) | (275) |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (331) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (340) | (275) |
Corporate | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 17,338 | 58,256 |
Fair Value, 12 months or greater | 48,290 | 0 |
Total | 65,628 | 58,256 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,075) | (13,773) |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (14,553) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (15,628) | (13,773) |
Corporate | Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 578 | 619 |
Fair Value, 12 months or greater | 356 | 0 |
Total | 934 | 619 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (34) | (47) |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (36) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (70) | (47) |
CLO | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 685 | 13,486 |
Fair Value, 12 months or greater | 12,001 | 0 |
Total | 12,686 | 13,486 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (21) | (1,277) |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (811) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (832) | (1,277) |
CLO | Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 498 | 2,752 |
Fair Value, 12 months or greater | 2,591 | 0 |
Total | 3,089 | 2,752 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (19) | (273) |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (153) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (172) | (273) |
ABS | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 2,780 | 8,119 |
Fair Value, 12 months or greater | 4,320 | 0 |
Total | 7,100 | 8,119 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (116) | (801) |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (597) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (713) | (801) |
ABS | Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 2,702 | 5,487 |
Fair Value, 12 months or greater | 2,570 | 0 |
Total | 5,272 | 5,487 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (99) | (308) |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (259) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (358) | (308) |
CMBS | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 1,453 | 2,650 |
Fair Value, 12 months or greater | 1,883 | 0 |
Total | 3,336 | 2,650 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (23) | (427) |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (501) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (524) | (427) |
RMBS | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 1,272 | 2,621 |
Fair Value, 12 months or greater | 1,923 | 0 |
Total | 3,195 | 2,621 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (62) | (365) |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (318) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (380) | $ (365) |
Investments - Allowance for Cre
Investments - Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | $ 522 | $ 629 | $ 459 | $ 311 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 73 | 15 | 111 | 237 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 1 | 2 | 40 | 3 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (11) | (35) | (25) | (52) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | (6) | (169) | (6) | (57) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Sell before Recovery | 0 | (6) | 0 | (6) |
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 | 521 | 609 | 458 | 311 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 73 | 15 | 110 | 216 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 1 | 2 | 40 | 3 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (11) | (35) | (25) | (52) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | (6) | (150) | (5) | (37) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Sell before Recovery | 0 | (6) | 0 | (6) |
Related Party | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 1 | 20 | 1 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 0 | 0 | 1 | 21 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | 0 | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 0 | (19) | (1) | (20) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Sell before Recovery | 0 | 0 | 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 | 27 | 61 | 27 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 0 | 0 | 0 | 66 |
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 | (28) | 0 | (28) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 0 | (6) | 0 | (11) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Sell before Recovery | 0 | 0 | 0 | 0 |
Corporate | Consolidated Entity, excluding Affiliated Entity | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 73 | 70 | 61 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 67 | 5 | 88 | 66 |
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 | (2) | 0 | (8) | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 2 | (3) | (1) | 6 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Sell before Recovery | 0 | (6) | 0 | (6) |
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 | 3 | 107 | 7 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 0 | 2 | 1 | 24 |
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) | 0 | (104) | (5) | (19) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Sell before Recovery | 0 | 0 | 0 | 0 |
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 | 19 | 1 | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 0 | 0 | 3 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | 0 | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | (18) | (1) | (2) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Sell before Recovery | 0 | 0 | 0 | |
ABS | Consolidated Entity, excluding Affiliated Entity | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 35 | 14 | 29 | 5 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 1 | 7 | 2 | 16 |
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 | (4) | 0 | (4) | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | (2) | (8) | 3 | (8) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Sell before Recovery | 0 | 0 | 0 | 0 |
ABS | Related Party | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 1 | 1 | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 0 | 0 | 1 | 18 |
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) | 0 | (1) | 0 | (18) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Sell before Recovery | 0 | 0 | 0 | 0 |
CMBS | Consolidated Entity, excluding Affiliated Entity | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 6 | 9 | 5 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 1 | 0 | 4 | 14 |
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) | 0 | (6) | (2) | (11) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Sell before Recovery | 0 | 0 | 0 | 0 |
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 | 377 | 348 | 329 | 306 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 4 | 1 | 15 | 30 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 1 | 2 | 40 | 3 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (5) | (7) | (13) | (24) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | (6) | (23) | 0 | 6 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Sell before Recovery | $ 0 | $ 0 | $ 0 | $ 0 |
Investments - Net Investment In
Investments - Net Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Net Investment Income [Line Items] | |||||
Investment revenue | $ 3,214 | $ 2,045 | $ 8,811 | $ 5,834 | |
Investment funds | 16,818 | 16,818 | $ 14,128 | ||
Investment expenses | (286) | (202) | (759) | (582) | |
Net investment income | 2,928 | 1,843 | 8,052 | 5,252 | |
Trading securities | |||||
Net Investment Income [Line Items] | |||||
Investment revenue | 49 | 41 | 135 | 153 | |
Equity securities | |||||
Net Investment Income [Line Items] | |||||
Investment revenue | 14 | 17 | 54 | 41 | |
Mortgage loans | |||||
Net Investment Income [Line Items] | |||||
Investment revenue | 642 | 336 | 1,632 | 870 | |
Investment funds | |||||
Net Investment Income [Line Items] | |||||
Investment expenses | (13) | (35) | 59 | 373 | |
Funds withheld at interest | |||||
Net Investment Income [Line Items] | |||||
Investment revenue | 486 | 534 | 1,368 | 1,347 | |
Other | |||||
Net Investment Income [Line Items] | |||||
Investment revenue | 214 | 75 | 623 | 165 | |
Available-for-sale Securities | |||||
Net Investment Income [Line Items] | |||||
Investment revenue | $ 1,822 | $ 1,077 | $ 4,940 | $ 2,885 |
Investments - Investment Relate
Investments - Investment Related Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Gain (Loss) on Securities [Line Items] | |||||
Gross realized gains on investment activity | $ 55 | $ 84 | $ 379 | $ 404 | |
Gross realized losses on investment activity | (431) | (761) | (647) | (2,003) | |
Net realized investment losses on AFS securities | (376) | (677) | (268) | (1,599) | |
Net recognized investment losses on trading securities | (137) | (121) | (105) | (489) | |
Net recognized investment losses on equity securities | (3) | (9) | (34) | (257) | |
Investment related gains (losses) | (2,624) | (2,848) | $ (4,212) | (1,193) | (12,811) |
Derivative losses | (1,480) | (1,821) | (66) | (8,794) | |
Provision for Loan, Lease, and Other Losses | (60) | 171 | (237) | (193) | |
Other gains | 343 | 808 | 355 | 1,615 | |
Mortgage loans | |||||
Gain (Loss) on Securities [Line Items] | |||||
Investment related gains (losses) | $ (911) | $ (1,199) | $ (838) | $ (3,094) |
Investments - Unrealized gains
Investments - Unrealized gains (losses) recognized in income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Gain (Loss) on Securities [Line Items] | ||||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 724 | $ 635 | $ 3,918 | $ 9,405 |
Consolidated Entity, excluding Affiliated Entity | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Trading, Unrealized Gain (Loss) | (75) | (119) | (35) | (455) |
Equity Securities, FV-NI, Unrealized Gain (Loss) | 6 | 2 | 9 | (237) |
Related Party | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Trading, Unrealized Gain (Loss) | 3 | 3 | 3 | (3) |
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ (9) | $ (18) | $ (16) | $ (31) |
Investments - Mortgage Loans, N
Investments - Mortgage Loans, Net (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage Loans | $ 41,254 | $ 30,811 |
Mortgage loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mark to fair value | (3,916) | (2,842) |
Commercial mortgage loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | 23,469 | 20,108 |
Mark to fair value | (2,430) | (1,743) |
Investment Owned, Balance, Principal Amount | 25,899 | 21,851 |
Commercial mortgage loans | Commercial mortgage loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Investment Owned, Balance, Principal Amount | 24,667 | 21,061 |
Commercial mortgage loans | Commercial mortgage loans under development | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Investment Owned, Balance, Principal Amount | 1,232 | 790 |
Residential mortgage loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, before allowance for credit losses | 19,271 | 11,802 |
Mortgage loans, net of allowances | 17,785 | 10,703 |
Mark to fair value | $ (1,486) | $ (1,099) |
Investments - Mortgage Loans,_2
Investments - Mortgage Loans, Net by Property Type and Geographic Region (Details) - Commercial mortgage loans - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 23,469 | $ 20,108 |
Property Type Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 100% | 100% |
Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 100% | 100% |
Total U.S. Region | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 19,874 | $ 16,860 |
Total U.S. Region | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 84.70% | 83.90% |
East North Central | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 1,439 | $ 1,437 |
East North Central | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 6.10% | 7.10% |
East South Central | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 422 | $ 413 |
East South Central | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 1.80% | 2.10% |
Middle Atlantic | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 6,656 | $ 5,183 |
Middle Atlantic | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 28.40% | 25.80% |
Mountain | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 949 | $ 898 |
Mountain | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 4% | 4.50% |
New England | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 1,179 | $ 1,076 |
New England | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 5% | 5.40% |
Pacific | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 4,175 | $ 3,781 |
Pacific | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 17.80% | 18.80% |
South Atlantic | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 3,879 | $ 2,756 |
South Atlantic | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 16.60% | 13.70% |
West North Central | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 194 | $ 231 |
West North Central | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 0.80% | 1.10% |
West South Central | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 981 | $ 1,085 |
West South Central | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 4.20% | 5.40% |
UNITED KINGDOM | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 2,200 | $ 1,898 |
UNITED KINGDOM | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 9.40% | 9.40% |
Other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 1,395 | $ 1,350 |
Other | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 5.90% | 6.70% |
International | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 3,595 | $ 3,248 |
International | Geographic Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 15.30% | 16.10% |
Hotels | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 2,373 | $ 1,855 |
Hotels | Property Type Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 10.10% | 9.20% |
Retail | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 1,815 | $ 1,454 |
Retail | Property Type Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 7.70% | 7.20% |
Office building | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 4,325 | $ 4,651 |
Office building | Property Type Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 18.50% | 23.10% |
Industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 2,565 | $ 2,047 |
Industrial | Property Type Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 10.90% | 10.20% |
Apartment | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 8,463 | $ 6,692 |
Apartment | Property Type Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 36.10% | 33.30% |
Other commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans, net of allowances | $ 3,928 | $ 3,409 |
Other commercial | Property Type Concentration Risk | Mortgage Loans, Net | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 16.70% | 17% |
Investments - Mortgage Loans, R
Investments - Mortgage Loans, Residential by State (Details) - Geographic Concentration Risk - Residential mortgage loans - Mortgage Loans, Net | Sep. 30, 2023 | Dec. 31, 2022 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 100% | 100% |
California | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 27.90% | 28.90% |
Florida | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 11.80% | 9.70% |
NEW YORK | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 6.50% | 5.60% |
Other U.S. States | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 29.70% | 27.40% |
Total U.S. Region | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 91% | 86.30% |
UNITED KINGDOM | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 3.80% | 5.40% |
Other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 5.20% | 8.30% |
International | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 9% | 13.70% |
NEW JERSEY | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 5.20% | 5.30% |
ARIZONA | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 4.30% | 5.10% |
TEXAS | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage concentration risk | 5.60% | 4.30% |
Investments - Investment Funds
Investments - Investment Funds (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 16,818 | $ 14,128 |
Consolidated Entity, excluding Affiliated Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 124 | $ 79 |
Carrying Amount, Assets, Percent of Total | 100% | 100% |
Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 15,090 | $ 12,480 |
Carrying Amount, Assets, Percent of Total | 100% | 100% |
Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 1,604 | $ 1,569 |
Carrying Amount, Assets, Percent of Total | 100% | 100% |
Other fund | Consolidated Entity, excluding Affiliated Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 10 | $ 1 |
Carrying Amount, Assets, Percent of Total | 8.10% | 1.30% |
Other fund | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 699 | $ 326 |
Carrying Amount, Assets, Percent of Total | 4.60% | 2.60% |
Other fund | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 22 | $ 25 |
Carrying Amount, Assets, Percent of Total | 1.40% | 1.60% |
Hybrid Funds | Consolidated Entity, excluding Affiliated Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 24 | $ 32 |
Carrying Amount, Assets, Percent of Total | 19.40% | 40.50% |
Hybrid Funds | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 3,771 | $ 3,112 |
Carrying Amount, Assets, Percent of Total | 25% | 24.90% |
Yield Fund | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 1,357 | $ 1,044 |
Carrying Amount, Assets, Percent of Total | 9% | 8.40% |
Yield Fund | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 6 | $ 5 |
Carrying Amount, Assets, Percent of Total | 0.40% | 0.30% |
Strategic Origination Platforms | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 5,322 | $ 4,829 |
Carrying Amount, Assets, Percent of Total | 35.30% | 38.70% |
Strategic Origination Platforms | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 45 | $ 34 |
Carrying Amount, Assets, Percent of Total | 2.80% | 2.20% |
Strategic Insurance Platforms | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 511 | $ 529 |
Carrying Amount, Assets, Percent of Total | 3.40% | 4.20% |
Strategic Insurance Platforms | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 1,287 | $ 1,259 |
Carrying Amount, Assets, Percent of Total | 80.20% | 80.20% |
Equity Funds | Consolidated Entity, excluding Affiliated Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 90 | $ 46 |
Carrying Amount, Assets, Percent of Total | 72.50% | 58.20% |
Equity Funds | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 3,430 | $ 2,640 |
Carrying Amount, Assets, Percent of Total | 22.70% | 21.20% |
Equity Funds | Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 244 | $ 246 |
Carrying Amount, Assets, Percent of Total | 15.20% | 15.70% |
Investments - Summary of Maximu
Investments - Summary of Maximum Loss Exposure (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Assets | $ 269,763 | $ 243,931 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 87,007 | 74,432 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 73,307 | 61,578 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Investment funds | ||
Variable Interest Entity [Line Items] | ||
Assets | 15,090 | 12,480 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 21,270 | 20,278 |
Variable Interest Entity, Not Primary Beneficiary, Consolidated Entity Exclude Affiliated | Investment funds | ||
Variable Interest Entity [Line Items] | ||
Assets | 124 | 79 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 593 | 340 |
Variable Interest Entity, Not Primary Beneficiary, Consolidated Entity Exclude Affiliated | AFS securities | ||
Variable Interest Entity [Line Items] | ||
Assets | 42,685 | 37,454 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 46,101 | 40,992 |
Variable Interest Entity, Not Primary Beneficiary, Affiliated Entity | Investment funds | ||
Variable Interest Entity [Line Items] | ||
Assets | 1,604 | 1,569 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 2,325 | 2,253 |
Variable Interest Entity, Not Primary Beneficiary, Affiliated Entity | AFS securities | ||
Variable Interest Entity [Line Items] | ||
Assets | 13,500 | 9,717 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 16,414 | 10,290 |
Variable Interest Entity, Not Primary Beneficiary, Affiliated Entity | Equity securities | ||
Variable Interest Entity [Line Items] | ||
Assets | 304 | 279 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 304 | $ 279 |
Investments - Repurchase Agreem
Investments - Repurchase Agreements (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule of Repurchase Agreements [Line Items] | ||
Payables for repurchase agreements | $ 4,512 | $ 4,743 |
Amortized Cost | 5,894 | 6,161 |
Fair Value | 4,681 | 4,996 |
Less than 30 days | ||
Schedule of Repurchase Agreements [Line Items] | ||
Payables for repurchase agreements | 533 | 608 |
30-90 days | ||
Schedule of Repurchase Agreements [Line Items] | ||
Payables for repurchase agreements | 427 | 1,268 |
Greater than 1 year | ||
Schedule of Repurchase Agreements [Line Items] | ||
Payables for repurchase agreements | 2,866 | 2,867 |
91 days to 1 year | ||
Schedule of Repurchase Agreements [Line Items] | ||
Payables for repurchase agreements | 686 | 0 |
Available-for-sale Securities | Corporate | ||
Schedule of Repurchase Agreements [Line Items] | ||
Amortized Cost | 2,899 | 1,940 |
Fair Value | 2,285 | 1,605 |
Available-for-sale Securities | U.S. government and agencies | ||
Schedule of Repurchase Agreements [Line Items] | ||
Amortized Cost | 1,353 | 2,559 |
Fair Value | 962 | 1,941 |
Available-for-sale Securities | Collateralized Loan Obligations | ||
Schedule of Repurchase Agreements [Line Items] | ||
Amortized Cost | 264 | 273 |
Fair Value | 259 | 261 |
Available-for-sale Securities | Foreign governments | ||
Schedule of Repurchase Agreements [Line Items] | ||
Amortized Cost | 152 | 146 |
Fair Value | 101 | 107 |
Available-for-sale Securities | ABS | ||
Schedule of Repurchase Agreements [Line Items] | ||
Amortized Cost | 1,226 | 1,243 |
Fair Value | $ 1,074 | $ 1,082 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Amounts loaned under reverse repurchase agreements | $ 949 | $ 1,640 |
Fair value of collateral | $ 1,447 | $ 1,753 |
Investments - Concentration of
Investments - Concentration of Equity (Details) - Stockholders' Equity, Total - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
AT&T Inc. | ||
Concentration Risk [Line Items] | ||
Investments | $ 1,461 | |
Wheels Donlen | ||
Concentration Risk [Line Items] | ||
Investments | 1,454 | $ 1,288 |
PK AirFinance | ||
Concentration Risk [Line Items] | ||
Investments | 1,410 | 999 |
Athora | ||
Concentration Risk [Line Items] | ||
Investments | 1,282 | 1,232 |
Atlas | ||
Concentration Risk [Line Items] | ||
Investments | 1,007 | |
Atlas – reverse repurchase agreement | ||
Concentration Risk [Line Items] | ||
Investments | 922 | |
AP Tundra | ||
Concentration Risk [Line Items] | ||
Investments | 865 | 896 |
MFI Investments | ||
Concentration Risk [Line Items] | ||
Investments | $ 1,361 | 878 |
SoftBank Vision Fund II | ||
Concentration Risk [Line Items] | ||
Investments | 789 | |
MidCap | ||
Concentration Risk [Line Items] | ||
Investments | 788 | |
Cayman Universe | ||
Concentration Risk [Line Items] | ||
Investments | $ 756 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Notional and Fair Value of Derivative Assets and Liabilities (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Derivative [Line Items] | |||||
Derivative assets, fair value | $ 4,571 | $ 4,571 | $ 3,309 | ||
Derivative liabilities, fair value | 1,892 | 1,892 | 1,646 | ||
Total derivative liabilities | 9,148 | 9,148 | 7,410 | ||
Derivative Asset, Including Embedded Derivatives | (1,382) | (1,382) | (2,963) | ||
Derivatives designated as hedges | |||||
Derivative [Line Items] | |||||
Derivative assets, fair value | 1,101 | 1,101 | 1,164 | ||
Derivative liabilities, fair value | $ 1,219 | $ 1,219 | $ 1,159 | ||
Derivatives designated as hedges | Foreign currency swaps | |||||
Derivative [Line Items] | |||||
Notional Amount | 8,240 | 8,240 | 6,677 | ||
Derivative assets, fair value | $ 647 | $ 647 | $ 747 | ||
Derivative liabilities, fair value | $ 167 | $ 167 | $ 154 | ||
Derivatives designated as hedges | Interest rate swaps | |||||
Derivative [Line Items] | |||||
Notional Amount | 10,031 | 10,031 | 9,332 | ||
Derivative assets, fair value | $ 14 | $ 14 | $ 9 | ||
Derivative liabilities, fair value | $ 203 | $ 203 | $ 150 | ||
Derivatives designated as hedges | Foreign currency forwards | |||||
Derivative [Line Items] | |||||
Notional Amount | 6,381 | 6,381 | 6,283 | ||
Derivative assets, fair value | $ 437 | $ 437 | $ 406 | ||
Derivative liabilities, fair value | $ 40 | $ 40 | $ 52 | ||
Derivatives designated as hedges | Cross Currency Interest Rate Contract | |||||
Derivative [Line Items] | |||||
Notional Amount | 4,468 | 4,468 | 4,468 | ||
Derivative assets, fair value | $ 0 | $ 0 | $ 0 | ||
Derivative liabilities, fair value | 809 | 809 | 803 | ||
Derivatives not designated as hedges | |||||
Derivative [Line Items] | |||||
Total derivative liabilities | 7,929 | 7,929 | 6,251 | ||
Derivative Asset, Including Embedded Derivatives | $ (2,483) | $ (2,483) | $ (4,127) | ||
Derivatives not designated as hedges | Foreign currency swaps | |||||
Derivative [Line Items] | |||||
Notional Amount | 4,549 | 4,549 | 3,563 | ||
Derivative assets, fair value | $ 278 | $ 278 | $ 251 | ||
Derivative liabilities, fair value | $ 108 | $ 108 | $ 112 | ||
Derivatives not designated as hedges | Interest rate swaps | |||||
Derivative [Line Items] | |||||
Notional Amount | 482 | 482 | 488 | ||
Derivative assets, fair value | $ 79 | $ 79 | $ 74 | ||
Derivative liabilities, fair value | $ 0 | $ 0 | $ 0 | ||
Derivatives not designated as hedges | Equity options | |||||
Derivative [Line Items] | |||||
Notional Amount | 71,579 | 71,579 | 65,089 | ||
Derivative assets, fair value | $ 2,530 | $ 2,530 | $ 1,374 | ||
Derivative liabilities, fair value | $ 101 | $ 101 | $ 114 | ||
Derivatives not designated as hedges | Futures | |||||
Derivative [Line Items] | |||||
Notional Amount | 30 | 30 | 18 | ||
Derivative assets, fair value | $ 69 | $ 69 | $ 33 | ||
Derivative liabilities, fair value | $ 8 | $ 8 | $ 0 | ||
Derivatives not designated as hedges | Foreign currency forwards | |||||
Derivative [Line Items] | |||||
Notional Amount | 22,322 | 22,322 | 16,376 | ||
Derivative assets, fair value | $ 514 | $ 514 | $ 413 | ||
Derivative liabilities, fair value | 453 | 453 | 257 | ||
Derivatives not designated as hedges | Embedded derivatives | Funds withheld | |||||
Derivative [Line Items] | |||||
Embedded derivative assets, fair value | 5,953 | 5,953 | (6,272) | ||
Embedded derivative liabilities, fair value | (89) | (89) | (77) | ||
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 | $ 7,345 | $ 7,345 | $ 5,841 | ||
Derivatives not designated as hedges | Other swaps | |||||
Derivative [Line Items] | |||||
Notional Amount | 180 | 180 | 89 | ||
Derivative assets, fair value | $ 0 | $ 0 | $ 0 | ||
Derivative liabilities, fair value | $ 3 | $ 3 | $ 4 | ||
Net Investment Hedging [Member] | Derivatives designated as hedges | Foreign currency forwards | |||||
Derivative [Line Items] | |||||
Notional Amount | 219 | 219 | 216 | ||
Derivative assets, fair value | $ 3 | $ 3 | $ 2 | ||
Derivative liabilities, fair value | 0 | 0 | $ 0 | ||
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 | (239) | $ 51 | (182) | $ 60 | |
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 | 0 | 0 | |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 161 | 256 | 59 | 589 | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (166) | (283) | (57) | (630) | |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | (5) | (27) | 2 | (41) | |
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 | 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 | 0 | 0 | |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | (74) | (268) | (92) | (345) | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 63 | 264 | 79 | 357 | |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | (11) | (4) | (13) | 12 | |
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 | Foreign currency forwards | |||||
Derivative [Line Items] | |||||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net, Recorded in Other Comprehensive Income | (65) | (20) | (63) | (77) | |
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 | 5 | 0 | 12 | 1 | |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 179 | 288 | 74 | 616 | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (187) | (290) | (77) | (648) | |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | (8) | (2) | (3) | (32) | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 21 | 18 | 66 | 48 | |
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 | (90) | (379) | (5) | (873) | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 95 | 384 | 15 | 879 | |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 5 | 5 | 10 | 6 | |
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 | 16 | 12 | 44 | 37 | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (14) | (14) | (44) | (37) | |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 2 | (2) | 0 | 0 | |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative [Line Items] | ||||
Total gains (losses) for derivatives not designated as hedges | $ (431) | $ (1,210) | $ (457) | $ (5,751) |
Investment related gains (losses) | ||||
Derivative [Line Items] | ||||
Total gains (losses) for derivatives not designated as hedges | (1,682) | (1,736) | (180) | (8,830) |
Investment related gains (losses) | Equity options | ||||
Derivative [Line Items] | ||||
Total gains (losses) for derivatives not designated as hedges | (951) | (449) | 390 | (2,728) |
Investment related gains (losses) | Futures | ||||
Derivative [Line Items] | ||||
Total gains (losses) for derivatives not designated as hedges | (73) | (34) | 22 | (153) |
Investment related gains (losses) | Swaps | ||||
Derivative [Line Items] | ||||
Total gains (losses) for derivatives not designated as hedges | (24) | 132 | 38 | 121 |
Investment related gains (losses) | Foreign currency forwards | ||||
Derivative [Line Items] | ||||
Total gains (losses) for derivatives not designated as hedges | 146 | 454 | (191) | 971 |
Investment related gains (losses) | Embedded derivatives | ||||
Derivative [Line Items] | ||||
Total gains (losses) for derivatives not designated as hedges | (780) | (1,839) | (439) | (7,041) |
Interest sensitive contract benefits | Embedded derivatives | ||||
Derivative [Line Items] | ||||
Total gains (losses) for derivatives not designated as hedges | 1,251 | 526 | (277) | 3,079 |
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 | 161 | 256 | 59 | 589 |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (166) | (283) | (57) | (630) |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | (5) | (27) | 2 | (41) |
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 | Investment related gains (losses) | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | (74) | (268) | (92) | (345) |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 63 | 264 | 79 | 357 |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | (11) | (4) | (13) | 12 |
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 | Investment related gains (losses) | Foreign currency forwards | ||||
Derivative [Line Items] | ||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 179 | 288 | 74 | 616 |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (187) | (290) | (77) | (648) |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | (8) | (2) | (3) | (32) |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 21 | 18 | 66 | 48 |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 5 | 0 | 12 | 1 |
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 | (90) | (379) | (5) | (873) |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 95 | 384 | 15 | 879 |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 5 | 5 | 10 | 6 |
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 | 16 | 12 | 44 | 37 |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (14) | (14) | (44) | (37) |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 2 | (2) | 0 | 0 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Derivative assets | ||
Gross amount recognized | $ 4,571 | $ 3,309 |
Financial instruments | (1,665) | (1,477) |
Collateral (received)/pledged | (3,140) | (1,952) |
Net amount | (234) | (120) |
Off-balance sheet securities collateral | 0 | 0 |
Net amount after securities collateral | (234) | (120) |
Derivative liabilities | ||
Gross amount recognized | (1,892) | (1,646) |
Financial instruments | 1,665 | 1,477 |
Collateral (received)/pledged | 655 | 478 |
Net amount | 428 | 309 |
Off-balance sheet securities collateral | 0 | 0 |
Net amount after securities collateral | 428 | 309 |
Derivatives designated as hedges | ||
Derivative assets | ||
Gross amount recognized | 1,101 | 1,164 |
Derivative liabilities | ||
Gross amount recognized | (1,219) | (1,159) |
Foreign currency forwards | Derivatives designated as hedges | ||
Derivative assets | ||
Gross amount recognized | 437 | 406 |
Derivative liabilities | ||
Gross amount recognized | (40) | (52) |
Foreign currency swaps | Derivatives designated as hedges | ||
Derivative assets | ||
Gross amount recognized | 647 | 747 |
Derivative liabilities | ||
Gross amount recognized | (167) | (154) |
Cross Currency Interest Rate Contract | Derivatives designated as hedges | ||
Derivative assets | ||
Gross amount recognized | 0 | 0 |
Derivative liabilities | ||
Gross amount recognized | (809) | (803) |
Interest rate swaps | Derivatives designated as hedges | ||
Derivative assets | ||
Gross amount recognized | 14 | 9 |
Derivative liabilities | ||
Gross amount recognized | (203) | (150) |
Interest sensitive contract liabilities | Foreign currency swaps | Fair Value Hedging [Member] | Derivatives designated as hedges | ||
Derivative [Line Items] | ||
Derivative, Amount of Hedged Item | 1,369 | 1,081 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 90 | 88 |
Interest sensitive contract liabilities | Cross Currency Interest Rate Contract | Fair Value Hedging [Member] | Derivatives designated as hedges | ||
Derivative [Line Items] | ||
Derivative, Amount of Hedged Item | 3,724 | 4,348 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 647 | 632 |
Interest sensitive contract liabilities | Interest rate swaps | Fair Value Hedging [Member] | Derivatives designated as hedges | ||
Derivative [Line Items] | ||
Derivative, Amount of Hedged Item | 6,711 | 6,577 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 386 | 323 |
AFS securities | Foreign currency forwards | Fair Value Hedging [Member] | Derivatives designated as hedges | ||
Derivative [Line Items] | ||
Derivative, Amount of Hedged Item | 5,372 | 5,259 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | (245) | (217) |
AFS securities | Foreign currency swaps | Fair Value Hedging [Member] | Derivatives designated as hedges | ||
Derivative [Line Items] | ||
Derivative, Amount of Hedged Item | 5,448 | 4,797 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | $ (452) | $ (398) |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Derivative [Line Items] | |||||||
Other Comprehensive Income (Loss), before Tax | $ (2,326,000,000) | $ (3,677,000,000) | $ (2,869,000,000) | $ (7,344,000,000) | $ (933,000,000) | $ (11,021,000,000) | $ (9,390,000,000) |
Derivatives used in Net Investment Hedge, Net of Tax | 35,000,000 | 35,000,000 | 30,000,000 | ||||
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 | 0 | 0 | |||
Cash flow hedges | Derivatives designated as hedges | Interest rate swaps | |||||||
Derivative [Line Items] | |||||||
Foreign currency swap gains (losses) | 91,000,000 | (111,000,000) | (35,000,000) | (111,000,000) | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 0 | ||||||
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 | (239,000,000) | 51,000,000 | (182,000,000) | 60,000,000 | |||
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 | 161,000,000 | 256,000,000 | 59,000,000 | 589,000,000 | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (166,000,000) | (283,000,000) | (57,000,000) | (630,000,000) | |||
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | (5,000,000) | (27,000,000) | 2,000,000 | (41,000,000) | |||
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 | Foreign currency swaps | Interest sensitive contract liabilities | |||||||
Derivative [Line Items] | |||||||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 90,000,000 | 90,000,000 | 88,000,000 | ||||
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 | (74,000,000) | (268,000,000) | (92,000,000) | (345,000,000) | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 63,000,000 | 264,000,000 | 79,000,000 | 357,000,000 | |||
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | (11,000,000) | (4,000,000) | (13,000,000) | 12,000,000 | |||
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 | Interest rate swaps | Interest sensitive contract liabilities | |||||||
Derivative [Line Items] | |||||||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 386,000,000 | 386,000,000 | 323,000,000 | ||||
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 | (65,000,000) | (20,000,000) | (63,000,000) | (77,000,000) | |||
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 | 179,000,000 | 288,000,000 | 74,000,000 | 616,000,000 | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (187,000,000) | (290,000,000) | (77,000,000) | (648,000,000) | |||
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | (8,000,000) | (2,000,000) | (3,000,000) | (32,000,000) | |||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 5,000,000 | 0 | 12,000,000 | 1,000,000 | |||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 21,000,000 | 18,000,000 | 66,000,000 | 48,000,000 | |||
Fair Value Hedging [Member] | Derivatives designated as hedges | Net Investment Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Other Comprehensive Income (Loss), before Tax | 13,000,000 | 22,000,000 | 5,000,000 | 47,000,000 | |||
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 | (90,000,000) | (379,000,000) | (5,000,000) | (873,000,000) | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 95,000,000 | 384,000,000 | 15,000,000 | 879,000,000 | |||
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 5,000,000 | 5,000,000 | 10,000,000 | 6,000,000 | |||
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 | 16,000,000 | 12,000,000 | 44,000,000 | 37,000,000 | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (14,000,000) | (14,000,000) | (44,000,000) | (37,000,000) | |||
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 2,000,000 | (2,000,000) | 0 | 0 | |||
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) | $ 647,000,000 | $ 647,000,000 | $ 632,000,000 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Variable Interest Entity [Line Items] | |||||
Investment revenue | $ (3,214) | $ (2,045) | $ (8,811) | $ (5,834) | |
Net Investment Income | 2,928 | 1,843 | 8,052 | 5,252 | |
Investment related gains (losses) | (2,624) | (2,848) | $ (4,212) | (1,193) | (12,811) |
Other gains | 343 | 808 | 355 | 1,615 | |
Mortgage loans | |||||
Variable Interest Entity [Line Items] | |||||
Investment related gains (losses) | (911) | (1,199) | (838) | (3,094) | |
Mortgage loans | |||||
Variable Interest Entity [Line Items] | |||||
Investment revenue | (642) | (336) | (1,632) | (870) | |
Investment funds | |||||
Variable Interest Entity [Line Items] | |||||
Investment expenses | (13) | (35) | 59 | 373 | |
Other | |||||
Variable Interest Entity [Line Items] | |||||
Investment revenue | (214) | (75) | (623) | (165) | |
Trading securities | |||||
Variable Interest Entity [Line Items] | |||||
Investment revenue | (49) | (41) | (135) | (153) | |
Equity securities | |||||
Variable Interest Entity [Line Items] | |||||
Investment revenue | (14) | (17) | (54) | (41) | |
Variable Interest Entities | |||||
Variable Interest Entity [Line Items] | |||||
Net Investment Income | 75 | 33 | 210 | 80 | |
Investment related gains (losses) | 250 | 79 | 744 | 59 | |
Other gains | (1) | (16) | (29) | 5 | |
Variable Interest Entities | Mortgage loans | |||||
Variable Interest Entity [Line Items] | |||||
Investment related gains (losses) | (25) | (103) | (45) | (262) | |
Variable Interest Entities | Investment funds | |||||
Variable Interest Entity [Line Items] | |||||
Investment related gains (losses) | 292 | 236 | 833 | 354 | |
Variable Interest Entities | Mortgage loans | |||||
Variable Interest Entity [Line Items] | |||||
Investment revenue | (29) | (22) | (83) | (65) | |
Variable Interest Entities | Investment funds | |||||
Variable Interest Entity [Line Items] | |||||
Investment expenses | 20 | 4 | 55 | (5) | |
Variable Interest Entities | Other | |||||
Variable Interest Entity [Line Items] | |||||
Investment expenses | (2) | (16) | (7) | (3) | |
Variable Interest Entities | Trading securities | |||||
Variable Interest Entity [Line Items] | |||||
Investment revenue | (28) | (10) | (79) | (10) | |
Investment related gains (losses) | (16) | (38) | (15) | (38) | |
Variable Interest Entities | Equity securities | |||||
Variable Interest Entity [Line Items] | |||||
Investment revenue | $ 0 | $ (13) | $ 0 | $ (13) |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Assets | |||
Available-for-sale securities | $ 129,700 | $ 112,225 | |
Investment funds | 16,818 | 14,128 | |
Derivative assets | 4,571 | 3,309 | |
Restricted cash | 1,218 | 628 | |
Reinsurance recoverable | 4,058 | 4,358 | |
Other assets (related party: 2023 – $184 and 2022 – $161) | 8,628 | 8,693 | |
Liabilities | |||
Interest sensitive contract liabilities | 189,065 | 173,616 | $ 166,878 |
Future policy benefits | 46,672 | 42,110 | 41,285 |
Market risk benefits | 3,021 | 2,970 | $ 2,791 |
Derivative liabilities | 1,892 | 1,646 | |
Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 115,715 | 102,404 | |
Trading securities, at fair value | 1,592 | 1,595 | |
Mortgage loans | 37,978 | 27,454 | |
Investment funds | 124 | 79 | |
Funds withheld at interest | (25,953) | (32,880) | |
Derivative assets | 4,571 | 3,309 | |
Short-term investments | 527 | 2,160 | |
Other investments | 947 | 773 | |
Related Party | |||
Assets | |||
Available-for-sale securities | 13,985 | 9,821 | |
Trading securities, at fair value | 871 | 878 | |
Equity securities, at fair value | 304 | 279 | |
Mortgage loans | 1,234 | 1,302 | |
Investment funds | 1,604 | 1,569 | |
Funds withheld at interest | (6,620) | (9,808) | |
Short-term investments | 949 | 0 | |
Other investments | 327 | 303 | |
Other assets (related party: 2023 – $184 and 2022 – $161) | 184 | 161 | |
Liabilities | |||
Interest sensitive contract liabilities | 9,055 | 11,889 | |
Future policy benefits | 3 | 1,353 | |
Market risk benefits | 183 | 195 | |
Variable Interest Entities | |||
Assets | |||
Trading securities, at fair value | 2,133 | 1,063 | |
Mortgage loans | 2,042 | 2,055 | |
Investment funds | 15,090 | 12,480 | |
Other investments | 94 | 101 | |
Other assets (related party: 2023 – $184 and 2022 – $161) | 99 | 112 | |
U.S. government and agencies | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 4,260 | 2,577 | |
US state, municipal and political subdivisions | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 962 | 927 | |
Foreign governments | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 915 | 907 | |
Corporate | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 67,301 | 60,901 | |
Corporate | Related Party | |||
Assets | |||
Available-for-sale securities | 1,356 | 982 | |
CLO | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 18,926 | 16,493 | |
CLO | Related Party | |||
Assets | |||
Available-for-sale securities | 4,235 | 3,079 | |
ABS | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 10,807 | 10,527 | |
ABS | Related Party | |||
Assets | |||
Available-for-sale securities | 8,394 | 5,760 | |
CMBS | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 5,496 | 4,158 | |
RMBS | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 7,048 | 5,914 | |
Level 3 | |||
Assets | |||
Mortgage loans | 41,254 | 30,811 | |
Recurring | Level 1 | |||
Assets | |||
Cash and cash equivalents | 9,996 | 7,779 | |
Restricted cash | 1,218 | 628 | |
Reinsurance recoverable | 0 | ||
Other assets (related party: 2023 – $184 and 2022 – $161) | 0 | ||
Total assets measured at fair value | 16,000 | 11,588 | |
Liabilities | |||
Market risk benefits | 0 | 0 | |
Derivative liabilities | 43 | 38 | |
Other liabilities | 0 | ||
Total liabilities measured at fair value | 43 | 38 | |
Recurring | Level 1 | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 4,262 | 2,570 | |
Trading securities, at fair value | 22 | 23 | |
Equity securities, at fair value | 198 | 150 | |
Mortgage loans | 0 | 0 | |
Derivative assets | 93 | 42 | |
Short-term investments | 0 | 29 | |
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 | 59 | 0 | |
Mortgage loans | 0 | 0 | |
Investment funds | 0 | 0 | |
Other investments | 0 | 0 | |
Reinsurance recoverable | 0 | ||
Recurring | Level 1 | Variable Interest Entities | |||
Assets | |||
Trading securities, at fair value | 0 | 5 | |
Mortgage loans | 0 | 0 | |
Investment funds | 0 | 0 | |
Other investments | 0 | 0 | |
Cash and cash equivalents | 152 | 362 | |
Recurring | Level 1 | Related Party | |||
Assets | |||
Other assets (related party: 2023 – $184 and 2022 – $161) | 0 | ||
Recurring | Level 1 | Universal life | |||
Liabilities | |||
Interest sensitive contract liabilities | 0 | 0 | |
Recurring | Level 1 | AmerUs Closed Block | |||
Liabilities | |||
Future policy benefits | 0 | 0 | |
Recurring | Level 1 | ILICO Closed Block and life benefits | |||
Liabilities | |||
Future policy benefits | 0 | 0 | |
Recurring | Level 1 | Embedded derivatives | |||
Liabilities | |||
Interest sensitive contract liabilities | 0 | 0 | |
Recurring | Level 1 | Embedded derivatives | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Funds withheld at interest | 0 | ||
Recurring | Level 1 | Embedded derivatives | Related Party | |||
Assets | |||
Funds withheld at interest | 0 | ||
Recurring | Level 1 | U.S. government and agencies | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 4,253 | 2,570 | |
Recurring | Level 1 | US 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 | 9 | 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 | 0 | ||
Other assets (related party: 2023 – $184 and 2022 – $161) | 0 | ||
Total assets measured at fair value | 116,203 | 102,927 | |
Liabilities | |||
Market risk benefits | 0 | 0 | |
Derivative liabilities | 1,848 | 1,607 | |
Other liabilities | (89) | (77) | |
Total liabilities measured at fair value | 1,759 | 1,530 | |
Recurring | Level 2 | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 104,125 | 93,069 | |
Trading securities, at fair value | 1,538 | 1,519 | |
Equity securities, at fair value | 644 | 845 | |
Mortgage loans | 0 | 0 | |
Derivative assets | 4,478 | 3,267 | |
Short-term investments | 398 | 455 | |
Other investments | 286 | 170 | |
Recurring | Level 2 | Related Party | |||
Assets | |||
Available-for-sale securities | 4,457 | 3,164 | |
Trading securities, at fair value | 0 | 0 | |
Equity securities, at fair value | 0 | 0 | |
Mortgage loans | 0 | 0 | |
Investment funds | 0 | 0 | |
Other investments | 0 | 0 | |
Reinsurance recoverable | 0 | ||
Recurring | Level 2 | Variable Interest Entities | |||
Assets | |||
Trading securities, at fair value | 275 | 436 | |
Mortgage loans | 0 | 0 | |
Investment funds | 0 | 0 | |
Other investments | 2 | 2 | |
Cash and cash equivalents | 0 | 0 | |
Recurring | Level 2 | Related Party | |||
Assets | |||
Other assets (related party: 2023 – $184 and 2022 – $161) | 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 | |
Recurring | Level 2 | Embedded derivatives | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Funds withheld at interest | 0 | ||
Recurring | Level 2 | Embedded derivatives | Related Party | |||
Assets | |||
Funds withheld at interest | 0 | ||
Recurring | Level 2 | U.S. government and agencies | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 7 | 7 | |
Recurring | Level 2 | US state, municipal and political subdivisions | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 962 | 927 | |
Recurring | Level 2 | Foreign governments | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 869 | 906 | |
Recurring | Level 2 | Corporate | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 64,911 | 59,236 | |
Recurring | Level 2 | Corporate | Related Party | |||
Assets | |||
Available-for-sale securities | 170 | 170 | |
Recurring | Level 2 | CLO | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 18,926 | 16,493 | |
Recurring | Level 2 | CLO | Related Party | |||
Assets | |||
Available-for-sale securities | 3,732 | 2,776 | |
Recurring | Level 2 | ABS | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 6,181 | 5,660 | |
Recurring | Level 2 | ABS | Related Party | |||
Assets | |||
Available-for-sale securities | 555 | 218 | |
Recurring | Level 2 | CMBS | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 5,484 | 4,158 | |
Recurring | Level 2 | RMBS | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 6,785 | 5,682 | |
Recurring | Level 3 | |||
Assets | |||
Cash and cash equivalents | 0 | 0 | |
Restricted cash | 0 | 0 | |
Reinsurance recoverable | 1,301 | ||
Other assets (related party: 2023 – $184 and 2022 – $161) | 431 | ||
Total assets measured at fair value | 60,439 | 46,063 | |
Liabilities | |||
Market risk benefits | 3,021 | 2,970 | |
Derivative liabilities | 1 | 1 | |
Other liabilities | 213 | 142 | |
Total liabilities measured at fair value | 12,970 | 11,495 | |
Recurring | Level 3 | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 7,328 | 6,765 | |
Trading securities, at fair value | 32 | 53 | |
Equity securities, at fair value | 74 | 92 | |
Mortgage loans | 37,978 | 27,454 | |
Derivative assets | 0 | 0 | |
Short-term investments | 129 | 36 | |
Other investments | 477 | 441 | |
Recurring | Level 3 | Related Party | |||
Assets | |||
Available-for-sale securities | 9,528 | 6,657 | |
Trading securities, at fair value | 871 | 878 | |
Equity securities, at fair value | 245 | 279 | |
Mortgage loans | 1,234 | 1,302 | |
Investment funds | 1,043 | 959 | |
Other investments | 327 | 303 | |
Reinsurance recoverable | 1,388 | ||
Recurring | Level 3 | Variable Interest Entities | |||
Assets | |||
Trading securities, at fair value | 1,858 | 622 | |
Mortgage loans | 2,042 | 2,055 | |
Investment funds | 1,402 | 2,471 | |
Other investments | 92 | 99 | |
Cash and cash equivalents | 0 | 0 | |
Recurring | Level 3 | Related Party | |||
Assets | |||
Other assets (related party: 2023 – $184 and 2022 – $161) | 481 | ||
Recurring | Level 3 | Universal life | |||
Liabilities | |||
Interest sensitive contract liabilities | 739 | 829 | |
Recurring | Level 3 | AmerUs Closed Block | |||
Liabilities | |||
Future policy benefits | 1,100 | 1,164 | |
Recurring | Level 3 | ILICO Closed Block and life benefits | |||
Liabilities | |||
Future policy benefits | 551 | 548 | |
Recurring | Level 3 | Embedded derivatives | |||
Liabilities | |||
Interest sensitive contract liabilities | 7,345 | 5,841 | |
Recurring | Level 3 | Embedded derivatives | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Funds withheld at interest | 4,847 | ||
Recurring | Level 3 | Embedded derivatives | Related Party | |||
Assets | |||
Funds withheld at interest | (1,425) | ||
Recurring | Level 3 | U.S. government and agencies | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 0 | 0 | |
Recurring | Level 3 | US 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 | 46 | 1 | |
Recurring | Level 3 | Corporate | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 2,381 | 1,665 | |
Recurring | Level 3 | Corporate | Related Party | |||
Assets | |||
Available-for-sale securities | 1,186 | 812 | |
Recurring | Level 3 | CLO | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 0 | 0 | |
Recurring | Level 3 | CLO | Related Party | |||
Assets | |||
Available-for-sale securities | 503 | 303 | |
Recurring | Level 3 | ABS | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 4,626 | 4,867 | |
Recurring | Level 3 | ABS | Related Party | |||
Assets | |||
Available-for-sale securities | 7,839 | 5,542 | |
Recurring | Level 3 | CMBS | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 12 | 0 | |
Recurring | Level 3 | RMBS | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 263 | 232 | |
Recurring | NAV | |||
Assets | |||
Cash and cash equivalents | 0 | 0 | |
Restricted cash | 0 | 0 | |
Reinsurance recoverable | 0 | ||
Other assets (related party: 2023 – $184 and 2022 – $161) | 0 | ||
Total assets measured at fair value | 13,688 | 10,009 | |
Liabilities | |||
Market risk benefits | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Other liabilities | 0 | ||
Total liabilities measured at fair value | 0 | 0 | |
Recurring | NAV | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 0 | 0 | |
Trading securities, at fair value | 0 | 0 | |
Equity securities, at fair value | 0 | 0 | |
Mortgage loans | 0 | 0 | |
Derivative assets | 0 | 0 | |
Short-term investments | 0 | 0 | |
Other investments | 0 | 0 | |
Recurring | NAV | 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 | 0 | |
Investment funds | 0 | 0 | |
Other investments | 0 | 0 | |
Reinsurance recoverable | 0 | ||
Recurring | NAV | Variable Interest Entities | |||
Assets | |||
Trading securities, at fair value | 0 | 0 | |
Mortgage loans | 0 | 0 | |
Investment funds | 13,688 | 10,009 | |
Other investments | 0 | 0 | |
Cash and cash equivalents | 0 | 0 | |
Recurring | NAV | Related Party | |||
Assets | |||
Other assets (related party: 2023 – $184 and 2022 – $161) | 0 | ||
Recurring | NAV | Universal life | |||
Liabilities | |||
Interest sensitive contract liabilities | 0 | 0 | |
Recurring | NAV | AmerUs Closed Block | |||
Liabilities | |||
Future policy benefits | 0 | 0 | |
Recurring | NAV | ILICO Closed Block and life benefits | |||
Liabilities | |||
Future policy benefits | 0 | 0 | |
Recurring | NAV | Embedded derivatives | |||
Liabilities | |||
Interest sensitive contract liabilities | 0 | 0 | |
Recurring | NAV | Embedded derivatives | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Funds withheld at interest | 0 | ||
Recurring | NAV | Embedded derivatives | Related Party | |||
Assets | |||
Funds withheld at interest | 0 | ||
Recurring | NAV | U.S. government and agencies | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 0 | 0 | |
Recurring | NAV | US state, municipal and political subdivisions | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 0 | 0 | |
Recurring | NAV | Foreign governments | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 0 | 0 | |
Recurring | NAV | Corporate | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 0 | 0 | |
Recurring | NAV | Corporate | Related Party | |||
Assets | |||
Available-for-sale securities | 0 | 0 | |
Recurring | NAV | CLO | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 0 | 0 | |
Recurring | NAV | CLO | Related Party | |||
Assets | |||
Available-for-sale securities | 0 | 0 | |
Recurring | NAV | ABS | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 0 | 0 | |
Recurring | NAV | ABS | Related Party | |||
Assets | |||
Available-for-sale securities | 0 | 0 | |
Recurring | NAV | CMBS | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 0 | 0 | |
Recurring | NAV | RMBS | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 0 | 0 | |
Fair Value | |||
Assets | |||
Short-term investments | 1,640 | ||
Total assets measured at fair value | 40,541 | 51,798 | |
Liabilities | |||
Interest sensitive contract liabilities | 126,779 | 111,608 | |
Fair Value | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Investment funds | 124 | 79 | |
Funds withheld at interest | (30,934) | (37,727) | |
Other investments | 45 | 162 | |
Fair Value | Related Party | |||
Assets | |||
Investment funds | 561 | 610 | |
Funds withheld at interest | (7,592) | (11,233) | |
Short-term investments | 949 | ||
Fair Value | Level 1 | |||
Assets | |||
Short-term investments | 0 | ||
Total assets measured at fair value | 0 | 0 | |
Liabilities | |||
Interest sensitive contract liabilities | 0 | 0 | |
Fair Value | Level 1 | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Investment funds | 0 | 0 | |
Funds withheld at interest | 0 | 0 | |
Other investments | 0 | 0 | |
Fair Value | Level 1 | Related Party | |||
Assets | |||
Investment funds | 0 | 0 | |
Funds withheld at interest | 0 | 0 | |
Short-term investments | 0 | ||
Fair Value | Level 2 | |||
Assets | |||
Short-term investments | 1,614 | ||
Total assets measured at fair value | 1,285 | 1,961 | |
Liabilities | |||
Interest sensitive contract liabilities | 0 | 0 | |
Fair Value | Level 2 | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Investment funds | 0 | 0 | |
Funds withheld at interest | 0 | 0 | |
Other investments | 0 | 0 | |
Fair Value | Level 2 | Related Party | |||
Assets | |||
Investment funds | 0 | 0 | |
Funds withheld at interest | 0 | 0 | |
Short-term investments | 949 | ||
Fair Value | Level 3 | |||
Assets | |||
Short-term investments | 26 | ||
Total assets measured at fair value | 38,571 | 49,148 | |
Liabilities | |||
Interest sensitive contract liabilities | 126,779 | 111,608 | |
Fair Value | Level 3 | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Investment funds | 0 | 0 | |
Funds withheld at interest | (30,934) | (37,727) | |
Other investments | 45 | 162 | |
Fair Value | Level 3 | Related Party | |||
Assets | |||
Investment funds | 0 | 0 | |
Funds withheld at interest | (7,592) | (11,233) | |
Short-term investments | 0 | ||
Fair Value | NAV | |||
Assets | |||
Total assets measured at fair value | 685 | 689 | |
Liabilities | |||
Interest sensitive contract liabilities | 0 | 0 | |
Fair Value | NAV | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Investment funds | 124 | 79 | |
Funds withheld at interest | 0 | 0 | |
Short-term investments | 0 | ||
Other investments | 0 | 0 | |
Fair Value | NAV | Related Party | |||
Assets | |||
Investment funds | 561 | 610 | |
Funds withheld at interest | 0 | 0 | |
Short-term investments | 0 | ||
Fair Value | Recurring | |||
Assets | |||
Cash and cash equivalents | 9,996 | 7,779 | |
Restricted cash | 1,218 | 628 | |
Reinsurance recoverable | 1,301 | 1,388 | |
Other assets (related party: 2023 – $184 and 2022 – $161) | 431 | ||
Total assets measured at fair value | 206,330 | 170,587 | |
Liabilities | |||
Interest sensitive contract liabilities | 8,084 | 6,670 | |
Future policy benefits | 1,651 | 1,712 | |
Market risk benefits | 3,021 | 2,970 | |
Derivative liabilities | 1,892 | 1,646 | |
Other liabilities | 65 | ||
Total liabilities measured at fair value | 14,772 | 13,063 | |
Fair Value | Recurring | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 115,715 | 102,404 | |
Trading securities, at fair value | 1,592 | 1,595 | |
Equity securities, at fair value | 916 | 1,087 | |
Mortgage loans | 37,978 | 27,454 | |
Embedded derivative assets, fair value | (4,981) | (4,847) | |
Derivative assets | 4,571 | 3,309 | |
Short-term investments | 527 | 520 | |
Other investments | 763 | 611 | |
Fair Value | Recurring | Related Party | |||
Assets | |||
Available-for-sale securities | 13,985 | 9,821 | |
Trading securities, at fair value | 871 | 878 | |
Equity securities, at fair value | 304 | 279 | |
Mortgage loans | 1,234 | 1,302 | |
Investment funds | 1,043 | 959 | |
Embedded derivative assets, fair value | (972) | (1,425) | |
Other investments | 327 | 303 | |
Reinsurance recoverable | 1,388 | ||
Fair Value | Recurring | Variable Interest Entities | |||
Assets | |||
Trading securities, at fair value | 2,133 | 1,063 | |
Mortgage loans | 2,042 | 2,055 | |
Investment funds | 15,090 | 12,480 | |
Other investments | 94 | 101 | |
Cash and cash equivalents | 152 | 362 | |
Fair Value | Recurring | Related Party | |||
Assets | |||
Other assets (related party: 2023 – $184 and 2022 – $161) | 481 | ||
Fair Value | Recurring | Universal life | |||
Liabilities | |||
Interest sensitive contract liabilities | 739 | 829 | |
Fair Value | Recurring | AmerUs Closed Block | |||
Liabilities | |||
Future policy benefits | 1,100 | 1,164 | |
Fair Value | Recurring | ILICO Closed Block and life benefits | |||
Liabilities | |||
Future policy benefits | 551 | 548 | |
Fair Value | Recurring | Embedded derivatives | |||
Liabilities | |||
Interest sensitive contract liabilities | 7,345 | 5,841 | |
Fair Value | Recurring | Embedded derivatives | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Funds withheld at interest | 4,847 | ||
Fair Value | Recurring | Embedded derivatives | Related Party | |||
Assets | |||
Funds withheld at interest | (1,425) | ||
Fair Value | Recurring | U.S. government and agencies | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 4,260 | 2,577 | |
Fair Value | Recurring | US state, municipal and political subdivisions | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 962 | 927 | |
Fair Value | Recurring | Foreign governments | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 915 | 907 | |
Fair Value | Recurring | Corporate | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 67,301 | 60,901 | |
Fair Value | Recurring | Corporate | Related Party | |||
Assets | |||
Available-for-sale securities | 1,356 | 982 | |
Fair Value | Recurring | CLO | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 18,926 | 16,493 | |
Fair Value | Recurring | CLO | Related Party | |||
Assets | |||
Available-for-sale securities | 4,235 | 3,079 | |
Fair Value | Recurring | ABS | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 10,807 | 10,527 | |
Fair Value | Recurring | ABS | Related Party | |||
Assets | |||
Available-for-sale securities | 8,394 | 5,760 | |
Fair Value | Recurring | CMBS | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 5,496 | 4,158 | |
Fair Value | Recurring | RMBS | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Available-for-sale securities | 7,048 | $ 5,914 | |
Funds withheld at interest | Recurring | Level 1 | |||
Liabilities | |||
Other liabilities | 0 | ||
Funds withheld at interest | Recurring | Level 1 | Embedded derivatives | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Embedded derivative assets, fair value | 0 | ||
Funds withheld at interest | Recurring | Level 1 | Embedded derivatives | Related Party | |||
Assets | |||
Embedded derivative assets, fair value | 0 | ||
Funds withheld at interest | Recurring | Level 2 | Embedded derivatives | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Embedded derivative assets, fair value | 0 | ||
Funds withheld at interest | Recurring | Level 2 | Embedded derivatives | Related Party | |||
Assets | |||
Embedded derivative assets, fair value | 0 | ||
Funds withheld at interest | Recurring | Level 3 | Embedded derivatives | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Embedded derivative assets, fair value | (4,981) | ||
Funds withheld at interest | Recurring | Level 3 | Embedded derivatives | Related Party | |||
Assets | |||
Embedded derivative assets, fair value | (972) | ||
Funds withheld at interest | Recurring | NAV | |||
Liabilities | |||
Other liabilities | 0 | ||
Funds withheld at interest | Recurring | NAV | Embedded derivatives | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Embedded derivative assets, fair value | 0 | ||
Funds withheld at interest | Recurring | NAV | Embedded derivatives | Related Party | |||
Assets | |||
Embedded derivative assets, fair value | 0 | ||
Funds withheld at interest | Fair Value | Recurring | |||
Liabilities | |||
Other liabilities | 124 | ||
Funds withheld at interest | Fair Value | Recurring | Embedded derivatives | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Embedded derivative assets, fair value | (4,981) | ||
Funds withheld at interest | Fair Value | Recurring | Embedded derivatives | Related Party | |||
Assets | |||
Embedded derivative assets, fair value | $ (972) |
Fair Value - Fair Value Option
Fair Value - Fair Value Option (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Total gains (losses) | $ (1,132) | $ (1,357) | $ (996) | $ (3,461) | |
Mortgage loans | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Total gains (losses) | (984) | (1,279) | (909) | (3,344) | |
Unpaid principal balance | 45,170 | 45,170 | $ 33,653 | ||
Mark to fair value | (3,916) | (3,916) | (2,842) | ||
Fair value | 41,254 | 41,254 | 30,811 | ||
Fair Value, Option, Credit Risk, Gains (Losses) on Assets | (20) | 18 | (31) | (34) | |
Future policy benefits | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Total gains (losses) | (4) | 0 | (71) | 0 | |
Residential mortgage loans | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair value option, loans, 90 days or more past due | 438 | 438 | 472 | ||
Fair Value, Option, Loans Held as Assets, Aggregate Amount in Nonaccrual Status | 312 | 312 | 360 | ||
Unpaid principal balance | 495 | 495 | 522 | ||
Fair value | 438 | 438 | 472 | ||
Fair Value, Option, Loans Held as Assets, Aggregate Difference | (57) | (57) | (50) | ||
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 | 126 | 126 | 221 | ||
Mortgage loans | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair value option, loans, 90 days or more past due | 40 | 40 | 2 | ||
Fair Value, Option, Loans Held as Assets, Aggregate Amount in Nonaccrual Status | 59 | 59 | 19 | ||
Unpaid principal balance | 161 | 161 | 74 | ||
Fair value | 99 | 99 | 19 | ||
Fair Value, Option, Loans Held as Assets, Aggregate Difference | (62) | (62) | $ (55) | ||
Investment related gains (losses) | Trading securities | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Total gains (losses) | (137) | (121) | (105) | (489) | |
Net investment income | Investment funds | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Total gains (losses) | (66) | (47) | 25 | 9 | |
Future policy and other policy benefits | Future policy benefits | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Total gains (losses) | $ 59 | $ 90 | $ 64 | $ 363 |
Fair Value - Reconciliation of
Fair Value - Reconciliation of Level 3 Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Assets | ||||
Beginning balance | $ 56,969 | $ 39,688 | $ 45,582 | $ 45,752 |
Total realized and unrealized gains (losses) included in income | (1,537) | (3,205) | (681) | (10,718) |
Total realized and unrealized gains (losses) included in OCI | (27) | (213) | (5) | (551) |
Purchases, issuances, sales and settlements, net | 4,539 | 4,338 | 16,081 | 8,516 |
Transfers in | 64 | 226 | (969) | (2,165) |
Transfers (out) | 819 | 1,086 | 4,077 | 20,879 |
Ending balance | 60,008 | 40,834 | 60,008 | 40,834 |
Total gains (losses) included in earnings1 | (1,100) | (1,334) | (927) | (3,343) |
Total gains (losses) included in OCI1 | (42) | (217) | (31) | (473) |
Liabilities | ||||
Beginning balance | (10,992) | (7,990) | (8,525) | (10,908) |
Total realized and unrealized gains (losses) included in income | 1,441 | 718 | (197) | 3,957 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Purchases, issuances, sales and settlements, net | 398 | 348 | 1,227 | 669 |
Transfers in | 0 | 0 | 0 | 0 |
Transfers (out) | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 883 | 1,312 | 3,108 | 18,714 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 | 0 | 0 |
Ending balance | (9,949) | (7,620) | (9,949) | (7,620) |
Total gains (losses) included in earnings1 | 0 | 0 | 0 | 0 |
Total gains (losses) included in OCI1 | 0 | 0 | 0 | 0 |
Reinsurance recoverable | ||||
Assets | ||||
Beginning balance | 1,436 | 1,580 | 1,388 | 1,991 |
Total realized and unrealized gains (losses) included in income | (135) | (104) | (87) | (515) |
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 | 1,301 | 1,476 | 1,301 | 1,476 |
Total gains (losses) included in earnings1 | 0 | 0 | 0 | 0 |
Total gains (losses) included in OCI1 | 0 | 0 | 0 | 0 |
Short-term investments | Consolidated Entity, excluding Affiliated Entity | ||||
Assets | ||||
Beginning balance | 30 | 58 | 36 | 0 |
Total realized and unrealized gains (losses) included in income | 0 | 0 | 0 | (5,259) |
Total realized and unrealized gains (losses) included in OCI | (1) | 0 | (3) | 0 |
Purchases, issuances, sales and settlements, net | 100 | (23) | 70 | 0 |
Transfers in | 0 | 0 | 26 | 0 |
Ending balance | 129 | 35 | 129 | 35 |
Total gains (losses) included in earnings1 | 0 | 0 | 0 | 0 |
Total gains (losses) included in OCI1 | (1) | 0 | (1) | 0 |
Short-term investments | Related Party | ||||
Assets | ||||
Beginning balance | 0 | |||
Total realized and unrealized gains (losses) included in income | 0 | |||
Total realized and unrealized gains (losses) included in OCI | 0 | |||
Purchases, issuances, sales and settlements, net | 53 | |||
Transfers in | (53) | |||
Transfers (out) | 53 | |||
Ending balance | 0 | 0 | ||
Total gains (losses) included in earnings1 | 0 | |||
Total gains (losses) included in OCI1 | 0 | |||
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||
Short-term investments | Investments, excluding investments in Related Party | ||||
Assets | ||||
Purchases, issuances, sales and settlements, net | 100 | (23) | ||
Transfers in | 0 | 0 | ||
Transfers (out) | 0 | 0 | ||
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ||
Equity securities | Consolidated Entity, excluding Affiliated Entity | ||||
Assets | ||||
Beginning balance | 67 | 62 | 92 | 429 |
Total realized and unrealized gains (losses) included in income | 7 | 10 | (5) | 27 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Purchases, issuances, sales and settlements, net | 0 | 0 | 0 | (3) |
Transfers in | 0 | 0 | (13) | (381) |
Ending balance | 74 | 72 | 74 | 72 |
Total gains (losses) included in earnings1 | 7 | 11 | (5) | 25 |
Total gains (losses) included in OCI1 | 0 | 0 | 0 | 0 |
Equity securities | Related Party | ||||
Assets | ||||
Beginning balance | 252 | 163 | 279 | 284 |
Total realized and unrealized gains (losses) included in income | (7) | (18) | (2) | (32) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Purchases, issuances, sales and settlements, net | 0 | 195 | (32) | 76 |
Transfers in | 0 | 0 | 0 | 12 |
Transfers (out) | 0 | 0 | 113 | |
Ending balance | 245 | 340 | 245 | 340 |
Total gains (losses) included in earnings1 | (7) | (18) | (3) | (27) |
Total gains (losses) included in OCI1 | 0 | 0 | 0 | 0 |
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 125 | |
Equity securities | Variable Interest Entities | ||||
Assets | ||||
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 | 15 | 15 | ||
Transfers (out) | 0 | 0 | ||
Ending balance | 15 | 15 | ||
Total gains (losses) included in earnings1 | 0 | 0 | ||
Total gains (losses) included in OCI1 | 0 | 0 | ||
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 15 | 15 | ||
Mortgage loans | Consolidated Entity, excluding Affiliated Entity | ||||
Assets | ||||
Beginning balance | 34,668 | 25,218 | 27,454 | 21,154 |
Total realized and unrealized gains (losses) included in income | (850) | (1,117) | (794) | (2,888) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Purchases, issuances, sales and settlements, net | 4,160 | 1,044 | 11,318 | 6,879 |
Transfers in | 0 | 0 | 0 | 0 |
Ending balance | 37,978 | 25,145 | 37,978 | 25,145 |
Total gains (losses) included in earnings1 | (850) | (1,111) | (792) | (2,878) |
Total gains (losses) included in OCI1 | 0 | 0 | 0 | 0 |
Mortgage loans | Related Party | ||||
Assets | ||||
Beginning balance | 1,296 | 1,416 | 1,302 | 1,369 |
Total realized and unrealized gains (losses) included in income | (61) | (82) | (44) | (206) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Purchases, issuances, sales and settlements, net | (1) | (3) | (24) | 168 |
Transfers in | 0 | 0 | 0 | 0 |
Transfers (out) | 0 | 0 | 0 | 0 |
Ending balance | 1,234 | 1,331 | 1,234 | 1,331 |
Total gains (losses) included in earnings1 | (61) | (82) | (44) | (206) |
Total gains (losses) included in OCI1 | 0 | 0 | 0 | 0 |
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | 0 |
Mortgage loans | Variable Interest Entities | ||||
Assets | ||||
Beginning balance | 2,113 | 1,626 | 2,055 | 2,152 |
Total realized and unrealized gains (losses) included in income | (73) | (80) | (71) | (250) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Purchases, issuances, sales and settlements, net | 2 | 96 | 58 | (58) |
Transfers in | 0 | 21 | 0 | (181) |
Transfers (out) | 0 | 0 | 0 | 223 |
Ending balance | 2,042 | 1,663 | 2,042 | 1,663 |
Total gains (losses) included in earnings1 | (73) | (79) | (71) | (250) |
Total gains (losses) included in OCI1 | 0 | 0 | 0 | 0 |
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 21 | 0 | 42 |
Mortgage loans | Investments, excluding investments in Related Party | ||||
Assets | ||||
Purchases, issuances, sales and settlements, net | 4,160 | 1,044 | ||
Transfers in | 0 | 0 | ||
Transfers (out) | 0 | 0 | ||
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ||
Investment funds | Consolidated Entity, excluding Affiliated Entity | ||||
Assets | ||||
Beginning balance | 19 | 18 | ||
Total realized and unrealized gains (losses) included in income | 0 | 1 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Purchases, issuances, sales and settlements, net | 0 | 0 | ||
Transfers in | (19) | (19) | ||
Ending balance | 0 | 0 | ||
Total gains (losses) included in earnings1 | 0 | 0 | ||
Total gains (losses) included in OCI1 | 0 | 0 | ||
Investment funds | Related Party | ||||
Assets | ||||
Beginning balance | 1,061 | 818 | 959 | 2,855 |
Total realized and unrealized gains (losses) included in income | (18) | (29) | 52 | (1) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Purchases, issuances, sales and settlements, net | 0 | 0 | 32 | (34) |
Transfers in | 0 | 0 | 0 | (2,031) |
Transfers (out) | 0 | 2,031 | ||
Ending balance | 1,043 | 789 | 1,043 | 789 |
Total gains (losses) included in earnings1 | (18) | (29) | 53 | (1) |
Total gains (losses) included in OCI1 | 0 | 0 | 0 | 0 |
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ||
Investment funds | Variable Interest Entities | ||||
Assets | ||||
Beginning balance | 1,351 | 1,053 | 2,471 | 1,297 |
Total realized and unrealized gains (losses) included in income | (30) | (19) | (7) | 9 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Purchases, issuances, sales and settlements, net | 81 | 1,694 | 73 | 1,855 |
Transfers in | 0 | (422) | (1,135) | (855) |
Transfers (out) | 0 | 422 | 1,610 | 11,942 |
Ending balance | 1,402 | 2,306 | 1,402 | 2,306 |
Total gains (losses) included in earnings1 | (30) | (19) | (7) | 9 |
Total gains (losses) included in OCI1 | 0 | 0 | 0 | 0 |
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 475 | 11,087 |
Investment funds | Investments, excluding investments in Related Party | ||||
Assets | ||||
Purchases, issuances, sales and settlements, net | 0 | |||
Transfers in | (19) | |||
Transfers (out) | 19 | |||
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||
Other | Consolidated Entity, excluding Affiliated Entity | ||||
Assets | ||||
Beginning balance | 337 | 0 | 441 | 0 |
Total realized and unrealized gains (losses) included in income | (5) | 0 | (5) | 0 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Purchases, issuances, sales and settlements, net | 145 | 0 | 41 | 0 |
Transfers in | 0 | 496 | 0 | 496 |
Ending balance | 477 | 496 | 477 | 496 |
Total gains (losses) included in earnings1 | (5) | 0 | (7) | 0 |
Total gains (losses) included in OCI1 | 0 | 0 | 0 | 0 |
Other | Related Party | ||||
Assets | ||||
Beginning balance | 343 | 0 | 303 | 0 |
Total realized and unrealized gains (losses) included in income | (16) | 0 | (18) | 0 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Purchases, issuances, sales and settlements, net | 0 | 0 | 42 | 0 |
Transfers in | 0 | 274 | 0 | 274 |
Transfers (out) | 0 | 0 | 0 | |
Ending balance | 327 | 274 | 327 | 274 |
Total gains (losses) included in earnings1 | (16) | 0 | (19) | 0 |
Total gains (losses) included in OCI1 | 0 | 0 | 0 | 0 |
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 274 | 0 | 274 | |
Other | Variable Interest Entities | ||||
Assets | ||||
Beginning balance | 99 | 31 | 99 | 0 |
Total realized and unrealized gains (losses) included in income | 5 | 0 | 7 | 0 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Purchases, issuances, sales and settlements, net | (12) | 0 | (14) | 31 |
Transfers in | 0 | 105 | 0 | 105 |
Transfers (out) | 0 | 0 | 0 | 1,902 |
Ending balance | 92 | 136 | 92 | 136 |
Total gains (losses) included in earnings1 | 5 | 0 | 7 | 0 |
Total gains (losses) included in OCI1 | 0 | 0 | 0 | 0 |
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 105 | 0 | 2,007 |
Other | Investments, excluding investments in Related Party | ||||
Assets | ||||
Purchases, issuances, sales and settlements, net | 145 | 0 | ||
Transfers in | 0 | 496 | ||
Transfers (out) | 0 | 0 | ||
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 496 | ||
Foreign governments | Consolidated Entity, excluding Affiliated Entity | ||||
Assets | ||||
Beginning balance | 48 | 2 | 1 | 2 |
Total realized and unrealized gains (losses) included in income | 0 | 0 | 0 | 0 |
Total realized and unrealized gains (losses) included in OCI | (2) | 0 | (2) | 0 |
Purchases, issuances, sales and settlements, net | 0 | 0 | 47 | 0 |
Transfers in | 0 | 0 | 0 | 0 |
Ending balance | 46 | 2 | 46 | 2 |
Total gains (losses) included in earnings1 | 0 | 0 | 0 | 0 |
Total gains (losses) included in OCI1 | (2) | 0 | (2) | 0 |
Corporate | Consolidated Entity, excluding Affiliated Entity | ||||
Assets | ||||
Beginning balance | 2,460 | 1,588 | 1,665 | 1,339 |
Total realized and unrealized gains (losses) included in income | (8) | (16) | (9) | (19) |
Total realized and unrealized gains (losses) included in OCI | (25) | (58) | (1) | (135) |
Purchases, issuances, sales and settlements, net | (26) | 205 | 1,170 | 385 |
Transfers in | (20) | (57) | (444) | 92 |
Transfers (out) | 20 | 140 | ||
Ending balance | 2,381 | 1,662 | 2,381 | 1,662 |
Total gains (losses) included in earnings1 | 0 | 0 | 0 | 0 |
Total gains (losses) included in OCI1 | (27) | (55) | (7) | (120) |
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 83 | ||
Corporate | Related Party | ||||
Assets | ||||
Beginning balance | 1,171 | 849 | 812 | 670 |
Total realized and unrealized gains (losses) included in income | 1 | 1 | 2 | (3) |
Total realized and unrealized gains (losses) included in OCI | (10) | (17) | (18) | (23) |
Purchases, issuances, sales and settlements, net | 24 | 114 | 175 | 250 |
Transfers in | 0 | (94) | 215 | (41) |
Transfers (out) | 0 | 94 | 0 | 94 |
Ending balance | 1,186 | 853 | 1,186 | 853 |
Total gains (losses) included in earnings1 | 0 | 0 | 0 | 0 |
Total gains (losses) included in OCI1 | (10) | (15) | (18) | (22) |
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 215 | 53 |
Collateralized Loan Obligations | Related Party | ||||
Assets | ||||
Beginning balance | 303 | |||
Total realized and unrealized gains (losses) included in income | 0 | |||
Total realized and unrealized gains (losses) included in OCI | 15 | |||
Purchases, issuances, sales and settlements, net | 185 | |||
Transfers in | 0 | |||
Ending balance | 503 | 503 | ||
Total gains (losses) included in earnings1 | 0 | |||
Total gains (losses) included in OCI1 | 15 | |||
ABS | Consolidated Entity, excluding Affiliated Entity | ||||
Assets | ||||
Beginning balance | 5,305 | 3,594 | 4,867 | 3,619 |
Total realized and unrealized gains (losses) included in income | 0 | 2 | 0 | 9 |
Total realized and unrealized gains (losses) included in OCI | 14 | (50) | (36) | (145) |
Purchases, issuances, sales and settlements, net | (255) | 198 | 794 | 198 |
Transfers in | (438) | 104 | (999) | 167 |
Transfers (out) | 795 | 12 | ||
Ending balance | 4,626 | 3,848 | 4,626 | 3,848 |
Total gains (losses) included in earnings1 | 0 | 0 | 0 | 0 |
Total gains (losses) included in OCI1 | 4 | (60) | (49) | (116) |
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 357 | 116 | ||
ABS | Related Party | ||||
Assets | ||||
Beginning balance | 7,742 | 5,026 | 5,542 | 6,445 |
Total realized and unrealized gains (losses) included in income | (2) | (3) | 7 | (4) |
Total realized and unrealized gains (losses) included in OCI | (11) | (73) | 38 | (208) |
Purchases, issuances, sales and settlements, net | 110 | 284 | 1,968 | (957) |
Transfers in | 0 | 94 | 284 | 52 |
Transfers (out) | 0 | 0 | 0 | 1,864 |
Ending balance | 7,839 | 5,328 | 7,839 | 5,328 |
Total gains (losses) included in earnings1 | (6) | 0 | (2) | 0 |
Total gains (losses) included in OCI1 | (14) | (73) | 32 | (193) |
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 94 | 284 | 1,916 |
CMBS | Consolidated Entity, excluding Affiliated Entity | ||||
Assets | ||||
Beginning balance | 12 | 0 | 43 | |
Total realized and unrealized gains (losses) included in income | 0 | 0 | 0 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | (17) | |
Purchases, issuances, sales and settlements, net | 0 | 0 | 0 | |
Transfers in | 0 | 12 | (26) | |
Ending balance | 12 | 0 | 12 | 0 |
Total gains (losses) included in earnings1 | 0 | 0 | 0 | |
Total gains (losses) included in OCI1 | 0 | (1) | 0 | |
RMBS | Consolidated Entity, excluding Affiliated Entity | ||||
Assets | ||||
Beginning balance | 6 | 68 | 232 | |
Total realized and unrealized gains (losses) included in income | 0 | 0 | 6 | |
Total realized and unrealized gains (losses) included in OCI | 0 | (1) | 2 | |
Purchases, issuances, sales and settlements, net | 261 | (1) | 258 | |
Transfers in | (4) | (66) | (235) | |
Transfers (out) | 4 | 66 | ||
Ending balance | 263 | 0 | 263 | 0 |
Total gains (losses) included in earnings1 | 0 | 0 | 0 | |
Total gains (losses) included in OCI1 | 0 | 0 | 0 | |
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ||
RMBS | Investments, excluding investments in Related Party | ||||
Assets | ||||
Beginning balance | 0 | |||
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 | 67 | |||
Transfers in | (66) | |||
Ending balance | 0 | 0 | ||
Total gains (losses) included in earnings1 | 0 | |||
Total gains (losses) included in OCI1 | 0 | |||
Trading securities | Consolidated Entity, excluding Affiliated Entity | ||||
Assets | ||||
Beginning balance | 38 | 58 | 53 | 69 |
Total realized and unrealized gains (losses) included in income | (1) | (4) | 2 | (10) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Purchases, issuances, sales and settlements, net | (5) | (2) | (12) | 6 |
Transfers in | 0 | 2 | (11) | (11) |
Ending balance | 32 | 54 | 32 | 54 |
Total gains (losses) included in earnings1 | (1) | (4) | 0 | (4) |
Total gains (losses) included in OCI1 | 0 | 0 | 0 | 0 |
Trading securities | Related Party | ||||
Assets | ||||
Beginning balance | 867 | 891 | 878 | 1,771 |
Total realized and unrealized gains (losses) included in income | 4 | 4 | 6 | 3 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Purchases, issuances, sales and settlements, net | 0 | 5 | (13) | (1,057) |
Transfers in | 0 | 5 | 0 | 188 |
Transfers (out) | 0 | 0 | 0 | 1,260 |
Ending balance | 871 | 905 | 871 | 905 |
Total gains (losses) included in earnings1 | 3 | 4 | 3 | (4) |
Total gains (losses) included in OCI1 | 0 | 0 | 0 | 0 |
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 5 | 0 | 1,448 |
Trading securities | Variable Interest Entities | ||||
Assets | ||||
Beginning balance | 1,425 | 330 | 622 | 0 |
Total realized and unrealized gains (losses) included in income | (48) | (7) | (40) | (7) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Purchases, issuances, sales and settlements, net | (45) | 529 | (55) | 529 |
Transfers in | 526 | (232) | 1,331 | 98 |
Transfers (out) | 0 | 332 | 31 | 332 |
Ending balance | 1,858 | 620 | 1,858 | 620 |
Total gains (losses) included in earnings1 | (48) | (7) | (40) | (7) |
Total gains (losses) included in OCI1 | 0 | 0 | 0 | 0 |
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 526 | 100 | 1,362 | 430 |
Trading securities | Investments, excluding investments in Related Party | ||||
Assets | ||||
Purchases, issuances, sales and settlements, net | (5) | (2) | ||
Transfers in | 0 | 2 | ||
Transfers (out) | 0 | 1 | ||
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 3 | ||
CLO | Consolidated Entity, excluding Affiliated Entity | ||||
Assets | ||||
Beginning balance | 0 | 14 | ||
Total realized and unrealized gains (losses) included in income | 0 | (2) | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Purchases, issuances, sales and settlements, net | 3 | (9) | ||
Transfers in | 0 | 0 | ||
Transfers (out) | 0 | |||
Ending balance | 3 | 3 | ||
Total gains (losses) included in earnings1 | 0 | 0 | ||
Total gains (losses) included in OCI1 | 0 | 0 | ||
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||
CLO | Related Party | ||||
Assets | ||||
Beginning balance | 495 | 325 | 202 | |
Total realized and unrealized gains (losses) included in income | 0 | 0 | 0 | |
Total realized and unrealized gains (losses) included in OCI | 8 | (14) | (21) | |
Purchases, issuances, sales and settlements, net | 0 | 0 | 185 | 130 |
Transfers in | 0 | 0 | 0 | 0 |
Transfers (out) | 0 | 0 | ||
Ending balance | 503 | 311 | 503 | 311 |
Total gains (losses) included in earnings1 | 0 | 0 | 0 | |
Total gains (losses) included in OCI1 | 8 | (14) | (21) | |
Liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ||
Embedded derivatives | Funds withheld at interest | Consolidated Entity, excluding Affiliated Entity | ||||
Assets | ||||
Beginning balance | (4,356) | (3,958) | (4,847) | 29 |
Total realized and unrealized gains (losses) included in income | (625) | (1,301) | (134) | 0 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | (1) |
Purchases, issuances, sales and settlements, net | 0 | 0 | 0 | 7 |
Transfers in | 0 | 0 | 0 | 0 |
Ending balance | (4,981) | (5,259) | (4,981) | (5,259) |
Total gains (losses) included in earnings1 | 0 | 0 | 0 | 0 |
Total gains (losses) included in OCI1 | 0 | 0 | 0 | (1) |
Embedded derivatives | Funds withheld at interest | Related Party | ||||
Assets | ||||
Beginning balance | (1,297) | (1,129) | (1,425) | 0 |
Total realized and unrealized gains (losses) included in income | 325 | (442) | 453 | (1,571) |
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 | (972) | (1,571) | (972) | (1,571) |
Total gains (losses) included in earnings1 | 0 | 0 | 0 | 0 |
Total gains (losses) included in OCI1 | 0 | 0 | 0 | 0 |
Derivative Financial Instruments, Liabilities | ||||
Liabilities | ||||
Beginning balance | (1) | (1) | (1) | (3) |
Total realized and unrealized gains (losses) included in income | 0 | 0 | 0 | 2 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Purchases, issuances, sales and settlements, net | 0 | 0 | 0 | 0 |
Transfers in | 0 | 0 | 0 | 0 |
Ending balance | (1) | (1) | (1) | (1) |
Total gains (losses) included in earnings1 | 0 | 0 | 0 | 0 |
Total gains (losses) included in OCI1 | 0 | 0 | 0 | 0 |
Interest sensitive contract liabilities | Embedded derivatives | ||||
Liabilities | ||||
Beginning balance | (8,198) | (5,176) | (5,841) | (7,408) |
Total realized and unrealized gains (losses) included in income | 1,251 | 526 | (277) | 3,079 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Purchases, issuances, sales and settlements, net | 398 | 348 | 1,227 | 669 |
Transfers in | 0 | 0 | 0 | 0 |
Transfers (out) | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 | 0 | 0 |
Ending balance | (7,345) | (4,998) | (7,345) | (4,998) |
Total gains (losses) included in earnings1 | 0 | 0 | 0 | 0 |
Total gains (losses) included in OCI1 | 0 | 0 | 0 | 0 |
Other liabilities | ||||
Liabilities | ||||
Beginning balance | (209) | (142) | ||
Total realized and unrealized gains (losses) included in income | (4) | (71) | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Purchases, issuances, sales and settlements, net | 0 | 0 | ||
Transfers in | 0 | 0 | ||
Ending balance | (213) | (213) | ||
Total gains (losses) included in earnings1 | 0 | 0 | ||
Total gains (losses) included in OCI1 | 0 | 0 | ||
Universal life | Interest sensitive contract liabilities | ||||
Liabilities | ||||
Beginning balance | (854) | (943) | (829) | (1,235) |
Total realized and unrealized gains (losses) included in income | 115 | 91 | 90 | 383 |
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 | (739) | (852) | (739) | (852) |
Total gains (losses) included in earnings1 | 0 | 0 | 0 | 0 |
Total gains (losses) included in OCI1 | 0 | 0 | 0 | 0 |
AmerUs Closed Block | Future policy benefits | ||||
Liabilities | ||||
Beginning balance | (1,159) | (1,247) | (1,164) | (1,520) |
Total realized and unrealized gains (losses) included in income | 59 | 90 | 64 | 363 |
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 | (1,100) | (1,157) | (1,100) | (1,157) |
Total gains (losses) included in earnings1 | 0 | 0 | 0 | 0 |
Total gains (losses) included in OCI1 | 0 | 0 | 0 | 0 |
ILICO Closed Block and life benefits | Future policy benefits | ||||
Liabilities | ||||
Beginning balance | (571) | (623) | (548) | (742) |
Total realized and unrealized gains (losses) included in income | 20 | 11 | (3) | 130 |
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 | (551) | (612) | (551) | (612) |
Total gains (losses) included in earnings1 | 0 | 0 | 0 | 0 |
Total gains (losses) included in OCI1 | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value - Gross Components o
Fair Value - Gross Components of Purchases, Sales, Issuances and Settlements, net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Jan. 01, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | $ 7,028 | $ 6,004 | $ 21,958 | $ 18,662 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Sales | (396) | (55) | (723) | (3,789) | ||||
Settlements | (2,093) | (1,611) | (5,154) | (6,357) | ||||
Purchases, (Sales), Issuances, (Settlements) | 4,539 | 4,338 | 16,081 | 8,516 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 883 | 1,312 | 3,108 | 18,714 | ||||
Transfers (out) | (819) | (1,086) | (4,077) | (20,879) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 64 | 226 | (969) | (2,165) | ||||
Purchases | 0 | 0 | 0 | 0 | ||||
Issuances | (573) | (456) | (1,708) | (1,053) | ||||
Sales | 0 | 0 | 0 | 0 | ||||
Settlements | (175) | (108) | (481) | (384) | ||||
Purchases, (Sales), Issuances, (Settlements), Liabilities | (398) | (348) | (1,227) | (669) | ||||
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 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 60,008 | 40,834 | 60,008 | 40,834 | $ 56,969 | $ 45,582 | $ 39,688 | $ 45,752 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 9,949 | 7,620 | 9,949 | 7,620 | 10,992 | 8,525 | 7,990 | 10,908 |
Mortgage loans | Consolidated Entity, excluding Affiliated Entity | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases, (Sales), Issuances, (Settlements) | 4,160 | 1,044 | 11,318 | 6,879 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 37,978 | 25,145 | 37,978 | 25,145 | 34,668 | 27,454 | 25,218 | 21,154 |
Mortgage loans | Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 0 | 0 | 0 | 182 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Sales | 0 | 0 | 0 | 0 | ||||
Settlements | (1) | (3) | (24) | (14) | ||||
Purchases, (Sales), Issuances, (Settlements) | (1) | (3) | (24) | 168 | ||||
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 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,234 | 1,331 | 1,234 | 1,331 | 1,296 | 1,302 | 1,416 | 1,369 |
Mortgage loans | Variable Interest Entities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 4 | 102 | 63 | 102 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Sales | 0 | 0 | 0 | 0 | ||||
Settlements | (2) | (6) | (5) | (160) | ||||
Purchases, (Sales), Issuances, (Settlements) | 2 | 96 | 58 | (58) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 21 | 0 | 42 | ||||
Transfers (out) | 0 | 0 | 0 | (223) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 21 | 0 | (181) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,042 | 1,663 | 2,042 | 1,663 | 2,113 | 2,055 | 1,626 | 2,152 |
Mortgage loans | Consolidated Entity, Excluding Variable Interest Entities (VIE) and Investments in Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 14,361 | 9,377 | ||||||
Issuances | 0 | 0 | ||||||
Sales | (348) | (181) | ||||||
Settlements | (2,695) | (2,317) | ||||||
Purchases, (Sales), Issuances, (Settlements) | 11,318 | 6,879 | ||||||
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 | ||||||
Mortgage loans | Investments, excluding investments in Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 5,696 | 1,900 | ||||||
Issuances | 0 | 0 | ||||||
Sales | (285) | (51) | ||||||
Settlements | (1,251) | (805) | ||||||
Purchases, (Sales), Issuances, (Settlements) | 4,160 | 1,044 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ||||||
Transfers (out) | 0 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | ||||||
Short-term investments | Consolidated Entity, excluding Affiliated Entity | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases, (Sales), Issuances, (Settlements) | 100 | (23) | 70 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 26 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 129 | 35 | 129 | 35 | 30 | 36 | 58 | 0 |
Short-term investments | Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 53 | |||||||
Issuances | 0 | |||||||
Sales | 0 | |||||||
Settlements | 0 | |||||||
Purchases, (Sales), Issuances, (Settlements) | 53 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||||||
Transfers (out) | (53) | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (53) | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Short-term investments | Consolidated Entity, Excluding Variable Interest Entities (VIE) and Investments in Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 100 | 59 | ||||||
Issuances | 0 | 0 | ||||||
Sales | 0 | 0 | ||||||
Settlements | (30) | (52) | ||||||
Purchases, (Sales), Issuances, (Settlements) | 70 | 7 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 26 | 0 | ||||||
Transfers (out) | 0 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 26 | 0 | ||||||
Short-term investments | Investments, excluding investments in Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 100 | 0 | ||||||
Issuances | 0 | 0 | ||||||
Sales | 0 | 0 | ||||||
Settlements | 0 | (23) | ||||||
Purchases, (Sales), Issuances, (Settlements) | 100 | (23) | ||||||
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 | ||||||
Investment funds | Consolidated Entity, excluding Affiliated Entity | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (19) | (19) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 19 | 18 | ||||
Investment funds | Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 32 | 0 | ||||||
Issuances | 0 | 0 | ||||||
Sales | 0 | (34) | ||||||
Settlements | 0 | 0 | ||||||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | 32 | (34) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ||||||
Transfers (out) | 0 | (2,031) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 | (2,031) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,043 | 789 | 1,043 | 789 | 1,061 | 959 | 818 | 2,855 |
Investment funds | Variable Interest Entities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 113 | 1,695 | 113 | 1,981 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Sales | (32) | (1) | (40) | (126) | ||||
Settlements | 0 | 0 | 0 | 0 | ||||
Purchases, (Sales), Issuances, (Settlements) | 81 | 1,694 | 73 | 1,855 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 475 | 11,087 | ||||
Transfers (out) | 0 | (422) | (1,610) | (11,942) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | (422) | (1,135) | (855) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,402 | 2,306 | 1,402 | 2,306 | 1,351 | 2,471 | 1,053 | 1,297 |
Investment funds | Consolidated Entity, Excluding Variable Interest Entities (VIE) and Investments in Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 0 | |||||||
Issuances | 0 | |||||||
Sales | 0 | |||||||
Settlements | 0 | |||||||
Purchases, (Sales), Issuances, (Settlements) | 0 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||||||
Transfers (out) | (19) | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (19) | |||||||
Investment funds | Investments, excluding investments in Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 0 | |||||||
Issuances | 0 | |||||||
Sales | 0 | |||||||
Settlements | 0 | |||||||
Purchases, (Sales), Issuances, (Settlements) | 0 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||||||
Transfers (out) | (19) | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (19) | |||||||
Reinsurance recoverable | ||||||||
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 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,301 | 1,476 | 1,301 | 1,476 | 1,436 | 1,388 | 1,580 | 1,991 |
Trading securities | Consolidated Entity, excluding Affiliated Entity | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases, (Sales), Issuances, (Settlements) | (5) | (2) | (12) | 6 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 2 | (11) | (11) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 32 | 54 | 32 | 54 | 38 | 53 | 58 | 69 |
Trading securities | Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 1 | 5 | 28 | 41 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Sales | (1) | 0 | (38) | (1,052) | ||||
Settlements | 0 | 0 | (3) | (46) | ||||
Purchases, (Sales), Issuances, (Settlements) | 0 | 5 | (13) | (1,057) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 5 | 0 | 1,448 | ||||
Transfers (out) | 0 | 0 | 0 | (1,260) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 5 | 0 | 188 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 871 | 905 | 871 | 905 | 867 | 878 | 891 | 1,771 |
Trading securities | Variable Interest Entities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 6 | 529 | 26 | 529 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Sales | (51) | 0 | (81) | 0 | ||||
Settlements | 0 | 0 | 0 | 0 | ||||
Purchases, (Sales), Issuances, (Settlements) | (45) | 529 | (55) | 529 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 526 | 100 | 1,362 | 430 | ||||
Transfers (out) | 0 | (332) | (31) | (332) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 526 | (232) | 1,331 | 98 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,858 | 620 | 1,858 | 620 | 1,425 | 622 | 330 | 0 |
Trading securities | Consolidated Entity, Excluding Variable Interest Entities (VIE) and Investments in Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 8 | 8 | ||||||
Issuances | 0 | 0 | ||||||
Sales | 0 | 0 | ||||||
Settlements | (20) | (2) | ||||||
Purchases, (Sales), Issuances, (Settlements) | (12) | 6 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 5 | 42 | ||||||
Transfers (out) | (16) | (53) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (11) | (11) | ||||||
Trading securities | Investments, excluding investments in Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 0 | 0 | ||||||
Issuances | 0 | 0 | ||||||
Sales | 0 | 0 | ||||||
Settlements | (5) | (2) | ||||||
Purchases, (Sales), Issuances, (Settlements) | (5) | (2) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 3 | ||||||
Transfers (out) | 0 | (1) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 2 | ||||||
Other | Consolidated Entity, excluding Affiliated Entity | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases, (Sales), Issuances, (Settlements) | 145 | 0 | 41 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 496 | 0 | 496 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 477 | 496 | 477 | 496 | 337 | 441 | 0 | 0 |
Other | Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 0 | 42 | 0 | |||||
Issuances | 0 | 0 | 0 | |||||
Sales | 0 | 0 | 0 | |||||
Settlements | 0 | 0 | 0 | |||||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | 42 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 274 | 0 | 274 | |||||
Transfers (out) | 0 | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 274 | 0 | 274 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 327 | 274 | 327 | 274 | 343 | 303 | 0 | 0 |
Other | Variable Interest Entities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 2 | 0 | 7 | 31 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Sales | (14) | 0 | (21) | 0 | ||||
Settlements | 0 | 0 | 0 | 0 | ||||
Purchases, (Sales), Issuances, (Settlements) | (12) | 0 | (14) | 31 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 105 | 0 | 2,007 | ||||
Transfers (out) | 0 | 0 | 0 | (1,902) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 105 | 0 | 105 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 92 | 136 | 92 | 136 | 99 | 99 | 31 | 0 |
Other | Consolidated Entity, Excluding Variable Interest Entities (VIE) and Investments in Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 472 | 0 | ||||||
Issuances | 0 | 0 | ||||||
Sales | 0 | 0 | ||||||
Settlements | (431) | 0 | ||||||
Purchases, (Sales), Issuances, (Settlements) | 41 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 496 | ||||||
Transfers (out) | 0 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 496 | ||||||
Other | Investments, excluding investments in Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 145 | 0 | ||||||
Issuances | 0 | 0 | ||||||
Sales | 0 | 0 | ||||||
Settlements | 0 | 0 | ||||||
Purchases, (Sales), Issuances, (Settlements) | 145 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 496 | ||||||
Transfers (out) | 0 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 496 | ||||||
Foreign Government Debt | Consolidated Entity, Excluding Variable Interest Entities (VIE) and Investments in Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 53 | |||||||
Issuances | 0 | |||||||
Sales | 0 | |||||||
Settlements | (6) | |||||||
Purchases, (Sales), Issuances, (Settlements) | 47 | |||||||
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 | |||||||
Corporate | Consolidated Entity, excluding Affiliated Entity | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 26 | 228 | ||||||
Issuances | 0 | 0 | ||||||
Sales | 0 | (3) | ||||||
Settlements | (52) | (20) | ||||||
Purchases, (Sales), Issuances, (Settlements) | (26) | 205 | 1,170 | 385 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 83 | ||||||
Transfers (out) | (20) | (140) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (20) | (57) | (444) | 92 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,381 | 1,662 | 2,381 | 1,662 | 2,460 | 1,665 | 1,588 | 1,339 |
Corporate | Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 27 | 116 | 184 | 483 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Sales | 0 | 0 | 0 | (217) | ||||
Settlements | (3) | (2) | (9) | (16) | ||||
Purchases, (Sales), Issuances, (Settlements) | 24 | 114 | 175 | 250 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 215 | 53 | ||||
Transfers (out) | 0 | (94) | 0 | (94) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | (94) | 215 | (41) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,186 | 853 | 1,186 | 853 | 1,171 | 812 | 849 | 670 |
Corporate | Consolidated Entity, Excluding Variable Interest Entities (VIE) and Investments in Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 1,338 | 681 | ||||||
Issuances | 0 | 0 | ||||||
Sales | 0 | (173) | ||||||
Settlements | (168) | (123) | ||||||
Purchases, (Sales), Issuances, (Settlements) | 1,170 | 385 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 29 | 276 | ||||||
Transfers (out) | (473) | (184) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (444) | 92 | ||||||
CLO | Consolidated Entity, excluding Affiliated Entity | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 3 | |||||||
Issuances | 0 | |||||||
Sales | 0 | |||||||
Settlements | 0 | |||||||
Purchases, (Sales), Issuances, (Settlements) | 3 | (9) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||||||
Transfers (out) | 0 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 3 | 3 | 0 | 14 | ||||
CLO | Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 185 | 130 | ||||||
Issuances | 0 | 0 | ||||||
Sales | 0 | 0 | ||||||
Settlements | 0 | 0 | ||||||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | 185 | 130 | ||||
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 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 503 | 311 | 503 | 311 | 495 | 325 | 202 | |
CLO | Consolidated Entity, Excluding Variable Interest Entities (VIE) and Investments in Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 3 | |||||||
Issuances | 0 | |||||||
Sales | 0 | |||||||
Settlements | (12) | |||||||
Purchases, (Sales), Issuances, (Settlements) | (9) | |||||||
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 | |||||||
Equity securities | Consolidated Entity, excluding Affiliated Entity | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | 0 | (3) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | (13) | (381) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 74 | 72 | 74 | 72 | 67 | 92 | 62 | 429 |
Equity securities | Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 195 | 0 | 195 | |||||
Issuances | 0 | 0 | 0 | |||||
Sales | 0 | 0 | (119) | |||||
Settlements | 0 | (32) | 0 | |||||
Purchases, (Sales), Issuances, (Settlements) | 0 | 195 | (32) | 76 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 125 | |||||
Transfers (out) | 0 | 0 | (113) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 | 12 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 245 | 340 | 245 | 340 | 252 | 279 | 163 | 284 |
Equity securities | Variable Interest Entities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 0 | 0 | ||||||
Issuances | 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 | 15 | 15 | ||||||
Transfers (out) | 0 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 15 | 15 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 15 | 15 | 0 | 0 | ||||
Equity securities | Consolidated Entity, Excluding Variable Interest Entities (VIE) and Investments in Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 0 | 0 | ||||||
Issuances | 0 | 0 | ||||||
Sales | 0 | (3) | ||||||
Settlements | 0 | 0 | ||||||
Purchases, (Sales), Issuances, (Settlements) | 0 | (3) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 19 | ||||||
Transfers (out) | (13) | (400) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (13) | (381) | ||||||
ABS | Consolidated Entity, excluding Affiliated Entity | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 221 | 344 | ||||||
Issuances | 0 | 0 | ||||||
Sales | (13) | 0 | ||||||
Settlements | (463) | (146) | ||||||
Purchases, (Sales), Issuances, (Settlements) | (255) | 198 | 794 | 198 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 357 | 116 | ||||||
Transfers (out) | (795) | (12) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (438) | 104 | (999) | 167 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 4,626 | 3,848 | 4,626 | 3,848 | 5,305 | 4,867 | 3,594 | 3,619 |
ABS | Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 426 | 887 | 3,132 | 2,160 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Sales | 0 | 0 | (162) | (93) | ||||
Settlements | (316) | (603) | (1,002) | (3,024) | ||||
Purchases, (Sales), Issuances, (Settlements) | 110 | 284 | 1,968 | (957) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 94 | 284 | 1,916 | ||||
Transfers (out) | 0 | 0 | 0 | (1,864) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 94 | 284 | 52 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 7,839 | 5,328 | 7,839 | 5,328 | 7,742 | 5,542 | 5,026 | 6,445 |
ABS | Consolidated Entity, Excluding Variable Interest Entities (VIE) and Investments in Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 1,552 | 2,579 | ||||||
Issuances | 0 | 0 | ||||||
Sales | (33) | (1,791) | ||||||
Settlements | (725) | (590) | ||||||
Purchases, (Sales), Issuances, (Settlements) | 794 | 198 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 695 | 484 | ||||||
Transfers (out) | (1,694) | (317) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (999) | 167 | ||||||
RMBS | Consolidated Entity, excluding Affiliated Entity | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 261 | 0 | ||||||
Issuances | 0 | 0 | ||||||
Sales | 0 | 0 | ||||||
Settlements | 0 | (1) | ||||||
Purchases, (Sales), Issuances, (Settlements) | 261 | (1) | 258 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ||||||
Transfers (out) | (4) | (66) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (4) | (66) | (235) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 263 | 0 | 263 | 0 | 6 | 232 | 68 | |
RMBS | Consolidated Entity, Excluding Variable Interest Entities (VIE) and Investments in Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 262 | 68 | ||||||
Issuances | 0 | 0 | ||||||
Sales | 0 | 0 | ||||||
Settlements | (4) | (1) | ||||||
Purchases, (Sales), Issuances, (Settlements) | 258 | 67 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 5 | 0 | ||||||
Transfers (out) | (240) | (66) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (235) | (66) | ||||||
RMBS | Investments, excluding investments in Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases, (Sales), Issuances, (Settlements) | 67 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (66) | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
CMBS | 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 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 12 | (26) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 12 | 0 | 12 | 0 | 12 | 0 | 43 | |
CMBS | Consolidated Entity, Excluding Variable Interest Entities (VIE) and Investments in Related Party | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases | 0 | 0 | ||||||
Issuances | 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 | 12 | 0 | ||||||
Transfers (out) | 0 | (26) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 12 | (26) | ||||||
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 | 7 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | (4,981) | (5,259) | (4,981) | (5,259) | (4,356) | (4,847) | (3,958) | 29 |
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 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | (972) | (1,571) | (972) | (1,571) | (1,297) | (1,425) | (1,129) | 0 |
Interest sensitive contract liabilities | Universal life | ||||||||
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, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 739 | 852 | 739 | 852 | 854 | 829 | 943 | 1,235 |
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 | (573) | (456) | (1,708) | (1,053) | ||||
Sales | 0 | 0 | 0 | 0 | ||||
Settlements | (175) | (108) | (481) | (384) | ||||
Purchases, (Sales), Issuances, (Settlements), Liabilities | (398) | (348) | (1,227) | (669) | ||||
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 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 7,345 | 4,998 | 7,345 | 4,998 | 8,198 | 5,841 | 5,176 | 7,408 |
Derivative Financial Instruments, Liabilities | ||||||||
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, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 3 |
Future policy benefits | AmerUs Closed Block | ||||||||
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, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 1,100 | 1,157 | 1,100 | 1,157 | 1,159 | 1,164 | 1,247 | 1,520 |
Future policy benefits | ILICO Closed Block and life benefits | ||||||||
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, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 551 | $ 612 | 551 | $ 612 | 571 | 548 | $ 623 | $ 742 |
Other liabilities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Purchases, (Sales), Issuances, (Settlements), Liabilities | 0 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | 0 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 213 | $ 213 | $ 209 | $ 142 |
Fair Value - Summary of Unobser
Fair Value - Summary of Unobservable Inputs for the Embedded Derivatives of Interest Sensitive Contract Liabilities (Details) $ in Millions | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment funds | $ 16,818 | $ 14,128 |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-Sale Debt securities, Trading securities, and Equity securities | 14,272 | 10,671 |
Mortgage loans, net of allowances | 41,254 | 30,811 |
Level 3 | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment funds | 483 | 506 |
Level 3 | Discounted cash flow/guideline public equity | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment funds | 873 | |
Level 3 | Net tangible asset values | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment funds | 511 | 529 |
Level 3 | Reported net asset value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment funds | $ 408 | $ 563 |
Nonperformance risk | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.006 | 0.001 |
Nonperformance risk | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.016 | 0.017 |
Nonperformance risk | Weighted average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.012 | 0.010 |
Option budget | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.005 | 0.005 |
Option budget | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.059 | 0.053 |
Option budget | Weighted average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.023 | 0.019 |
Surrender rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.067 | 0.051 |
Surrender rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.133 | 0.115 |
Surrender rate | Weighted average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative liability, measurement input | 0.088 | 0.081 |
Measurement Input, Discount Rate [Member] | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage loans, Measurement Input | 0.022 | 0.015 |
Measurement Input for Available-for-Sale Debt securities, Trading securities, and Equity securities | 0.023 | 0.022 |
Investment funds, measurement input | 0.063 | 0.064 |
Measurement Input, Discount Rate [Member] | Minimum | Discounted cash flow/guideline public equity | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment funds, measurement input | 0.165 | |
Measurement Input, Discount Rate [Member] | Minimum | Measurement Input, Implied Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment funds, measurement input | 1.18 | 1.26 |
Measurement Input, Discount Rate [Member] | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage loans, Measurement Input | 0.219 | 0.221 |
Measurement Input for Available-for-Sale Debt securities, Trading securities, and Equity securities | 0.188 | 0.188 |
Investment funds, measurement input | 0.063 | 0.064 |
Measurement Input, Discount Rate [Member] | Maximum | Discounted cash flow/guideline public equity | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment funds, measurement input | 0.165 | |
Measurement Input, Discount Rate [Member] | Maximum | Measurement Input, Implied Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment funds, measurement input | 1.18 | 1.26 |
Measurement Input, Discount Rate [Member] | Weighted average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage loans, Measurement Input | 0.070 | 0.063 |
Measurement Input for Available-for-Sale Debt securities, Trading securities, and Equity securities | 0.072 | 0.068 |
Investment funds, measurement input | 0.063 | 0.064 |
Measurement Input, Discount Rate [Member] | Weighted average | Discounted cash flow/guideline public equity | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment funds, measurement input | 0.165 | |
Measurement Input, Discount Rate [Member] | Weighted average | Measurement Input, Implied Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment funds, measurement input | 1.18 | 1.26 |
Measurement Input, P/E Ratio | Minimum | Discounted cash flow/guideline public equity | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment funds, measurement input | 9 | |
Measurement Input, P/E Ratio | Maximum | Discounted cash flow/guideline public equity | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment funds, measurement input | 9 | |
Measurement Input, P/E Ratio | Weighted average | Discounted cash flow/guideline public equity | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment funds, measurement input | 9 | |
Embedded derivatives | Interest sensitive contract liabilities | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total liabilities measured at fair value | $ 7,345 | $ 5,841 |
Fair Value - Financial Instrume
Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Fair Value | |||
Assets | |||
Short-term investments | $ 1,640 | ||
Total assets measured at fair value | $ 40,541 | 51,798 | |
Liabilities | |||
Interest sensitive contract liabilities | 126,779 | 111,608 | |
Debt | 2,839 | 2,893 | |
Securities Sold under Agreements to Repurchase | 4,512 | 4,743 | |
Funds withheld liability | 349 | 360 | |
Total liabilities not carried at fair value | 134,479 | 119,604 | |
Fair Value | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Investment funds | 124 | 79 | |
Policy loans | 336 | 347 | |
Funds withheld at interest | 30,934 | 37,727 | |
Other investments | 45 | 162 | |
Fair Value | Related Party | |||
Assets | |||
Investment funds | 561 | 610 | |
Funds withheld at interest | 7,592 | 11,233 | |
Short-term investments | 949 | ||
Carrying Value | |||
Assets | |||
Short-term investments | 1,640 | ||
Total assets measured at fair value | 40,536 | 51,798 | |
Liabilities | |||
Interest sensitive contract liabilities | 140,229 | 125,101 | |
Debt | 3,634 | 3,658 | |
Securities Sold under Agreements to Repurchase | 4,512 | 4,743 | |
Funds withheld liability | 349 | 360 | |
Total liabilities not carried at fair value | 148,724 | 133,862 | |
Carrying Value | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Investment funds | 124 | 79 | |
Policy loans | 336 | 347 | |
Funds withheld at interest | 30,934 | 37,727 | |
Other investments | 40 | 162 | |
Carrying Value | Related Party | |||
Assets | |||
Investment funds | 561 | 610 | |
Funds withheld at interest | 7,592 | 11,233 | |
Short-term investments | 949 | ||
Investment funds | 16,818 | 14,128 | |
Liabilities | |||
Interest sensitive contract liabilities | 189,065 | 173,616 | $ 166,878 |
Debt | 3,634 | 3,658 | |
Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Investment funds | 124 | 79 | |
Policy loans | 336 | 347 | |
Funds withheld at interest | 25,953 | 32,880 | |
Other investments | 947 | 773 | |
Short-term investments | 527 | 2,160 | |
Related Party | |||
Assets | |||
Investment funds | 1,604 | 1,569 | |
Funds withheld at interest | 6,620 | 9,808 | |
Other investments | 327 | 303 | |
Short-term investments | 949 | 0 | |
Liabilities | |||
Interest sensitive contract liabilities | 9,055 | 11,889 | |
Variable Interest Entities | |||
Assets | |||
Investment funds | 15,090 | 12,480 | |
Other investments | 94 | 101 | |
Level 1 | Fair Value | |||
Assets | |||
Short-term investments | 0 | ||
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 | 0 | |
Total liabilities not carried at fair value | 0 | 0 | |
Level 1 | Fair Value | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Investment funds | 0 | 0 | |
Policy loans | 0 | 0 | |
Funds withheld at interest | 0 | 0 | |
Other investments | 0 | 0 | |
Level 1 | Fair Value | Related Party | |||
Assets | |||
Investment funds | 0 | 0 | |
Funds withheld at interest | 0 | 0 | |
Short-term investments | 0 | ||
Level 3 | Fair Value | |||
Assets | |||
Short-term investments | 26 | ||
Total assets measured at fair value | 38,571 | 49,148 | |
Liabilities | |||
Interest sensitive contract liabilities | 126,779 | 111,608 | |
Debt | 0 | 0 | |
Securities Sold under Agreements to Repurchase | 0 | 0 | |
Funds withheld liability | 0 | 0 | |
Total liabilities not carried at fair value | 126,779 | 111,608 | |
Level 3 | Fair Value | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Investment funds | 0 | 0 | |
Policy loans | 0 | 0 | |
Funds withheld at interest | 30,934 | 37,727 | |
Other investments | 45 | 162 | |
Level 3 | Fair Value | Related Party | |||
Assets | |||
Investment funds | 0 | 0 | |
Funds withheld at interest | 7,592 | 11,233 | |
Short-term investments | 0 | ||
NAV | Fair Value | |||
Assets | |||
Total assets measured at fair value | 685 | 689 | |
Liabilities | |||
Interest sensitive contract liabilities | 0 | 0 | |
Debt | 0 | 0 | |
Securities Sold under Agreements to Repurchase | 0 | 0 | |
Funds withheld liability | 0 | 0 | |
Total liabilities not carried at fair value | 0 | 0 | |
NAV | Fair Value | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Investment funds | 124 | 79 | |
Policy loans | 0 | 0 | |
Funds withheld at interest | 0 | 0 | |
Other investments | 0 | 0 | |
Short-term investments | 0 | ||
NAV | Fair Value | Related Party | |||
Assets | |||
Investment funds | 561 | 610 | |
Funds withheld at interest | 0 | 0 | |
Short-term investments | 0 | ||
Level 2 | Fair Value | |||
Assets | |||
Short-term investments | 1,614 | ||
Total assets measured at fair value | 1,285 | 1,961 | |
Liabilities | |||
Interest sensitive contract liabilities | 0 | 0 | |
Debt | 2,839 | 2,893 | |
Securities Sold under Agreements to Repurchase | 4,512 | 4,743 | |
Funds withheld liability | 349 | 360 | |
Total liabilities not carried at fair value | 7,700 | 7,996 | |
Level 2 | Fair Value | Consolidated Entity, excluding Affiliated Entity | |||
Assets | |||
Investment funds | 0 | 0 | |
Policy loans | 336 | 347 | |
Funds withheld at interest | 0 | 0 | |
Other investments | 0 | 0 | |
Level 2 | Fair Value | Related Party | |||
Assets | |||
Investment funds | 0 | 0 | |
Funds withheld at interest | 0 | $ 0 | |
Short-term investments | $ 949 |
Fair Value - Narrative (Details
Fair Value - Narrative (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Carrying amount of equity securities | $ 400,000,000 | $ 400,000,000 |
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 | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
DAC | ||
Other | $ (3) | |
Deferred Policy Acquisition Costs, Deferred Sales Inducements, and Present Value of Future Profits, Foreign Currency Translation Gain (Loss) and Other | (3) | |
VOBA | ||
Beginning balance | 2,988 | $ 3,372 |
Additions | 0 | 0 |
Amortization | (315) | (289) |
Ending balance | 2,670 | 3,083 |
Total | ||
Beginning balance | 4,466 | 3,372 |
Additions | 1,487 | 1,016 |
Amortization | (502) | (318) |
Ending balance | 5,448 | 4,070 |
Traditional deferred annuities | ||
DAC | ||
Beginning balance | 304 | 0 |
Additions | 426 | 175 |
Amortization | (74) | (5) |
Deferred Policy Acquisition Cost, Foreign Currency Translation Adjustment and Other | 0 | |
Ending balance | 656 | 170 |
Indexed annuities | ||
DAC | ||
Beginning balance | 755 | 0 |
Additions | 609 | 555 |
Amortization | (69) | (17) |
Deferred Policy Acquisition Cost, Foreign Currency Translation Adjustment and Other | 0 | |
Deferred Sales Inducement Cost, Other Increase (Decrease) | 0 | |
Ending balance | 1,295 | 538 |
DSI | ||
Beginning balance | 399 | 0 |
Additions | 447 | 266 |
Amortization | (40) | (5) |
Ending balance | 806 | 261 |
Funding agreements | ||
DAC | ||
Beginning balance | 11 | 0 |
Additions | 2 | 13 |
Amortization | (3) | (2) |
Deferred Policy Acquisition Cost, Foreign Currency Translation Adjustment and Other | 0 | |
Ending balance | 10 | 11 |
Other investment-type | ||
DAC | ||
Beginning balance | 9 | 0 |
Additions | 3 | 7 |
Amortization | (1) | 0 |
Deferred Policy Acquisition Cost, Foreign Currency Translation Adjustment and Other | 0 | |
Ending balance | $ 11 | $ 7 |
Deferred Acquisition Costs, D_4
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired - Expected Amortization (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Insurance [Abstract] | |
2023 | $ 87 |
2024 | 324 |
2025 | 292 |
2026 | 260 |
2027 | 228 |
2028 | $ 197 |
Long-duration Contracts - Polic
Long-duration Contracts - Policyholder Account Balance Rollforward (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Policyholder Account Balance [Roll Forward] | ||
Beginning balance | $ 168,339 | $ 151,390 |
Deposits | 35,624 | 24,350 |
Policy charges | (483) | (443) |
Surrenders and withdrawals | (16,634) | (9,628) |
Benefit payments | (4,441) | (4,826) |
Interest credited | 2,824 | 2,743 |
Foreign exchange | (448) | (1,008) |
Other 1 | (1,325) | (710) |
Ending balance | $ 183,456 | $ 161,868 |
Weighted average crediting rate | 2.90% | 2.30% |
Net amount at risk | $ 14,967 | $ 13,626 |
Cash surrender value | 139,739 | 123,168 |
Venerable | Reinsurance agreement recapture | ||
Policyholder Account Balance [Roll Forward] | ||
Other 1 | (1,371) | |
Traditional deferred annuities | ||
Policyholder Account Balance [Roll Forward] | ||
Beginning balance | 43,518 | 35,599 |
Deposits | 18,011 | 7,475 |
Policy charges | (2) | (2) |
Surrenders and withdrawals | (8,207) | (3,435) |
Benefit payments | (738) | (703) |
Interest credited | 1,284 | 718 |
Foreign exchange | (77) | 0 |
Other 1 | 63 | 0 |
Ending balance | $ 53,852 | $ 39,652 |
Weighted average crediting rate | 3.70% | 2.90% |
Net amount at risk | $ 425 | $ 421 |
Cash surrender value | 50,352 | 37,777 |
Indexed annuities | ||
Policyholder Account Balance [Roll Forward] | ||
Beginning balance | 92,660 | 89,755 |
Deposits | 8,960 | 8,110 |
Policy charges | (481) | (441) |
Surrenders and withdrawals | (8,292) | (5,679) |
Benefit payments | (1,216) | (1,215) |
Interest credited | 802 | 1,487 |
Foreign exchange | (1) | 0 |
Other 1 | 77 | 0 |
Ending balance | $ 92,509 | $ 92,017 |
Weighted average crediting rate | 2.30% | 2.10% |
Net amount at risk | $ 14,438 | $ 13,169 |
Cash surrender value | 84,052 | 83,705 |
Funding agreements | ||
Policyholder Account Balance [Roll Forward] | ||
Beginning balance | 27,439 | 23,623 |
Deposits | 4,893 | 6,770 |
Policy charges | 0 | 0 |
Surrenders and withdrawals | (110) | (505) |
Benefit payments | (2,264) | (2,659) |
Interest credited | 628 | 474 |
Foreign exchange | (26) | (899) |
Other 1 | (46) | (693) |
Ending balance | $ 30,514 | $ 26,111 |
Weighted average crediting rate | 3.10% | 2.20% |
Net amount at risk | $ 0 | $ 0 |
Cash surrender value | 0 | 0 |
Other investment-type | ||
Policyholder Account Balance [Roll Forward] | ||
Beginning balance | 4,722 | 2,413 |
Deposits | 3,760 | 1,995 |
Policy charges | 0 | 0 |
Surrenders and withdrawals | (25) | (9) |
Benefit payments | (223) | (249) |
Interest credited | 110 | 64 |
Foreign exchange | (344) | (109) |
Other 1 | (1,419) | (17) |
Ending balance | $ 6,581 | $ 4,088 |
Weighted average crediting rate | 2.70% | 2.90% |
Net amount at risk | $ 104 | $ 36 |
Cash surrender value | $ 5,335 | $ 1,686 |
Long-duration Contracts - Recon
Long-duration Contracts - Reconciliation of Account Balance Within Interest Sensitive Contract Benefits (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Liability for Future Policy Benefit, Activity [Line Items] | |||
Interest sensitive contract liabilities | $ 189,065 | $ 173,616 | $ 166,878 |
Traditional deferred annuities | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Interest sensitive contract liabilities | 53,852 | 39,652 | |
Indexed annuities | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Interest sensitive contract liabilities | 92,509 | 92,017 | |
Funding agreements | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Interest sensitive contract liabilities | 30,514 | 26,111 | |
Other investment-type | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Interest sensitive contract liabilities | 6,581 | 4,088 | |
Reconciling items | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Interest sensitive contract liabilities | $ 5,609 | $ 5,010 |
Long-duration Contracts - Accou
Long-duration Contracts - Account Balances by Guaranteed Minimum Interest Rates (Details) $ in Millions | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jan. 01, 2022 USD ($) |
Policyholder Account Balance [Line Items] | ||||
Total | $ 183,456 | $ 168,339 | $ 161,868 | $ 151,390 |
Less than 2.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 138,394 | $ 117,992 | ||
Less than 2.0% | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of guaranteed minimum credit ratings (in percent) | 2% | 2% | ||
2.0% to 4.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 30,507 | $ 39,118 | ||
2.0% to 4.0% | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of guaranteed minimum credit ratings (in percent) | 4% | 4% | ||
2.0% to 4.0% | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of guaranteed minimum credit ratings (in percent) | 2% | 2% | ||
4.0% to 6.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 11,443 | $ 4,628 | ||
Range of guaranteed minimum credit ratings (in percent) | 6% | |||
4.0% to 6.0% | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of guaranteed minimum credit ratings (in percent) | 6% | |||
4.0% to 6.0% | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of guaranteed minimum credit ratings (in percent) | 4% | 4% | ||
6.0% and greater | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 3,112 | $ 130 | ||
6.0% and greater | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of guaranteed minimum credit ratings (in percent) | 6% | 6% | ||
At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 71,947 | $ 67,490 | ||
At guaranteed minimum | Less than 2.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 28,564 | 25,599 | ||
At guaranteed minimum | 2.0% to 4.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 28,838 | 37,150 | ||
At guaranteed minimum | 4.0% to 6.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 11,433 | 4,611 | ||
At guaranteed minimum | 6.0% and greater | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 3,112 | 130 | ||
1 basis point – 100 basis points above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 20,846 | $ 28,411 | ||
1 basis point – 100 basis points above guaranteed minimum | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder account balance above guaranteed minimum crediting rate | 100 | 100 | ||
1 basis point – 100 basis points above guaranteed minimum | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder account balance above guaranteed minimum crediting rate | 1 | 1 | ||
1 basis point – 100 basis points above guaranteed minimum | Less than 2.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 19,709 | $ 26,909 | ||
1 basis point – 100 basis points above guaranteed minimum | 2.0% to 4.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 1,128 | 1,491 | ||
1 basis point – 100 basis points above guaranteed minimum | 4.0% to 6.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 9 | 11 | ||
1 basis point – 100 basis points above guaranteed minimum | 6.0% and greater | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 0 | 0 | ||
Greater than 100 basis points above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 90,663 | $ 65,967 | ||
Greater than 100 basis points above guaranteed minimum | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder account balance above guaranteed minimum crediting rate | 100 | 100 | ||
Greater than 100 basis points above guaranteed minimum | Less than 2.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 90,121 | $ 65,484 | ||
Greater than 100 basis points above guaranteed minimum | 2.0% to 4.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 541 | 477 | ||
Greater than 100 basis points above guaranteed minimum | 4.0% to 6.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 1 | 6 | ||
Greater than 100 basis points above guaranteed minimum | 6.0% and greater | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 0 | $ 0 |
Long-duration Contracts - Balan
Long-duration Contracts - Balances of and Changes in Liability for Future Policy Benefits (Details) - Payout annuities with life contingencies - USD ($) $ in Millions | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | |
Present value of expected future policy benefits | |||||
Beginning balance | $ 36,422 | $ 35,278 | |||
Effect of changes in discount rate assumptions | 9,753 | 8,833 | $ 8,425 | $ 0 | |
Beginning balance at original discount rate | 50,593 | 44,348 | 44,847 | 35,278 | |
Effect of actual experience compared to expected experience | (36) | (115) | |||
Adjusted balance | 44,514 | $ 35,163 | |||
Issuances | 9,120 | 10,666 | |||
Interest accrual | 1,194 | 802 | |||
Benefit payments | (2,731) | (2,193) | |||
Foreign exchange | 5 | (90) | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | (1,509) | 0 | |||
Ending balance at original discount rate | 50,593 | 44,348 | |||
Effect of changes in cash flow assumptions | $ (297) | $ 0 | |||
Ending balance | 40,840 | $ 35,515 | |||
Venerable | Reinsurance agreement recapture | |||||
Present value of expected future policy benefits | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | $ (1,509) |
Long-duration Contracts - Rec_2
Long-duration Contracts - Reconciliation of Future Policy Benefits (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Liability for Future Policy Benefit, Activity [Line Items] | |||
Future policy benefits | $ 46,672 | $ 42,110 | $ 41,285 |
Payout annuities with life contingencies | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Future policy benefits | 40,840 | 35,515 | |
Reconciling items | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Future policy benefits | $ 5,832 | $ 5,770 |
Long-duration Contracts - Premi
Long-duration Contracts - Premium Reconciliation (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Liability for Future Policy Benefit, Activity [Line Items] | ||
Premiums | $ 9,163 | $ 10,769 |
Payout annuities with life contingencies | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Premiums | 9,142 | 10,745 |
Reconciling items | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Premiums | $ 21 | $ 24 |
Long-duration Contracts - Narra
Long-duration Contracts - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | |
Additional Liability, Long-Duration Insurance [Line Items] | ||||||||||
Future policy benefit, interest expense | $ 1,194 | $ 802 | ||||||||
Market risk benefit, period increase (decrease) | 101 | (2,167) | ||||||||
Effect of changes in interest rates | 609 | 2,093 | $ 2,093 | |||||||
Effect of changes in instrument-specific credit risk | $ 146 | $ (524) | 146 | (524) | (524) | $ (366) | ||||
Attributed fees collected | 252 | 247 | 247 | |||||||
Effect of changes in equity | (26) | 188 | 188 | |||||||
Remeasurement gains (losses) on future policy benefits related to discount rate | 1,317 | 2,374 | $ 3,562 | $ 6,459 | 1,328 | 8,833 | 8,425 | |||
Remeasurement gains (losses) on market risk benefits related to credit risk | (254) | (52) | $ 397 | $ 576 | (220) | 524 | 366 | |||
Liability for Future Policy Benefit, Adverse Development, Expense | 110 | 38 | ||||||||
Payout annuities with life contingencies | ||||||||||
Additional Liability, Long-Duration Insurance [Line Items] | ||||||||||
Favorable (unfavorable) movements | 4,418 | 237 | ||||||||
Interest accrual | 1,194 | 802 | ||||||||
Benefit payments | (2,731) | (2,193) | ||||||||
Effect of changes in discount rate assumptions | $ 9,753 | $ 8,833 | 9,753 | 8,833 | 8,833 | 8,425 | $ 0 | |||
Issuances | 9,120 | $ 10,666 | ||||||||
Remeasurement gains (losses) on future policy benefits related to discount rate | $ 1,328 | $ 8,833 | ||||||||
Effect of changes in cash flow assumptions | $ (297) | $ 0 |
Long-duration Contracts - Disco
Long-duration Contracts - Discounted Future Gross Premiums (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Insurance [Abstract] | ||
Expected future benefit payments, Undiscounted | $ 73,933 | $ 63,743 |
Expected future benefit payments, Discounted | $ 50,593 | $ 44,348 |
Long-duration Contracts - Weigh
Long-duration Contracts - Weighted Average Durations and Interest Rates (Details) | Sep. 30, 2023 | Sep. 30, 2022 |
Insurance [Abstract] | ||
Weighted-average liability duration (in years) | 9 years 7 months 6 days | 10 years 2 months 12 days |
Weighted-average interest accretion rate | 3.60% | 3.10% |
Weighted-average current discount rate | 6.10% | 5.60% |
Long-duration Contracts - Remea
Long-duration Contracts - Remeasurement Gain (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Insurance [Abstract] | ||||
Reserves | $ 333 | $ 115 | ||
Deferred profit liability | (243) | (110) | ||
Negative VOBA | (54) | 0 | ||
Total remeasurement gains (losses) | $ 30 | $ (5) | $ 36 | $ 5 |
Long-duration Contracts - Marke
Long-duration Contracts - Market Risk Benefits (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | |
Market Risk Benefit [Roll Forward] | ||||
Beginning Balance | $ (2,489) | $ 4,447 | ||
Effect of changes in instrument-specific credit risk | 146 | $ (524) | (524) | $ (366) |
Balance, beginning of period, before changes in instrument-specific credit risk | 2,855 | |||
Issuances | 47 | 42 | ||
Interest accrual | 115 | 26 | ||
Attributed fees collected | 252 | 247 | 247 | |
Benefit payments | (25) | (41) | ||
Effect of changes in interest rates | (609) | (2,093) | (2,093) | |
Effect of changes in equity | (26) | 188 | 188 | |
Effect of actual behavior compared to expected behavior | 46 | 31 | ||
Effect of changes in future expected policyholder behavior | 75 | |||
Balance at September 30, 2023 | 2,590 | 2,280 | 2,280 | |
Ending Balance | 2,736 | 2,804 | 2,804 | |
Net amount at risk | $ 14,863 | $ 13,590 | 13,590 | |
Weighted-average attained age of contract holders (in years) | 69 years | 69 years | ||
Effect of changes in other future expected assumptions | $ 6 | (43) | ||
Traditional deferred annuities | ||||
Market Risk Benefit [Roll Forward] | ||||
Beginning Balance | (170) | 253 | ||
Effect of changes in instrument-specific credit risk | 7 | $ (18) | (18) | (13) |
Balance, beginning of period, before changes in instrument-specific credit risk | 183 | |||
Issuances | 0 | 0 | ||
Interest accrual | 7 | 2 | ||
Attributed fees collected | 2 | 2 | ||
Benefit payments | (1) | (3) | ||
Effect of changes in interest rates | (18) | (77) | ||
Effect of changes in equity | 0 | 0 | ||
Effect of actual behavior compared to expected behavior | 4 | 4 | ||
Effect of changes in future expected policyholder behavior | (3) | |||
Balance at September 30, 2023 | 167 | 161 | 161 | |
Ending Balance | 174 | 179 | 179 | |
Net amount at risk | $ 425 | $ 421 | 421 | |
Weighted-average attained age of contract holders (in years) | 75 years | 75 years | ||
Effect of changes in other future expected assumptions | $ 0 | (2) | ||
Indexed annuities | ||||
Market Risk Benefit [Roll Forward] | ||||
Beginning Balance | (2,319) | 4,194 | ||
Effect of changes in instrument-specific credit risk | 139 | $ (506) | (506) | $ (353) |
Balance, beginning of period, before changes in instrument-specific credit risk | 2,672 | |||
Issuances | 47 | 42 | ||
Interest accrual | 108 | 24 | ||
Attributed fees collected | 250 | 245 | ||
Benefit payments | (24) | (38) | ||
Effect of changes in interest rates | (591) | (2,016) | ||
Effect of changes in equity | (26) | 188 | ||
Effect of actual behavior compared to expected behavior | 42 | 27 | ||
Effect of changes in future expected policyholder behavior | 78 | |||
Balance at September 30, 2023 | 2,423 | 2,119 | 2,119 | |
Ending Balance | 2,562 | 2,625 | 2,625 | |
Net amount at risk | $ 14,438 | $ 13,169 | 13,169 | |
Weighted-average attained age of contract holders (in years) | 69 years | 69 years | ||
Effect of changes in other future expected assumptions | $ 6 | $ (41) |
Long-duration Contracts - Mar_2
Long-duration Contracts - Market Risk Reconciliation (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Market Risk Benefit [Line Items] | |||
Asset | $ 431 | $ 511 | |
Liability | 3,021 | $ 2,970 | 2,791 |
Net liability | 2,590 | 2,855 | 2,280 |
Traditional deferred annuities | |||
Market Risk Benefit [Line Items] | |||
Asset | 0 | 0 | |
Liability | 167 | 161 | |
Net liability | 167 | 183 | 161 |
Indexed annuities | |||
Market Risk Benefit [Line Items] | |||
Asset | 431 | 511 | |
Liability | 2,854 | 2,630 | |
Net liability | $ 2,423 | $ 2,672 | $ 2,119 |
Long-duration Contracts - Signi
Long-duration Contracts - Significant Inputs and Assumptions (Details) $ in Millions | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) |
Market Risk Benefit [Line Items] | |||
Net liability | $ 2,590 | $ 2,855 | $ 2,280 |
Nonperformance risk | Discounted cash flow | Minimum | |||
Market Risk Benefit [Line Items] | |||
Market risk benefit, measurement input (in percent) | 0.006 | 0.006 | |
Nonperformance risk | Discounted cash flow | Maximum | |||
Market Risk Benefit [Line Items] | |||
Market risk benefit, measurement input (in percent) | 0.016 | 0.019 | |
Nonperformance risk | Discounted cash flow | Weighted average | |||
Market Risk Benefit [Line Items] | |||
Market risk benefit, measurement input (in percent) | 0.014 | 0.016 | |
Option budget | Discounted cash flow | Minimum | |||
Market Risk Benefit [Line Items] | |||
Market risk benefit, measurement input (in percent) | 0.005 | 0.005 | |
Option budget | Discounted cash flow | Maximum | |||
Market Risk Benefit [Line Items] | |||
Market risk benefit, measurement input (in percent) | 0.059 | 0.045 | |
Option budget | Discounted cash flow | Weighted average | |||
Market Risk Benefit [Line Items] | |||
Market risk benefit, measurement input (in percent) | 0.019 | 0.016 | |
Surrender rate | Discounted cash flow | Minimum | |||
Market Risk Benefit [Line Items] | |||
Market risk benefit, measurement input (in percent) | 0.034 | 0.033 | |
Surrender rate | Discounted cash flow | Maximum | |||
Market Risk Benefit [Line Items] | |||
Market risk benefit, measurement input (in percent) | 0.065 | 0.068 | |
Surrender rate | Discounted cash flow | Weighted average | |||
Market Risk Benefit [Line Items] | |||
Market risk benefit, measurement input (in percent) | 0.046 | 0.045 | |
Measurement Input, Utilization Rate | Discounted cash flow | Minimum | |||
Market Risk Benefit [Line Items] | |||
Market risk benefit, measurement input (in percent) | 0.286 | 0.286 | |
Measurement Input, Utilization Rate | Discounted cash flow | Maximum | |||
Market Risk Benefit [Line Items] | |||
Market risk benefit, measurement input (in percent) | 0.950 | 0.950 | |
Measurement Input, Utilization Rate | Discounted cash flow | Weighted average | |||
Market Risk Benefit [Line Items] | |||
Market risk benefit, measurement input (in percent) | 0.832 | 0.819 |
Debt - Narrative (Details)
Debt - Narrative (Details) | 9 Months Ended | ||
Sep. 30, 2023 USD ($) extension | Feb. 07, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Liquidity Facility | |||
Line of Credit Facility [Line Items] | |||
Extension period (in years) | 364 days | ||
Line of Credit Facility, Current Borrowing Capacity | $ 2,600,000,000 | ||
Maximum borrowing capacity | 3,100,000,000 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | $ 1,000,000,000 | $ 0 |
Liquidity Facility | Athene Life Re Ltd. | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Covenant Terms, Consolidated Net Worth Requirement, Amount | 8,800,000,000 | ||
Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | 1,250,000,000 | ||
Maximum borrowing capacity | 1,750,000,000 | ||
Line of Credit Facility, Covenant Terms, Consolidated Net Worth Requirement, Amount | 14,800,000,000 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | $ 0 | |
Line of Credit Facility, Covenant Terms, Consolidated debt to capitalization ratio | 0.35 | ||
Syndicate Of Banks and CitiBank | Line of Credit | Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Long-Term Debt, Term | 5 years | ||
Number Of Extensions For Long-Term Debt, Term | extension | 2 | ||
Long-Term Debt, Term, Extension | 1 year |
Equity - Accumulated Other Comp
Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | $ (6,376) | $ (5,698) | $ (7,321) | $ 0 | ||||
Other comprehensive income (loss) before reclassifications | (2,316) | (3,700) | (972) | (11,183) | ||||
Less: Reclassification adjustments for gains (losses) realized | 10 | (23) | (39) | (162) | ||||
Less: Income tax expense (benefit) | (476) | (727) | $ (615) | $ (1,493) | (175) | $ (2,220) | (2,220) | $ (1,933) |
Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of subsidiary issuance of equity interests and tax | 147 | 175 | 0 | 328 | ||||
Ending balance | (8,079) | (8,473) | (5,698) | (8,079) | (8,473) | (8,473) | (7,321) | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Noncontrolling Interest [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | (11,049) | (9,996) | (12,565) | 0 | ||||
Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of subsidiary issuance of equity interests and tax | 577 | 713 | 467 | 2,251 | ||||
Ending balance | (13,006) | (14,082) | (9,996) | (13,006) | (14,082) | (14,082) | (12,565) | |
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | (378) | (138) | (334) | 0 | ||||
Ending balance | (348) | (238) | (138) | (348) | (238) | (238) | (334) | |
DAC, DSI, VOBA, future policy benefits and dividends payable to policyholders adjustments on AFS securities | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Ending balance | (115) | (5) | (115) | (5) | (5) | |||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | 26 | (28) | 47 | 0 | ||||
Ending balance | (28) | 47 | ||||||
AOCI, Accumulated Gain (Loss), Debt Securities, with credit allowance, portion attributable to NCI [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of subsidiary issuance of equity interests and tax | 3 | 5 | 5 | 24 | ||||
Accumulated Foreign Currency Adjustment and Other Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | 5 | (63) | (10) | 0 | ||||
Ending balance | (9) | (41) | (63) | (9) | (41) | (41) | (10) | |
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 | (3,199) | (5,824) | (1,841) | (20,037) | ||||
Less: Reclassification adjustments for gains (losses) realized | (11) | (24) | (105) | (178) | ||||
Less: Income tax expense (benefit) | (654) | (1,001) | (828) | (3,526) | ||||
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 | 33 | (128) | (31) | (319) | ||||
Less: Reclassification adjustments for gains (losses) realized | 0 | 0 | 0 | 0 | ||||
Less: Income tax expense (benefit) | 6 | (23) | (12) | (57) | ||||
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 | (192) | (79) | (214) | (112) | ||||
Less: Reclassification adjustments for gains (losses) realized | 21 | 1 | 66 | 16 | ||||
Less: Income tax expense (benefit) | (46) | (12) | (68) | (21) | ||||
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 | (21) | 9 | 6 | (72) | ||||
Less: Reclassification adjustments for gains (losses) realized | 0 | 0 | 0 | 0 | ||||
Less: Income tax expense (benefit) | (3) | (7) | 2 | (12) | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of subsidiary issuance of equity interests and tax | 26 | 91 | 50 | 102 | ||||
Accumulated Foreign Currency Adjustment and Other Attributable to Noncontrolling Interest [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of subsidiary issuance of equity interests and tax | 4 | 6 | (3) | 19 | ||||
AOCI, Liability for Future Policy Benefit, Parent | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | 4,708 | 4,079 | 5,256 | 0 | ||||
Other comprehensive income (loss) before reclassifications | 1,317 | 2,374 | 1,328 | 8,833 | ||||
Less: Reclassification adjustments for gains (losses) realized | 0 | 0 | 0 | 0 | ||||
Less: Income tax expense (benefit) | 273 | 325 | 777 | 1,284 | ||||
Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of subsidiary issuance of equity interests and tax | (471) | (641) | (526) | (2,062) | ||||
Ending balance | 5,281 | 5,487 | 4,079 | 5,281 | 5,487 | 5,487 | 5,256 | |
Remeasurement gains (losses) on market risk benefits related to credit risk | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | 312 | 448 | 285 | 0 | ||||
Other comprehensive income (loss) before reclassifications | (254) | (52) | (220) | 524 | ||||
Less: Reclassification adjustments for gains (losses) realized | 0 | 0 | 0 | 0 | ||||
Less: Income tax expense (benefit) | (52) | (9) | (46) | 112 | ||||
Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of subsidiary issuance of equity interests and tax | 8 | 1 | 7 | (6) | ||||
Ending balance | $ 118 | $ 406 | $ 448 | $ 118 | $ 406 | $ 406 | $ 285 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||||||
Income tax expense (benefit) | $ 162 | $ (121) | $ (284) | $ (662) | $ 458 | $ (783) | $ (646) |
Effective income tax rate (percent) | 33% | (10.00%) | 18% | 12% |
Related Parties - Summary of In
Related Parties - Summary of Investments (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Investment funds | $ 16,818 | $ 14,128 |
Related Party | ||
Related Party Transaction [Line Items] | ||
Investment funds | 1,604 | 1,569 |
Related Party | Athora | ||
Related Party Transaction [Line Items] | ||
Investment funds | 1,043 | 959 |
Equity Securities, FV-NI | 239 | 273 |
Investments | $ 1,282 | $ 1,232 |
Related Parties - Narrative (De
Related Parties - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||||||
Jul. 01, 2023 USD ($) | Sep. 30, 2023 USD ($) board_member | Jun. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) board_member | Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Feb. 08, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Related Party Transaction [Line Items] | |||||||||
Backbook Value | $ 103,400,000,000 | $ 103,400,000,000 | |||||||
Management Fee, Percent | 0.0335 | 0.0335 | |||||||
Number of board of directors that are employees of Apollo | board_member | 5 | 5 | |||||||
Number of board of directors | board_member | 12 | 12 | |||||||
Investment funds | $ 16,818,000,000 | $ 16,818,000,000 | $ 14,128,000,000 | ||||||
Subsidiary issuance of equity interests and other | 598,000,000 | 598,000,000 | |||||||
Interest sensitive contract liabilities | 189,065,000,000 | $ 166,878,000,000 | 189,065,000,000 | $ 166,878,000,000 | $ 166,878,000,000 | 173,616,000,000 | |||
Available-for-sale securities | 129,700,000,000 | 129,700,000,000 | 112,225,000,000 | ||||||
Other liabilities | 2,543,000,000 | 2,543,000,000 | 1,860,000,000 | ||||||
Distributions to noncontrolling interests | (254,000,000) | (381,000,000) | |||||||
Investment expenses | 286,000,000 | 202,000,000 | 759,000,000 | 582,000,000 | |||||
Provision for Loan, Lease, and Other Losses | 60,000,000 | (171,000,000) | 237,000,000 | 193,000,000 | |||||
Payout annuities with life contingencies | 46,672,000,000 | 41,285,000,000 | 46,672,000,000 | 41,285,000,000 | 41,285,000,000 | 42,110,000,000 | |||
Sale Of Non-Controlling Interests, Percent | 0.50 | ||||||||
Contributions from noncontrolling interests | 325,000,000 | 336,000,000 | 325,000,000 | 1,047,000,000 | |||||
Noncontrolling Interest Increase From Subsidiary Equity Issuance, including Carried Interest | $ 640,000,000 | ||||||||
Venerable | |||||||||
Related Party Transaction [Line Items] | |||||||||
Equity investment method | 206,000,000 | 206,000,000 | 240,000,000 | ||||||
Noncontrolling interests | |||||||||
Related Party Transaction [Line Items] | |||||||||
Subsidiary issuance of equity interests and other | 585,000,000 | 585,000,000 | |||||||
Distributions to noncontrolling interests | (254,000,000) | 0 | (381,000,000) | 0 | |||||
Contributions from noncontrolling interests | 325,000,000 | 336,000,000 | 325,000,000 | $ 1,047,000,000 | |||||
Related Party | Management fees associated with investment funds | |||||||||
Related Party Transaction [Line Items] | |||||||||
Investment expenses | 249,000,000 | 195,000,000 | 703,000,000 | 563,000,000 | |||||
Contingent Investment Fees | |||||||||
Related Party Transaction [Line Items] | |||||||||
Other liabilities | $ 206,000,000 | $ 206,000,000 | 202,000,000 | ||||||
Athora | Related Party | |||||||||
Related Party Transaction [Line Items] | |||||||||
Day from receipt of notice of a cession | 30 days | 30 days | |||||||
Athora | Related Party | Maximum | |||||||||
Related Party Transaction [Line Items] | |||||||||
Liabilities ceded (in percent) | 0.50 | 0.50 | |||||||
Percentage of liabilities (in percent) | 0.20 | 0.20 | |||||||
Percent of refusal to reinsure liabilities ceded from a third party (in percent) | 0.20 | 0.20 | |||||||
Percent of fair market value of total assets of subsidiary (in percent) | 0.03 | 0.03 | |||||||
Venerable | Reinsurance agreement recapture | |||||||||
Related Party Transaction [Line Items] | |||||||||
Provision for Loan, Lease, and Other Losses | $ 104,000,000 | ||||||||
Payout annuities with life contingencies | $ 2,700,000,000 | ||||||||
Other Nonrecurring Gain | $ 555,000,000 | ||||||||
Apollo Aligned Alternatives, L.P. | |||||||||
Related Party Transaction [Line Items] | |||||||||
Assets contributed to consolidated VIEs | $ 0 | 8,007,000,000 | |||||||
Investments | |||||||||
Related Party Transaction [Line Items] | |||||||||
Investment commitment | $ 20,600,000,000 | $ 20,600,000,000 | |||||||
Private equity | |||||||||
Related Party Transaction [Line Items] | |||||||||
Management Fee, Percent | 0.045 | 0.045 | |||||||
Related Party | |||||||||
Related Party Transaction [Line Items] | |||||||||
Investment commitment | $ 3,300,000,000 | ||||||||
Other investments | $ 327,000,000 | $ 327,000,000 | 303,000,000 | ||||||
Investment funds | 1,604,000,000 | 1,604,000,000 | 1,569,000,000 | ||||||
Interest sensitive contract liabilities | 9,055,000,000 | 9,055,000,000 | 11,889,000,000 | ||||||
Available-for-sale securities | 13,985,000,000 | 13,985,000,000 | 9,821,000,000 | ||||||
Other liabilities | 606,000,000 | 606,000,000 | 564,000,000 | ||||||
Investment expenses | 249,000,000 | $ 195,000,000 | 703,000,000 | $ 563,000,000 | |||||
Payout annuities with life contingencies | 3,000,000 | 3,000,000 | 1,353,000,000 | ||||||
Related Party | Management fees associated with investment funds | |||||||||
Related Party Transaction [Line Items] | |||||||||
Other liabilities | 95,000,000 | 95,000,000 | 80,000,000 | ||||||
Related Party | MidCap affiliates | |||||||||
Related Party Transaction [Line Items] | |||||||||
Available-for-sale securities | 1,826,000,000 | $ 1,826,000,000 | 1,262,000,000 | ||||||
Related Party | Apollo | Sub-allocated assets | |||||||||
Related Party Transaction [Line Items] | |||||||||
Base Management Fee | 0.225% | ||||||||
Incremental Fee | 0.15% | ||||||||
Related Party | Apollo | Sub-allocated assets | Minimum | |||||||||
Related Party Transaction [Line Items] | |||||||||
Sub-allocation Fee | 0.065% | ||||||||
Related Party | Apollo | Sub-allocated assets | Maximum | |||||||||
Related Party Transaction [Line Items] | |||||||||
Sub-allocation Fee | 0.70% | ||||||||
Related Party | Athora | |||||||||
Related Party Transaction [Line Items] | |||||||||
Investment funds | 1,043,000,000 | $ 1,043,000,000 | 959,000,000 | ||||||
Equity Securities, FV-NI | 239,000,000 | 239,000,000 | 273,000,000 | ||||||
Investments | $ 1,282,000,000 | $ 1,282,000,000 | 1,232,000,000 | ||||||
Related Party | Venerable | |||||||||
Related Party Transaction [Line Items] | |||||||||
Investment Interest Rate | 6.257% | 6.257% | |||||||
Related Party | Apollo Athene Strategic Partnership Advisors, LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Investment funds | $ 1,739,000,000 | $ 1,739,000,000 | 1,046,000,000 | ||||||
Strategic Partnership Capacity | $ 2,875,000,000 | $ 2,875,000,000 | |||||||
Investment period of funds (in years) | 3 years | 3 years | |||||||
Related Party | PK AirFinance | |||||||||
Related Party Transaction [Line Items] | |||||||||
Debt Securities | $ 1,656,000,000 | $ 1,656,000,000 | 1,183,000,000 | ||||||
Related Party | Catalina Holdings (Bermuda) Ltd | |||||||||
Related Party Transaction [Line Items] | |||||||||
Other liabilities | 213,000,000 | 213,000,000 | 142,000,000 | ||||||
Related Party | Atals | |||||||||
Related Party Transaction [Line Items] | |||||||||
Available-for-sale securities | 1,007,000,000 | 1,007,000,000 | 0 | ||||||
Related Party | Wheels Donlen | |||||||||
Related Party Transaction [Line Items] | |||||||||
Available-for-sale securities | 1,418,000,000 | 1,418,000,000 | 1,024,000,000 | ||||||
Related Party | Funding agreements | Athora | |||||||||
Related Party Transaction [Line Items] | |||||||||
Interest sensitive contract liabilities | 58,000,000 | 58,000,000 | 59,000,000 | ||||||
Related Party | Investments | Athora | |||||||||
Related Party Transaction [Line Items] | |||||||||
Investment commitment | 513,000,000 | 513,000,000 | |||||||
Related Party | Investments | PK AirFinance | |||||||||
Related Party Transaction [Line Items] | |||||||||
Investment commitment | 1,472,000,000 | 1,472,000,000 | |||||||
Related Party | Investments | Wheels Donlen | |||||||||
Related Party Transaction [Line Items] | |||||||||
Investment commitment | 306,000,000 | 306,000,000 | |||||||
Related Party | Private equity | Venerable | |||||||||
Related Party Transaction [Line Items] | |||||||||
Other investments | 327,000,000 | 327,000,000 | 303,000,000 | ||||||
Related Party | Repurchase Agreements | Atals | |||||||||
Related Party Transaction [Line Items] | |||||||||
Investments | 922,000,000 | 922,000,000 | 0 | ||||||
Parent Company | Apollo Global Management , Inc. | |||||||||
Related Party Transaction [Line Items] | |||||||||
Maximum borrowing capacity | 500,000,000 | 500,000,000 | |||||||
Long-Term Line of Credit | 0 | 0 | 0 | ||||||
Parent Company | Apollo Global Management , Inc. | Revolving Credit Facility | |||||||||
Related Party Transaction [Line Items] | |||||||||
Revolving note receivable, borrowing capacity | 500,000,000 | 500,000,000 | |||||||
Intercompany Note Receivable | $ 112,000,000 | $ 112,000,000 | $ 78,000,000 | ||||||
ACRA | |||||||||
Related Party Transaction [Line Items] | |||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 63.45% | 63.45% | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 36.55% | 36.55% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 9 Months Ended | ||||
Sep. 30, 2023 USD ($) | Feb. 23, 2023 close | Feb. 08, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | |
Other Commitments [Line Items] | |||||
Investment period (in years) | 5 years | ||||
Advances from FHLB | $ 6,700 | $ 3,700 | |||
Letters of Credit Outstanding, Amount | 1,326 | ||||
Interest sensitive contract liabilities | 189,065 | 173,616 | $ 166,878 | ||
Number of closes | close | 2 | ||||
Related Party | |||||
Other Commitments [Line Items] | |||||
Investment commitment | $ 3,300 | ||||
Interest sensitive contract liabilities | 9,055 | 11,889 | |||
Other Commitment, to be Paid, Year Three | 400 | ||||
Other Commitment, to be Paid, Year Five | $ 2,900 | ||||
Investments | |||||
Other Commitments [Line Items] | |||||
Investment commitment | 20,600 | ||||
Funding Agreement Backed Repurchase Agreements [Member] | |||||
Other Commitments [Line Items] | |||||
Interest sensitive contract liabilities | 4,000 | 3,000 | |||
Athene Global Funding | Funding agreements | |||||
Other Commitments [Line Items] | |||||
Maximum borrowing capacity | 14,200 | ||||
Interest sensitive contract liabilities | $ 20,200 | $ 21,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Pledged Assets and Funds in Trust (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
AFS securities | $ 24,307 | $ 15,366 |
Debt Securities, Trading, Restricted | 163 | 55 |
Equity securities | 77 | 38 |
Investment funds | 193 | 103 |
Derivative assets pledged as collateral | 88 | 65 |
Other investments | 286 | 170 |
Restricted cash | 1,218 | 628 |
Total restricted assets | 37,202 | 25,394 |
Other Commitments [Line Items] | ||
Short-term investments | 68 | 120 |
Asset Pledged as Collateral | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Mortgage loans, net of allowances | 10,802 | 8,849 |
Other Commitments [Line Items] | ||
Mortgage loans, net of allowances | $ 10,802 | $ 8,849 |