Document and Entity Information
Document and Entity Information - $ / shares | 3 Months Ended | ||
Mar. 31, 2023 | Apr. 28, 2023 | May 01, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Document Period End Date | Mar. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-35897 | ||
Entity Registrant Name | Voya Financial, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 52-1222820 | ||
Entity Address, Address Line One | 230 Park Avenue | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10169 | ||
City Area Code | 212 | ||
Local Phone Number | 309-8200 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 98,270,292 | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | |
Entity Central Index Key | 0001535929 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | Q1 | ||
Amendment Flag | false | ||
Common Stock, $.01 par value | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $.01 par value | ||
Trading Symbol | VOYA | ||
Security Exchange Name | NYSE | ||
Depositary Shares, each representing a 1/40th | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, each representing a 1/40th | ||
Trading Symbol | VOYAPrB | ||
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Investments: | ||
Short-term investments under securities loan agreements, including collateral delivered | $ 1,246 | $ 1,179 |
Accrued investment income | 445 | 425 |
Premiums Receivable And Reinsurance Recoverables, Including Reinsurance Premium Paid | 12,438 | 12,426 |
Deferred policy acquisition costs and Value of business acquired | 2,333 | 2,363 |
Deferred income taxes | 2,122 | 2,223 |
Goodwill | 646 | 327 |
Other Intangible Assets, Net | 905 | 631 |
Assets held in separate accounts | 84,569 | 80,174 |
Total assets | 151,208 | 146,606 |
Liabilities: | ||
Future policy benefits | 9,784 | 9,719 |
Contract owner account balances | 41,709 | 42,455 |
Payables under securities loan and repurchase agreements, including collateral held | 1,328 | 1,302 |
Short-term debt | 143 | 141 |
Long-term debt | 2,094 | 2,094 |
Derivatives | 376 | 389 |
Liabilities related to separate accounts | 84,569 | 80,174 |
Total liabilities | 145,521 | 141,609 |
Commitments and Contingencies (Note 15) | ||
Mezzanine equity: | ||
Redeemable noncontrolling interest | 166 | 166 |
Shareholders' equity: | ||
Preferred stock ($0.01 par value per share; $625 aggregate liquidation preference as of 2023 and 2022 respectively) | 0 | 0 |
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 99,302,325 and 97,789,852 shares issued as of 2023 and 2022, respectively; 98,180,167 and 97,186,970 shares outstanding as of 2023 and 2022, respectively) | 1 | 1 |
Treasury stock (at cost; 1,122,158 and 602,882 shares as of 2023 and 2022, respectively) | (77) | (39) |
Additional paid-in capital | 6,693 | 6,643 |
Accumulated other comprehensive income (loss) | (2,545) | (3,055) |
Retained earnings (deficit): | ||
Unappropriated | (118) | (201) |
Total Voya Financial, Inc. shareholders' equity | 3,954 | 3,349 |
Noncontrolling interest | 1,567 | 1,482 |
Total shareholders' equity | 5,521 | 4,831 |
Total liabilities, mezzanine equity and shareholders' equity | 151,208 | 146,606 |
Consolidated Entity, Excluding Consolidated VIE | ||
Investments: | ||
Fixed maturities, available-for-sale, at fair value (amortized cost of $29,534 as of 2023 and $30,202 as of 2022; net of allowance for credit losses of $12 as of 2023 and 2022) | 27,018 | 27,044 |
Fixed maturities, at fair value using the fair value option | 2,224 | 2,151 |
Equity securities, at fair value | 308 | 336 |
Short-term investments | 33 | 356 |
Mortgage loans on real estate, net | 5,329 | 5,427 |
Policy loans | 359 | 363 |
Limited partnerships/corporations | 1,794 | 1,781 |
Derivatives | 342 | 422 |
Other investments | 70 | 68 |
Securities pledged (amortized cost of $1,347 as of 2023 and $1,303 as of 2022) | 1,226 | 1,162 |
Total investments | 38,703 | 39,110 |
Cash and cash equivalents | 724 | 919 |
Other assets (net of allowance for credit losses of $1 as of 2023 and $1 as of 2022) | 2,644 | 2,625 |
Liabilities: | ||
Other liabilities | 2,974 | 2,901 |
VIEs | ||
Investments: | ||
Limited partnerships/corporations | 3,009 | 2,802 |
Cash and cash equivalents | 100 | 88 |
Other assets (net of allowance for credit losses of $1 as of 2023 and $1 as of 2022) | 92 | 21 |
Financing Receivable, after Allowance for Credit Loss | 1,232 | 1,293 |
Liabilities: | ||
Other liabilities | 1,288 | 1,200 |
Collateralized loan obligations notes, at fair value using the fair value option | $ 1,256 | $ 1,234 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, amortized cost | $ 29,534 | $ 30,202 |
Fixed maturities, allowance for credit losses | 12 | |
Mortgage loans, allowance for credit losses | 17 | 18 |
Securities pledged, amortized costs | 1,347 | 1,303 |
Premium receivable and reinsurance recoverable, allowance for credit losses | 29 | 32 |
Other assets, allowance for credit losses | 1 | $ 1 |
Preferred stock, par value (usd per share) | $ 0.01 | |
Preferred stock, aggregate liquidation preference | $ 625 | |
Common stock, par value (usd per share) | $ 0.01 | |
Common stock, shares outstanding (in shares) | 900,000,000 | |
Common stock, shares issued (in shares) | 99,302,325 | 97,789,852 |
Common stock, shares outstanding (in shares) | 98,180,167 | 97,186,970 |
Treasury stock, shares (in shares) | 1,122,158 | 602,882 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues: | ||
Net investment income | $ 545 | $ 630 |
Fee income | 464 | 433 |
Premiums | 685 | 608 |
Net realized capital gains (losses) | (16) | (288) |
Other revenue | 78 | 40 |
Income (loss) related to CIEs: | ||
Net investment income | 79 | 83 |
Total revenues | 1,835 | 1,506 |
Benefits and expenses: | ||
Policyholder benefits | 510 | 411 |
Interest credited to contract owner account balances | 241 | 233 |
Operating expenses | 836 | 632 |
Net amortization of Deferred policy acquisition costs and Value of business acquired | 59 | 62 |
Interest expense | 32 | 40 |
Operating expenses related to CIEs: | ||
Interest expense | 16 | 6 |
Total benefits and expenses | 1,694 | 1,384 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 141 | 122 |
Income tax expense (benefit) | 12 | 11 |
Net income (loss) | 129 | 111 |
Less: Net income (loss) attributable to noncontrolling interest | 46 | 43 |
Net income (loss) available to Voya Financial, Inc. | 83 | 68 |
Less: Preferred stock dividends | 14 | 14 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ 69 | $ 54 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share: | ||
Basic (usd per share) | $ 0.70 | $ 0.51 |
Diluted (usd per share) | $ 0.63 | $ 0.46 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 129 | $ 111 |
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 2 | 104 |
Other comprehensive income (loss), before tax: | ||
Unrealized gains (losses) on securities | 643 | (2,593) |
Other Comprehensive Income (Loss), before Tax, Total | 645 | (2,489) |
Income tax expense (benefit) related to items of other comprehensive income (loss) | 135 | (522) |
Other Comprehensive Income (Loss), Net of Tax, Total | 510 | (1,967) |
Comprehensive income (loss) | 639 | (1,856) |
Less: Comprehensive income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest | 46 | 43 |
Comprehensive income (loss) attributable to Voya Financial, Inc. | $ 593 | $ (1,899) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Previously Reported | Total Voya Financial, Inc. Shareholders' Equity | Total Voya Financial, Inc. Shareholders' Equity Previously Reported | Common Stock | Common Stock Previously Reported | Treasury Stock | Treasury Stock Previously Reported | Additional Paid-In Capital | Additional Paid-In Capital Previously Reported | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Previously Reported | Retained Earnings (Deficit), Unappropriated | Noncontrolling Interest | Noncontrolling Interest Previously Reported |
Beginning balance at Dec. 31, 2021 | $ 9,668 | $ 8,100 | $ 1 | $ (80) | $ 7,542 | $ 1,807 | $ (1,170) | $ 1,568 | |||||||
Comprehensive income (loss): | |||||||||||||||
Net income (loss) | $ 111 | $ 68 | $ 0 | $ 0 | $ 0 | $ 0 | 68 | $ 43 | |||||||
Other comprehensive income (loss), after tax | (1,967) | (1,967) | 0 | 0 | 0 | (1,967) | 0 | 0 | |||||||
Comprehensive income (loss) | (1,856) | (1,899) | |||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest | 43 | 43 | |||||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Nonredeemable Noncontrolling Interest | (1,856) | ||||||||||||||
Common stock issuance | 2 | 2 | 0 | 0 | 2 | 0 | 0 | 0 | |||||||
Common stock acquired - Share repurchase | (500) | (500) | 0 | (445) | 55 | 0 | 0 | 0 | |||||||
Dividends on preferred stock | (14) | (14) | 0 | 0 | (14) | 0 | 0 | 0 | |||||||
Dividends on common stock | (21) | (21) | 0 | 0 | (21) | 0 | 0 | 0 | |||||||
Share-based compensation | 10 | 10 | 0 | (40) | 50 | 0 | 0 | 0 | |||||||
Contributions from (Distributions to) noncontrolling interest, net | (105) | (105) | |||||||||||||
Ending Balance at Mar. 31, 2022 | 7,184 | 5,678 | 1 | (565) | 7,504 | (160) | (1,102) | 1,506 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Redeemable noncontrolling interest | 166 | ||||||||||||||
Beginning balance at Dec. 31, 2022 | 4,831 | $ 4,831 | $ 3,349 | $ 1 | $ (39) | $ 6,643 | $ (3,055) | (201) | $ 1,482 | ||||||
Comprehensive income (loss): | |||||||||||||||
Net income (loss) | 127 | 83 | 0 | 0 | 0 | 0 | 83 | 44 | |||||||
Net income (loss) | 129 | ||||||||||||||
Other comprehensive income (loss), after tax | 510 | 510 | 0 | 0 | 0 | 510 | 0 | 0 | |||||||
Comprehensive income (loss) | 639 | 593 | |||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest | 46 | 44 | |||||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Nonredeemable Noncontrolling Interest | 637 | ||||||||||||||
Dividends on preferred stock | (14) | (14) | 0 | 0 | (14) | 0 | 0 | 0 | |||||||
Dividends on common stock | (20) | (20) | 0 | 0 | (20) | 0 | 0 | 0 | |||||||
Share-based compensation | 46 | 46 | 0 | (38) | 84 | 0 | 0 | 0 | |||||||
Contributions from (Distributions to) noncontrolling interest, net | 41 | 0 | 0 | 0 | 0 | 0 | 0 | 41 | |||||||
Ending Balance at Mar. 31, 2023 | 5,521 | $ 3,954 | $ 1 | $ (77) | $ 6,693 | $ (2,545) | $ (118) | $ 1,567 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Temporary Equity, Net Income | 2 | ||||||||||||||
Temporary Equity, Other Changes | (2) | ||||||||||||||
Temporary Equity, Comprehensive Income (Loss) | 2 | ||||||||||||||
Redeemable noncontrolling interest | $ 166 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows from Operating Activities: | ||
Net cash provided by operating activities | $ 156 | $ 362 |
Proceeds from the sale, maturity, disposal or redemption of: | ||
Fixed maturities | 1,979 | 1,897 |
Equity securities | 28 | 0 |
Mortgage loans on real estate | 175 | 204 |
Limited partnerships/corporations | 32 | 59 |
Acquisition of: | ||
Fixed maturities | (1,293) | (2,183) |
Equity securities | (25) | 0 |
Mortgage loans on real estate | (76) | (112) |
Limited partnerships/corporations | (44) | (115) |
Short-term investments, net | 323 | 40 |
Derivatives, net | 2 | (4) |
Sales from CIEs | 205 | 449 |
Purchases within CIEs | (300) | (651) |
Collateral received (delivered), net | (43) | (22) |
Receipts on deposit asset contracts | 72 | 30 |
Payments for business acquisitions, net of cash acquired | (534) | (2) |
Net cash provided by (used in) investing activities | (29) | 7 |
Net cash provided by (used in) investing activities | 472 | (403) |
Cash Flows from Financing Activities: | ||
Deposits received for investment contracts | 730 | 1,212 |
Maturities and withdrawals from investment contracts | (1,594) | (1,024) |
Repayments of long-term debt. including current maturities | (5) | (194) |
Borrowings of CIEs | 103 | 441 |
Repayments of borrowings of CIEs | (39) | (60) |
Contributions from (distributions to) participants in CIEs, net | 66 | (202) |
Proceeds from issuance of common stock, net | 0 | 2 |
Common stock acquired - Share repurchase | 0 | (500) |
Dividends paid on preferred stock | (14) | (14) |
Dividends paid on common stock | (20) | (21) |
Other, net | (38) | (47) |
Net cash provided by (used in) financing activities | (811) | (407) |
Net increase (decrease) in cash and cash equivalents, including cash in CIEs | (183) | (448) |
Cash and cash equivalents, including cash in CIEs, beginning of period | 1,007 | 1,573 |
Cash and cash equivalents, including cash in CIEs, end of period | 824 | $ 1,125 |
Condensed Financial Statements, Captions [Line Items] | ||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Total | 824 | |
Consolidated Entity, Excluding Consolidated VIE | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | 724 | |
VIEs | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | $ 100 |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Business Description and Basis of Presentation | 1. Business, Basis of Presentation and Significant Accounting Policies Business Voya Financial, Inc. and its subsidiaries (collectively, the "Company") is a financial services organization in the United States that offers a broad range of retirement services, investment management services, mutual funds, group insurance and supplemental health products. P roducts and services are provided by the Company through three segments: Wealth Solutions, Health Solutions and Investment Management . Activities not directly related to the Company's segments and certain run-off activities that are not meaningful to the Company's business strategy are included within Corporate. See the Segments Note to these Condensed Consolidated Financial Statements. On July 25, 2022, the Company completed a series of transactions pursuant to a Combination Agreement dated as of June 13, 2022 (the “AllianzGI Agreement”) with Voya Investment Management LLC (“Voya IM”) and VIM Holdings LLC ("VIM Holdings"), both indirect subsidiaries of the Company, Allianz SE (“Allianz”) and Allianz Global Investors U.S. LLC (“AllianzGI”), an indirect subsidiary of Allianz, pursuant to which the parties have combined Voya IM with assets and teams comprising specified transferred strategies managed by AllianzGI. The transaction increases the international scale and distribution of the Company’s investment products and provides diverse investment strategies that meet the needs of a larger and more global client base. Under the terms of the AllianzGI Agreement, AllianzGI transferred to VIM Holdings the rights to certain assets and liabilities related to specified investment teams and strategies and the associated assets under management (the “AllianzGI Transferred Business”). The Company transferred all of the limited liability company interests in Voya IM to VIM Holdings and in exchange, received a 76% economic stake in VIM Holdings. Pursuant to the Amended and Restated Limited Liability Company Agreement of VIM Holdings entered into at the closing date (“A&R VIM Holdings Operating Agreement”), the Company now holds, indirectly, a 76% economic stake in VIM Holdings and Allianz holds, indirectly, a 24% economic stake in VIM Holdings. In accordance with the A&R VIM Holdings Operating Agreement, the Company has full operational control of VIM Holdings, Voya IM and the transferred assets and investment teams. The AllianzGI Agreement was executed for noncash consideration and accounted for under the acquisition method of accounting. Accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based upon their estimated fair values as of the date of the transaction. The 24% economic stake in VIM Holdings shares is reflected on the Condensed Consolidated Balance Sheets under Redeemable noncontrolling interests within Mezzanine equity. On November 1, 2022, Voya Investment Management Alternative Assets, LLC (“VIMAA”), one of the Company’s indirect subsidiaries, acquired all of the issued and outstanding equity interests of Czech Asset Management, L.P., a private credit asset manager dedicated to the U.S. middle market pursuant to a sales and purchase agreement (“SPA”) entered into on August 1, 2022 with Czech Management GP, LLC, and Czech Holdings, LLC. The purchase consideration for the acquisition included cash paid upon close and contingent consideration that is based on revenues that will be earned during the earnout period and capital raised in the underlying funds and is subject to conditions as defined in the SPA. The acquisition expands VIMAA's private and leveraged credit business. On January 24, 2023, the Company acquired all outstanding shares of Benefitfocus, Inc. (“Benefitfocus”), a Delaware corporation, pursuant to an agreement and plan of merger (the “Merger Agreement”) entered into on November 1, 2022. The acquisition expands the Company’s capacity to meet the growing demand for comprehensive benefits and savings solutions and increases its ability to deliver innovative solutions for employers and health plans. The total purchase consideration in the acquisition was $595, of which $583 was paid in cash ($558 paid by the Company and $25 of the cash acquired was used to fund the transaction). Net assets acquired as part of this transaction included cash of $49, goodwill of $319, intangible assets of $275, deferred tax assets of $45 and assumed lease liabilities of $91. This represents the best estimate of fair value of net assets acquired at the transaction date and will continue to be revised during the remeasurement period as further information becomes available. Intangible assets primarily include customer relationships of $190 with a useful life of 15 years, and software of $70 with a useful life of 5 years. The estimated amortization expense of the acquired intangible assets for the next five years is approximately $29 annually. The revenues, expenses, assets and liabilities of the business acquired are reported in the Health Solutions segment. Benefitfocus revenue primarily consists of software subscriptions and services, which include access to and usage of cloud-based benefits software, software implementation and support services, and distribution services. Such revenue is generally recognized over time and is recorded in Other revenue in the Condensed Consolidated Statements of Operation. Basis of Presentation The accompanying Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and are unaudited. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the Condensed Consolidated Financial Statements. The Condensed Consolidated Financial Statements include the accounts of Voya Financial, Inc. and its subsidiaries, as well as other voting interest entities ("VOEs") and variable interest entities ("VIEs") in which the Company has a controlling financial interest. See the Consolidated and Nonconsolidated Investment Entities Note to these Condensed Consolidated Financial Statements. Intercompany transactions and balances have been eliminated. The accompanying Condensed Consolidated Financial Statements are unaudited and reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows for the interim periods presented in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. These reclassifications had no impact on Net income (loss) or Total shareholders’ equity. As a result of the modified retrospective adoption methodology for Accounting Standards Update ("ASU") 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts ("ASU 2018-12"), adjustments have been made to the December 31, 2022 audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K , filed with the SEC. Certain of these adjustments are included below in the Adoption of New Pronouncements - Long-Duration Contracts section, in accordance with the transition disclosure requirements of ASU 2018-12, and are unaudited. These interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K . Significant Accounting Policies Effective January 1, 2023, the Company adopted ASU 2018-12, as amended. As a result, the Company made changes to the following significant accounting policies: Estimates and Assumptions Upon adoption of ASU 2018-12, deferred policy acquisition costs ("DAC") and value of business acquired ("VOBA") were no longer considered significant estimates by the Company, as the amortization methodology is no longer subject to a significant degree of variability and does not require a high degree of judgment. Deferred Policy Acquisition Costs and Value of Business Acquired DAC represents policy acquisition costs that have been capitalized and are subject to amortization. Capitalized costs are incremental, direct costs of contract acquisition and certain other costs related directly to successful acquisition activities. Such costs consist principally of commissions, underwriting, sales and contract issuance and processing expenses directly related to the successful acquisition of new and renewal business. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. VOBA represents the outstanding value of in-force business acquired and is subject to amortization. The value is based on the present value of estimated net cash flows embedded in the insurance contracts at the time of the acquisition and increased for subsequent deferrable expenses on purchased policies. DAC/VOBA amortization is recorded in Net amortization of Deferred policy acquisition costs and Value of business acquired in the Condensed Consolidated Statements of Operations. Amortization Methodologies The Company amortizes DAC/VOBA related to certain traditional life insurance contracts, certain accident and health insurance contracts, and deferred annuity contracts on a constant level basis over the expected term of the related contracts. Contracts are grouped for amortization purposes by product or market type and issue year cohort using assumptions on a basis consistent with those used in estimating the associated liability or other related balance, where applicable. The principal assumption deemed critical to the DAC/VOBA amortization is the estimated contract term, which incorporates mortality and persistency, and represents management’s best estimate of future outcome. The Company periodically reviews this assumption against actual experience and, based on additional information that becomes available, updates the assumption. Changes in contract term estimates are reflected prospectively in amortization expense as of the beginning of the reporting period in which the change is made. VOBA is subject to recoverability testing; DAC is not. The Company performs testing to assess the recoverability of VOBA on an annual basis, or more frequently if circumstances indicate a potential loss recognition issue exists. If VOBA is not deemed recoverable, charges will be applied against the VOBA balance before an additional reserve is established. Future Policy Benefits Future Policy Benefits The Company establishes and carries actuarially-determined reserves that are calculated to meet its future obligations, including estimates of unpaid claims and claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date. • Reserves for long-duration traditional life insurance contracts (term insurance, participating and non-participating whole life insurance and traditional group life insurance) and accident and health insurance represent the present value of future benefits to be paid to or on behalf of contract owners and related expenses, less the present value of future net premiums. • Reserves for payout contracts with life contingencies are equal to the present value of future payments. Principal assumptions used to establish liabilities for future policy benefits include interest rate, mortality, morbidity, policy lapse, contract renewal, payment of subsequent premiums or deposits by the contract owner, retirement, inflation, and benefit utilization. Other than interest rate assumptions, these assumptions are based on Company experience and periodically reviewed against industry standards. The Company reviews these assumptions at least annually and updates them if necessary. In addition to assumption updates, the Company adjusts reserves for actual experience in the period in which the experience occurs. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations. Remeasurements of the reserves as a result of assumption updates and adjustments for actual experience are recognized in Policyholder benefits in the Condensed Consolidated Statements of Operations. Interest rates used in discounting the reserves are based on an upper-medium grade (low-credit-risk) fixed-income instrument yield derived from observable market data. A 30-year forward rate is used for periods beyond the last observable market point. Reserves are remeasured quarterly to reflect changes in the discount rate, with the resulting change recorded in Accumulated other comprehensive income ("AOCI"). Locked-in interest rates used to determine interest accretion on reserves for new contracts sold after January 1, 2021 are based on the upper-medium grade (low-credit-risk) fixed-income instrument yield applicable at the time the business was issued. Locked-in interest accretion rates for contracts in-force as of the January 1, 2021 transition date for ASU 2018-12 are based on the locked-in interest rates in effect for those contracts immediately before the transition date. Interest accretion is recorded in Policyholder benefits on the Condensed Consolidated Statements of Operations. Product Guarantees and Additional Reserves The Company calculates additional reserve liabilities for certain universal life-type products and certain variable annuity guaranteed benefits and variable funding products. The Company periodically evaluates its estimates and adjusts the additional liability balance, with a related charge or credit to benefit expense, if actual experience or other evidence suggests that earlier assumptions should be revised. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations. Universal and Variable Universal Life : The Company establishes additional reserves on universal life ("UL") and variable universal life ("VUL") contracts, primarily related to secondary guarantees and paid-up guarantees, for the portion of contract assessments received in early years that will be used to compensate the Company for benefits provided in later years. These reserves are calculated by estimating the expected value of benefits payable and recognizing those benefits ratably over the accumulation period based on total expected assessments, using interest rates consistent with the underlying contracts' interest crediting rates. Included are contracts where the Company contractually guaranteed a death benefit even when there is insufficient value to cover monthly mortality and expense charges, whereas otherwise the contract would typically lapse ("no lapse guarantee"), and other provisions that would produce expected gains from the insurance benefit function followed by losses from that function in later years. Additional reserves for UL and VUL contracts are recorded in Future policy benefits on the Condensed Consolidated Balance Sheets. Stabilizer and MCG : Guaranteed credited rates give rise to an embedded derivative in the stabilizer ("Stabilizer") products and a stand-alone derivative for managed custody guarantee products ("MCG"). These derivatives are measured at estimated fair value and recorded in Contract owner account balances. Changes in estimated fair value, that are not related to attributed fees collected or payments made, are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations. The estimated fair value of the Stabilizer embedded derivative and MCG stand-alone derivative is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are projected under multiple capital market scenarios using observable risk-free rates and other best estimate assumptions. The liabilities for the Stabilizer embedded derivative and the MCG stand-alone derivative include a risk margin to capture uncertainties related to policyholder behavior assumptions. The margin represents additional compensation a market participant would require to assume these risks. The discount rate used to determine the fair value of the liabilities for the Stabilizer embedded derivative and the MCG stand-alone derivative includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk"). Reinsurance The Company utilizes reinsurance agreements in most aspects of its insurance business to reduce its exposure to large losses. Such reinsurance permits recovery of a portion of losses from reinsurers, although it does not discharge the primary liability of the Company as direct insurer of the risks reinsured. For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk. The Company reviews contractual features, particularly those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. The assumptions used to account for both long and short-duration reinsurance agreements are consistent with those used for the underlying contracts, with the exception of the interest accretion rate on reinsurance recoverable assets associated with in-force business reinsured. Ceded Future policy benefits and Contract owner account balances are reported gross on the Condensed Consolidated Balance Sheets. Long-duration : For reinsurance of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid and benefits received related to the underlying contracts is included in the expected net cost of reinsurance, which is recorded in Premiums receivable and reinsurance recoverable or Other liabilities, as appropriate, on the Condensed Consolidated Balance Sheets. Short-duration : For prospective reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid are recorded as ceded premiums and ceded unearned premiums and are reflected as a component of Premiums in the Condensed Consolidated Statements of Operations and Other assets on the Condensed Consolidated Balance Sheets, respectively. Ceded unearned premiums are amortized through premiums over the remaining contract period in proportion to the amount of protection provided. For retroactive reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid in excess of the related insurance liabilities ceded are recognized immediately as a loss. Any gains on such retroactive agreements are deferred in Other liabilities and amortized over the remaining life of the underlying contracts. Accounting for reinsurance requires use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company reviews assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance at least annually and updates them if necessary. In addition to the assumption updates, the Company adjusts these assets or liabilities for actual experience in the period in which the experience occurs. The Company also evaluates the financial strength of potential reinsurers and continually monitors the financial condition of reinsurers. Reinsurance recoverable balances are reported net of the allowance for credit losses on the Company’s Condensed Consolidated Balance Sheets. Management estimates the credit loss allowance balance using a factor-based method of probability of default and loss given default which incorporates relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Included in the factor-based method are the consideration of capital market factors, counterparty financial information and ratings, and reinsurance agreement-specific risk characteristics such as collateral type, collateral size, and covenant strength. The allowance for credit losses is a valuation account that is deducted from the reinsurance recoverable balance to present the net amount expected to be collected on the reinsurance recoverable. The change in the allowance for credit losses is recorded in Policyholder benefits in the Condensed Consolidated Statements of Operations. Current reinsurance recoverable balances deemed probable of recovery and payable balances under reinsurance agreements are included in Premium receivable and reinsurance recoverable and Other liabilities, respectively. Such assets and liabilities relating to reinsurance agreements with the same reinsurer are recorded net on the Condensed Consolidated Balance Sheets if a right of offset exists within the reinsurance agreement. Premiums, Fee income and Policyholder benefits are reported net of reinsurance ceded. The Company has entered into coinsurance funds withheld reinsurance arrangements that contain embedded derivatives for which carrying value is estimated based on the change in the fair value of the assets supporting the funds withheld payable under the agreements. Significant accounting policies that were unchanged from those included in the Company’s December 31, 2022 Annual Report on Form 10-K as a result of the adoption of ASU 2018-12 have not been repeated. These policies include Internal Replacements, Contract Owner Account Balances, and Separate Accounts. Adoption of New Pronouncements Long-Duration Contracts The following section provides a description of the Company's adoption of ASU 2018-12 issued by the Financial Accounting Standards Board ("FASB") and the impact of the adoption on the Company's financial statements: This standard, issued in August 2018, changes the measurement and disclosures of insurance liabilities and DAC for long-duration contracts issued by insurers. In addition to expanded disclosures, the standard’s requirements include: • Annual review and, if necessary, update of cash flow assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited payment insurance contracts, measured on a retrospective catch-up basis and recognized in the period the update is made. The rate used is required to be updated quarterly, with related changes in the liability recorded in AOCI. • Fair value measurement of contract guarantee features qualifying as Market Risk Benefits (“MRB”), with changes in fair value recognized in the Statement of Operations. Changes in the instrument-specific credit risk will be recorded in AOCI. • Amortization of DAC on a constant level basis over the expected term of the contracts, without reference to revenue or profitability. An accounting election may be made to apply the DAC requirements to VOBA. • Insurance entities may make an accounting policy election to exclude contracts from application of the requirements in ASU 2018-12 when those contracts have been derecognized because of a sale or disposal of a legal entity before the effective date of ASU 2018-12. The Company adopted ASU 2018-12 on January 1, 2023, on a modified retrospective basis for the liability for future policy benefits and DAC and on a full retrospective basis for MRBs. The January 1, 2021 transition impact increased Total shareholders’ equity. This increase was primarily driven by the removal of DAC/VOBA and Premium deficiency reserve adjustment balances, and partially offset by the impact of remeasurement of Future policy benefits and Reinsurance recoverable using the discount rate at January 1, 2021. Total shareholders’ equity was also impacted by the establishment of MRB liabilities related to guaranteed minimum benefits on certain deferred annuity contracts. The Company elected the option to exclude contracts reported as discontinued operations in 2021. Disclosures and post-transition comparative information have been restated to conform to the requirements of ASU 2018-12. The following tables provide additional information related to the transition adjustments: DAC VOBA Wealth Solutions Deferred and Individual Annuities Businesses Exited (1) Balance, December 31, 2020 $ 119 $ 1,186 $ 70 Adjustment for removal of related balances in AOCI 571 104 635 Balance, January 1, 2021 $ 690 $ 1,290 $ 705 Liability for Future Policy Benefits Health Solutions Group (2) Health Solutions Voluntary (3) Businesses Exited (1) Balance, December 31, 2020 $ 822 $ 188 $ 5,448 Adjustment for reversal of related balances in AOCI — — (386) Adjustment for loss contracts under the modified retrospective approach 7 3 3 Effect of remeasurement of liability at current discount rate 118 83 1,362 Balance, January 1, 2021 $ 947 $ 274 $ 6,427 (1) Includes long duration retail individual life and annuity business exited via reinsurance (2) Includes long duration employee-sponsored group life and health products (3) Includes long duration employee-paid whole life products The following table presents information on transition adjustments, net of tax, related to the adoption of ASU 2018-12 for retained earnings and AOCI to arrive at the opening balances as of January 1, 2021: Total Shareholders' equity December 31, 2020 $ 11,178 AOCI Reversal of AOCI adjustments 1,328 Effect of remeasurement of liability at current discount rate (1,065) Total AOCI adjustments $ 263 Retained Earnings Establishment of MRBs $ (132) Other adjustments 27 Total Retained earnings $ (105) Total adjustment for the adoption of ASU 2018-12 $ 158 Total Shareholders' equity January 1, 2021 $ 11,336 The following table provides a description of the Company’s adoption of other new ASUs issued by the FASB and the impact of adoption on the Company’s financial statements: Standard Description of Requirements Effective Date and Transition Provisions Effect on the Financial Statements or Other Significant Matters ASU 2022-02, Troubled Debt Restructurings ("TDRs") and Vintage Disclosures This standard, issued in March 2022, eliminates the accounting guidance on troubled debt restructurings for creditors, requires enhanced disclosures for creditors about loan modifications when a borrower is experiencing financial difficulty, and requires public business entities to include current-period gross write-offs in the vintage disclosure tables. January 1, 2023 on a prospective basis. Adoption of the ASU did not have an impact on the Company's financial condition, results of operations, or cash flows. Required disclosure changes have been included in the Investments (excluding Consolidated Investment Entities) Note to these Condensed Consolidated Financial Statements . ASU 2020-04, Reference Rate Reform This standard, issued in March 2020, provides temporary optional expedients and exceptions for applying U.S. GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments were effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2024. The Company has elected to apply the expedient provided in ASU 2020-04 for qualifying contract modifications. To date, adoption of the guidance has not had a material impact on the Company’s financial condition and results of operations. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and hedging relationships as transition progresses. Future Adoption of Accounting Pronouncements The following table provides a description of future adoptions of new accounting standards that may have an impact on the Company's financial statements when adopted: Standard Description of Requirements Effective Date and Transition Provisions Effect on the Financial Statements or Other Significant Matters ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions This standard, issued in June 2022, clarifies that contractual restrictions on equity security sales are not considered part of the security unit of account and, therefore, are not considered in measuring fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and are required to be applied prospectively, with any adjustments from the adoption recognized in earnings and disclosed. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-03. |
Investments (excluding Consolid
Investments (excluding Consolidated Investment Entities) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments (excluding Consolidated Investment Entities) | 50% - 60% >60% - 70% >70% - 80% >80% and above Total 2023 $ 58 $ — $ — $ — $ — $ 58 2022 246 337 64 — — 647 2021 236 246 253 — — 735 2020 150 169 14 10 — 343 2019 225 93 29 — — 347 2018 161 40 3 — — 204 2017 and prior 2,509 477 26 — — 3,012 Total $ 3,585 $ 1,362 $ 389 $ 10 $ — $ 5,346 As of December 31, 2022 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2022 $ 250 $ 320 $ 65 $ — $ — $ 635 2021 240 272 255 10 — 777 2020 119 209 25 10 — 363 2019 227 94 29 — — 350 2018 163 41 2 — — 206 2017 and prior 2,606 482 26 — — 3,114 Total $ 3,605 $ 1,418 $ 402 $ 20 $ — $ 5,445 The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2023 $ 51 $ 7 $ — $ — $ 58 2022 278 96 187 86 647 2021 265 26 113 331 735 2020 242 27 5 69 343 2019 220 45 75 7 347 2018 122 26 56 — 204 2017 and prior 2,091 446 226 249 3,012 Total $ 3,269 $ 673 $ 662 $ 742 $ 5,346 *No commercial mortgage loans were secured by land or construction loans As of December 31, 2022 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2022 $ 331 $ 100 $ 181 $ 23 $ 635 2021 273 33 269 202 777 2020 259 11 11 82 363 2019 222 54 67 7 350 2018 128 27 51 — 206 2017 and prior 2,172 454 226 262 3,114 Total $ 3,385 $ 679 $ 805 $ 576 $ 5,445 *No commercial mortgage loans were secured by land or construction loans The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2023 $ 20 $ — $ 4 $ — $ — $ 31 $ 3 $ — $ — $ 58 2022 140 129 48 99 114 93 4 1 19 647 2021 98 63 131 145 112 127 9 48 2 735 2020 74 161 17 16 12 40 — 7 16 343 2019 57 105 10 76 46 5 14 13 21 347 2018 50 61 54 9 14 10 — 6 — 204 2017 and prior 767 602 748 222 210 242 49 147 25 3,012 Total $ 1,206 $ 1,121 $ 1,012 $ 567 $ 508 $ 548 $ 79 $ 222 $ 83 $ 5,346 As of December 31, 2022 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2022 $ 140 $ 129 $ 48 $ 98 $ 114 $ 82 $ 4 $ 1 $ 19 $ 635 2021 99 72 134 143 112 138 9 48 22 777 2020 74 170 18 16 12 39 — 7 27 363 2019 58 106 10 77 46 5 14 13 21 350 2018 50 62 55 10 14 10 — 5 — 206 2017 and prior 777 623 759 248 227 257 49 149 25 3,114 Total $ 1,198 $ 1,162 $ 1,024 $ 592 $ 525 $ 531 $ 76 $ 223 $ 114 $ 5,445 The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2023 $ 15 $ 3 $ 20 $ 20 $ — $ — $ — $ 58 2022 79 265 249 34 10 10 — 647 2021 37 165 381 125 — 18 9 735 2020 58 60 82 143 — — — 343 2019 45 85 164 40 13 — — 347 2018 37 83 55 12 — 17 — 204 2017 and prior 858 742 639 500 68 154 51 3,012 Total $ 1,129 $ 1,403 $ 1,590 $ 874 $ 91 $ 199 $ 60 $ 5,346 As of December 31, 2022 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2022 $ 79 $ 255 $ 247 $ 34 $ 10 $ 10 $ — $ 635 2021 37 168 420 125 — 18 9 777 2020 58 61 93 151 — — — 363 2019 46 85 165 40 14 — — 350 2018 37 84 56 12 — 17 — 206 2017 and prior 888 757 679 513 69 156 52 3,114 Total $ 1,145 $ 1,410 $ 1,660 $ 875 $ 93 $ 201 $ 61 $ 5,445 The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: March 31, 2023 December 31, 2022 Allowance for credit losses, beginning of period $ 18 $ 15 Credit losses on mortgage loans for which credit losses were not previously recorded — 3 Increase (decrease) on mortgage loans with allowance recorded in previous period (1) — Provision for expected credit losses 17 18 Write-offs — — Recoveries of amounts previously written-off — — Allowance for credit losses, end of period $ 17 $ 18 The following table presents past due commercial mortgage loans as of the dates indicated: March 31, 2023 December 31, 2022 Delinquency: Current $ 5,346 $ 5,445 30-59 days past due — — 60-89 days past due — — Greater than 90 days past due — — Total $ 5,346 $ 5,445 Commercial mortgage loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. As of March 31, 2023, and December 31, 2022, the Company had no commercial mortgage loan in non-accrual status. There was no interest income recognized on loans in non-accrual status for the three months ended March 31, 2023 and year ended December 31, 2022. Net Investment Income The following table summarizes Net investment income for the periods indicated: Three Months Ended March 31, 2023 2022 Fixed maturities $ 458 $ 479 Equity securities 7 4 Mortgage loans on real estate 61 59 Policy loans 6 6 Short-term investments and cash equivalents 9 1 Limited partnerships and other 22 96 Gross investment income 563 645 Less: Investment expenses 18 15 Net investment income $ 545 $ 630 As of March 31, 2023, the Company had $12 of investments in fixed maturities that did not produce net investment income. As of December 31, 2022, the Company had $11 investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults. Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Such interest income is recorded in Net investment income in the Condensed Consolidated Statements of Operations. Net Gains (Losses) Net gains (losses) comprise the difference between the amortized cost of investments and proceeds from sale and redemption, as well as losses incurred due to the credit-related and intent-related impairment of investments. Net gains (losses) are also primarily generated from changes in fair value of embedded derivatives within products and fixed maturities, changes in fair value of fixed maturities recorded at FVO and changes in fair value including accruals on derivative instruments, except for effective cash flow hedges. Net gains (losses) also include changes in fair value of equity securities. The cost of the investments on disposal is generally determined based on first-in-first-out ("FIFO") methodology. Net gains (losses) were as follows for the periods indicated: Three Months Ended March 31, 2023 2022 Fixed maturities, available-for-sale, including securities pledged $ 1 $ (73) Fixed maturities, at fair value option 36 (305) Equity securities, at fair value (2) (8) Derivatives (54) 94 Embedded derivatives - fixed maturities 1 (4) Other derivatives, net — 5 Standalone derivatives — 1 Managed custody guarantees 3 (3) Mortgage Loans — 4 Other investments (1) 1 Net gains (losses) $ (16) $ (288) Proceeds from the sale of fixed maturities, available-for-sale and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Three Months Ended March 31, 2023 2022 Proceeds on sales $ 1,306 $ 1,249 Gross gains 20 15 Gross losses 25 32 " id="sjs-B4" xml:space="preserve">Investments (excluding Consolidated Investment Entities) Fixed Maturities Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of March 31, 2023: Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value Allowance for credit losses Fixed maturities: U.S. Treasuries $ 428 $ 15 $ 11 $ — $ 432 $ — U.S. Government agencies and authorities 54 4 1 — 57 — State, municipalities and political subdivisions 949 2 98 — 853 — U.S. corporate public securities 9,132 156 998 — 8,290 — U.S. corporate private securities 5,088 32 340 — 4,780 — Foreign corporate public securities and foreign governments (1) 3,259 38 331 — 2,957 9 Foreign corporate private securities (1) 3,151 14 171 — 2,992 2 Residential mortgage-backed securities 4,190 40 257 4 3,977 — Commercial mortgage-backed securities 4,415 1 574 — 3,842 — Other asset-backed securities 2,439 7 157 — 2,288 1 Total fixed maturities, including securities pledged 33,105 309 2,938 4 30,468 12 Less: Securities pledged 1,347 — 121 — 1,226 — Total fixed maturities $ 31,758 $ 309 $ 2,817 $ 4 $ 29,242 $ 12 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations. Available-for-sale and FVO fixed maturities were as follows as of December 31, 2022: Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value Allowance for credit losses Fixed maturities: U.S. Treasuries $ 590 $ 12 $ 21 $ — $ 581 $ — U.S. Government agencies and authorities 58 3 2 — 59 — State, municipalities and political subdivisions 978 1 134 — 845 — U.S. corporate public securities 9,343 97 1,239 — 8,201 — U.S. corporate private securities 5,087 14 409 — 4,692 — Foreign corporate public securities and foreign governments (1) 3,343 18 403 — 2,949 9 Foreign corporate private securities (1) 3,254 7 225 — 3,034 2 Residential mortgage-backed securities 4,230 34 290 3 3,977 — Commercial mortgage-backed securities 4,466 2 585 — 3,883 — Other asset-backed securities 2,307 3 173 — 2,136 1 Total fixed maturities, including securities pledged 33,656 191 3,481 3 30,357 12 Less: Securities pledged 1,303 3 144 — 1,162 — Total fixed maturities $ 32,353 $ 188 $ 3,337 $ 3 $ 29,195 $ 12 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations. The amortized cost and fair value of fixed maturities, including securities pledged, as of March 31, 2023, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date. Amortized Fair Due to mature: One year or less $ 679 $ 676 After one year through five years 4,276 4,086 After five years through ten years 4,206 4,014 After ten years 12,900 11,585 Mortgage-backed securities 8,605 7,819 Other asset-backed securities 2,439 2,288 Fixed maturities, including securities pledged $ 33,105 $ 30,468 As of March 31, 2023 and December 31, 2022, the Company did not have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company’s Total shareholders' equity. The following tables present the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated: Amortized Gross Gross Fair March 31, 2023 Communications $ 1,184 $ 27 $ 101 $ 1,110 Financial 4,008 48 425 3,631 Industrial and other companies 8,136 60 748 7,448 Energy 1,987 55 127 1,915 Utilities 3,648 40 286 3,402 Transportation 1,115 5 100 1,020 Total $ 20,078 $ 235 $ 1,787 $ 18,526 December 31, 2022 Communications $ 1,156 $ 16 $ 130 $ 1,042 Financial 4,153 31 491 3,693 Industrial and other companies 8,379 26 953 7,452 Energy 1,979 39 160 1,858 Utilities 3,664 21 355 3,330 Transportation 1,165 2 128 1,039 Total $ 20,496 $ 135 $ 2,217 $ 18,414 The Company invests in various categories of collateralized mortgage obligations (CMOs), including CMOs that are not agency-backed, that are subject to different degrees of risk from changes in interest rates and defaults. The principal risks inherent in holding CMOs are prepayment and extension risks related to significant decreases and increases in interest rates resulting in the prepayment of principal from the underlying mortgages, either earlier or later than originally anticipated. As of March 31, 2023 and December 31, 2022, approximately 45.2% and 41.6%, respectively, of the Company's CMO holdings, were invested in the above mentioned types of CMOs such as interest-only or principal-only strips, that are subject to more prepayment and extension risk than traditional CMOs. Public corporate fixed maturity securities are distinguished from private corporate fixed maturity securities based upon the manner in which they are transacted. Public corporate fixed maturity securities are issued initially through market intermediaries on a registered basis or pursuant to Rule 144A under the Securities Act of 1933 (the "Securities Act") and are traded on the secondary market through brokers acting as principal. Private corporate fixed maturity securities are originally issued by borrowers directly to investors pursuant to Section 4(a)(2) of the Securities Act, and are traded in the secondary market directly with counterparties, either without the participation of a broker or in agency transactions. Repurchase Agreements As of March 31, 2023 and December 31, 2022, the Company did not have any securities pledged in dollar rolls or reverse repurchase agreements. As of March 31, 2023, the carrying value of securities pledged and obligation to repay loans related to repurchase agreement transactions were $113 and included in Securities pledged and Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets. As of December 31, 2022, the carrying value of securities pledged and obligation to repay loans related to repurchase agreement transactions were $113. Securities pledged related to repurchase agreements are comprised of other asset-backed securities. Securities Pledged The Company engages in securities lending whereby the initial collateral is required at a rate of 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in high quality liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss. As of March 31, 2023 and December 31, 2022, the fair value of loaned securities was $976 and $907, respectively, and is included in Securities pledged on the Condensed Consolidated Balance Sheets. If cash is received as collateral, the lending agent retains the cash collateral and invests it in short-term liquid assets on behalf of the Company. As of March 31, 2023 and December 31, 2022, cash collateral retained by the lending agent and invested in short-term liquid assets on the Company's behalf was $879 and $807, respectively, and is recorded in Short-term investments under securities loan agreements, including collateral delivered on the Condensed Consolidated Balance Sheets. As of March 31, 2023 and December 31, 2022, liabilities to return collateral of $879 and $807, respectively, are included in Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets. The Company accepts non-cash collateral in the form of securities. The securities retained as collateral by the lending agent may not be sold or re-pledged, except in the event of default, and are not reflected on the Company’s Condensed Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools. As of March 31, 2023 and December 31, 2022, the fair value of securities retained as collateral by the lending agent on the Company’s behalf was $125 and $135, respectively. The following table presents borrowings under securities lending transactions by asset class as of the dates indicated: March 31, 2023 December 31, 2022 U.S. Treasuries $ 7 $ 53 U.S. corporate public securities 700 604 Foreign corporate public securities and foreign governments 297 285 Payables under securities loan agreements $ 1,004 $ 942 The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program. Allowance for credit losses The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the periods presented: Three Months Ended March 31, 2023 Foreign corporate public securities and foreign governments Foreign corporate private securities Other asset-backed securities Total Balance as of January 1 $ 9 $ 2 $ 1 $ 12 Reductions for securities sold during the period (2) — — (2) Increase (decrease) on securities with allowance recorded in previous period 2 — — 2 Balance as of March 31 $ 9 $ 2 $ 1 $ 12 Year Ended December 31, 2022 Residential mortgage-backed securities Foreign Foreign corporate private securities Other asset-backed securities Total Balance as of January 1 $ 1 $ — $ 56 $ 1 $ 58 Credit losses on securities for which credit losses were not previously recorded — 9 — — 9 Reductions for securities sold during the period — — (57) — (57) Increase (decrease) on securities with allowance recorded in previous period (1) — 3 — 2 Balance as of December 31 $ — $ 9 $ 2 $ 1 $ 12 Unrealized Capital Losses The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of March 31, 2023: Twelve Months or Less More Than Twelve Total Fair Value Unrealized Capital Losses Number of securities Fair Value Unrealized Capital Losses Number of securities Fair Value Unrealized Capital Losses Number of securities U.S. Treasuries $ 106 $ 1 10 $ 47 $ 10 13 $ 153 $ 11 23 U.S. Government agencies and authorities — — — 3 1 1 3 1 1 State, municipalities and political subdivisions 573 44 206 209 54 82 782 98 288 U.S. corporate public securities 3,181 220 558 2,864 778 733 6,045 998 1,291 U.S. corporate private securities 2,268 113 243 1,552 227 152 3,820 340 395 Foreign corporate public securities and foreign governments 1,185 76 205 1,008 255 230 2,193 331 435 Foreign corporate private securities 1,834 75 138 793 96 68 2,627 171 206 Residential mortgage-backed 782 43 329 964 214 447 1,746 257 776 Commercial mortgage-backed 1,346 141 213 2,410 433 438 3,756 574 651 Other asset-backed 554 26 138 1,532 131 399 2,086 157 537 Total $ 11,829 $ 739 2,040 $ 11,382 $ 2,199 2,563 $ 23,211 $ 2,938 4,603 The Company concluded that an allowance for credit losses was unnecessary for these securities because the unrealized losses are interest rate related. The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of December 31, 2022: Twelve Months or Less More Than Twelve Total Fair Value Unrealized Capital Losses Number of securities Fair Value Unrealized Capital Losses Number of securities Fair Value Unrealized Capital Losses Number of securities U.S. Treasuries $ 197 $ 19 19 $ 9 $ 2 7 $ 206 $ 21 26 U.S. Government agencies and authorities 21 2 2 — — — 21 2 2 State, municipalities and political subdivisions 751 121 284 30 13 17 781 134 301 U.S. corporate public securities 5,479 792 1,054 1,137 447 347 6,616 1,239 1,401 U.S. corporate private securities 3,569 322 375 458 87 32 4,027 409 407 Foreign corporate public securities and foreign governments 2,050 260 371 391 143 97 2,441 403 468 Foreign corporate private securities 2,728 211 217 65 14 6 2,793 225 223 Residential mortgage-backed 1,538 128 536 562 162 283 2,100 290 819 Commercial mortgage-backed 2,628 390 441 1,133 195 207 3,761 585 648 Other asset-backed 1,430 104 334 578 69 191 2,008 173 525 Total $ 20,391 $ 2,349 3,633 $ 4,363 $ 1,132 1,187 $ 24,754 $ 3,481 4,820 Based on the Company's quarterly evaluation of its securities in an unrealized loss position, described below, the Company concluded that these securities were not impaired as of March 31, 2023. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. Gross unrealized capital losses on fixed maturities, including securities pledged, decreased $543 from $3,481 to $2,938 for the three months ended March 31, 2023. The decrease in unrealized losses was driven by lower interest rates across the yield curve. As of March 31, 2023, $41 of the total $2,938 of gross unrealized losses were from 68 available-for-sale fixed maturity securities with an unrealized loss position of 20% or more of amortized cost for 12 months or greater. Evaluating Securities for Impairments The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities, in accordance with its impairment policy in order to evaluate whether such investments are impaired. The following table identifies the Company's intent impairments included in the Condensed Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated: Three Months Ended March 31, 2023 2022 Impairment No. of Impairment No. of Residential mortgage-backed — * 2 7 13 Total $ — * 2 $ 7 13 (1) Primarily U.S. dollar denominated. *Less than $1 The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities. In certain situations, new factors, including changes in the business environment, can change the Company’s previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses. Debt Restructuring Upon the adoption of ASU 2022-02 as of January 1, 2023, the Company no longer identifies certain debt modifications as troubled debt restructuring, but instead evaluates all debt modifications to determine whether a modification results in a new loan or a continuation of an existing loan. Disclosures are required for loan modifications with borrowers experiencing financial difficulty. For the three months ended March 31, 2023, the Company had no debt modifications that require such disclosure. Mortgage Loans on Real Estate The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific performance, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk. Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio, calculated at time of origination, is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.0 indicates that a property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above. The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2023 $ 58 $ — $ — $ — $ — $ 58 2022 246 337 64 — — 647 2021 236 246 253 — — 735 2020 150 169 14 10 — 343 2019 225 93 29 — — 347 2018 161 40 3 — — 204 2017 and prior 2,509 477 26 — — 3,012 Total $ 3,585 $ 1,362 $ 389 $ 10 $ — $ 5,346 As of December 31, 2022 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2022 $ 250 $ 320 $ 65 $ — $ — $ 635 2021 240 272 255 10 — 777 2020 119 209 25 10 — 363 2019 227 94 29 — — 350 2018 163 41 2 — — 206 2017 and prior 2,606 482 26 — — 3,114 Total $ 3,605 $ 1,418 $ 402 $ 20 $ — $ 5,445 The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2023 $ 51 $ 7 $ — $ — $ 58 2022 278 96 187 86 647 2021 265 26 113 331 735 2020 242 27 5 69 343 2019 220 45 75 7 347 2018 122 26 56 — 204 2017 and prior 2,091 446 226 249 3,012 Total $ 3,269 $ 673 $ 662 $ 742 $ 5,346 *No commercial mortgage loans were secured by land or construction loans As of December 31, 2022 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2022 $ 331 $ 100 $ 181 $ 23 $ 635 2021 273 33 269 202 777 2020 259 11 11 82 363 2019 222 54 67 7 350 2018 128 27 51 — 206 2017 and prior 2,172 454 226 262 3,114 Total $ 3,385 $ 679 $ 805 $ 576 $ 5,445 *No commercial mortgage loans were secured by land or construction loans The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2023 $ 20 $ — $ 4 $ — $ — $ 31 $ 3 $ — $ — $ 58 2022 140 129 48 99 114 93 4 1 19 647 2021 98 63 131 145 112 127 9 48 2 735 2020 74 161 17 16 12 40 — 7 16 343 2019 57 105 10 76 46 5 14 13 21 347 2018 50 61 54 9 14 10 — 6 — 204 2017 and prior 767 602 748 222 210 242 49 147 25 3,012 Total $ 1,206 $ 1,121 $ 1,012 $ 567 $ 508 $ 548 $ 79 $ 222 $ 83 $ 5,346 As of December 31, 2022 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2022 $ 140 $ 129 $ 48 $ 98 $ 114 $ 82 $ 4 $ 1 $ 19 $ 635 2021 99 72 134 143 112 138 9 48 22 777 2020 74 170 18 16 12 39 — 7 27 363 2019 58 106 10 77 46 5 14 13 21 350 2018 50 62 55 10 14 10 — 5 — 206 2017 and prior 777 623 759 248 227 257 49 149 25 3,114 Total $ 1,198 $ 1,162 $ 1,024 $ 592 $ 525 $ 531 $ 76 $ 223 $ 114 $ 5,445 The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2023 $ 15 $ 3 $ 20 $ 20 $ — $ — $ — $ 58 2022 79 265 249 34 10 10 — 647 2021 37 165 381 125 — 18 9 735 2020 58 60 82 143 — — — 343 2019 45 85 164 40 13 — — 347 2018 37 83 55 12 — 17 — 204 2017 and prior 858 742 639 500 68 154 51 3,012 Total $ 1,129 $ 1,403 $ 1,590 $ 874 $ 91 $ 199 $ 60 $ 5,346 As of December 31, 2022 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2022 $ 79 $ 255 $ 247 $ 34 $ 10 $ 10 $ — $ 635 2021 37 168 420 125 — 18 9 777 2020 58 61 93 151 — — — 363 2019 46 85 165 40 14 — — 350 2018 37 84 56 12 — 17 — 206 2017 and prior 888 757 679 513 69 156 52 3,114 Total $ 1,145 $ 1,410 $ 1,660 $ 875 $ 93 $ 201 $ 61 $ 5,445 The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: March 31, 2023 December 31, 2022 Allowance for credit losses, beginning of period $ 18 $ 15 Credit losses on mortgage loans for which credit losses were not previously recorded — 3 Increase (decrease) on mortgage loans with allowance recorded in previous period (1) — Provision for expected credit losses 17 18 Write-offs — — Recoveries of amounts previously written-off — — Allowance for credit losses, end of period $ 17 $ 18 The following table presents past due commercial mortgage loans as of the dates indicated: March 31, 2023 December 31, 2022 Delinquency: Current $ 5,346 $ 5,445 30-59 days past due — — 60-89 days past due — — Greater than 90 days past due — — Total $ 5,346 $ 5,445 Commercial mortgage loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. As of March 31, 2023, and December 31, 2022, the Company had no commercial mortgage loan in non-accrual status. There was no interest income recognized on loans in non-accrual status for the three months ended March 31, 2023 and year ended December 31, 2022. Net Investment Income The following table summarizes Net investment income for the periods indicated: Three Months Ended March 31, 2023 2022 Fixed maturities $ 458 $ 479 Equity securities 7 4 Mortgage loans on real estate 61 59 Policy loans 6 6 Short-term investments and cash equivalents 9 1 Limited partnerships and other 22 96 Gross investment income 563 645 Less: Investment expenses 18 15 Net investment income $ 545 $ 630 As of March 31, 2023, the Company had $12 of investments in fixed maturities that did not produce net investment income. As of December 31, 2022, the Company had $11 investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults. Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Such interest income is recorded in Net investment income in the Condensed Consolidated Statements of Operations. Net Gains (Losses) Net gains (losses) comprise the difference between the amortized cost of investments and proceeds from sale and redemption, as well as losses incurred due to the credit-related and intent-related impairment of investments. Net gains (losses) are also primarily generated from changes in fair value of embedded derivatives within products and fixed maturities, changes in fair value of fixed maturities recorded at FVO and changes in fair value including accruals on derivative instruments, except for effective cash flow hedges. Net gains (losses) also include changes in fair value of equity securities. The cost of the investments on disposal is generally determined based on first-in-first-out ("FIFO") methodology. Net gains (losses) were as follows for the periods indicated: Three Months Ended March 31, 2023 2022 Fixed maturities, available-for-sale, including securities pledged $ 1 $ (73) Fixed maturities, at fair value option 36 (305) Equity securities, at fair value (2) (8) Derivatives (54) 94 Embedded derivatives - fixed maturities 1 (4) Other derivatives, net — 5 Standalone derivatives — 1 Managed custody guarantees 3 (3) Mortgage Loans — 4 Other investments (1) 1 Net gains (losses) $ (16) $ (288) Proceeds from the sale of fixed maturities, available-for-sale and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Three Months Ended March 31, 2023 2022 Proceeds on sales $ 1,306 $ 1,249 Gross gains 20 15 Gross losses 25 32 |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company primarily enters into the following types of derivatives: Interest rate swaps: Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and/or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in an anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. Total return swaps: The Company uses total return swaps as a hedge of interest related risks within various Legacy Annuity and Retirement products. Total return swaps are also used as a hedge of other corporate liabilities. Using total return swaps, the Company agrees with another party to exchange, at specified intervals, the difference between the economic performance of assets or a market index and a fixed or variable funding multiplied by reference to an agreed upon notional amount. No cash is exchanged at the onset of the contracts. Cash is paid and received over the life of the contract based upon the terms of the swaps. The Company utilized these contracts in non-qualifying hedging relationships. Futures: Futures contracts are used to hedge against a decrease in certain equity indices. Such decreases may correlate to a decrease in variable annuity account values which would increase the possibility of the Company incurring an expense for guaranteed benefits in excess of account values. The Company also uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. The Company may also use futures contracts as a hedge against an increase in certain equity indices. Embedded derivatives: The Company also invests in certain fixed maturity instruments and has issued certain products that contain embedded derivatives for which market value is at least partially determined by, among other things, levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity rates or credit ratings/spreads. In addition, the Company has entered into coinsurance with funds withheld arrangements, which contain embedded derivatives. The notional amounts and fair values of derivatives were as follows as of the dates indicated: March 31, 2023 December 31, 2022 Notional Asset Liability Notional Asset Liability Derivatives: Qualifying for hedge accounting (1) Fair value hedges: Foreign exchange contracts $ 88 $ — $ — $ 81 $ — $ 6 Cash flow hedges: Interest rate contracts 22 — — 22 — — Foreign exchange contracts 745 59 2 718 71 2 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 16,564 276 367 18,304 341 376 Foreign exchange contracts 185 3 1 160 9 2 Equity contracts 268 4 2 248 1 1 Credit contracts 188 — 4 174 — 2 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments (2) N/A 4 — N/A 3 — Within reinsurance agreements (4) N/A 72 49 N/A 95 46 Managed custody guarantees (3) N/A — 3 N/A — 6 Total $ 418 $ 428 $ 520 $ 441 (1) Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Consolidated Balance Sheets at fair value. (2) Included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets. (3) Included in Contract owner account balances on the Condensed Consolidated Balance Sheets. (4) Included in Other liabilities, other assets and Premium receivable and reinsurance recoverable on the Condensed Consolidated Balance Sheets. N/A - Not applicable The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments. Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as outlined in ASC Topic 815 as of March 31, 2023 and December 31, 2022. Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts are presented in the tables below as of the dates indicated: March 31, 2023 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 188 $ — $ 4 Equity contracts 220 4 1 Foreign exchange contracts 1,018 62 3 Interest rate contracts 13,458 276 365 342 373 Counterparty netting (1) (241) (241) Cash collateral netting (1) (92) (126) Securities collateral netting (1) (6) (2) Net receivables/payables $ 3 $ 4 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. December 31, 2022 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 174 $ — $ 2 Equity contracts 201 1 1 Foreign exchange contracts 959 80 10 Interest rate contracts 13,328 339 376 420 389 Counterparty netting (1) (295) (295) Cash collateral netting (1) (64) (88) Securities collateral netting (1) (6) (1) Net receivables/payables $ 55 $ 5 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. Collateral Under the terms of the OTC Derivative International Swaps and Derivatives Association, Inc. ("ISDA") agreements, the Company may receive from, or deliver to, counterparties collateral to assure that terms of the ISDA agreements will be met with regard to the Credit Support Annex ("CSA"). The terms of the CSA call for the Company to pay interest on any cash received equal to the Federal Funds rate. To the extent cash collateral is received and delivered, it is included in Payables under securities loan and repurchase agreements, including collateral held and Short-term investments under securities loan agreements, including collateral delivered, respectively, on the Condensed Consolidated Balance Sheets and is reinvested in short-term investments. Collateral held is used in accordance with the CSA to satisfy any obligations. Investment grade bonds owned by the Company are the source of noncash collateral posted, which is reported in Securities pledged on the Condensed Consolidated Balance Sheets. As of March 31, 2023, the Company held $96 and pledged $126 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2022, the Company held $56 and pledged $79 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of March 31, 2023, the Company delivered $137 of securities and held $7 of securities as collateral. As of December 31, 2022, the Company delivered $142 of securities and held $7 of securities as collateral. The location and effect of derivatives qualifying for hedge accounting on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income are as follows for the periods indicated: Three Months Ended March 31, 2023 2022 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Derivatives: Qualifying for hedge accounting Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income Net investment income and Net gains/(losses) Net investment income Net investment income and Net gains/(losses) Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ — $ (12) $ (1) $ 7 Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 3 — 3 The location and amount of gain (loss) recognized in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated: Three Months Ended March 31, 2023 2022 Net investment income Net gains/(losses) Net investment income Net gains/(losses) Total amounts of line items presented in the statement of operations in which the effects of fair value or cash flow hedges are recorded $ 545 $ (16) $ 630 $ (288) Derivatives: Qualifying for hedge accounting Fair value hedges: Foreign exchange contracts: Hedged items — 2 — (2) Derivatives designated as hedging instruments (1) — (1) — 2 Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 3 — 3 — (1) For the three months ended March 31, 2023, $1 of the change in derivative instruments designated and qualifying as fair value hedges was excluded from the assessment of hedge effectiveness and recognized currently in earning. For the three months ended March 31, 2022, an immaterial portion of the change in derivative instruments designated and qualifying as fair value hedges was excluded from the assessment of hedge effectiveness and recognized currently in earning. The location and effect of derivatives not designated as hedging instruments on the Condensed Consolidated Statements of Operations are as follows for the periods indicated: Location of Gain or (Loss) on Derivative Three Months Ended March 31, 2023 2022 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Net gains (losses) $ (56) $ 100 Foreign exchange contracts Net gains (losses) 1 (1) Equity contracts Net gains (losses) 3 (8) Credit contracts Net gains (losses) (1) — Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Net gains (losses) 1 (4) Within reinsurance agreements (1) Policyholder benefits (26) 92 Managed custody guarantees Net gains (losses) 3 (3) Total $ (75) $ 176 (1) For the three months ended March 31, 2023, the amount excludes immaterial gains (losses) from standalone derivatives that were recognized in Net gains (losses). For the three months ended March 31, 2022, the amount excluded gains (losses) of $1, respectively, from standalone derivatives recognized in Net gains (losses). |
Fair Value Measurements (exclud
Fair Value Measurements (excluding Consolidated Investment Entities) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements (excluding Consolidated Investment Entities) | Fair Value Measurements (excluding Consolidated Investment Entities) Fair Value Measurement The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of March 31, 2023: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 373 $ 59 $ — $ 432 U.S. Government agencies and authorities — 56 1 57 State, municipalities and political subdivisions — 853 — 853 U.S. corporate public securities — 8,269 21 8,290 U.S. corporate private securities — 2,980 1,800 4,780 Foreign corporate public securities and foreign governments (1) — 2,957 — 2,957 Foreign corporate private securities (1) — 2,551 441 2,992 Residential mortgage-backed securities — 3,921 56 3,977 Commercial mortgage-backed securities — 3,842 — 3,842 Other asset-backed securities — 2,211 77 2,288 Total fixed maturities, including securities pledged 373 27,699 2,396 30,468 Equity securities 116 — 192 308 Derivatives: Interest rate contracts 3 273 — 276 Foreign exchange contracts — 62 — 62 Equity contracts — 4 — 4 Embedded derivative on reinsurance — 72 — 72 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,982 21 — 2,003 Assets held in separate accounts 78,617 5,603 349 84,569 Total assets $ 81,091 $ 33,734 $ 2,937 $ 117,762 Percentage of Level to total 69 % 29 % 2 % 100 % Liabilities: Contingent consideration $ — $ — $ 112 $ 112 Stabilizer and MCGs — — 3 3 Derivatives: Interest rate contracts 1 366 — 367 Foreign exchange contracts — 3 — 3 Equity contracts 1 1 — 2 Credit contracts — 4 — 4 Embedded derivative on reinsurance — (9) (2) 58 49 Total liabilities $ 2 $ 365 $ 173 $ 540 (1) Primarily U.S. dollar denominated. (2) The Company classifies the embedded derivative within liabilities given the underlying nature of the balance and the right-of-offset. The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2022: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 433 $ 148 $ — $ 581 U.S. Government agencies and authorities — 58 1 59 State, municipalities and political subdivisions — 845 — 845 U.S. corporate public securities — 8,181 20 8,201 U.S. corporate private securities — 2,891 1,801 4,692 Foreign corporate public securities and foreign governments (1) — 2,946 3 2,949 Foreign corporate private securities (1) — 2,602 432 3,034 Residential mortgage-backed securities — 3,949 28 3,977 Commercial mortgage-backed securities — 3,883 — 3,883 Other asset-backed securities — 2,072 64 2,136 Total fixed maturities, including securities pledged 433 27,575 2,349 30,357 Equity securities 140 — 196 336 Derivatives: Interest rate contracts 2 339 — 341 Foreign exchange contracts — 80 — 80 Equity contracts — 1 — 1 Embedded derivative on reinsurance — 95 — 95 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 2,430 24 — 2,454 Assets held in separate accounts 74,600 5,227 347 80,174 Total assets $ 77,605 $ 33,341 $ 2,892 $ 113,838 Percentage of Level to total 68 % 29 % 3 % 100 % Liabilities: Contingent consideration $ — $ — $ 112 $ 112 Stabilizer and MCGs — — 6 6 Derivatives: Interest rate contracts 3 373 — 376 Foreign exchange contracts — 10 — 10 Equity contracts — 1 — 1 Credit contracts — 2 — 2 Embedded derivative on reinsurance — (12) (2) 58 46 Total liabilities $ 3 $ 374 $ 176 $ 553 (1) Primarily U.S. dollar denominated. (2) The Company classifies the embedded derivative within liabilities given the underlying nature of the balance and the right-of-offset. Valuation of Financial Assets and Liabilities at Fair Value Certain assets and liabilities are measured at estimated fair value on the Company's Consolidated Balance Sheets. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The exit price and the transaction (or entry) price will be the same at initial recognition in many circumstances. However, in certain cases, the transaction price may not represent fair value. The fair value of a liability is based on the amount that would be paid to transfer a liability to a third-party with an equal credit standing. Fair value is required to be a market-based measurement that is determined based on a hypothetical transaction at the measurement date, from a market participant’s perspective. The Company considers three broad valuation approaches when a quoted price is unavailable: (i) the market approach, (ii) the income approach and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given the instrument being measured and the availability of sufficient inputs. The Company prioritizes the inputs to fair valuation approaches and allows for the use of unobservable inputs to the extent that observable inputs are not available. The Company utilizes a number of valuation methodologies to determine the fair values of its financial assets and liabilities in conformity with the concepts of exit price and the fair value hierarchy as prescribed in ASC Topic 820. Valuations are obtained from third-party commercial pricing services, brokers and industry-standard, vendor-provided software that models the value based on market observable inputs. The valuations obtained from third-party commercial pricing services are non-binding. The Company reviews the assumptions and inputs used by third-party commercial pricing services for each reporting period in order to determine an appropriate fair value hierarchy level. The documentation and analysis obtained from third-party commercial pricing services are reviewed by the Company, including in-depth validation procedures confirming the observability of inputs. The valuations are reviewed and validated monthly through the internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes. When available, the fair value of the Company's financial assets and liabilities are based on quoted prices of identical assets in active markets and therefore, reflected in Level 1. The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. For fixed maturities classified as Level 2 assets, fair values are determined using a matrix-based market approach, based on prices obtained from third-party commercial pricing services and the Company’s matrix and analytics-based pricing models, which in each case incorporate a variety of market observable information as valuation inputs. The market observable inputs used for these fair value measurements, by fixed maturity asset class, are as follows: U.S. Treasuries: Fair value is determined using third-party commercial pricing services, with the primary inputs being stripped interest and principal U.S. Treasury yield curves that represent a U.S. Treasury zero-coupon curve. U.S. government agencies and authorities, State, municipalities and political subdivisions: Fair value is determined using third-party commercial pricing services, with the primary inputs being U.S. Treasury yield curves, trades of comparable securities, credit spreads off benchmark yields and issuer ratings. U.S. corporate public securities, Foreign corporate public securities and foreign governments: Fair value is determined using third-party commercial pricing services, with the primary inputs being benchmark yields, trades of comparable securities, issuer ratings, bids and credit spreads off benchmark yields. U.S. corporate private securities and Foreign corporate private securities: Fair values are determined using a matrix and analytics-based pricing model. The model incorporates the current level of risk-free interest rates, current corporate credit spreads, credit quality of the issuer and cash flow characteristics of the security. The model also considers a liquidity spread, the value of any collateral, the capital structure of the issuer, the presence of guarantees, and prices and quotes for comparably rated publicly traded securities. RMBS, CMBS and ABS: Fair value is determined using third-party commercial pricing services, with the primary inputs being credit spreads off benchmark yields, prepayment speed assumptions, current and forecasted loss severity, debt service coverage ratios, collateral type, payment priority within tranche and the vintage of the loans underlying the security. Generally, the Company does not obtain more than one vendor price from pricing services per instrument. The Company uses a hierarchy process in which prices are obtained from a primary vendor and, if that vendor is unable to provide the price, the next vendor in the hierarchy is contacted until a price is obtained or it is determined that a price cannot be obtained from a commercial pricing service. When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3. Fair values of privately placed bonds are determined primarily using a matrix-based pricing model and are generally classified as Level 2 assets. The model considers the current level of risk-free interest rates, current corporate spreads, the credit quality of the issuer and cash flow characteristics of the security. Also considered are factors such as the net worth of the borrower, the value of collateral, the capital structure of the borrower, the presence of guarantees and the Company’s evaluation of the borrower’s ability to compete in its relevant market. Using this data, the model generates estimated market values, which the Company considers reflective of the fair value of each privately placed bond. Equity securities: Level 2 and Level 3 equity securities, typically private equities or equity securities not traded on an exchange, are valued by other sources such as analytics or brokers. Derivatives: Derivatives are carried at fair value, which is determined using the Company’s derivative accounting system in conjunction with observable key financial data from third-party sources, such as yield curves, exchange rates, S&P 500 Index prices, London Interbank Offered Rates ("LIBOR"), Overnight Index Swap ("OIS") rates, and Secured Overnight Financing Rate ("SOFR"). The Company uses SOFR discounting for valuations of interest rate derivatives; however, certain legacy positions may continue to be discounted on OIS. The Company uses OIS for valuations of collateralized interest rate derivatives, which are obtained from third-party sources. For those derivatives that are unable to be valued by the accounting system, the Company typically utilizes values established by third-party brokers. Counterparty credit risk is considered and incorporated in the Company’s valuation process through counterparty credit rating requirements and monitoring of overall exposure. It is the Company’s policy to transact only with investment grade counterparties with a credit rating of A- or better. The Company’s nonperformance risk is also considered and incorporated in the Company’s valuation process. The Company also has certain credit default swaps and options that are priced by third party vendors or by using models that primarily use market observable inputs, but contain inputs that are not observable to market participants, which have been classified as Level 3. The remaining derivative instruments are valued based on market observable inputs and are classified as Level 2. Contingent consideration: The fair value of the contingent consideration liability associated with the Company’s acquisitions uses unobservable inputs and as such are reported as Level 3. Unobservable inputs include projected revenues, duration of earnouts and other metrics as well as discount rate. Changes in the fair value of the contingent consideration are recorded in Operating expenses in the Company’s Condensed Consolidated Statements of Operations. The Company records reserves for Stabilizer and MCG contracts containing guaranteed credited rates. The guarantee is treated as an embedded derivative or a stand-alone derivative (depending on the underlying product) and is required to be reported at fair value. The estimated fair value is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using relevant actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are projected under multiple capital market scenarios using observable risk-free rates and other best estimate assumptions. These derivatives are classified as Level 3 liabilities. The discount rate used to determine the fair value of the Company's Stabilizer embedded derivative liabilities and the stand-alone derivative for MCG includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk"). The nonperformance risk adjustment incorporates a blend of observable, similarly rated peer holding company credit spreads, adjusted to reflect the credit quality of the individual insurance subsidiary that issued the guarantee, as well as an adjustment to reflect the non-default spreads and the priority and recovery rates of policyholder claims. Embedded derivatives on reinsurance: The carrying value of embedded derivatives is estimated based upon the change in the fair value of the assets supporting the funds withheld payable under reinsurance agreements. The fair value of the embedded derivative is based on market observable inputs and is classified as Level 2. The remaining derivative instruments are classified as Level 3 and are estimated using the income approach. The fair value is calculated by estimating future cash flows for a certain discrete projection period, estimating the terminal value, if appropriate, and discounting these amounts to present value at a rate of return that considers the relative risk of the cash flows and the time value of money. Level 3 Financial Instruments The fair values of certain assets and liabilities are determined using prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (i.e., Level 3 as defined by ASC Topic 820), including but not limited to liquidity spreads for investments within markets deemed not currently active. These valuations, whether derived internally or obtained from a third-party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability. In addition, the Company has determined, for certain financial instruments, an active market is such a significant input to determine fair value that the presence of an inactive market may lead to classification in Level 3. In light of the methodologies employed to obtain the fair values of financial assets and liabilities classified as Level 3, additional information is presented below. The following tables summarize the change in fair value of the Company's Level 3 assets and liabilities and transfers in and out of Level 3 for the periods indicated: Three Months Ended March 31, 2023 Fair Value as of January 1 Realized/Unrealized Purchases Issuances Sales Settlements Transfers Transfers Fair Value as of March 31 Change In (3) Change In Unrealized Gains (Losses) Included in OCI (3) Net OCI Fixed maturities, including securities pledged: U.S. Government agencies and authorities $ 1 $ — $ — $ — $ — $ — $ — $ — $ — $ 1 $ — $ — U.S. corporate public securities 20 — — 1 — — — — — 21 — — U.S. corporate private securities 1,801 1 34 40 — — (76) — — 1,800 1 34 Foreign corporate public securities and foreign governments (1) 3 — — — — — — — (3) — — — Foreign corporate private securities (1) 432 1 4 57 — — (53) — — 441 1 4 Residential mortgage-backed securities 28 — — 28 — — — — — 56 — — Other asset-backed securities 64 — 1 34 — — (1) — (21) 77 — 1 Total fixed maturities, including securities pledged 2,349 2 39 160 — — (130) — (24) 2,396 2 39 Equity securities, at fair value 196 (4) — — — — — — — 192 (3) — Contingent consideration (112) — — — — — — — — (112) — — Stabilizer and MCGs (2) (6) 4 — — (1) — — — — (3) — — Embedded derivatives on reinsurance (58) — — — — — — — — (58) — — Assets held in separate accounts (4) 347 4 — — — (2) — — — 349 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract by contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of March 31 amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. (4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. Three Months Ended March 31, 2022 Fair Value as of January 1 Realized/Unrealized Purchases Issuances Sales Settlements Transfers Transfers Fair Value as of March 31 Change In (3) Change In Unrealized Gains (Losses) Included in OCI (3) Net OCI Fixed maturities, including securities pledged: U.S. corporate public securities $ 16 $ — $ (2) $ 21 $ — $ — $ — $ 36 $ — $ 71 $ — $ (2) U.S. corporate private securities 1,910 (1) (145) 111 — — (61) 121 (10) 1,925 (1) (145) Foreign corporate public securities and foreign governments (1) — — — 11 — — — — — 11 — — Foreign corporate private securities (1) 353 (18) (24) 50 — — (13) 148 — 496 — (24) Residential mortgage-backed securities 43 (9) — 13 — — — — (2) 45 (9) — Other asset-backed securities 44 — (2) 18 — (10) (1) — — 49 — (2) Total fixed maturities, including securities pledged 2,366 (28) (173) 224 — (10) (75) 305 (12) 2,597 (10) (173) Equity securities, at fair value 203 (10) — — — — — 10 — 203 (10) — Contingent consideration (11) — — — — — — — — (11) — — Stabilizer and MCGs (2) (20) 6 — — (1) — — — — (15) — — Embedded derivatives on (87) 1 — — — — — — — (86) — — Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements — — — 8 — — — — — 8 — — Assets held in separate accounts (4) 316 (14) — 65 — (1) — 6 (38) 334 — — For the three months ended March 31, 2023 and 2022, the transfers in and out of Level 3 for fixed maturities were due to the variation in inputs relied upon for valuation each quarter. Securities that are primarily valued using independent broker quotes when prices are not available from one of the commercial pricing services are reflected as transfers into Level 3. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate. Significant Unobservable Inputs The Company's Level 3 fair value measurements of its fixed maturities, equity securities and equity and credit derivative contracts are primarily based on broker quotes for which the quantitative detail of the unobservable inputs is neither provided nor reasonably corroborated, thus negating the ability to perform a sensitivity analysis. The Company performs a review of broker quotes by performing a monthly price variance comparison and back tests broker quotes to recent trade prices. Other Financial Instruments The following disclosures are made in accordance with the requirements of ASC Topic 825 which requires disclosure of fair value information about financial instruments, whether or not recognized at fair value on the Condensed Consolidated Balance Sheets. ASC Topic 825 excludes certain financial instruments, including insurance contracts and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated: March 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Assets: Fixed maturities, including securities pledged $ 30,468 $ 30,468 $ 30,357 $ 30,357 Equity securities 308 308 336 336 Mortgage loans on real estate 5,346 5,078 5,445 5,149 Policy loans 359 359 363 363 Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements 2,003 2,003 2,454 2,454 Derivatives 342 342 422 422 Embedded derivatives on reinsurance 72 72 95 95 Other investments 70 70 68 68 Assets held in separate accounts 84,569 84,569 80,174 80,174 Liabilities: Investment contract liabilities: Funding agreements without fixed maturities and deferred annuities (1) $ 34,958 $ 36,635 $ 35,707 $ 36,385 Funding agreements with fixed maturities 1,360 1,358 1,285 1,281 Supplementary contracts, immediate annuities and other 701 640 727 636 Stabilizer and MCGs 3 3 6 6 Derivatives 376 376 389 389 Embedded derivative on reinsurance 49 49 46 46 Short-term debt 143 144 141 142 Long-term debt 2,094 1,935 2,094 1,935 (1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Stabilizer and MCGs section of the table above. The following table presents the classifications of financial instruments which are not carried at fair value on the Condensed Consolidated Balance Sheets: Financial Instrument Classification Mortgage loans on real estate Level 3 Policy loans Level 2 Other investments Level 2 Funding agreements without fixed maturities and deferred annuities Level 3 Funding agreements with fixed maturities Level 2 Supplementary contracts and immediate annuities Level 3 Short-term debt and Long-term debt Level 2 |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs and Value of Business Acquired | 3 Months Ended |
Mar. 31, 2023 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] | |
Deferred Policy Acquisition Costs and Value of Business Acquired | Deferred Policy Acquisition Costs and Value of Business Acquired The following tables present a rollforward of DAC and VOBA for the periods indicated: DAC VOBA Wealth Solutions Deferred and Individual Annuities Businesses exited Balance as of January 1, 2022 $ 691 $ 1,158 $ 473 Deferrals of commissions and expenses 59 — 5 Amortization expense (59) (115) (39) Balance as of December 31, 2022 $ 691 $ 1,043 $ 439 Deferrals of commissions and expenses 15 — 1 Amortization expense (14) (27) (10) Balance as of March 31, 2023 $ 692 $ 1,016 $ 430 The following table shows a reconciliation of DAC and VOBA balances to the Condensed Consolidated Balance Sheets for the periods indicated: March 31, 2023 December 31, 2022 DAC: Wealth Solutions Deferred and Individual Annuities $ 692 $ 691 Businesses exited 1,016 1,043 Other 195 190 VOBA 430 439 Total $ 2,333 $ 2,363 |
Financial Services, Insurance,
Financial Services, Insurance, ASU 2018-12 Transition | 3 Months Ended |
Mar. 31, 2023 | |
Reserves for Future Policy Benefits and Contract Owner Balances [Abstract] | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure | Reserves for Future Policy Benefits and Contract Owner Account Balances The balances and changes in the liability for future policy benefits for Health Solutions Group, Health Solutions Voluntary and Businesses Exited are presented in the tables below for the periods indicated: Health Solutions Group Health Solutions Voluntary Businesses Exited March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Present Value of Expected Net Premiums: Balance at January 1 $ 77 $ 93 $ 97 $ 105 $ 4,244 $ 5,634 Beginning balance at original discount rate 84 85 100 92 4,128 4,226 Effect of change in cash flow assumptions — (7) — — — (69) Effect of actual variances from expected experience 6 23 5 20 (10) 86 Adjusted balance at January 1 90 101 105 112 4,118 4,243 Interest accrual 1 2 1 4 57 230 Net premiums collected (1) (6) (19) (4) (16) (82) (345) Ending balance at original discount rate 85 84 102 100 4,093 4,128 Effects of changes in discount rate assumptions (5) (7) (1) (3) 244 116 Balance at end of period $ 80 $ 77 $ 101 $ 97 $ 4,337 $ 4,244 Present Value of Expected Future Policy Benefits: Balance at January 1 $ 881 $ 1,048 $ 285 $ 359 $ 8,639 $ 11,444 Beginning balance at original discount rate 913 952 294 290 8,644 9,079 Effect of change in cash flow assumptions 1 (43) — (2) — (77) Effect of actual variances from expected experience 1 (27) 5 11 (9) (52) Adjusted balance at January 1 915 882 299 299 8,635 8,950 Issuances 35 139 — — 4 13 Interest accrual 6 25 4 14 110 458 Benefit payments (32) (133) (7) (19) (209) (777) Ending balance at original discount rate 924 913 296 294 8,540 8,644 Effects of changes in discount rate assumptions (23) (32) 1 (9) 227 (5) Balance at end of period $ 901 $ 881 $ 297 $ 285 $ 8,767 $ 8,639 Net liability for future policy benefits $ 821 $ 804 $ 196 $ 188 $ 4,430 $ 4,395 Less: Reinsurance recoverable 295 283 — — 4,447 4,411 Net liability for future policy benefits, after reinsurance recoverable $ 526 $ 521 $ 196 $ 188 $ (17) $ (16) (1) Net Premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments. The reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets is presented below: March 31, 2023 December 31, 2022 Health Solutions Group $ 821 $ 804 Health Solutions Voluntary 196 188 Businesses Exited - Future policy benefits 4,430 4,395 Businesses Exited – Additional liability 2,096 2,107 Other 2,241 2,225 Total $ 9,784 $ 9,719 The amount of undiscounted expected gross premiums and future benefit payments is presented in the table below: March 31, 2023 December 31, 2022 Undiscounted Discounted Undiscounted Discounted Health Solutions Group Expected future benefit payments $ 1,152 $ 924 $ 1,141 $ 913 Expected future gross premiums 287 231 286 231 Health Solutions Voluntary Expected future benefit payments 591 296 588 294 Expected future gross premiums 312 206 307 205 The following table presents a rollforward of the additional reserve liability for Businesses exited for the periods indicated: Businesses exited March 31, 2023 December 31, 2022 Balance at beginning of period $ 2,107 $ 1,715 Effect of change in cash flow assumptions — 540 Effect of actual variances from expected experience (50) 15 Adjusted balance at January 1 2,057 2,270 Interest accrual 21 80 Excess Benefits (108) (427) Assessments 126 184 Balance at end of period 2,096 2,107 Less: Reinsurance recoverable 2,044 2,054 Net additional liability, after reinsurance recoverable $ 52 $ 53 The following table presents the weighted average duration of the liability for future policy benefits and the weighted average interest rates for the periods indicated: Health Solutions Group Health Solutions Voluntary Businesses Exited March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Weighted average duration (in years) (1) 7 7 14 14 8 8 Interest accretion rate 4.0 % 4.1 % 5.3 % 5.3 % 5.0 % 5.0 % Current discount rate 4.9 % 5.2 % 5.0 % 5.4 % 5.1 % 5.7 % (1) Weighted average duration (in years) for Businesses Exited includes additional liability. The weighted average interest rates for the additional liability related to businesses exited were 4.1% and 4.3% for the periods ended March 31, 2023 and December 31,2022, respectively. The following table presents a rollforward of Contract owner account balances for the periods indicated: Wealth Solutions Deferred Group and Individual Annuity Businesses Exited March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Balance at January 1 $ 33,622 $ 33,044 $ 5,146 $ 5,532 Deposits 615 2,962 76 310 Fee income (2) (8) (94) (384) Surrenders and withdrawals (1,506) (4,280) (120) (281) Benefit payments (43) (157) (39) (144) Net transfers from (to) separate accounts 93 1,174 — — Interest credited 219 874 36 150 Other 2 13 — (37) Ending Balance $ 33,000 $ 33,622 $ 5,005 $ 5,146 Weighted-average crediting rate 2.7 % 2.6 % 2.5 % 2.5 % Net amount at risk (1) $ 159 $ 199 $ 847 $ 900 Cash surrender value $ 32,513 $ 33,125 $ 1,730 $ 1,824 (1) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date and is calculated at a contract level. When a contract has both a living benefit and a death benefit, the Company calculates NAR at a contract level and aggregates the higher of the two values together. The following table shows a reconciliation of the Contract owner account balances to the Condensed Consolidated Balance Sheets for the periods indicated: March 31, 2023 December 31, 2022 Wealth Solutions Deferred group and individual annuity $ 33,000 $ 33,622 Businesses exited 5,005 5,146 Other 3,704 3,687 Total $ 41,709 $ 42,455 The following table summarizes detail on the differences between the interest rate being credited to contract holders as of March 31, 2023, and the respective guaranteed minimum interest rates ("GMIRs"): Account Value (1) Excess of crediting rate over GMIR At GMIR Up to .50% Above GMIR 0.51% - 1.00% 1.01% - 1.50% Above GMIR 1.51% - 2.00% Above GMIR More than 2.00% Above GMIR Total Guaranteed minimum interest rate Up to 1.00% $ 234 $ 7,296 $ 2,899 $ 1,146 $ 1,487 $ 38 $ 13,100 1.01% - 2.00% 619 141 42 2 3 7 814 2.01% - 3.00% 12,269 78 50 110 — 3 12,510 3.01% - 4.00% 9,459 153 — — — — 9,612 4.01% and Above 1,626 86 — — — — 1,712 Renewable beyond 12 months (MYGA) (2) 412 — — — 3 — 415 Total discretionary rate setting products $ 24,619 $ 7,754 $ 2,991 $ 1,258 $ 1,493 $ 48 $ 38,163 (1) Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based. (2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after March 31, 2023 on which we are required to credit interest above the contractual GMIR for at least the next twelve months. The following table summarizes detail on the differences between the interest rate being credited to contract holders as of December 31, 2022 and the respective GMIRs: Account Value (1) Excess of crediting rate over GMIR At GMIR Up to .50% Above GMIR 0.51% - 1.00% 1.01% - 1.50% Above GMIR 1.51% - 2.00% Above GMIR More than 2.00% Above GMIR Total Guaranteed minimum interest rate Up to 1.00% $ 5,848 $ 2,967 $ 1,907 $ 1,112 $ 1,462 $ 102 $ 13,398 1.01% - 2.00% 707 52 35 2 2 7 805 2.01% - 3.00% 12,677 56 46 110 — 3 12,892 3.01% - 4.00% 9,448 153 — — — — 9,601 4.01% and Above 1,643 87 — — — — 1,730 Renewable beyond 12 months (MYGA) (2) 402 — — — 3 — 405 Total discretionary rate setting products $ 30,725 $ 3,315 $ 1,988 $ 1,224 $ 1,467 $ 112 $ 38,831 (1) Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based. |
Reinsurance
Reinsurance | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Reinsurance | ReinsuranceThe Company reinsures its business through a diversified group of reinsurers. However, the Company remains liable to the extent its reinsurers do not meet their obligations under the reinsurance agreements. The Company monitors trends in arbitration and any litigation outcomes with its reinsurers. Collectability of reinsurance balances are evaluated by monitoring ratings and evaluating the financial strength of its reinsurers. Large reinsurance recoverable balances with offshore or other non-accredited reinsurers are secured through various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit ("LOC"). Information regarding the effect of reinsurance on the Condensed Consolidated Balance Sheets is as follows as of the periods indicated: March 31, 2023 Direct Assumed Ceded Total, Assets Premiums receivable $ 190 $ 12 $ (237) $ (35) Reinsurance recoverable, net of allowance for credit losses — — 12,473 12,473 Total $ 190 $ 12 $ 12,236 $ 12,438 Liabilities Future policy benefits and contract owner account balances $ 50,470 $ 1,023 $ — $ 51,493 Liability for funds withheld under reinsurance agreements 111 — — 111 Total $ 50,581 $ 1,023 $ — $ 51,604 December 31, 2022 Direct Assumed Ceded Total, Assets Premiums receivable $ 172 $ 11 $ (212) $ (29) Reinsurance recoverable, net of allowance for credit losses — — 12,455 12,455 Total $ 172 $ 11 $ 12,243 $ 12,426 Liabilities Future policy benefits and contract owner account balances $ 51,137 $ 1,037 $ — $ 52,174 Liability for funds withheld under reinsurance agreements 104 — — 104 Total $ 51,241 $ 1,037 $ — $ 52,278 Information regarding the effect of reinsurance on the Condensed Consolidated Statements of Operations is as follows for the periods indicated: Three Months Ended March 31, 2023 2022 Premiums: Direct premiums $ 908 $ 808 Reinsurance assumed 10 9 Reinsurance ceded (233) (209) Net premiums $ 685 $ 608 Fee income: Gross fee income $ 562 $ 532 Reinsurance assumed 4 5 Reinsurance ceded (102) (104) Net fee income $ 464 $ 433 Interest credited and other benefits to contract owners / policyholders: Direct interest credited and other benefits to contract owners / policyholders $ 1,108 $ 976 Reinsurance assumed 19 8 Reinsurance ceded (376) (340) Net interest credited and other benefits to contract owners / policyholders $ 751 $ 644 If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. As of March 31, 2023 and December 31, 2022, the Company had a deposit asset of $1.4 billion and $1.5 billion, respectively, which is reported in Other assets on the Condensed Consolidated Balance Sheets. |
Share-based Incentive Compensat
Share-based Incentive Compensation Plans | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based Incentive Compensation Plans | Share-based Incentive Compensation Plans The Company offers equity-based compensation awards to its employees and non-employee directors under various employee and non-employee incentive plans (together, the "Omnibus Plans"). As of March 31, 2023, common stock reserved and available for issuance under the Omnibus Plans was 9,000,476 shares. Compensation Cost The following table summarizes share-based compensation expense, which includes expenses related to awards granted under the Omnibus Plans for the periods indicated: Three Months Ended March 31, 2023 2022 Restricted Stock Unit (RSU) awards $ 37 $ 22 Performance Stock Unit (PSU) awards 26 24 Total share-based compensation expense 63 46 Income tax benefit 15 15 After-tax share-based compensation expense $ 48 $ 31 Awards Outstanding The following table summarizes RSU and PSU awards activity under the Omnibus Plans for the periods indicated: RSU Awards PSU Awards (awards in millions) Number of Awards Weighted Average Grant Date Fair Value Number of Awards Weighted Average Grant Date Fair Value Outstanding as of January 1, 2023 1.5 $ 60.91 2.1 $ 55.68 Adjustment for PSU performance factor — — (0.1) 61.50 Granted 1.5 70.42 0.8 76.59 Vested (0.7) 62.53 (0.5) 63.08 Forfeited — * 66.36 — * 63.67 Outstanding as of March 31, 2023 2.3 $ 66.55 2.3 $ 61.03 *Less than 0.1 The following table summarizes the number of options under the Omnibus Plans for the periods indicated: Stock Options (awards in millions) Number of Awards Weighted Average Exercise Price Outstanding as of January 1, 2023 1.6 $ 43.05 Granted — — Exercised (0.3) 38.21 Forfeited — — Outstanding as of March 31, 2023 1.3 $ 44.25 Vested, exercisable, as of March 31, 2023 1.3 $ 44.25 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Shareholder's Equity | Shareholders' Equity Common Shares The following table presents the rollforward of common shares used in calculating the weighted average shares utilized in the basic earnings per common share calculation for the periods indicated: Common Shares (shares in millions) Issued Held in Treasury Outstanding Balance, January 1, 2022 109.0 1.2 107.8 Common shares issued 0.1 — 0.1 Common shares acquired - share repurchase — 11.7 (11.7) Share-based compensation 1.7 0.7 1.0 Treasury Stock retirement (13.0) (13.0) — Balance, December 31, 2022 97.8 0.6 97.2 Common shares issued — * — — Share-based compensation 1.5 0.5 1.0 Balance, March 31, 2023 99.3 1.1 98.2 *less than 0.1 Dividends declared per share of Common Stock were as follows for the periods indicated: Three Months Ended March 31, 2023 2022 Dividends declared per share of Common Stock $ 0.200 $ 0.200 Share Repurchase Program From time to time, the Company's Board of Directors authorizes the Company to repurchase shares of its common stock and warrants to purchase shares of its common stock. These authorizations permit stock and warrant repurchases up to a prescribed dollar amount and generally may be accomplished through various means, including, without limitation, open market transactions, privately negotiated transactions, forward, derivative, or accelerated repurchase, or automatic repurchase transactions, including 10b5-1 plans, or tender offers. Share and warrant repurchase authorizations typically expire if unused by a prescribed date. On April 28, 2022, the Board of Directors provided its most recent share repurchase authorization, increasing the aggregate amount of the Company's common stock authorized for repurchase by $500. On April 27, 2023, the share repurchase authorization, which had an original expiration of June 30, 2023, was extended by the Board of Directors through September 30, 2023 and does not obligate the Company to purchase any shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time. During the three months ended March 31, 2023, there were no repurchases of the Company's common stock. Warrants On May 7, 2013, the Company issued to ING Group warrants to purchase up to 26,050,846 shares of the Company's common stock equal in the aggregate to 9.99% of the issued and outstanding shares of common stock at that date. The exercise price of the warrants at the time of issuance was $48.75 per share of common stock, subject to adjustments, including for stock dividends, cash dividends in excess of $0.01 per share a quarter, subdivisions, combinations, reclassifications and non-cash distributions. The warrants also provide for, upon the occurrence of certain change of control events affecting the Company, an increase in the number of shares to which a warrant holder will be entitled upon payment of the aggregate exercise price of the warrant. The warrants became exercisable to ING Group and its affiliates on January 1, 2017 and to all other holders starting on the first anniversary of the completion of the IPO (May 7, 2014). The warrants expire on the tenth anniversary of the completion of the IPO (May 7, 2023). The warrants are net share settled, which means that no cash will be payable by a warrant holder in respect of the exercise price of a warrant upon exercise, and are classified as permanent equity. They have been recorded at their fair value determined on the issuance date of May 7, 2013 in the amount of $94 as an addition and reduction to Additional-paid-in-capital. Warrant holders are not entitled to receive dividends. On March 12, 2018, ING Group sold its remaining interests in the warrants and no longer owns any warrants. On February 22, 2023, the Company entered into an amendment of the warrant agreement to permit warrant holders to elect a calculation period of either 30 or 45 trading days as an alternative to the 10-trading day calculation period provided in the warrant agreement. On March 29, 2023, the Company paid a quarterly dividend of $0.20 per share on its common stock. As a consequence, the exercise price of the warrants to purchase shares of common stock was adjusted to $46.82 per share of common stock and the number of shares of common stock for which each warrant is exercisable has been adjusted to 1.041295182. All of the warrants will be settled on May 10, 2023, in accordance with their terms. Preferred Stock As of March 31, 2023 and December 31, 2022, there were 100,000,000 shares of preferred stock authorized. Preferred stock issued and outstanding are as follows: March 31, 2023 December 31, 2022 Series Issued Outstanding Issued Outstanding 6.125% Non-cumulative Preferred Stock, Series A 325,000 325,000 325,000 325,000 5.35% Non-cumulative Preferred Stock, Series B 300,000 300,000 300,000 300,000 Total 625,000 625,000 625,000 625,000 The declaration of dividends on preferred stock per share and in the aggregate were as follows for the periods indicated: Series A Series B Three Months Ended March 31, Per Share Aggregate Per Share Aggregate 2023 $ 30.625 $ 10 $ 13.375 $ 4 2022 30.625 10 13.375 4 As of March 31, 2023, there were no preferred stock dividends in arrears. |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share The following table presents a reconciliation of Net income (loss) and shares used in calculating basic and diluted net income (loss) per common share for the periods indicated: Three Months Ended March 31, (in millions, except for per share data) 2023 2022 Earnings Net income (loss) available to common shareholders: Net income (loss) $ 129 $ 111 Less: Preferred stock dividends 14 14 Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest 46 43 Net income (loss) available to common shareholders $ 69 $ 54 Weighted average common shares outstanding Basic 97.7 106.1 Dilutive Effects: Warrants 8.9 8.2 RSU awards 1.2 1.0 PSU awards 1.2 1.0 Stock Options 0.6 0.7 Diluted 109.6 117.0 Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share (1) : Basic $ 0.70 $ 0.51 Diluted $ 0.63 $ 0.46 (1) Basic and diluted earnings per share are calculated using unrounded, actual amounts. Therefore, the components of earnings per share may not sum to its corresponding total. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Shareholders' equity included the following components of AOCI as of the dates indicated: March 31, 2023 2022 Fixed maturities, net of impairment $ (2,635) $ 602 Derivatives (1) 109 80 Change in discount rate (855) (1,044) Deferred income tax asset (liability) 833 199 Total (2,548) (163) Pension and other postretirement benefits liability, net of tax 3 3 AOCI $ (2,545) $ (160) (1) Gains and losses reported in Accumulated Other Comprehensive Income (AOCI) from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of March 31, 2023, the portion of the AOCI that is expected to be reclassified into earnings within the next 12 months is $17. Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations, were as follows for the periods indicated: Three Months Ended March 31, 2023 Before-Tax Amount Income Tax (Benefit) After-Tax Amount Available-for-sale securities: Fixed maturities $ 661 $ (139) $ 522 Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations (1) — (1) Change in unrealized gains (losses) on available-for-sale securities 660 (139) 521 Derivatives: Derivatives (12) (1) 3 (9) Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (5) 1 (4) Change in unrealized gains (losses) on derivatives (17) 4 (13) Change in current discount rate 2 — 2 Change in Accumulated other comprehensive income (loss) $ 645 $ (135) $ 510 (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. Three Months Ended March 31, 2022 Before-Tax Amount Income Tax (Benefit) After-Tax Amount Available-for-sale securities: Fixed maturities $ (2,663) $ 559 $ (2,104) Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations 70 (15) 55 Change in unrealized gains (losses) on available-for-sale securities (2,593) 544 (2,049) Derivatives: Derivatives 5 (1) (1) 4 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (5) 1 (4) Change in unrealized gains (losses) on derivatives — — — Change in current discount rate 104 (22) 82 Change in Accumulated other comprehensive income (loss) $ (2,489) $ 522 $ (1,967) (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company uses the estimated annual effective tax rate method in computing its interim tax provision. Certain items, including changes in the realizability of deferred tax assets and changes in liabilities for uncertain tax positions, are excluded from the estimated annual effective tax rate and the actual tax expense or benefit is reported in the period the related item is incurred. The Company's effective tax rate for the three months ended March 31, 2023 and March 31, 2022 was 8.5% and 9.0%, respectively. The effective tax rate differed from the statutory rate of 21% primarily due to noncontrolling interest, the effect of the dividends received deduction and tax credits. In August 2022, President Biden signed into law the Inflation Reduction Act of 2022, which imposes a 15% alternative minimum tax (“CAMT”) on the adjusted financial statement income of large corporations. The CAMT is effective in taxable years beginning after December 31, 2022. The Internal Revenue Service has only issued limited guidance on the CAMT, and uncertainty remains regarding the application of and potential adjustments to the CAMT. If the CAMT applies, the Company will be required to pay tax at the 15% CAMT rate despite our U.S. Federal net operating loss carryforwards. Valuation allowances are provided when it is considered more likely than not that some portion or all of the deferred tax assets ("DTAs") will not be realized. The Company reviews all available positive and negative evidence to determine if a valuation allowance is recorded, including historical and projected pre-tax book income, tax planning strategies and reversals of temporary differences. As of March 31, 2023, the Company had year-to-date gains on securities of $645 in Other comprehensive income, which reduced the related DTA. Additionally, operating income remained positive for the period and was largely consistent with the 2022 year-end valuation allowance analysis. After evaluating the positive and negative evidence, the Company did not change its judgement regarding the realization of DTAs. For more information related to the valuation allowance, refer to the Income Taxes Note to the Consolidated Financial Statements included in Part II, Item 8. of the Annual Report on F orm 10-K . Tax Regulatory Matters For the tax years 2021 through 2023, the Company participated in the Internal Revenue Service ("IRS") Compliance Assurance Process ("CAP"), which is a continuous audit program provided by the IRS. For the 2023 tax year, the Company was in the Compliance Maintenance Bridge ("Bridge") phase of CAP. In the Bridge phase, the IRS did not conduct any review or provide any letters of assurance for that tax year. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases During the three months ended March 31, 2023 and 2022 the Company recorded an impairment of $2 and $3 respectively, on its right-of-use asset associated with leased office space, which is included in Operating expenses in the Condensed Consolidated Statements of Operations. Commitments Through the normal course of investment operations, the Company commits to either purchase or sell securities, mortgage loans, or money market instruments, at a specified future date and at a specified price or yield. The inability of counterparties to honor these commitments may result in either a higher or lower replacement cost. Also, there is likely to be a change in the value of the securities underlying the commitments. As of March 31, 2023, the Company had off-balance sheet commitments to acquire mortgage loans of $79 and purchase limited partnerships and private placement investments of $1,000, of which $355 related to consolidated investment entities. Restricted Assets The Company is required to maintain assets on deposit with various regulatory authorities to support its insurance operations. The Company may also post collateral in connection with certain securities lending, repurchase agreements, funding agreements, credit facilities and derivative transactions. The components of the fair value of the restricted assets were as follows as of the dates indicated: March 31, 2023 December 31, 2022 Fixed maturity collateral pledged to FHLB (1) $ 1,811 $ 1,791 FHLB restricted stock (2) 69 67 Other fixed maturities-state deposits 40 38 Cash and cash equivalents 29 27 Securities pledged (3) 1,226 1,162 Total restricted assets $ 3,175 $ 3,085 (1) Included in Fixed maturities, available for sale, at fair value on the Condensed Consolidated Balance Sheets. (2) Included in Other investments on the Condensed Consolidated Balance Sheets. (3) Includes the fair value of loaned securities of $976 and $907 as of March 31, 2023 and December 31, 2022, respectively. In addition, as of March 31, 2023 and December 31, 2022, the Company delivered securities as collateral of $137 and $142 and repurchase agreements of $113 and $113, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets. Federal Home Loan Bank Funding Agreements The Company is a member of the FHLB of Des Moines and the FHLB of Boston and is required to pledge collateral to back funding agreements issued to the FHLB. As of March 31, 2023 and December 31, 2022, the Company had $1,360 and $1,279, respectively, in non-putable funding agreements, which are included in Contract owner account balances on the Condensed Consolidated Balance Sheets. As of March 31, 2023 and December 31, 2022, assets with a market value of approximately $1,811 and $1,791, respectively, collateralized the FHLB funding agreements. Assets pledged to the FHLB are included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets. Litigation, Regulatory Matters and Contingencies Litigation, regulatory and other loss contingencies arise in connection with the Company's activities as a diversified financial services firm. The Company is a defendant in a number of litigation matters, such as negligence, breach of contract, fraud, violations of a regulation or statute, breach of fiduciary duty, failure to supervise, elder abuse and other torts, arising from the conduct of its business, both in the ordinary course and otherwise. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. The variability in pleading requirements and past experience demonstrate that the monetary and other relief that may be requested in a lawsuit or claim often bears little relevance to the merits or potential value of a claim. As with other financial services companies, the Company periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry. It is the practice of the Company to cooperate fully in these matters. While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company's financial position, based on information currently known, management believes that neither the outcome of pending litigation and regulatory matters nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company's litigation or regulatory matters, or liabilities arising from other loss contingencies, could, from time to time, have a material adverse effect upon the Company's results of operations or cash flows in a particular quarterly or annual period. For some matters, the Company is able to estimate a possible range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company, however, believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of March 31, 2023, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, to be up to approximately $25. For other matters, the Company is currently not able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from plaintiffs and other parties, investigation of factual allegations, rulings by a court on motions or appeals, analysis by experts and the progress of settlement discussions. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation and regulatory contingencies and updates the Company's accruals, disclosures and reasonably possible losses or ranges of loss based on such reviews. Litigation includes Henkel of America v. ReliaStar Life Insurance Company, et al. (USDC District of Connecticut, No. 1:18-cv-00965)(filed June 8, 2018). Plaintiff alleges that ReliaStar breached the terms of a stop loss policy it issued to Plaintiff by refusing to reimburse Plaintiff for more than $47 in claims incurred by participants in prior years and submitted for coverage under the stop loss policy. Plaintiff alleges a breach of contract claim or, in the alternative, that the stop loss policy be declared to cover the submitted claims, and also asserts that ReliaStar engaged in unfair trade practices and unfair insurance practices in violation of state statutes, and did so willfully and intentionally to warrant an award of punitive damages under state law. On February 7, 2023, the district court issued its ruling on various motions for partial judgment in which the court denied in part and granted in part the various motions except for Express Scripts’ motion, which the court denied in whole. The Company denies the allegations, which it believes are without merit, and intends to defend the case vigorously. Litigation also includes Ravarino, et al. v. Voya Financial, Inc., et al. (USDC District of Connecticut, No. 3:21-cv-01658)(filed December 14, 2021). In this putative class action, the plaintiffs allege that the named defendants breached their fiduciary duties of prudence and loyalty in the administration of the Voya 401(k) Savings Plan. The plaintiffs claim that the named defendants did not exercise proper prudence in their management of allegedly poorly performing investment options, including proprietary funds, and passed excessive investment-management and other administrative fees for proprietary and non-proprietary funds onto plan participants. The plaintiffs also allege that the defendants engaged in self-dealing through the inclusion of the Voya Stable Value Option into the plan offerings and by setting the “crediting rate” for participants’ investment in the Stable Value Fund artificially low in relation to Voya’s general account investment returns in order to maximize the spread and Voya’s profits at the participants’ expense. The complaint seeks disgorgement of unjust profits as well as costs incurred. The Company denies the allegations, which it believes are without merit, and intends to defend the case vigorously. Finally, industry wide, life insurers continue to be exposed to class action litigation related to the cost of insurance rates and periodic deductions from cash value. Common allegations include that insurance companies have breached the terms of their universal life insurance policies by establishing or increasing the cost of insurance rates using cost factors not permitted by the contract, thereby unjustly enriching themselves. This litigation is generally known as cost of insurance litigation. Cost of insurance litigation for the Company includes Advance Trust & Life Escrow Services, LTA v. ReliaStar Life Insurance Company (USDC District of Minnesota, No. 1:18-cv-02863)(filed October 5, 2018), a putative class action in which Plaintiff alleges that the Company’s universal life insurance policies only permitted the Company to rely upon the policyholders’ expected future mortality experience to establish the cost of insurance, and that as projected mortality experience improved, the policy language required the Company to decrease the cost of insurance. Plaintiff alleges that the Company did not decrease the cost of insurance as required, thereby breaching its contract with the policyholders, and seeks class certification. On March 29, 2022, the district court granted the Plaintiff’s motion for class certification and denied the Company’s motion for summary judgment. The Company denies the allegations in the complaint, believes the complaint to be without merit, and will defend the lawsuit vigorously. Contingencies related to Performance-based Capital Allocations on Private Equity Funds Certain performance-based capital allocations related to sponsored private equity funds ("carried interest") are not final until the conclusion of an investment term specified in the relevant asset management contract. As a result, such carried interest, if accrued or paid to the Company during such term, is subject to later adjustment based on subsequent fund performance. If the fund’s cumulative investment return falls below specified investment return hurdles, some or all of the previously accrued carried interest is reversed to the extent that the Company is no longer entitled to the performance-based capital allocation. Should the fund’s cumulative investment return subsequently increase above specified investment return hurdles in future periods, previous reversals could be fully or partially recovered. As of March 31, 2023, approximately $126 of previously accrued carried interest would be subject to full or partial reversal in future periods if cumulative fund performance hurdles are not maintained throughout the remaining life of the affected funds. |
Consolidated and Nonconsolidate
Consolidated and Nonconsolidated Investment Entities | 3 Months Ended |
Mar. 31, 2023 | |
Consolidated Investment Entities [Abstract] | |
Consolidated and Nonconsolidated Investment Entities | Consolidated and Nonconsolidated Investment Entities The Company holds variable interests in certain investment entities in the form of debt or equity investments, as well as the right to receive management fees, performance fees, and carried interest. The Company consolidates certain entities under the VIE guidance when it is determined that the Company is the primary beneficiary. Alternatively, certain entities are consolidated under the VOE guidance when control is obtained through voting rights. Refer to the Condensed Consolidated Balance Sheets for the assets and liabilities of the Company's consolidated investment entities. The Company has no right to the benefits from, nor does it bear the risks associated with consolidated investment entities beyond the Company’s direct equity and debt investments in and management fees generated from these entities. Such direct investments amounted to approximately $322 and $288 as of March 31, 2023 and December 31, 2022, respectively. If the Company were to liquidate, the assets held by consolidated investment entities would not be available to the general creditors of the Company as a result of the liquidation. Consolidated VIEs and VOEs Collateral Loan Obligations Entities ("CLOs") The Company is involved in the design, creation, and the ongoing management of CLOs. These entities are created for the purpose of acquiring diversified portfolios of senior secured floating rate leveraged loans, and securitizing these assets by issuing multiple tranches of collateralized debt; thereby providing investors with a broad array of risk and return profiles. Also known as collateralized financing entities under Topic 810, CLOs are variable interest entities by definition. In return for providing collateral management services, the Company earns investment management fees and contingent performance fees. In addition to earning fee income, the Company often invests in the subordinated debt of entities formed to be the issuers of CLO offerings during their warehouse periods. The Company’s investments in these CLOs are repaid when the CLOs’ warehouse periods are closed and the CLO offerings are issued. The Company performs ongoing monitoring of the consolidation assessment for CLOs during and after their warehouse periods to determine if Voya remains the primary beneficiary of the CLOs. The fee income earned and investments held are included in the Company's ongoing consolidation assessment for each CLO. The Company was the primary beneficiary of 8 and 7 CLOs as of March 31, 2023 and December 31, 2022, respectively. Limited Partnerships ("LPs") The Company invests in and manages various limited partnerships, including private equity funds and hedge funds. The LPs generally have a ten-year life and a specified period during which investors can subscribe for limited partnership interests. Once the investors are admitted as limited partners, the investors are required to contribute capital when called by the general partners. The purpose of the LPs is to obtain subscriptions from limited partners and maximize the return to their partners by assembling a diversified portfolio of investments in private equity funds and other securities or assets with similar risk and return characteristics primarily through secondary market purchases. The majority of the investors in the LPs are unrelated parties to the Company. In return for subscriptions, each partner receives an equity interest in the LPs in proportion to its respective investment. These entities have been evaluated by the Company and are determined to be VIEs due to the equity holders, as a group, lacking the characteristics of a controlling financial interest. In return for serving as the general partner of and providing investment management services to these entities, the Company earns management fees and carried interest in the normal course of business. Additionally, the Company often holds an investment in each limited partnership it manages, generally in the form of general partner and limited partner interests. The fee income, carried interest, and investments held are included in the Company’s ongoing consolidation analysis for each limited partnership. The Company consolidated 10 funds, which were structured as partnerships, as of March 31, 2023 and December 31, 2022. The noncontrolling interest related to partnerships increased from $1,482 at December 31, 2022 to $1,567 at March 31, 2023. Changes in market value, contributions, and distributions related to these investments in the funds directly impact the noncontrolling interest component of Shareholders' equity on the Company's Condensed Consolidated Balance Sheets. The change in noncontrolling interest was primarily driven by an increase in net contributions and favorable market appreciation in limited partnership and equity security investments. The Company records the noncontrolling interest using a lag methodology relying on the most recent financial information available. Fair Value Measurement Upon consolidation, the Company elected to apply the FVO for financial assets and financial liabilities held by CLOs and continued to measure these assets (primarily corporate loans) and liabilities (debt obligations issued by CLOs) at fair value in subsequent periods. The Company has elected the FVO to more closely align its accounting with the economics of its transactions and allows the Company to more effectively align changes in the fair value of CLO assets with a commensurate change in the fair value of CLO liabilities. Investments held by consolidated private equity funds are measured and reported at fair value in the Company's Condensed Consolidated Financial Statements. Changes in the fair value of consolidated investment entities are recorded as a separate line item within Income (loss) related to consolidated investment entities in the Company's Condensed Consolidated Statements of Operations. The methodology for measuring the fair value of financial assets and liabilities of consolidated investment entities, and the classification of these measurements in the fair value hierarchy is consistent with the methodology and classification applied by the Company to its investment portfolio, as discussed within the Fair Value Measurements (excluding Consolidated Investment Entities) Note to these Condensed Consolidated Financial Statements. As discussed in more detail below, the Company utilizes valuations obtained from third-party commercial pricing services, brokers and investment sponsors or third-party administrators that supply NAV (or its equivalent) per share used as a practical expedient. The valuations obtained from brokers and third-party commercial pricing services are non-binding. These valuations are reviewed on a monthly or quarterly basis depending on the entity and its underlying investments. Procedures include, but are not limited to, a review of underlying fund investor reports, review of top and worst performing funds requiring further scrutiny, review of variance from prior periods and review of variance from benchmarks, where applicable. In addition, the Company considers both macro and fund specific events that may impact the latest NAV supplied and determines if further adjustments of value should be made. Such changes, if any, are subject to senior management review. When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3. Broker quotes and prices obtained from pricing services are reviewed and validated through an internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes. Cash and Cash Equivalents The carrying amounts for cash reflect the assets’ fair values. The fair value for cash equivalents is determined based on quoted market prices. These assets are classified as Level 1. CLOs Corporate loans : Corporate loan investments, which comprise the majority of consolidated CLO portfolio collateral, are senior secured corporate loans maturing at various dates between 2023 and 2030, paying interest at LIBOR, SOFR, EURIBOR or PRIME plus a spread of up to 10.0%. As of March 31, 2023 and December 31, 2022, the unpaid principal balance exceeded the fair value of the corporate loans by approximately $59 and $85, respectively. Less than 1.0% of the collateral loans were in default as of March 31, 2023 and December 31, 2022. The fair values for corporate loans are determined using independent commercial pricing services. Fair value measurement based on pricing services may be classified in Level 2 or Level 3 depending on the type, complexity, observability and liquidity of the asset being measured. The inputs used by independent commercial pricing services, such as benchmark yields and credit risk adjustments, are those that are derived principally from or corroborated by observable market data. Hence, the fair value measurement of corporate loans priced by independent pricing service providers is classified within Level 2 of the fair value hierarchy. In addition, there are assets held with CLO portfolios that represent senior level debt of other third party CLOs. These CLO investments are classified within Level 3 of the fair value hierarchy. See description of fair value process for CLO notes below. CLO notes : The CLO notes are backed by diversified loan portfolios consisting primarily of senior secured floating rate leveraged loans. Repayment risk is segmented into tranches with credit ratings of these tranches reflecting both the credit quality of underlying collateral as well as how much protection a given tranche is afforded by tranches that are subordinate to it. The most subordinated tranche bears the first loss and receives the residual payments, if any. The interest rates are generally variable rates based on LIBOR, SOFR or EURIBOR plus a pre-defined spread, which varies from 1.0% for the more senior tranches to 8.8% for the more subordinated tranches. CLO notes mature in 2026 and 2034, and have a weighted average maturity of 12 years as of March 31, 2023. The investors in this debt are not affiliated with the Company and have no recourse to the general credit of the Company for this debt. The fair values of the CLO notes are measured based on the fair value of the CLO's corporate loans, as the Company uses the measurement alternative available under ASU 2014-13 and determined that the inputs for measuring financial assets are more observable. The CLO notes are classified within Level 2 of the fair value hierarchy, consistent with the classification of the majority of the CLO financial assets. The Company reviews the detailed prices including comparisons to prior periods for reasonableness. The Company utilizes a formal pricing challenge process to request a review of any price during which time the vendor examines its assumptions and relevant market inputs to determine if a price change is warranted. The following narrative indicates the sensitivity of inputs: • Default Rate: An increase (decrease) in the expected default rate would likely increase (decrease) the discount margin (increase risk premium) used to value the CLO investments and CLO notes and, as a result, would potentially decrease the value of the CLO investments and CLO notes. • Recovery Rate: A decrease (increase) in the expected recovery of defaulted assets would potentially decrease (increase) the valuation of CLO investments and CLO notes. • Prepayment Rate: A decrease (increase) in the expected rate of collateral prepayments would potentially decrease (increase) the valuation of CLO investments and CLO notes as the expected weighted average life ("WAL") would increase (decrease). • Discount Margin (spread over LIBOR/SOFR): An increase (decrease) in the discount margin used to value the CLO investments and CLO notes would decrease (increase) the value of the CLO investments and CLO notes. Private Equity Funds As prescribed in ASC Topic 820, the unit of account for these investments is the interest in the investee fund. The Company owns an undivided interest in the fund portfolio and does not have the ability to dispose of individual assets and liabilities in the fund portfolio. Rather, the Company would be required to redeem or dispose of its entire interest in the investee fund. There is no current active market for interests in underlying private equity funds. Valuation is generally based on the valuations provided by the fund's general partner or investment manager. The valuations typically reflect the fair value of the Company's capital account balance of each fund investment, including unrealized capital gains (losses), as reported in the financial statements of the respective investee fund as of the respective year end or the latest available date. In circumstances where fair values are not provided, the Company seeks to determine the fair value of fund investments based upon other information provided by the fund's general partner or investment manager or from other sources. The fair value of securities received in-kind from fund investments is determined based on the restrictions around the securities. • Unrestricted, publicly traded securities are valued at the closing public market price on the reporting date; • Restricted, publicly traded securities may be valued at a discount from the closing public market price on the reporting date, depending on the circumstances; and • Privately held securities are valued by the directors/general partner of the investee fund, based on a variety of factors, including the price of recent transactions in the company's securities and the company's earnings, revenue and book value. In the case of direct investments or co-investments in private equity companies, the Company initially recognizes investments at cost and subsequently adjusts investments to fair value. On a quarterly basis, the Company reviews the general partner or lead investor's valuation of the investee company, taking into account other available information, such as indications of a market value through subsequent issues of capital or transactions between third parties, performance of the investee company during the period and public, comparable companies' analysis, where appropriate. Investments in these funds typically may not be fully redeemed at net asset value ("NAV") within 90 days because of inherent restriction on near term redemptions. As of March 31, 2023 and December 31, 2022, certain private equity funds maintained term loans and revolving lines of credit of $1,360 and $1,366, respectively. The term loans mature in four The following table summarizes the fair value hierarchy levels of consolidated investment entities as of March 31, 2023: Level 1 Level 2 Level 3 NAV Total Assets VIEs Cash and cash equivalents $ 100 $ — $ — $ — $ 100 Corporate loans — 1,232 — — 1,232 Limited partnerships/corporations — — — 3,009 3,009 Total assets $ 100 $ 1,232 $ — $ 3,009 $ 4,341 Liabilities VIEs CLO notes $ — $ 1,256 $ — $ — $ 1,256 Total liabilities $ — $ 1,256 $ — $ — $ 1,256 The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2022: Level 1 Level 2 Level 3 NAV Total Assets VIEs Cash and cash equivalents $ 88 $ — $ — $ — $ 88 Corporate loans — 1,293 — — 1,293 Limited partnerships/corporations — — — 2,802 2,802 Total assets $ 88 $ 1,293 $ — $ 2,802 $ 4,183 Liabilities VIEs CLO notes $ — $ 1,234 $ — $ — $ 1,234 Total liabilities $ — $ 1,234 $ — $ — $ 1,234 Transfers of investments out of Level 3 and into Level 2 or Level 1, if any, are recorded as of the beginning of the period in which the transfer occurred. For the three months ended March 31, 2023 and 2022, there were no transfers in or out of Level 3 or transfers between Level 1 and Level 2. Deconsolidation of Certain Investment Entities Certain investment entities that have historically been consolidated in the financial statements may require deconsolidation as of the reporting period because: (a) such funds have been liquidated or dissolved; or (b) the Company is no longer deemed to be the primary beneficiary of the VIEs/VOEs as it no longer has a controlling financial interest. The change in CLO’s consolidation status due to the close of the warehouse and the launch of the CLO do not meet the criteria described above as this transaction represents normal business operations of the entity. Refer to the CLO life cycle described above. During the three months ended March 31, 2023 and 2022, the Company had no deconsolidations. Nonconsolidated VIEs The Company also holds variable interest in certain CLOs and LPs that are not consolidated as it has been determined that the Company is not the primary beneficiary. CLOs As of March 31, 2023 and December 31, 2022, the Company held $398 and $364 ownership interests, respectively, in unconsolidated CLOs, which also represents the Company's maximum exposure to loss. LPs As of March 31, 2023 and December 31, 2022, the Company held $1,794 and $1,781 ownership interests, respectively, in unconsolidated limited partnerships, which also represents the Company's maximum exposure to loss. Securitizations The Company invests in various tranches of securitization entities, including RMBS, CMBS and ABS. Through its investments, the Company is not obligated to provide any financial or other support to these entities. Each of the RMBS, CMBS and ABS entities are thinly capitalized by design and considered VIEs. The Company's involvement with these entities is limited to that of a passive investor. The Company has no unilateral right to appoint or remove the servicer, special servicer or investment manager, which are generally viewed to have the power to direct the activities that most significantly impact the securitization entities' economic performance, in any of these entities, nor does the Company function in any of these roles. The Company, through its investments or other arrangements, does not have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity. Therefore, the Company is not the primary beneficiary and does not consolidate any of the RMBS, CMBS and ABS entities in which it holds investments. These investments are accounted for as investments available-for-sale as described in the Fair Value Measurements (excluding Consolidated Investment Entities) Note to these Condensed Consolidated Financial Statements and unrealized capital gains (losses) on these securities are recorded directly in AOCI, except for certain RMBS which are accounted for under the FVO whose change in fair value is reflected in Net gains (losses) in the Condensed Consolidated Statements of Operations. The Company’s maximum exposure to loss on these structured investments is limited to the amount of its investment. Refer to the Investments (excluding Consolidated Investment Entities) Note to these Condensed Consolidated Financial Statements for details regarding the carrying amounts and classifications of these assets. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The changes in the carrying amount of goodwill reported in the Company's operating segments were as follows: Wealth Solutions Health Solutions Investment Management Consolidated Balance as of January 1, 2022 $ 17 $ 24 $ 31 $ 72 Additions from business combinations — — 255 255 Balance as of December 31, 2022 $ 17 $ 24 $ 286 $ 327 Additions from business combinations — 319 — 319 Balance as of March 31, 2023 $ 17 $ 343 $ 286 $ 646 Other Intangible Assets The following table presents other intangible assets as of the dates indicated: Weighted March 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Indefinite-life intangibles: Right to manage client assets N/A $ 345 $ — $ 345 $ 345 $ — $ 345 Management contract rights N/A 5 — 5 5 — 5 Total indefinite-life intangibles $ 350 $ — $ 350 $ 350 $ — $ 350 Finite-life intangibles: Management contract rights 19 years $ 741 $ 557 $ 184 $ 741 $ 554 $ 187 Customer relationship lists 17 years 324 114 210 135 111 24 Trademarks 8 years 15 — 15 — — — Computer software 4 years 457 311 146 502 432 70 Total intangible assets $ 1,887 $ 982 $ 905 $ 1,728 $ 1,097 $ 631 Amortization expense related to intangible assets were $20 and $11 for the three months ended March 31, 2023 and 2022, respectively. |
Segments
Segments | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments | Segments The Wealth Solutions segment provides tax-deferred, employer-sponsored retirement savings plans and administrative services to corporate, education, healthcare, other non-profit and government entities, and stable value products to institutional clients where the Company may or may not be providing defined contribution products and services, as well as individual retirement accounts ("IRAs"), other retail financial products and comprehensive financial services to individual customers. The Health Solutions segment provides stop loss, group life, voluntary employee-paid and disability products to mid-sized and large businesses as well as benefit administration software solutions to employers and health plans. The Investment Management segment provides investment products and retirement solutions across a broad range of geographies, market sectors, investment styles and capitalization spectrums. Products and services are offered to institutional clients, including public, corporate and union retirement plans, endowments and foundations and insurance companies, as well as individual investors and general accounts of the Company's insurance subsidiaries and are distributed through the Company's direct sales force, consultant channel and intermediary partners (such as banks, broker-dealers and independent financial advisers). The Company includes in Corporate the following corporate and business activities: • corporate operations, corporate level assets and financial obligations; financing and interest expenses; dividend payments made to preferred shareholders; stranded costs and other items not allocated or directly related to the Company's segments, including items such as expenses related to organizational restructurings, certain expenses and liabilities of employee benefit plans, certain adjustments to short-term and long-term incentive accruals and intercompany eliminations; • investment income on assets backing surplus in excess of amounts held at the segment level. Measurement Effective with the first quarter of 2023, the Company excludes from Adjusted operating earnings before income taxes the amortization of acquisition-related intangible assets. In addition, the Company excludes the expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan, which are influenced by economic and market conditions and not indicative of normal operations. Adjusted operating earnings before income taxes in Corporate still includes the service costs related to the Company's qualified defined benefit pension plan and service and interest costs related to non-qualified defined benefit pension plans. Historical periods have been recast to conform with this change. Adjusted operating earnings before income taxes is a measure used by management to evaluate segment performance. The Company believes that Adjusted operating earnings before income taxes provides a meaningful measure of its business and segment performances and enhances the understanding of the Company’s financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions and/or other factors. The Company uses the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as it does for the directly comparable U.S. GAAP measure Income (loss) before income taxes. Adjusted operating earnings before income taxes does not replace Income (loss) before income taxes as the U.S. GAAP measure of the Company’s consolidated results of operations. Therefore, the Company believes that it is useful to evaluate both Income (loss) before income taxes and Adjusted operating earnings before income taxes when reviewing the Company’s financial and operating performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) before income taxes for the following items: • Net investment gains (losses), which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations, and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, changes in nonperformance spread, and changes in market risk benefits; • Income (loss) related to businesses exited or to be exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold and expenses directly related to these transactions), and residual run-off activity (including an insignificant number of Individual Life, and non-Wealth Solution annuities policies that were not part of the divested businesses). Excluding this activity, which also includes amortization of intangible assets related to businesses exited or to be exited, better reveals trends in the Company's core business and more closely aligns Adjusted operating earnings before income taxes with how the Company manages its segments; • Income (loss) attributable to noncontrolling interests, which represents the interest of shareholders, other than those of the Company, in the gains and (losses) of consolidated entities, such as Allianz's stake in the results of VIM Holdings LLC (referred to as redeemable noncontrolling interest or Allianz noncontrolling interest) or the attribution of results from consolidated VIEs or VOEs to which the Company is not economically entitled; • Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings before income taxes that are available to common shareholders; • Other adjustments may include the following items: • Income (loss) related to early extinguishment of debt, which includes losses incurred as a result of transactions where the Company repurchases outstanding principal amounts of debt. These losses are excluded from Adjusted operating earnings before income taxes since the outcome of decisions to restructure debt are not indicative of normal operations; • Impairment of goodwill, value of management contract rights and value of customer relationships acquired, which includes losses as a result of impairment analysis; these represent losses related to infrequent events and do not reflect normal, cash-settled expenses; • Amortization of value of management contract rights, value of customer relationships acquired, and other acquisition-related intangible assets as well as contingent consideration fair value adjustments incurred in connection with certain acquisitions which are not indicative of current Operating expense fundamentals; • Expected return on plan assets net of interest costs associated with the Company's qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of the Company's pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. These amounts do not reflect cash-settled expenses, and are not indicative of current Operating expense fundamentals; and • Other items not indicative of normal operations or performance of the Company's segments or related to events such as capital or organizational restructurings undertaken to achieve long-term economic benefits, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate. These items vary widely in timing, scope and frequency between periods as well as between companies to which the Company is compared. Accordingly, the Company adjusts for these items as management believes that these items distort the ability to make a meaningful evaluation of the current and future performance of the Company's segments. The summary below reconciles Adjusted operating earnings before income taxes for the segments to Income (loss) before income taxes for the periods indicated: Three Months Ended March 31, 2023 2022 Adjusted operating earnings before income taxes by segment: Wealth Solutions $ 132 $ 228 Health Solutions 94 21 Investment Management 42 39 Corporate (69) (68) Total including Allianz noncontrolling interest 200 221 Less: Earning (loss) attributable to Allianz noncontrolling interest 8 — Total $ 192 $ 221 Adjustments: Net investment gains (losses) (9) (112) Income (loss) related to businesses exited or to be exited through reinsurance or divestment (33) (36) Income (loss) attributable to noncontrolling interests 46 43 Dividend payments made to preferred shareholders 14 14 Other adjustments (70) (8) Total adjustments to income (loss) before income taxes (51) (99) Income (loss) before income taxes $ 141 $ 122 Adjusted operating revenues is a measure of the Company's segment revenues. Each segment's Operating revenues are calculated by adjusting Total revenues to exclude the following items: • Net investment gains (losses), which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations, and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, and changes in nonperformance spread; • Revenues related to businesses exited or to be exited through reinsurance or divestment, which includes revenues associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold related to these transactions), and residual run-off activity (including an insignificant number of Individual Life, and non-Wealth Solution annuities policies that were not part of the divested businesses). Excluding this activity better reveals trends in the Company's core business and more closely aligns Adjusted operating revenues with how the Company manages its segments; • Revenues attributable to noncontrolling interests, which represents the interests of shareholders, other than the Company, in consolidated entities. Revenues attributable to noncontrolling interests represent such shareholders' interests in the gains and losses of those entities, or the attribution of results from consolidated VIEs or VOEs to which the Company is not economically entitled; and • Other adjustments primarily reflect fee income earned by the Company's broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in the Company's segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in Adjusted operating revenues. The summary below reconciles Adjusted operating revenues for the segments to Total revenues for the periods indicated: Three Months Ended March 31, 2023 2022 Adjusted operating revenues by segment: Wealth Solutions $ 684 $ 756 Health Solutions 774 647 Investment Management 229 178 Corporate 11 22 Total $ 1,697 $ 1,603 Adjustments: Net investment gains (losses) (14) (120) Revenues related to businesses exited or to be exited through reinsurance or divestment 30 (54) Revenues attributable to noncontrolling interests 60 48 Other adjustments 60 28 Total adjustments to revenues 137 (97) Total revenues $ 1,835 $ 1,506 Other Segment Information The Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees for the periods indicated: Three Months Ended March 31, 2023 2022 Investment Management intersegment revenues $ 22 $ 22 The summary below presents Total assets for the Company’s segments as of the dates indicated: March 31, 2023 December 31, 2022 Wealth Solutions $ 115,777 $ 111,701 Health Solutions 3,335 2,668 Investment Management 1,635 1,611 Corporate 26,333 26,712 Total assets, before consolidation (1) 147,080 142,692 Consolidation of investment entities 4,128 3,914 Total assets $ 151,208 $ 146,606 (1) Total assets, before consolidation includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option. |
Business, Basis of Presentati_2
Business, Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Adoption of New Pronouncements | The following table provides a description of future adoptions of new accounting standards that may have an impact on the Company's financial statements when adopted: Standard Description of Requirements Effective Date and Transition Provisions Effect on the Financial Statements or Other Significant Matters ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions This standard, issued in June 2022, clarifies that contractual restrictions on equity security sales are not considered part of the security unit of account and, therefore, are not considered in measuring fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and are required to be applied prospectively, with any adjustments from the adoption recognized in earnings and disclosed. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-03. |
Derivatives | The Company primarily enters into the following types of derivatives: Interest rate swaps: Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and/or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in an anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. Total return swaps: The Company uses total return swaps as a hedge of interest related risks within various Legacy Annuity and Retirement products. Total return swaps are also used as a hedge of other corporate liabilities. Using total return swaps, the Company agrees with another party to exchange, at specified intervals, the difference between the economic performance of assets or a market index and a fixed or variable funding multiplied by reference to an agreed upon notional amount. No cash is exchanged at the onset of the contracts. Cash is paid and received over the life of the contract based upon the terms of the swaps. The Company utilized these contracts in non-qualifying hedging relationships. Futures: Futures contracts are used to hedge against a decrease in certain equity indices. Such decreases may correlate to a decrease in variable annuity account values which would increase the possibility of the Company incurring an expense for guaranteed benefits in excess of account values. The Company also uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. The Company may also use futures contracts as a hedge against an increase in certain equity indices. |
Income Tax | The Company uses the estimated annual effective tax rate method in computing its interim tax provision. Certain items, including changes in the realizability of deferred tax assets and changes in liabilities for uncertain tax positions, are excluded from the estimated annual effective tax rate and the actual tax expense or benefit is reported in the period the related item is incurred. |
Business, Basis of Presentati_3
Business, Basis of Presentation and Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Adoption of New Accounting Pronouncements and Future Adoption of Accounting Pronouncements | Adoption of New Pronouncements Long-Duration Contracts The following section provides a description of the Company's adoption of ASU 2018-12 issued by the Financial Accounting Standards Board ("FASB") and the impact of the adoption on the Company's financial statements: This standard, issued in August 2018, changes the measurement and disclosures of insurance liabilities and DAC for long-duration contracts issued by insurers. In addition to expanded disclosures, the standard’s requirements include: • Annual review and, if necessary, update of cash flow assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited payment insurance contracts, measured on a retrospective catch-up basis and recognized in the period the update is made. The rate used is required to be updated quarterly, with related changes in the liability recorded in AOCI. • Fair value measurement of contract guarantee features qualifying as Market Risk Benefits (“MRB”), with changes in fair value recognized in the Statement of Operations. Changes in the instrument-specific credit risk will be recorded in AOCI. • Amortization of DAC on a constant level basis over the expected term of the contracts, without reference to revenue or profitability. An accounting election may be made to apply the DAC requirements to VOBA. • Insurance entities may make an accounting policy election to exclude contracts from application of the requirements in ASU 2018-12 when those contracts have been derecognized because of a sale or disposal of a legal entity before the effective date of ASU 2018-12. The Company adopted ASU 2018-12 on January 1, 2023, on a modified retrospective basis for the liability for future policy benefits and DAC and on a full retrospective basis for MRBs. The January 1, 2021 transition impact increased Total shareholders’ equity. This increase was primarily driven by the removal of DAC/VOBA and Premium deficiency reserve adjustment balances, and partially offset by the impact of remeasurement of Future policy benefits and Reinsurance recoverable using the discount rate at January 1, 2021. Total shareholders’ equity was also impacted by the establishment of MRB liabilities related to guaranteed minimum benefits on certain deferred annuity contracts. The Company elected the option to exclude contracts reported as discontinued operations in 2021. Disclosures and post-transition comparative information have been restated to conform to the requirements of ASU 2018-12. The following tables provide additional information related to the transition adjustments: DAC VOBA Wealth Solutions Deferred and Individual Annuities Businesses Exited (1) Balance, December 31, 2020 $ 119 $ 1,186 $ 70 Adjustment for removal of related balances in AOCI 571 104 635 Balance, January 1, 2021 $ 690 $ 1,290 $ 705 Liability for Future Policy Benefits Health Solutions Group (2) Health Solutions Voluntary (3) Businesses Exited (1) Balance, December 31, 2020 $ 822 $ 188 $ 5,448 Adjustment for reversal of related balances in AOCI — — (386) Adjustment for loss contracts under the modified retrospective approach 7 3 3 Effect of remeasurement of liability at current discount rate 118 83 1,362 Balance, January 1, 2021 $ 947 $ 274 $ 6,427 (1) Includes long duration retail individual life and annuity business exited via reinsurance (2) Includes long duration employee-sponsored group life and health products (3) Includes long duration employee-paid whole life products The following table presents information on transition adjustments, net of tax, related to the adoption of ASU 2018-12 for retained earnings and AOCI to arrive at the opening balances as of January 1, 2021: Total Shareholders' equity December 31, 2020 $ 11,178 AOCI Reversal of AOCI adjustments 1,328 Effect of remeasurement of liability at current discount rate (1,065) Total AOCI adjustments $ 263 Retained Earnings Establishment of MRBs $ (132) Other adjustments 27 Total Retained earnings $ (105) Total adjustment for the adoption of ASU 2018-12 $ 158 Total Shareholders' equity January 1, 2021 $ 11,336 The following table provides a description of the Company’s adoption of other new ASUs issued by the FASB and the impact of adoption on the Company’s financial statements: Standard Description of Requirements Effective Date and Transition Provisions Effect on the Financial Statements or Other Significant Matters ASU 2022-02, Troubled Debt Restructurings ("TDRs") and Vintage Disclosures This standard, issued in March 2022, eliminates the accounting guidance on troubled debt restructurings for creditors, requires enhanced disclosures for creditors about loan modifications when a borrower is experiencing financial difficulty, and requires public business entities to include current-period gross write-offs in the vintage disclosure tables. January 1, 2023 on a prospective basis. Adoption of the ASU did not have an impact on the Company's financial condition, results of operations, or cash flows. Required disclosure changes have been included in the Investments (excluding Consolidated Investment Entities) Note to these Condensed Consolidated Financial Statements . ASU 2020-04, Reference Rate Reform This standard, issued in March 2020, provides temporary optional expedients and exceptions for applying U.S. GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments were effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2024. The Company has elected to apply the expedient provided in ASU 2020-04 for qualifying contract modifications. To date, adoption of the guidance has not had a material impact on the Company’s financial condition and results of operations. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and hedging relationships as transition progresses. Future Adoption of Accounting Pronouncements The following table provides a description of future adoptions of new accounting standards that may have an impact on the Company's financial statements when adopted: Standard Description of Requirements Effective Date and Transition Provisions Effect on the Financial Statements or Other Significant Matters ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions This standard, issued in June 2022, clarifies that contractual restrictions on equity security sales are not considered part of the security unit of account and, therefore, are not considered in measuring fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and are required to be applied prospectively, with any adjustments from the adoption recognized in earnings and disclosed. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-03. |
Investments (excluding Consol_2
Investments (excluding Consolidated Investment Entities) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of March 31, 2023: Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value Allowance for credit losses Fixed maturities: U.S. Treasuries $ 428 $ 15 $ 11 $ — $ 432 $ — U.S. Government agencies and authorities 54 4 1 — 57 — State, municipalities and political subdivisions 949 2 98 — 853 — U.S. corporate public securities 9,132 156 998 — 8,290 — U.S. corporate private securities 5,088 32 340 — 4,780 — Foreign corporate public securities and foreign governments (1) 3,259 38 331 — 2,957 9 Foreign corporate private securities (1) 3,151 14 171 — 2,992 2 Residential mortgage-backed securities 4,190 40 257 4 3,977 — Commercial mortgage-backed securities 4,415 1 574 — 3,842 — Other asset-backed securities 2,439 7 157 — 2,288 1 Total fixed maturities, including securities pledged 33,105 309 2,938 4 30,468 12 Less: Securities pledged 1,347 — 121 — 1,226 — Total fixed maturities $ 31,758 $ 309 $ 2,817 $ 4 $ 29,242 $ 12 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations. Available-for-sale and FVO fixed maturities were as follows as of December 31, 2022: Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value Allowance for credit losses Fixed maturities: U.S. Treasuries $ 590 $ 12 $ 21 $ — $ 581 $ — U.S. Government agencies and authorities 58 3 2 — 59 — State, municipalities and political subdivisions 978 1 134 — 845 — U.S. corporate public securities 9,343 97 1,239 — 8,201 — U.S. corporate private securities 5,087 14 409 — 4,692 — Foreign corporate public securities and foreign governments (1) 3,343 18 403 — 2,949 9 Foreign corporate private securities (1) 3,254 7 225 — 3,034 2 Residential mortgage-backed securities 4,230 34 290 3 3,977 — Commercial mortgage-backed securities 4,466 2 585 — 3,883 — Other asset-backed securities 2,307 3 173 — 2,136 1 Total fixed maturities, including securities pledged 33,656 191 3,481 3 30,357 12 Less: Securities pledged 1,303 3 144 — 1,162 — Total fixed maturities $ 32,353 $ 188 $ 3,337 $ 3 $ 29,195 $ 12 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations. |
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of fixed maturities, including securities pledged, as of March 31, 2023, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date. Amortized Fair Due to mature: One year or less $ 679 $ 676 After one year through five years 4,276 4,086 After five years through ten years 4,206 4,014 After ten years 12,900 11,585 Mortgage-backed securities 8,605 7,819 Other asset-backed securities 2,439 2,288 Fixed maturities, including securities pledged $ 33,105 $ 30,468 |
U.S. and Foreign Corporate Securities by Industry | The following tables present the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated: Amortized Gross Gross Fair March 31, 2023 Communications $ 1,184 $ 27 $ 101 $ 1,110 Financial 4,008 48 425 3,631 Industrial and other companies 8,136 60 748 7,448 Energy 1,987 55 127 1,915 Utilities 3,648 40 286 3,402 Transportation 1,115 5 100 1,020 Total $ 20,078 $ 235 $ 1,787 $ 18,526 December 31, 2022 Communications $ 1,156 $ 16 $ 130 $ 1,042 Financial 4,153 31 491 3,693 Industrial and other companies 8,379 26 953 7,452 Energy 1,979 39 160 1,858 Utilities 3,664 21 355 3,330 Transportation 1,165 2 128 1,039 Total $ 20,496 $ 135 $ 2,217 $ 18,414 |
Schedule of Securities Borrowed Under Securities Lending Transactions | The following table presents borrowings under securities lending transactions by asset class as of the dates indicated: March 31, 2023 December 31, 2022 U.S. Treasuries $ 7 $ 53 U.S. corporate public securities 700 604 Foreign corporate public securities and foreign governments 297 285 Payables under securities loan agreements $ 1,004 $ 942 |
Financing Receivable, Allowance for Credit Loss | The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the periods presented: Three Months Ended March 31, 2023 Foreign corporate public securities and foreign governments Foreign corporate private securities Other asset-backed securities Total Balance as of January 1 $ 9 $ 2 $ 1 $ 12 Reductions for securities sold during the period (2) — — (2) Increase (decrease) on securities with allowance recorded in previous period 2 — — 2 Balance as of March 31 $ 9 $ 2 $ 1 $ 12 |
Schedule of Unrealized Loss on Investments | The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of March 31, 2023: Twelve Months or Less More Than Twelve Total Fair Value Unrealized Capital Losses Number of securities Fair Value Unrealized Capital Losses Number of securities Fair Value Unrealized Capital Losses Number of securities U.S. Treasuries $ 106 $ 1 10 $ 47 $ 10 13 $ 153 $ 11 23 U.S. Government agencies and authorities — — — 3 1 1 3 1 1 State, municipalities and political subdivisions 573 44 206 209 54 82 782 98 288 U.S. corporate public securities 3,181 220 558 2,864 778 733 6,045 998 1,291 U.S. corporate private securities 2,268 113 243 1,552 227 152 3,820 340 395 Foreign corporate public securities and foreign governments 1,185 76 205 1,008 255 230 2,193 331 435 Foreign corporate private securities 1,834 75 138 793 96 68 2,627 171 206 Residential mortgage-backed 782 43 329 964 214 447 1,746 257 776 Commercial mortgage-backed 1,346 141 213 2,410 433 438 3,756 574 651 Other asset-backed 554 26 138 1,532 131 399 2,086 157 537 Total $ 11,829 $ 739 2,040 $ 11,382 $ 2,199 2,563 $ 23,211 $ 2,938 4,603 The Company concluded that an allowance for credit losses was unnecessary for these securities because the unrealized losses are interest rate related. The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of December 31, 2022: Twelve Months or Less More Than Twelve Total Fair Value Unrealized Capital Losses Number of securities Fair Value Unrealized Capital Losses Number of securities Fair Value Unrealized Capital Losses Number of securities U.S. Treasuries $ 197 $ 19 19 $ 9 $ 2 7 $ 206 $ 21 26 U.S. Government agencies and authorities 21 2 2 — — — 21 2 2 State, municipalities and political subdivisions 751 121 284 30 13 17 781 134 301 U.S. corporate public securities 5,479 792 1,054 1,137 447 347 6,616 1,239 1,401 U.S. corporate private securities 3,569 322 375 458 87 32 4,027 409 407 Foreign corporate public securities and foreign governments 2,050 260 371 391 143 97 2,441 403 468 Foreign corporate private securities 2,728 211 217 65 14 6 2,793 225 223 Residential mortgage-backed 1,538 128 536 562 162 283 2,100 290 819 Commercial mortgage-backed 2,628 390 441 1,133 195 207 3,761 585 648 Other asset-backed 1,430 104 334 578 69 191 2,008 173 525 Total $ 20,391 $ 2,349 3,633 $ 4,363 $ 1,132 1,187 $ 24,754 $ 3,481 4,820 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings | The following table identifies the Company's intent impairments included in the Condensed Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated: Three Months Ended March 31, 2023 2022 Impairment No. of Impairment No. of Residential mortgage-backed — * 2 7 13 Total $ — * 2 $ 7 13 (1) Primarily U.S. dollar denominated. *Less than $1 |
Mortgage Loans by Loan to Value Ratio | The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2023 $ 58 $ — $ — $ — $ — $ 58 2022 246 337 64 — — 647 2021 236 246 253 — — 735 2020 150 169 14 10 — 343 2019 225 93 29 — — 347 2018 161 40 3 — — 204 2017 and prior 2,509 477 26 — — 3,012 Total $ 3,585 $ 1,362 $ 389 $ 10 $ — $ 5,346 As of December 31, 2022 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2022 $ 250 $ 320 $ 65 $ — $ — $ 635 2021 240 272 255 10 — 777 2020 119 209 25 10 — 363 2019 227 94 29 — — 350 2018 163 41 2 — — 206 2017 and prior 2,606 482 26 — — 3,114 Total $ 3,605 $ 1,418 $ 402 $ 20 $ — $ 5,445 |
Mortgage Loans by Debt Service Coverage Ratio | The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2023 $ 51 $ 7 $ — $ — $ 58 2022 278 96 187 86 647 2021 265 26 113 331 735 2020 242 27 5 69 343 2019 220 45 75 7 347 2018 122 26 56 — 204 2017 and prior 2,091 446 226 249 3,012 Total $ 3,269 $ 673 $ 662 $ 742 $ 5,346 *No commercial mortgage loans were secured by land or construction loans As of December 31, 2022 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2022 $ 331 $ 100 $ 181 $ 23 $ 635 2021 273 33 269 202 777 2020 259 11 11 82 363 2019 222 54 67 7 350 2018 128 27 51 — 206 2017 and prior 2,172 454 226 262 3,114 Total $ 3,385 $ 679 $ 805 $ 576 $ 5,445 |
Mortgage Loans by Geographic Location of Collateral | The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2023 $ 20 $ — $ 4 $ — $ — $ 31 $ 3 $ — $ — $ 58 2022 140 129 48 99 114 93 4 1 19 647 2021 98 63 131 145 112 127 9 48 2 735 2020 74 161 17 16 12 40 — 7 16 343 2019 57 105 10 76 46 5 14 13 21 347 2018 50 61 54 9 14 10 — 6 — 204 2017 and prior 767 602 748 222 210 242 49 147 25 3,012 Total $ 1,206 $ 1,121 $ 1,012 $ 567 $ 508 $ 548 $ 79 $ 222 $ 83 $ 5,346 As of December 31, 2022 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2022 $ 140 $ 129 $ 48 $ 98 $ 114 $ 82 $ 4 $ 1 $ 19 $ 635 2021 99 72 134 143 112 138 9 48 22 777 2020 74 170 18 16 12 39 — 7 27 363 2019 58 106 10 77 46 5 14 13 21 350 2018 50 62 55 10 14 10 — 5 — 206 2017 and prior 777 623 759 248 227 257 49 149 25 3,114 Total $ 1,198 $ 1,162 $ 1,024 $ 592 $ 525 $ 531 $ 76 $ 223 $ 114 $ 5,445 |
Mortgage Loans by Property Type of Collateral | The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2023 $ 15 $ 3 $ 20 $ 20 $ — $ — $ — $ 58 2022 79 265 249 34 10 10 — 647 2021 37 165 381 125 — 18 9 735 2020 58 60 82 143 — — — 343 2019 45 85 164 40 13 — — 347 2018 37 83 55 12 — 17 — 204 2017 and prior 858 742 639 500 68 154 51 3,012 Total $ 1,129 $ 1,403 $ 1,590 $ 874 $ 91 $ 199 $ 60 $ 5,346 As of December 31, 2022 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2022 $ 79 $ 255 $ 247 $ 34 $ 10 $ 10 $ — $ 635 2021 37 168 420 125 — 18 9 777 2020 58 61 93 151 — — — 363 2019 46 85 165 40 14 — — 350 2018 37 84 56 12 — 17 — 206 2017 and prior 888 757 679 513 69 156 52 3,114 Total $ 1,145 $ 1,410 $ 1,660 $ 875 $ 93 $ 201 $ 61 $ 5,445 |
Allowance for Credit Losses on Financing Receivables | The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: March 31, 2023 December 31, 2022 Allowance for credit losses, beginning of period $ 18 $ 15 Credit losses on mortgage loans for which credit losses were not previously recorded — 3 Increase (decrease) on mortgage loans with allowance recorded in previous period (1) — Provision for expected credit losses 17 18 Write-offs — — Recoveries of amounts previously written-off — — Allowance for credit losses, end of period $ 17 $ 18 |
Financing Receivable, Past Due | The following table presents past due commercial mortgage loans as of the dates indicated: March 31, 2023 December 31, 2022 Delinquency: Current $ 5,346 $ 5,445 30-59 days past due — — 60-89 days past due — — Greater than 90 days past due — — Total $ 5,346 $ 5,445 |
Net Investment Income | The following table summarizes Net investment income for the periods indicated: Three Months Ended March 31, 2023 2022 Fixed maturities $ 458 $ 479 Equity securities 7 4 Mortgage loans on real estate 61 59 Policy loans 6 6 Short-term investments and cash equivalents 9 1 Limited partnerships and other 22 96 Gross investment income 563 645 Less: Investment expenses 18 15 Net investment income $ 545 $ 630 |
Realized Gain (Loss) on Investments | Net gains (losses) were as follows for the periods indicated: Three Months Ended March 31, 2023 2022 Fixed maturities, available-for-sale, including securities pledged $ 1 $ (73) Fixed maturities, at fair value option 36 (305) Equity securities, at fair value (2) (8) Derivatives (54) 94 Embedded derivatives - fixed maturities 1 (4) Other derivatives, net — 5 Standalone derivatives — 1 Managed custody guarantees 3 (3) Mortgage Loans — 4 Other investments (1) 1 Net gains (losses) $ (16) $ (288) |
Gain (Loss) on Investments | Proceeds from the sale of fixed maturities, available-for-sale and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Three Months Ended March 31, 2023 2022 Proceeds on sales $ 1,306 $ 1,249 Gross gains 20 15 Gross losses 25 32 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The notional amounts and fair values of derivatives were as follows as of the dates indicated: March 31, 2023 December 31, 2022 Notional Asset Liability Notional Asset Liability Derivatives: Qualifying for hedge accounting (1) Fair value hedges: Foreign exchange contracts $ 88 $ — $ — $ 81 $ — $ 6 Cash flow hedges: Interest rate contracts 22 — — 22 — — Foreign exchange contracts 745 59 2 718 71 2 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 16,564 276 367 18,304 341 376 Foreign exchange contracts 185 3 1 160 9 2 Equity contracts 268 4 2 248 1 1 Credit contracts 188 — 4 174 — 2 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments (2) N/A 4 — N/A 3 — Within reinsurance agreements (4) N/A 72 49 N/A 95 46 Managed custody guarantees (3) N/A — 3 N/A — 6 Total $ 418 $ 428 $ 520 $ 441 (1) Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Consolidated Balance Sheets at fair value. (2) Included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets. (3) Included in Contract owner account balances on the Condensed Consolidated Balance Sheets. (4) Included in Other liabilities, other assets and Premium receivable and reinsurance recoverable on the Condensed Consolidated Balance Sheets. N/A - Not applicable |
Offsetting Assets and Liabilities | Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts are presented in the tables below as of the dates indicated: March 31, 2023 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 188 $ — $ 4 Equity contracts 220 4 1 Foreign exchange contracts 1,018 62 3 Interest rate contracts 13,458 276 365 342 373 Counterparty netting (1) (241) (241) Cash collateral netting (1) (92) (126) Securities collateral netting (1) (6) (2) Net receivables/payables $ 3 $ 4 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. December 31, 2022 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 174 $ — $ 2 Equity contracts 201 1 1 Foreign exchange contracts 959 80 10 Interest rate contracts 13,328 339 376 420 389 Counterparty netting (1) (295) (295) Cash collateral netting (1) (64) (88) Securities collateral netting (1) (6) (1) Net receivables/payables $ 55 $ 5 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The location and effect of derivatives qualifying for hedge accounting on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income are as follows for the periods indicated: Three Months Ended March 31, 2023 2022 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Derivatives: Qualifying for hedge accounting Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income Net investment income and Net gains/(losses) Net investment income Net investment income and Net gains/(losses) Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ — $ (12) $ (1) $ 7 Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 3 — 3 The location and amount of gain (loss) recognized in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated: Three Months Ended March 31, 2023 2022 Net investment income Net gains/(losses) Net investment income Net gains/(losses) Total amounts of line items presented in the statement of operations in which the effects of fair value or cash flow hedges are recorded $ 545 $ (16) $ 630 $ (288) Derivatives: Qualifying for hedge accounting Fair value hedges: Foreign exchange contracts: Hedged items — 2 — (2) Derivatives designated as hedging instruments (1) — (1) — 2 Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 3 — 3 — (1) For the three months ended March 31, 2023, $1 of the change in derivative instruments designated and qualifying as fair value hedges was excluded from the assessment of hedge effectiveness and recognized currently in earning. For the three months ended March 31, 2022, an immaterial portion of the change in derivative instruments designated and qualifying as fair value hedges was excluded from the assessment of hedge effectiveness and recognized currently in earning. The location and effect of derivatives not designated as hedging instruments on the Condensed Consolidated Statements of Operations are as follows for the periods indicated: Location of Gain or (Loss) on Derivative Three Months Ended March 31, 2023 2022 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Net gains (losses) $ (56) $ 100 Foreign exchange contracts Net gains (losses) 1 (1) Equity contracts Net gains (losses) 3 (8) Credit contracts Net gains (losses) (1) — Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Net gains (losses) 1 (4) Within reinsurance agreements (1) Policyholder benefits (26) 92 Managed custody guarantees Net gains (losses) 3 (3) Total $ (75) $ 176 (1) For the three months ended March 31, 2023, the amount excludes immaterial gains (losses) from standalone derivatives that were recognized in Net gains (losses). For the three months ended March 31, 2022, the amount excluded gains (losses) of $1, respectively, from standalone derivatives recognized in Net gains (losses). |
Fair Value Measurements (excl_2
Fair Value Measurements (excluding Consolidated Investment Entities) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of March 31, 2023: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 373 $ 59 $ — $ 432 U.S. Government agencies and authorities — 56 1 57 State, municipalities and political subdivisions — 853 — 853 U.S. corporate public securities — 8,269 21 8,290 U.S. corporate private securities — 2,980 1,800 4,780 Foreign corporate public securities and foreign governments (1) — 2,957 — 2,957 Foreign corporate private securities (1) — 2,551 441 2,992 Residential mortgage-backed securities — 3,921 56 3,977 Commercial mortgage-backed securities — 3,842 — 3,842 Other asset-backed securities — 2,211 77 2,288 Total fixed maturities, including securities pledged 373 27,699 2,396 30,468 Equity securities 116 — 192 308 Derivatives: Interest rate contracts 3 273 — 276 Foreign exchange contracts — 62 — 62 Equity contracts — 4 — 4 Embedded derivative on reinsurance — 72 — 72 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,982 21 — 2,003 Assets held in separate accounts 78,617 5,603 349 84,569 Total assets $ 81,091 $ 33,734 $ 2,937 $ 117,762 Percentage of Level to total 69 % 29 % 2 % 100 % Liabilities: Contingent consideration $ — $ — $ 112 $ 112 Stabilizer and MCGs — — 3 3 Derivatives: Interest rate contracts 1 366 — 367 Foreign exchange contracts — 3 — 3 Equity contracts 1 1 — 2 Credit contracts — 4 — 4 Embedded derivative on reinsurance — (9) (2) 58 49 Total liabilities $ 2 $ 365 $ 173 $ 540 (1) Primarily U.S. dollar denominated. (2) The Company classifies the embedded derivative within liabilities given the underlying nature of the balance and the right-of-offset. The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2022: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 433 $ 148 $ — $ 581 U.S. Government agencies and authorities — 58 1 59 State, municipalities and political subdivisions — 845 — 845 U.S. corporate public securities — 8,181 20 8,201 U.S. corporate private securities — 2,891 1,801 4,692 Foreign corporate public securities and foreign governments (1) — 2,946 3 2,949 Foreign corporate private securities (1) — 2,602 432 3,034 Residential mortgage-backed securities — 3,949 28 3,977 Commercial mortgage-backed securities — 3,883 — 3,883 Other asset-backed securities — 2,072 64 2,136 Total fixed maturities, including securities pledged 433 27,575 2,349 30,357 Equity securities 140 — 196 336 Derivatives: Interest rate contracts 2 339 — 341 Foreign exchange contracts — 80 — 80 Equity contracts — 1 — 1 Embedded derivative on reinsurance — 95 — 95 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 2,430 24 — 2,454 Assets held in separate accounts 74,600 5,227 347 80,174 Total assets $ 77,605 $ 33,341 $ 2,892 $ 113,838 Percentage of Level to total 68 % 29 % 3 % 100 % Liabilities: Contingent consideration $ — $ — $ 112 $ 112 Stabilizer and MCGs — — 6 6 Derivatives: Interest rate contracts 3 373 — 376 Foreign exchange contracts — 10 — 10 Equity contracts — 1 — 1 Credit contracts — 2 — 2 Embedded derivative on reinsurance — (12) (2) 58 46 Total liabilities $ 3 $ 374 $ 176 $ 553 (1) Primarily U.S. dollar denominated. (2) The Company classifies the embedded derivative within liabilities given the underlying nature of the balance and the right-of-offset. |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables summarize the change in fair value of the Company's Level 3 assets and liabilities and transfers in and out of Level 3 for the periods indicated: Three Months Ended March 31, 2023 Fair Value as of January 1 Realized/Unrealized Purchases Issuances Sales Settlements Transfers Transfers Fair Value as of March 31 Change In (3) Change In Unrealized Gains (Losses) Included in OCI (3) Net OCI Fixed maturities, including securities pledged: U.S. Government agencies and authorities $ 1 $ — $ — $ — $ — $ — $ — $ — $ — $ 1 $ — $ — U.S. corporate public securities 20 — — 1 — — — — — 21 — — U.S. corporate private securities 1,801 1 34 40 — — (76) — — 1,800 1 34 Foreign corporate public securities and foreign governments (1) 3 — — — — — — — (3) — — — Foreign corporate private securities (1) 432 1 4 57 — — (53) — — 441 1 4 Residential mortgage-backed securities 28 — — 28 — — — — — 56 — — Other asset-backed securities 64 — 1 34 — — (1) — (21) 77 — 1 Total fixed maturities, including securities pledged 2,349 2 39 160 — — (130) — (24) 2,396 2 39 Equity securities, at fair value 196 (4) — — — — — — — 192 (3) — Contingent consideration (112) — — — — — — — — (112) — — Stabilizer and MCGs (2) (6) 4 — — (1) — — — — (3) — — Embedded derivatives on reinsurance (58) — — — — — — — — (58) — — Assets held in separate accounts (4) 347 4 — — — (2) — — — 349 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract by contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of March 31 amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. (4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. Three Months Ended March 31, 2022 Fair Value as of January 1 Realized/Unrealized Purchases Issuances Sales Settlements Transfers Transfers Fair Value as of March 31 Change In (3) Change In Unrealized Gains (Losses) Included in OCI (3) Net OCI Fixed maturities, including securities pledged: U.S. corporate public securities $ 16 $ — $ (2) $ 21 $ — $ — $ — $ 36 $ — $ 71 $ — $ (2) U.S. corporate private securities 1,910 (1) (145) 111 — — (61) 121 (10) 1,925 (1) (145) Foreign corporate public securities and foreign governments (1) — — — 11 — — — — — 11 — — Foreign corporate private securities (1) 353 (18) (24) 50 — — (13) 148 — 496 — (24) Residential mortgage-backed securities 43 (9) — 13 — — — — (2) 45 (9) — Other asset-backed securities 44 — (2) 18 — (10) (1) — — 49 — (2) Total fixed maturities, including securities pledged 2,366 (28) (173) 224 — (10) (75) 305 (12) 2,597 (10) (173) Equity securities, at fair value 203 (10) — — — — — 10 — 203 (10) — Contingent consideration (11) — — — — — — — — (11) — — Stabilizer and MCGs (2) (20) 6 — — (1) — — — — (15) — — Embedded derivatives on (87) 1 — — — — — — — (86) — — Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements — — — 8 — — — — — 8 — — Assets held in separate accounts (4) 316 (14) — 65 — (1) — 6 (38) 334 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract by contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. |
Fair Value, by Balance Sheet Grouping | The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated: March 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Assets: Fixed maturities, including securities pledged $ 30,468 $ 30,468 $ 30,357 $ 30,357 Equity securities 308 308 336 336 Mortgage loans on real estate 5,346 5,078 5,445 5,149 Policy loans 359 359 363 363 Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements 2,003 2,003 2,454 2,454 Derivatives 342 342 422 422 Embedded derivatives on reinsurance 72 72 95 95 Other investments 70 70 68 68 Assets held in separate accounts 84,569 84,569 80,174 80,174 Liabilities: Investment contract liabilities: Funding agreements without fixed maturities and deferred annuities (1) $ 34,958 $ 36,635 $ 35,707 $ 36,385 Funding agreements with fixed maturities 1,360 1,358 1,285 1,281 Supplementary contracts, immediate annuities and other 701 640 727 636 Stabilizer and MCGs 3 3 6 6 Derivatives 376 376 389 389 Embedded derivative on reinsurance 49 49 46 46 Short-term debt 143 144 141 142 Long-term debt 2,094 1,935 2,094 1,935 (1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Stabilizer and MCGs section of the table above. The following table summarizes the fair value hierarchy levels of consolidated investment entities as of March 31, 2023: Level 1 Level 2 Level 3 NAV Total Assets VIEs Cash and cash equivalents $ 100 $ — $ — $ — $ 100 Corporate loans — 1,232 — — 1,232 Limited partnerships/corporations — — — 3,009 3,009 Total assets $ 100 $ 1,232 $ — $ 3,009 $ 4,341 Liabilities VIEs CLO notes $ — $ 1,256 $ — $ — $ 1,256 Total liabilities $ — $ 1,256 $ — $ — $ 1,256 The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2022: Level 1 Level 2 Level 3 NAV Total Assets VIEs Cash and cash equivalents $ 88 $ — $ — $ — $ 88 Corporate loans — 1,293 — — 1,293 Limited partnerships/corporations — — — 2,802 2,802 Total assets $ 88 $ 1,293 $ — $ 2,802 $ 4,183 Liabilities VIEs CLO notes $ — $ 1,234 $ — $ — $ 1,234 Total liabilities $ — $ 1,234 $ — $ — $ 1,234 |
Financial Instruments Not Carried at Fair Value | The following table presents the classifications of financial instruments which are not carried at fair value on the Condensed Consolidated Balance Sheets: Financial Instrument Classification Mortgage loans on real estate Level 3 Policy loans Level 2 Other investments Level 2 Funding agreements without fixed maturities and deferred annuities Level 3 Funding agreements with fixed maturities Level 2 Supplementary contracts and immediate annuities Level 3 Short-term debt and Long-term debt Level 2 |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs and Value of Business Acquired (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] | |
Deferred Policy Acquisition Costs and Value of Business Acquired | The following tables present a rollforward of DAC and VOBA for the periods indicated: DAC VOBA Wealth Solutions Deferred and Individual Annuities Businesses exited Balance as of January 1, 2022 $ 691 $ 1,158 $ 473 Deferrals of commissions and expenses 59 — 5 Amortization expense (59) (115) (39) Balance as of December 31, 2022 $ 691 $ 1,043 $ 439 Deferrals of commissions and expenses 15 — 1 Amortization expense (14) (27) (10) Balance as of March 31, 2023 $ 692 $ 1,016 $ 430 The following table shows a reconciliation of DAC and VOBA balances to the Condensed Consolidated Balance Sheets for the periods indicated: March 31, 2023 December 31, 2022 DAC: Wealth Solutions Deferred and Individual Annuities $ 692 $ 691 Businesses exited 1,016 1,043 Other 195 190 VOBA 430 439 Total $ 2,333 $ 2,363 |
Reinsurance (Tables)
Reinsurance (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Effects of Reinsurance | Information regarding the effect of reinsurance on the Condensed Consolidated Balance Sheets is as follows as of the periods indicated: March 31, 2023 Direct Assumed Ceded Total, Assets Premiums receivable $ 190 $ 12 $ (237) $ (35) Reinsurance recoverable, net of allowance for credit losses — — 12,473 12,473 Total $ 190 $ 12 $ 12,236 $ 12,438 Liabilities Future policy benefits and contract owner account balances $ 50,470 $ 1,023 $ — $ 51,493 Liability for funds withheld under reinsurance agreements 111 — — 111 Total $ 50,581 $ 1,023 $ — $ 51,604 December 31, 2022 Direct Assumed Ceded Total, Assets Premiums receivable $ 172 $ 11 $ (212) $ (29) Reinsurance recoverable, net of allowance for credit losses — — 12,455 12,455 Total $ 172 $ 11 $ 12,243 $ 12,426 Liabilities Future policy benefits and contract owner account balances $ 51,137 $ 1,037 $ — $ 52,174 Liability for funds withheld under reinsurance agreements 104 — — 104 Total $ 51,241 $ 1,037 $ — $ 52,278 Information regarding the effect of reinsurance on the Condensed Consolidated Statements of Operations is as follows for the periods indicated: Three Months Ended March 31, 2023 2022 Premiums: Direct premiums $ 908 $ 808 Reinsurance assumed 10 9 Reinsurance ceded (233) (209) Net premiums $ 685 $ 608 Fee income: Gross fee income $ 562 $ 532 Reinsurance assumed 4 5 Reinsurance ceded (102) (104) Net fee income $ 464 $ 433 Interest credited and other benefits to contract owners / policyholders: Direct interest credited and other benefits to contract owners / policyholders $ 1,108 $ 976 Reinsurance assumed 19 8 Reinsurance ceded (376) (340) Net interest credited and other benefits to contract owners / policyholders $ 751 $ 644 |
Share-based Incentive Compens_2
Share-based Incentive Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following table summarizes share-based compensation expense, which includes expenses related to awards granted under the Omnibus Plans for the periods indicated: Three Months Ended March 31, 2023 2022 Restricted Stock Unit (RSU) awards $ 37 $ 22 Performance Stock Unit (PSU) awards 26 24 Total share-based compensation expense 63 46 Income tax benefit 15 15 After-tax share-based compensation expense $ 48 $ 31 |
Schedule of Share-based Compensation, Activity | The following table summarizes RSU and PSU awards activity under the Omnibus Plans for the periods indicated: RSU Awards PSU Awards (awards in millions) Number of Awards Weighted Average Grant Date Fair Value Number of Awards Weighted Average Grant Date Fair Value Outstanding as of January 1, 2023 1.5 $ 60.91 2.1 $ 55.68 Adjustment for PSU performance factor — — (0.1) 61.50 Granted 1.5 70.42 0.8 76.59 Vested (0.7) 62.53 (0.5) 63.08 Forfeited — * 66.36 — * 63.67 Outstanding as of March 31, 2023 2.3 $ 66.55 2.3 $ 61.03 *Less than 0.1 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes the number of options under the Omnibus Plans for the periods indicated: Stock Options (awards in millions) Number of Awards Weighted Average Exercise Price Outstanding as of January 1, 2023 1.6 $ 43.05 Granted — — Exercised (0.3) 38.21 Forfeited — — Outstanding as of March 31, 2023 1.3 $ 44.25 Vested, exercisable, as of March 31, 2023 1.3 $ 44.25 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward | The following table presents the rollforward of common shares used in calculating the weighted average shares utilized in the basic earnings per common share calculation for the periods indicated: Common Shares (shares in millions) Issued Held in Treasury Outstanding Balance, January 1, 2022 109.0 1.2 107.8 Common shares issued 0.1 — 0.1 Common shares acquired - share repurchase — 11.7 (11.7) Share-based compensation 1.7 0.7 1.0 Treasury Stock retirement (13.0) (13.0) — Balance, December 31, 2022 97.8 0.6 97.2 Common shares issued — * — — Share-based compensation 1.5 0.5 1.0 Balance, March 31, 2023 99.3 1.1 98.2 |
Schedule of Dividends Declared | Dividends declared per share of Common Stock were as follows for the periods indicated: Three Months Ended March 31, 2023 2022 Dividends declared per share of Common Stock $ 0.200 $ 0.200 The declaration of dividends on preferred stock per share and in the aggregate were as follows for the periods indicated: Series A Series B Three Months Ended March 31, Per Share Aggregate Per Share Aggregate 2023 $ 30.625 $ 10 $ 13.375 $ 4 2022 30.625 10 13.375 4 |
Schedule of Share Repurchase Agreements | |
Schedule of Preferred Stock Issued and Outstanding | As of March 31, 2023 and December 31, 2022, there were 100,000,000 shares of preferred stock authorized. Preferred stock issued and outstanding are as follows: March 31, 2023 December 31, 2022 Series Issued Outstanding Issued Outstanding 6.125% Non-cumulative Preferred Stock, Series A 325,000 325,000 325,000 325,000 5.35% Non-cumulative Preferred Stock, Series B 300,000 300,000 300,000 300,000 Total 625,000 625,000 625,000 625,000 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents a reconciliation of Net income (loss) and shares used in calculating basic and diluted net income (loss) per common share for the periods indicated: Three Months Ended March 31, (in millions, except for per share data) 2023 2022 Earnings Net income (loss) available to common shareholders: Net income (loss) $ 129 $ 111 Less: Preferred stock dividends 14 14 Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest 46 43 Net income (loss) available to common shareholders $ 69 $ 54 Weighted average common shares outstanding Basic 97.7 106.1 Dilutive Effects: Warrants 8.9 8.2 RSU awards 1.2 1.0 PSU awards 1.2 1.0 Stock Options 0.6 0.7 Diluted 109.6 117.0 Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share (1) : Basic $ 0.70 $ 0.51 Diluted $ 0.63 $ 0.46 (1) Basic and diluted earnings per share are calculated using unrounded, actual amounts. Therefore, the components of earnings per share may not sum to its corresponding total. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | Shareholders' equity included the following components of AOCI as of the dates indicated: March 31, 2023 2022 Fixed maturities, net of impairment $ (2,635) $ 602 Derivatives (1) 109 80 Change in discount rate (855) (1,044) Deferred income tax asset (liability) 833 199 Total (2,548) (163) Pension and other postretirement benefits liability, net of tax 3 3 AOCI $ (2,545) $ (160) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations, were as follows for the periods indicated: Three Months Ended March 31, 2023 Before-Tax Amount Income Tax (Benefit) After-Tax Amount Available-for-sale securities: Fixed maturities $ 661 $ (139) $ 522 Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations (1) — (1) Change in unrealized gains (losses) on available-for-sale securities 660 (139) 521 Derivatives: Derivatives (12) (1) 3 (9) Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (5) 1 (4) Change in unrealized gains (losses) on derivatives (17) 4 (13) Change in current discount rate 2 — 2 Change in Accumulated other comprehensive income (loss) $ 645 $ (135) $ 510 (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. Three Months Ended March 31, 2022 Before-Tax Amount Income Tax (Benefit) After-Tax Amount Available-for-sale securities: Fixed maturities $ (2,663) $ 559 $ (2,104) Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations 70 (15) 55 Change in unrealized gains (losses) on available-for-sale securities (2,593) 544 (2,049) Derivatives: Derivatives 5 (1) (1) 4 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (5) 1 (4) Change in unrealized gains (losses) on derivatives — — — Change in current discount rate 104 (22) 82 Change in Accumulated other comprehensive income (loss) $ (2,489) $ 522 $ (1,967) (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. |
Financing Agreements (Tables)
Financing Agreements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table summarizes the carrying value of the Company’s debt securities issued and outstanding as of the periods indicated: Issuer Maturity March 31, 2023 December 31, 2022 3.65% Senior Notes, due 2026 (2)(3) Voya Financial, Inc. 06/15/2026 $ 445 $ 445 5.7% Senior Notes, due 2043 (2)(3) Voya Financial, Inc. 07/15/2043 396 396 4.8% Senior Notes, due 2046 (2)(3) Voya Financial, Inc. 06/15/2046 297 297 4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048 (1) Voya Financial, Inc. 01/23/2048 336 336 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 (4) Voya Financial, Inc. 05/15/2053 388 388 7.25% Voya Holdings Inc. debentures, due 2023 (1) Voya Holdings, Inc. 08/15/2023 140 140 7.63% Voya Holdings Inc. debentures, due 2026 (1) Voya Holdings, Inc. 08/15/2026 139 139 6.97% Voya Holdings Inc. debentures, due 2036 (1) Voya Holdings, Inc. 08/15/2036 79 79 8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 Equitable of Iowa Capital Trust II 04/01/2027 13 13 1.00% Windsor Property Loan Voya Retirement Insurance and Annuity Company 06/14/2027 2 2 1.25% Notes, due 2023 Benefitfocus, Inc. 12/15/2023 2 — Subtotal 2,237 2,235 Less: Current portion of long-term debt 143 141 Total $ 2,094 $ 2,094 (1) Guaranteed by ING Group. (2) Interest is paid semi-annually in arrears. (3) Guaranteed by Voya Holdings. (4) See the Junior Subordinated Notes section below. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Restricted Assets | The components of the fair value of the restricted assets were as follows as of the dates indicated: March 31, 2023 December 31, 2022 Fixed maturity collateral pledged to FHLB (1) $ 1,811 $ 1,791 FHLB restricted stock (2) 69 67 Other fixed maturities-state deposits 40 38 Cash and cash equivalents 29 27 Securities pledged (3) 1,226 1,162 Total restricted assets $ 3,175 $ 3,085 (1) Included in Fixed maturities, available for sale, at fair value on the Condensed Consolidated Balance Sheets. (2) Included in Other investments on the Condensed Consolidated Balance Sheets. (3) Includes the fair value of loaned securities of $976 and $907 as of March 31, 2023 and December 31, 2022, respectively. In addition, as of March 31, 2023 and December 31, 2022, the Company delivered securities as collateral of $137 and $142 and repurchase agreements of $113 and $113, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets. |
Consolidated and Nonconsolida_2
Consolidated and Nonconsolidated Investment Entities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Consolidated Investment Entities [Abstract] | |
Fair Value, by Balance Sheet Grouping | The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated: March 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Assets: Fixed maturities, including securities pledged $ 30,468 $ 30,468 $ 30,357 $ 30,357 Equity securities 308 308 336 336 Mortgage loans on real estate 5,346 5,078 5,445 5,149 Policy loans 359 359 363 363 Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements 2,003 2,003 2,454 2,454 Derivatives 342 342 422 422 Embedded derivatives on reinsurance 72 72 95 95 Other investments 70 70 68 68 Assets held in separate accounts 84,569 84,569 80,174 80,174 Liabilities: Investment contract liabilities: Funding agreements without fixed maturities and deferred annuities (1) $ 34,958 $ 36,635 $ 35,707 $ 36,385 Funding agreements with fixed maturities 1,360 1,358 1,285 1,281 Supplementary contracts, immediate annuities and other 701 640 727 636 Stabilizer and MCGs 3 3 6 6 Derivatives 376 376 389 389 Embedded derivative on reinsurance 49 49 46 46 Short-term debt 143 144 141 142 Long-term debt 2,094 1,935 2,094 1,935 (1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Stabilizer and MCGs section of the table above. The following table summarizes the fair value hierarchy levels of consolidated investment entities as of March 31, 2023: Level 1 Level 2 Level 3 NAV Total Assets VIEs Cash and cash equivalents $ 100 $ — $ — $ — $ 100 Corporate loans — 1,232 — — 1,232 Limited partnerships/corporations — — — 3,009 3,009 Total assets $ 100 $ 1,232 $ — $ 3,009 $ 4,341 Liabilities VIEs CLO notes $ — $ 1,256 $ — $ — $ 1,256 Total liabilities $ — $ 1,256 $ — $ — $ 1,256 The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2022: Level 1 Level 2 Level 3 NAV Total Assets VIEs Cash and cash equivalents $ 88 $ — $ — $ — $ 88 Corporate loans — 1,293 — — 1,293 Limited partnerships/corporations — — — 2,802 2,802 Total assets $ 88 $ 1,293 $ — $ 2,802 $ 4,183 Liabilities VIEs CLO notes $ — $ 1,234 $ — $ — $ 1,234 Total liabilities $ — $ 1,234 $ — $ — $ 1,234 |
Intangible Assets, Goodwill and
Intangible Assets, Goodwill and Other (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill reported in the Company's operating segments were as follows: Wealth Solutions Health Solutions Investment Management Consolidated Balance as of January 1, 2022 $ 17 $ 24 $ 31 $ 72 Additions from business combinations — — 255 255 Balance as of December 31, 2022 $ 17 $ 24 $ 286 $ 327 Additions from business combinations — 319 — 319 Balance as of March 31, 2023 $ 17 $ 343 $ 286 $ 646 |
Schedule of Indefinite-Lived Intangible Assets | The following table presents other intangible assets as of the dates indicated: Weighted March 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Indefinite-life intangibles: Right to manage client assets N/A $ 345 $ — $ 345 $ 345 $ — $ 345 Management contract rights N/A 5 — 5 5 — 5 Total indefinite-life intangibles $ 350 $ — $ 350 $ 350 $ — $ 350 Finite-life intangibles: Management contract rights 19 years $ 741 $ 557 $ 184 $ 741 $ 554 $ 187 Customer relationship lists 17 years 324 114 210 135 111 24 Trademarks 8 years 15 — 15 — — — Computer software 4 years 457 311 146 502 432 70 Total intangible assets $ 1,887 $ 982 $ 905 $ 1,728 $ 1,097 $ 631 |
Schedule of Finite-Lived Intangible Assets | The following table presents other intangible assets as of the dates indicated: Weighted March 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Indefinite-life intangibles: Right to manage client assets N/A $ 345 $ — $ 345 $ 345 $ — $ 345 Management contract rights N/A 5 — 5 5 — 5 Total indefinite-life intangibles $ 350 $ — $ 350 $ 350 $ — $ 350 Finite-life intangibles: Management contract rights 19 years $ 741 $ 557 $ 184 $ 741 $ 554 $ 187 Customer relationship lists 17 years 324 114 210 135 111 24 Trademarks 8 years 15 — 15 — — — Computer software 4 years 457 311 146 502 432 70 Total intangible assets $ 1,887 $ 982 $ 905 $ 1,728 $ 1,097 $ 631 |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Reconciliation of Operating Earnings Before Income Taxes from Segments to Consolidated | The summary below reconciles Adjusted operating earnings before income taxes for the segments to Income (loss) before income taxes for the periods indicated: Three Months Ended March 31, 2023 2022 Adjusted operating earnings before income taxes by segment: Wealth Solutions $ 132 $ 228 Health Solutions 94 21 Investment Management 42 39 Corporate (69) (68) Total including Allianz noncontrolling interest 200 221 Less: Earning (loss) attributable to Allianz noncontrolling interest 8 — Total $ 192 $ 221 Adjustments: Net investment gains (losses) (9) (112) Income (loss) related to businesses exited or to be exited through reinsurance or divestment (33) (36) Income (loss) attributable to noncontrolling interests 46 43 Dividend payments made to preferred shareholders 14 14 Other adjustments (70) (8) Total adjustments to income (loss) before income taxes (51) (99) Income (loss) before income taxes $ 141 $ 122 |
Reconciliation of Revenue from Segments to Total Revenues | The summary below reconciles Adjusted operating revenues for the segments to Total revenues for the periods indicated: Three Months Ended March 31, 2023 2022 Adjusted operating revenues by segment: Wealth Solutions $ 684 $ 756 Health Solutions 774 647 Investment Management 229 178 Corporate 11 22 Total $ 1,697 $ 1,603 Adjustments: Net investment gains (losses) (14) (120) Revenues related to businesses exited or to be exited through reinsurance or divestment 30 (54) Revenues attributable to noncontrolling interests 60 48 Other adjustments 60 28 Total adjustments to revenues 137 (97) Total revenues $ 1,835 $ 1,506 |
Schedule of Intersegment Revenues Included in Investment Management Segment | The Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees for the periods indicated: Three Months Ended March 31, 2023 2022 Investment Management intersegment revenues $ 22 $ 22 |
Summary of Financial Information for Segments | The summary below presents Total assets for the Company’s segments as of the dates indicated: March 31, 2023 December 31, 2022 Wealth Solutions $ 115,777 $ 111,701 Health Solutions 3,335 2,668 Investment Management 1,635 1,611 Corporate 26,333 26,712 Total assets, before consolidation (1) 147,080 142,692 Consolidation of investment entities 4,128 3,914 Total assets $ 151,208 $ 146,606 (1) Total assets, before consolidation includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option. |
Business, Basis of Presentati_4
Business, Basis of Presentation and Significant Accounting Policies - Narrative (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 USD ($) segment | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Number of operating segments | segment | 3 | |||
Net realized capital gains (losses) | $ (16) | $ (288) | ||
Payments to Acquire Businesses, Gross | 558 | |||
Goodwill | 646 | $ 327 | $ 72 | |
Finite-Lived Intangible Assets, Gross | 1,887 | 1,728 | ||
Amortization of Intangible Assets | 20 | $ 11 | ||
Benefitfocus | ||||
Finite-Lived Intangible Assets, Gross | 70 | |||
Amortization of Intangible Assets | 29 | |||
Benefitfocus | ||||
Payments to Acquire Businesses, Gross | 583 | |||
Benefitfocus | ||||
Payments for Merger Related Costs | 595 | |||
Other Payments to Acquire Businesses | 25 | |||
Cash Acquired from Acquisition | 49 | |||
Goodwill | 319 | |||
Finite-Lived Intangible Assets, Gross | 275 | |||
Deferred Tax Assets, Other | 45 | |||
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation | 91 | |||
Customer Relationships | ||||
Finite-Lived Intangible Assets, Gross | 324 | $ 135 | ||
Finite-Lived Customer Relationships, Gross | $ 190 | |||
Finite-Lived Intangible Asset, Useful Life | 17 years | |||
Intangible Assets, Amortization Period | ||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||
Intangible Assets, Amortization Period | Benefitfocus | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
VIM Holdings | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 76% | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 24% |
Business, Basis of Presentati_5
Business, Basis of Presentation and Significant Accounting Policies - Adoption of New Pronouncements (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Dec. 31, 2020 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred Policy Acquisition Cost | $ 2,333 | $ 2,363 | ||||
Present Value of Future Insurance Profits, Net | 430 | 439 | $ 473 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 5,521 | 4,831 | $ 7,184 | |||
Finite-Lived Intangible Assets, Gross | 1,887 | 1,728 | ||||
Wealth Solutions | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred Policy Acquisition Cost | 692 | 691 | 691 | |||
Employee Benefits, Group | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 901 | 881 | 1,048 | |||
Employee Benefits, Voluntary | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 297 | 285 | 359 | |||
business exited | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred Policy Acquisition Cost | 1,016 | 1,043 | 1,158 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | $ 8,767 | 8,639 | 11,444 | |||
Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Present Value of Future Insurance Profits, Net | $ 70 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 11,178 | 4,831 | 9,668 | |||
Previously Reported | Wealth Solutions | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred Policy Acquisition Cost | 119 | |||||
Previously Reported | Employee Benefits, Group | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 822 | |||||
Previously Reported | Employee Benefits, Voluntary | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 188 | |||||
Previously Reported | business exited | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred Policy Acquisition Cost | 1,186 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 5,448 | |||||
Revision of Prior Period, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Present Value of Future Insurance Profits, Net | $ 705 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 11,336 | |||||
Revision of Prior Period, Adjustment | Wealth Solutions | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred Policy Acquisition Cost | 690 | |||||
Revision of Prior Period, Adjustment | Employee Benefits, Group | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 947 | |||||
Liability for Future Policy Benefit, Remeasurement Gain (Loss) | 118 | |||||
Revision of Prior Period, Adjustment | Employee Benefits, Voluntary | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 274 | |||||
Liability for Future Policy Benefit, Remeasurement Gain (Loss) | 83 | |||||
Revision of Prior Period, Adjustment | business exited | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred Policy Acquisition Cost | 1,290 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 6,427 | |||||
Liability for Future Policy Benefit, Remeasurement Gain (Loss) | 1,362 | |||||
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 158 | |||||
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 [Member] | Employee Benefits, Group | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 7 | |||||
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 [Member] | Employee Benefits, Voluntary | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 3 | |||||
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 [Member] | business exited | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 3 | |||||
Intangible Assets, Amortization Period | ||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||||
Accumulated Other Comprehensive Income (Loss) | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (2,545) | (160) | ||||
Accumulated Other Comprehensive Income (Loss) | Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (3,055) | 1,807 | ||||
Accumulated Other Comprehensive Income (Loss) | Revision of Prior Period, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefits, Period Increase (Decrease) | 635 | |||||
Liability for Future Policy Benefit, Remeasurement Gain (Loss) | (1,065) | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,328 | |||||
Accumulated Other Comprehensive Income (Loss) | Revision of Prior Period, Adjustment | Wealth Solutions | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred Policy Acquisition Cost | 571 | |||||
Accumulated Other Comprehensive Income (Loss) | Revision of Prior Period, Adjustment | Employee Benefits, Group | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 0 | |||||
Accumulated Other Comprehensive Income (Loss) | Revision of Prior Period, Adjustment | Employee Benefits, Voluntary | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 0 | |||||
Accumulated Other Comprehensive Income (Loss) | Revision of Prior Period, Adjustment | business exited | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred Policy Acquisition Cost | 104 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | (386) | |||||
Accumulated Other Comprehensive Income (Loss) | Effect of Modified Retrospective Application Accounting Standards Update 2018-12 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 263 | |||||
Retained Earnings, Unappropriated [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (118) | $ (201) | $ (1,102) | $ (1,170) | ||
Retained Earnings, Unappropriated [Member] | Revision of Prior Period, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Market Risk Benefit, after Increase (Decrease) from Instrument-Specific Credit Risk | (132) | |||||
Other Adjustments | 27 | |||||
Retained Earnings, Unappropriated [Member] | Effect of Modified Retrospective Application Accounting Standards Update 2018-12 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (105) | |||||
Benefitfocus | ||||||
Finite-Lived Intangible Assets, Gross | $ 275 |
Investments (excluding Consol_3
Investments (excluding Consolidated Investment Entities) - Fixed Maturities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | $ 29,534 | $ 30,202 |
Securities pledged, amortized costs | 1,347 | 1,303 |
Fixed maturities, allowance for credit losses | 12 | |
U.S. Treasuries | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 428 | 590 |
Gross Unrealized Capital Gains | 15 | 12 |
Gross Unrealized Capital Losses | 11 | 21 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, available-for-sale, at fair value | 432 | 581 |
Fixed maturities, allowance for credit losses | 0 | 0 |
U.S. Government agencies and authorities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 54 | 58 |
Gross Unrealized Capital Gains | 4 | 3 |
Gross Unrealized Capital Losses | 1 | 2 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, available-for-sale, at fair value | 57 | 59 |
Fixed maturities, allowance for credit losses | 0 | 0 |
State, municipalities and political subdivisions | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 949 | 978 |
Gross Unrealized Capital Gains | 2 | 1 |
Gross Unrealized Capital Losses | 98 | 134 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, available-for-sale, at fair value | 853 | 845 |
Fixed maturities, allowance for credit losses | 0 | 0 |
U.S. corporate public securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 9,132 | 9,343 |
Gross Unrealized Capital Gains | 156 | 97 |
Gross Unrealized Capital Losses | 998 | 1,239 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, available-for-sale, at fair value | 8,290 | 8,201 |
Fixed maturities, allowance for credit losses | 0 | 0 |
U.S. corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 5,088 | 5,087 |
Gross Unrealized Capital Gains | 32 | 14 |
Gross Unrealized Capital Losses | 340 | 409 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, available-for-sale, at fair value | 4,780 | 4,692 |
Fixed maturities, allowance for credit losses | 0 | 0 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 3,259 | 3,343 |
Gross Unrealized Capital Gains | 38 | 18 |
Gross Unrealized Capital Losses | 331 | 403 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, available-for-sale, at fair value | 2,957 | 2,949 |
Fixed maturities, allowance for credit losses | 9 | 9 |
Foreign corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 3,151 | 3,254 |
Gross Unrealized Capital Gains | 14 | 7 |
Gross Unrealized Capital Losses | 171 | 225 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, available-for-sale, at fair value | 2,992 | 3,034 |
Fixed maturities, allowance for credit losses | 2 | 2 |
Residential mortgage-backed | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 4,190 | 4,230 |
Gross Unrealized Capital Gains | 40 | 34 |
Gross Unrealized Capital Losses | 257 | 290 |
Embedded Derivatives | 4 | 3 |
Fixed maturities, available-for-sale, at fair value | 3,977 | 3,977 |
Fixed maturities, allowance for credit losses | 0 | 0 |
Commercial mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 4,415 | 4,466 |
Gross Unrealized Capital Gains | 1 | 2 |
Gross Unrealized Capital Losses | 574 | 585 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, available-for-sale, at fair value | 3,842 | 3,883 |
Fixed maturities, allowance for credit losses | 0 | 0 |
Other asset-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 2,439 | 2,307 |
Gross Unrealized Capital Gains | 7 | 3 |
Gross Unrealized Capital Losses | 157 | 173 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, available-for-sale, at fair value | 2,288 | 2,136 |
Fixed maturities, allowance for credit losses | 1 | 1 |
Fixed maturities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 33,105 | 33,656 |
Gross Unrealized Capital Gains | 309 | 191 |
Gross Unrealized Capital Losses | 2,938 | 3,481 |
Embedded Derivatives | 4 | 3 |
Fixed maturities, available-for-sale, at fair value | 30,468 | 30,357 |
Total fixed maturities, less securities pledged, Amortized Cost | 31,758 | 32,353 |
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains | 309 | 188 |
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses | 2,817 | 3,337 |
Total fixed maturities, less securities pledged, Fair Value | 29,242 | 29,195 |
Fixed maturities, allowance for credit losses | 12 | 12 |
Collateral Pledged | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Securities pledged | 1,226 | 1,162 |
Collateral Pledged | Fixed maturities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Embedded Derivatives | 0 | 0 |
Securities pledged, amortized costs | 1,347 | 1,303 |
Securities pledged, Gross Unrealized Capital Gains | 0 | 3 |
Securities pledged, Gross Unrealized Capital Losses | 121 | 144 |
Securities pledged | 1,226 | 1,162 |
Fixed maturities, allowance for credit losses | $ 0 | $ 0 |
Investments (excluding Consol_4
Investments (excluding Consolidated Investment Entities) - Debt Maturities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | $ 29,534 | $ 30,202 |
Communications | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 1,184 | 1,156 |
Fixed maturities, available-for-sale, at fair value | 1,110 | 1,042 |
Gross Unrealized Capital Gains | 27 | 16 |
Gross Unrealized Capital Losses | 101 | 130 |
Financial | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 4,008 | 4,153 |
Fixed maturities, available-for-sale, at fair value | 3,631 | 3,693 |
Gross Unrealized Capital Gains | 48 | 31 |
Gross Unrealized Capital Losses | 425 | 491 |
Industrial and other companies | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 8,136 | 8,379 |
Fixed maturities, available-for-sale, at fair value | 7,448 | 7,452 |
Gross Unrealized Capital Gains | 60 | 26 |
Gross Unrealized Capital Losses | 748 | 953 |
Energy | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 1,987 | 1,979 |
Fixed maturities, available-for-sale, at fair value | 1,915 | 1,858 |
Gross Unrealized Capital Gains | 55 | 39 |
Gross Unrealized Capital Losses | 127 | 160 |
Utilities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 3,648 | 3,664 |
Fixed maturities, available-for-sale, at fair value | 3,402 | 3,330 |
Gross Unrealized Capital Gains | 40 | 21 |
Gross Unrealized Capital Losses | 286 | 355 |
Transportation | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 1,115 | 1,165 |
Fixed maturities, available-for-sale, at fair value | 1,020 | 1,039 |
Gross Unrealized Capital Gains | 5 | 2 |
Gross Unrealized Capital Losses | 100 | 128 |
Total | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 20,078 | 20,496 |
Fixed maturities, available-for-sale, at fair value | 18,526 | 18,414 |
Gross Unrealized Capital Gains | 235 | 135 |
Gross Unrealized Capital Losses | 1,787 | 2,217 |
Fixed maturities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
One year or less, Amortized Cost | 679 | |
One year or less, Fair Value | 676 | |
After one year through five years, Amortized Cost | 4,276 | |
After one year through five years, Fair Value | 4,086 | |
After five years through ten years, Amortized Cost | 4,206 | |
After five years through ten years, Fair Value | 4,014 | |
After ten years, Amortized Cost | 12,900 | |
After ten years, Fair Value | 11,585 | |
Fixed maturities, amortized cost | 33,105 | 33,656 |
Fixed maturities, available-for-sale, at fair value | 30,468 | 30,357 |
Gross Unrealized Capital Gains | 309 | 191 |
Gross Unrealized Capital Losses | 2,938 | 3,481 |
Mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Without single maturity date, Amortized Cost | 8,605 | |
Without single maturity date, Fair Value | 7,819 | |
Other asset-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Without single maturity date, Amortized Cost | 2,439 | |
Without single maturity date, Fair Value | 2,288 | |
Fixed maturities, amortized cost | 2,439 | 2,307 |
Fixed maturities, available-for-sale, at fair value | 2,288 | 2,136 |
Gross Unrealized Capital Gains | 7 | 3 |
Gross Unrealized Capital Losses | $ 157 | $ 173 |
Investments (excluding Consol_5
Investments (excluding Consolidated Investment Entities) - Composition of US and Foreign Corporate Securities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | $ 29,534 | $ 30,202 |
Securities pledged | ||
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Securities pledged under repurchase agreements, carrying value | $ 113 | $ 113 |
Mortgage-backed securities | ||
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Percent collateralized mortgage backed securities including interest-only strip or principal-only strip | 45.20% | 41.60% |
Fixed maturities | ||
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | $ 33,105 | $ 33,656 |
Gross Unrealized Capital Gains | 309 | 191 |
Gross Unrealized Capital Losses | 2,938 | 3,481 |
Fixed maturities, available-for-sale, at fair value | 30,468 | 30,357 |
Collateral Pledged | ||
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Securities Sold under Agreements to Repurchase, Asset | 0 | |
Communications | ||
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 1,184 | 1,156 |
Gross Unrealized Capital Gains | 27 | 16 |
Gross Unrealized Capital Losses | 101 | 130 |
Fixed maturities, available-for-sale, at fair value | 1,110 | 1,042 |
Financial | ||
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 4,008 | 4,153 |
Gross Unrealized Capital Gains | 48 | 31 |
Gross Unrealized Capital Losses | 425 | 491 |
Fixed maturities, available-for-sale, at fair value | 3,631 | 3,693 |
Industrial and other companies | ||
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 8,136 | 8,379 |
Gross Unrealized Capital Gains | 60 | 26 |
Gross Unrealized Capital Losses | 748 | 953 |
Fixed maturities, available-for-sale, at fair value | 7,448 | 7,452 |
Energy | ||
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 1,987 | 1,979 |
Gross Unrealized Capital Gains | 55 | 39 |
Gross Unrealized Capital Losses | 127 | 160 |
Fixed maturities, available-for-sale, at fair value | 1,915 | 1,858 |
Utilities | ||
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 3,648 | 3,664 |
Gross Unrealized Capital Gains | 40 | 21 |
Gross Unrealized Capital Losses | 286 | 355 |
Fixed maturities, available-for-sale, at fair value | 3,402 | 3,330 |
Transportation | ||
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 1,115 | 1,165 |
Gross Unrealized Capital Gains | 5 | 2 |
Gross Unrealized Capital Losses | 100 | 128 |
Fixed maturities, available-for-sale, at fair value | 1,020 | 1,039 |
Total | ||
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 20,078 | 20,496 |
Gross Unrealized Capital Gains | 235 | 135 |
Gross Unrealized Capital Losses | 1,787 | 2,217 |
Fixed maturities, available-for-sale, at fair value | $ 18,526 | $ 18,414 |
Investments (excluding Consol_6
Investments (excluding Consolidated Investment Entities) - Fixed Maturities and Equity Securities, Repurchase Agreements and Securities Lending (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Initial collateral required, percent of market value of loaned securities | 102% | |
Securities received as collateral | $ 125 | $ 135 |
Payables under securities loan and repurchase agreements, including collateral held | $ 1,328 | 1,302 |
Single issuer in excess of total equity | no | |
Collateral Pledged | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Securities pledged | $ 1,226 | 1,162 |
Securities pledged as collateral | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Securities pledged under repurchase agreements, carrying value | 113 | 113 |
Fair value of loaned securities | 976 | 907 |
Short-term Investments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Securities received as collateral | 879 | 807 |
Cash collateral, included in Payables | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan and repurchase agreements, including collateral held | $ 879 | $ 807 |
Mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Percent collateralized mortgage backed securities including interest-only strip or principal-only strip | 45.20% | 41.60% |
U.S. Treasuries | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan and repurchase agreements, including collateral held | $ 7 | $ 53 |
U.S. corporate public securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan and repurchase agreements, including collateral held | 700 | 604 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan and repurchase agreements, including collateral held | 297 | 285 |
Payables under securities loan agreements | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan and repurchase agreements, including collateral held | 1,004 | 942 |
Fixed maturities | Collateral Pledged | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Securities pledged | $ 1,226 | $ 1,162 |
Investments (excluding Consol_7
Investments (excluding Consolidated Investment Entities) - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | $ 12 | $ 58 |
Credit losses on securities for which credit losses were not previously recorded | 9 | |
Reductions for securities sold during the period | (2) | (57) |
Increase (decrease) on securities with allowance recorded in previous period | 2 | 2 |
Ending Balance | 12 | 12 |
Fixed maturities, allowance for credit losses | 12 | |
Residential mortgage-backed | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 0 | 1 |
Credit losses on securities for which credit losses were not previously recorded | 0 | |
Reductions for securities sold during the period | 0 | |
Increase (decrease) on securities with allowance recorded in previous period | (1) | |
Ending Balance | 0 | |
Fixed maturities, allowance for credit losses | 0 | 0 |
Commercial mortgage-backed securities | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Fixed maturities, allowance for credit losses | 0 | 0 |
Foreign corporate public securities and foreign governments | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 9 | 0 |
Credit losses on securities for which credit losses were not previously recorded | 9 | |
Reductions for securities sold during the period | 2 | 0 |
Increase (decrease) on securities with allowance recorded in previous period | 2 | 0 |
Ending Balance | 9 | 9 |
Fixed maturities, allowance for credit losses | 9 | 9 |
Foreign corporate private securities | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 2 | 56 |
Credit losses on securities for which credit losses were not previously recorded | 0 | |
Reductions for securities sold during the period | 0 | (57) |
Increase (decrease) on securities with allowance recorded in previous period | 0 | 3 |
Ending Balance | 2 | 2 |
Fixed maturities, allowance for credit losses | 2 | 2 |
Other asset-backed securities | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 1 | 1 |
Credit losses on securities for which credit losses were not previously recorded | 0 | |
Reductions for securities sold during the period | 0 | 0 |
Increase (decrease) on securities with allowance recorded in previous period | 0 | 0 |
Ending Balance | $ 1 | $ 1 |
Investments (excluding Consol_8
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses (Details) $ in Millions | Mar. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) security |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 11,829 | $ 20,391 |
Twelve months or less below amortized cost, Unrealized Capital Loss | $ 739 | $ 2,349 |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 2,040 | 3,633 |
More than twelve months below amortized cost, Fair Value | $ 11,382 | $ 4,363 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 2,199 | $ 1,132 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 2,563 | 1,187 |
Total, Fair Value | $ 23,211 | $ 24,754 |
Total Unrealized Capital Losses | $ 2,938 | $ 3,481 |
Total, Number of securities | security | 4,603 | 4,820 |
U.S. Treasuries | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 106 | $ 197 |
Twelve months or less below amortized cost, Unrealized Capital Loss | $ 1 | $ 19 |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 10 | 19 |
More than twelve months below amortized cost, Fair Value | $ 47 | $ 9 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 10 | $ 2 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 13 | 7 |
Total, Fair Value | $ 153 | $ 206 |
Total Unrealized Capital Losses | $ 11 | $ 21 |
Total, Number of securities | security | 23 | 26 |
State, municipalities and political subdivisions | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 573 | $ 751 |
Twelve months or less below amortized cost, Unrealized Capital Loss | $ 44 | $ 121 |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 206 | 284 |
More than twelve months below amortized cost, Fair Value | $ 209 | $ 30 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 54 | $ 13 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 82 | 17 |
Total, Fair Value | $ 782 | $ 781 |
Total Unrealized Capital Losses | $ 98 | $ 134 |
Total, Number of securities | security | 288 | 301 |
U.S. corporate public securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 3,181 | $ 5,479 |
Twelve months or less below amortized cost, Unrealized Capital Loss | $ 220 | $ 792 |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 558 | 1,054 |
More than twelve months below amortized cost, Fair Value | $ 2,864 | $ 1,137 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 778 | $ 447 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 733 | 347 |
Total, Fair Value | $ 6,045 | $ 6,616 |
Total Unrealized Capital Losses | $ 998 | $ 1,239 |
Total, Number of securities | security | 1,291 | 1,401 |
U.S. corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 2,268 | $ 3,569 |
Twelve months or less below amortized cost, Unrealized Capital Loss | $ 113 | $ 322 |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 243 | 375 |
More than twelve months below amortized cost, Fair Value | $ 1,552 | $ 458 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 227 | $ 87 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 152 | 32 |
Total, Fair Value | $ 3,820 | $ 4,027 |
Total Unrealized Capital Losses | $ 340 | $ 409 |
Total, Number of securities | security | 395 | 407 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 1,185 | $ 2,050 |
Twelve months or less below amortized cost, Unrealized Capital Loss | $ 76 | $ 260 |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 205 | 371 |
More than twelve months below amortized cost, Fair Value | $ 1,008 | $ 391 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 255 | $ 143 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 230 | 97 |
Total, Fair Value | $ 2,193 | $ 2,441 |
Total Unrealized Capital Losses | $ 331 | $ 403 |
Total, Number of securities | security | 435 | 468 |
Foreign corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 1,834 | $ 2,728 |
Twelve months or less below amortized cost, Unrealized Capital Loss | $ 75 | $ 211 |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 138 | 217 |
More than twelve months below amortized cost, Fair Value | $ 793 | $ 65 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 96 | $ 14 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 68 | 6 |
Total, Fair Value | $ 2,627 | $ 2,793 |
Total Unrealized Capital Losses | $ 171 | $ 225 |
Total, Number of securities | security | 206 | 223 |
Residential mortgage-backed | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 782 | $ 1,538 |
Twelve months or less below amortized cost, Unrealized Capital Loss | $ 43 | $ 128 |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 329 | 536 |
More than twelve months below amortized cost, Fair Value | $ 964 | $ 562 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 214 | $ 162 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 447 | 283 |
Total, Fair Value | $ 1,746 | $ 2,100 |
Total Unrealized Capital Losses | $ 257 | $ 290 |
Total, Number of securities | security | 776 | 819 |
Commercial mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 1,346 | $ 2,628 |
Twelve months or less below amortized cost, Unrealized Capital Loss | $ 141 | $ 390 |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 213 | 441 |
More than twelve months below amortized cost, Fair Value | $ 2,410 | $ 1,133 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 433 | $ 195 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 438 | 207 |
Total, Fair Value | $ 3,756 | $ 3,761 |
Total Unrealized Capital Losses | $ 574 | $ 585 |
Total, Number of securities | security | 651 | 648 |
Other asset-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 554 | $ 1,430 |
Twelve months or less below amortized cost, Unrealized Capital Loss | $ 26 | $ 104 |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 138 | 334 |
More than twelve months below amortized cost, Fair Value | $ 1,532 | $ 578 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 131 | $ 69 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 399 | 191 |
Total, Fair Value | $ 2,086 | $ 2,008 |
Total Unrealized Capital Losses | $ 157 | $ 173 |
Total, Number of securities | security | 537 | 525 |
U.S. Government agencies and authorities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 0 | $ 21 |
Twelve months or less below amortized cost, Unrealized Capital Loss | $ 0 | $ 2 |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 0 | 2 |
More than twelve months below amortized cost, Fair Value | $ 3 | $ 0 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 1 | $ 0 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 1 | 0 |
Total, Fair Value | $ 3 | $ 21 |
Total Unrealized Capital Losses | $ 1 | $ 2 |
Total, Number of securities | security | 1 | 2 |
Investments (excluding Consol_9
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses 1 (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) security | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Available-for-sale Securities, change in loss position | $ 543 | |
Total Unrealized Capital Losses | 2,938 | $ 3,481 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 2,199 | $ 1,132 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 2,563 | 1,187 |
Commercial mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Unrealized Capital Losses | $ 574 | $ 585 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 433 | $ 195 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 438 | 207 |
Fair value decline below amortized cost greater than 20% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
More than twelve months below amortized cost, Unrealized Capital Loss | $ 41 | |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 68 |
Investments (excluding Conso_10
Investments (excluding Consolidated Investment Entities) - OTTI (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 USD ($) security | Mar. 31, 2022 USD ($) security | Dec. 31, 2022 USD ($) security | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Impairment | $ 0 | $ 7 | |
No. of Securities | security | 2 | 13 | |
Available-for-sale Securities, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 11,829 | $ 20,391 | |
Available-for-sale Securities, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 739 | $ 2,349 | |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 2,040 | 3,633 | |
More than twelve months below amortized cost, Fair Value | $ 11,382 | $ 4,363 | |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 2,199 | $ 1,132 | |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 2,563 | 1,187 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 23,211 | $ 24,754 | |
Total Unrealized Capital Losses | $ 2,938 | $ 3,481 | |
Total, Number of securities | security | 4,603 | 4,820 | |
Allowance for Credit Losses [Line Items] | |||
Impairment | $ 0 | $ 7 | |
No. of Securities | security | 2 | 13 | |
Residential mortgage-backed | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Impairment | $ 0 | $ 7 | |
No. of Securities | security | 2 | 13 | |
Available-for-sale Securities, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 782 | $ 1,538 | |
Available-for-sale Securities, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 43 | $ 128 | |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 329 | 536 | |
More than twelve months below amortized cost, Fair Value | $ 964 | $ 562 | |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 214 | $ 162 | |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 447 | 283 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 1,746 | $ 2,100 | |
Total Unrealized Capital Losses | $ 257 | $ 290 | |
Total, Number of securities | security | 776 | 819 | |
Allowance for Credit Losses [Line Items] | |||
Impairment | $ 0 | $ 7 | |
No. of Securities | security | 2 | 13 | |
Commercial mortgage-backed securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Available-for-sale Securities, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 1,346 | $ 2,628 | |
Available-for-sale Securities, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 141 | $ 390 | |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 213 | 441 | |
More than twelve months below amortized cost, Fair Value | $ 2,410 | $ 1,133 | |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 433 | $ 195 | |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 438 | 207 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 3,756 | $ 3,761 | |
Total Unrealized Capital Losses | $ 574 | $ 585 | |
Total, Number of securities | security | 651 | 648 | |
U.S. Treasuries | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Available-for-sale Securities, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 106 | $ 197 | |
Available-for-sale Securities, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 1 | $ 19 | |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 10 | 19 | |
More than twelve months below amortized cost, Fair Value | $ 47 | $ 9 | |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 10 | $ 2 | |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 13 | 7 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 153 | $ 206 | |
Total Unrealized Capital Losses | $ 11 | $ 21 | |
Total, Number of securities | security | 23 | 26 | |
U.S. Government agencies and authorities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Available-for-sale Securities, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 0 | $ 21 | |
Available-for-sale Securities, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 0 | $ 2 | |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 0 | 2 | |
More than twelve months below amortized cost, Fair Value | $ 3 | $ 0 | |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 1 | $ 0 | |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 1 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 3 | $ 21 | |
Total Unrealized Capital Losses | $ 1 | $ 2 | |
Total, Number of securities | security | 1 | 2 | |
State, municipalities and political subdivisions | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Available-for-sale Securities, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 573 | $ 751 | |
Available-for-sale Securities, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 44 | $ 121 | |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 206 | 284 | |
More than twelve months below amortized cost, Fair Value | $ 209 | $ 30 | |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 54 | $ 13 | |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 82 | 17 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 782 | $ 781 | |
Total Unrealized Capital Losses | $ 98 | $ 134 | |
Total, Number of securities | security | 288 | 301 | |
U.S. corporate public securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Available-for-sale Securities, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 3,181 | $ 5,479 | |
Available-for-sale Securities, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 220 | $ 792 | |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 558 | 1,054 | |
More than twelve months below amortized cost, Fair Value | $ 2,864 | $ 1,137 | |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 778 | $ 447 | |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 733 | 347 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 6,045 | $ 6,616 | |
Total Unrealized Capital Losses | $ 998 | $ 1,239 | |
Total, Number of securities | security | 1,291 | 1,401 | |
U.S. corporate private securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Available-for-sale Securities, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 2,268 | $ 3,569 | |
Available-for-sale Securities, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 113 | $ 322 | |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 243 | 375 | |
More than twelve months below amortized cost, Fair Value | $ 1,552 | $ 458 | |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 227 | $ 87 | |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 152 | 32 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 3,820 | $ 4,027 | |
Total Unrealized Capital Losses | $ 340 | $ 409 | |
Total, Number of securities | security | 395 | 407 | |
Foreign corporate public securities and foreign governments | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Available-for-sale Securities, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 1,185 | $ 2,050 | |
Available-for-sale Securities, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 76 | $ 260 | |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 205 | 371 | |
More than twelve months below amortized cost, Fair Value | $ 1,008 | $ 391 | |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 255 | $ 143 | |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 230 | 97 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 2,193 | $ 2,441 | |
Total Unrealized Capital Losses | $ 331 | $ 403 | |
Total, Number of securities | security | 435 | 468 | |
Foreign corporate private securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Available-for-sale Securities, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 1,834 | $ 2,728 | |
Available-for-sale Securities, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 75 | $ 211 | |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 138 | 217 | |
More than twelve months below amortized cost, Fair Value | $ 793 | $ 65 | |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 96 | $ 14 | |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 68 | 6 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 2,627 | $ 2,793 | |
Total Unrealized Capital Losses | $ 171 | $ 225 | |
Total, Number of securities | security | 206 | 223 | |
Other asset-backed securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Available-for-sale Securities, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 554 | $ 1,430 | |
Available-for-sale Securities, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 26 | $ 104 | |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 138 | 334 | |
More than twelve months below amortized cost, Fair Value | $ 1,532 | $ 578 | |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 131 | $ 69 | |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 399 | 191 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 2,086 | $ 2,008 | |
Total Unrealized Capital Losses | $ 157 | $ 173 | |
Total, Number of securities | security | 537 | 525 |
Investments (excluding Conso_11
Investments (excluding Consolidated Investment Entities) - Troubled Debt Restructuring (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 USD ($) loan | Dec. 31, 2022 USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Fixed maturities, allowance for credit losses | $ 12 | |
Increase (decrease) on securities with allowance recorded in previous period | 2 | $ 2 |
Reductions for securities sold during the period | 2 | 57 |
Residential mortgage-backed | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Fixed maturities, allowance for credit losses | 0 | 0 |
Increase (decrease) on securities with allowance recorded in previous period | (1) | |
Reductions for securities sold during the period | 0 | |
Other asset-backed securities | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Increase (decrease) on securities with allowance recorded in previous period | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 |
Commercial mortgage-backed securities | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Fixed maturities, allowance for credit losses | 0 | 0 |
Foreign corporate public securities and foreign governments | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Fixed maturities, allowance for credit losses | 9 | 9 |
Increase (decrease) on securities with allowance recorded in previous period | 2 | 0 |
Reductions for securities sold during the period | (2) | 0 |
Foreign corporate private securities | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Fixed maturities, allowance for credit losses | 2 | 2 |
Increase (decrease) on securities with allowance recorded in previous period | 0 | 3 |
Reductions for securities sold during the period | 0 | 57 |
U.S. corporate public securities | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Fixed maturities, allowance for credit losses | $ 0 | $ 0 |
Commercial mortgage loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, number of contracts | loan | 0 |
Investments (excluding Conso_12
Investments (excluding Consolidated Investment Entities) - Loans by Loan to Value (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Targeted maximum amount of mortgage loans lended, percent of estimated fair value of underlying real estate | 75% | |
Benchmark loan to value ratio, greater than indicates unpaid loan amount exceeds underlying collateral | 100% | |
Benchmark ratio | 100% | |
Commercial mortgage loans | $ 5,346 | $ 5,445 |
0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to value ratio, minimum | 0% | 0% |
Loan to value ratio, maximum | 50% | 50% |
Commercial mortgage loans | $ 3,585 | $ 3,605 |
50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to value ratio, minimum | 50% | 50% |
Loan to value ratio, maximum | 60% | 60% |
Commercial mortgage loans | $ 1,362 | $ 1,418 |
60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to value ratio, minimum | 60% | 60% |
Loan to value ratio, maximum | 70% | 70% |
Commercial mortgage loans | $ 389 | $ 402 |
70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to value ratio, minimum | 70% | 70% |
Loan to value ratio, maximum | 80% | 80% |
Commercial mortgage loans | $ 10 | $ 20 |
80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to value ratio, minimum | 80% | 80% |
Commercial mortgage loans | $ 0 | $ 0 |
Year of Origination 2023 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 58 | |
Year of Origination 2023 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 58 | |
Year of Origination 2023 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2023 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2023 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2023 | 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2022 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 647 | 635 |
Year of Origination 2022 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 246 | 250 |
Year of Origination 2022 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 337 | 320 |
Year of Origination 2022 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 64 | 65 |
Year of Origination 2022 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2022 | 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2021 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 735 | 777 |
Year of Origination 2021 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 236 | 240 |
Year of Origination 2021 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 246 | 272 |
Year of Origination 2021 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 253 | 255 |
Year of Origination 2021 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 10 |
Year of Origination 2021 | 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2020 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 343 | 363 |
Year of Origination 2020 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 150 | 119 |
Year of Origination 2020 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 169 | 209 |
Year of Origination 2020 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 14 | 25 |
Year of Origination 2020 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 10 | 10 |
Year of Origination 2020 | 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2019 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 347 | 350 |
Year of Origination 2019 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 225 | 227 |
Year of Origination 2019 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 93 | 94 |
Year of Origination 2019 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 29 | 29 |
Year of Origination 2019 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2019 | 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2018 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 204 | 206 |
Year of Origination 2018 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 161 | 163 |
Year of Origination 2018 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 40 | 41 |
Year of Origination 2018 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 3 | 2 |
Year of Origination 2018 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2018 | 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2017 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 3,012 | 3,114 |
Year of Origination 2017 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 2,509 | 2,606 |
Year of Origination 2017 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 477 | 482 |
Year of Origination 2017 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 26 | 26 |
Year of Origination 2017 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2017 | 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | $ 0 | $ 0 |
Investments (excluding Conso_13
Investments (excluding Consolidated Investment Entities) - Loans by Debt Service Coverage Ratio (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | $ 5,346 | $ 5,445 |
>1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Debt Service Coverage Ratio, minimum | 150% | 150% |
>1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Debt Service Coverage Ratio, minimum | 125% | 125% |
Debt Service Coverage Ratio, maximum | 150% | 150% |
>1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Debt Service Coverage Ratio, minimum | 100% | 100% |
Debt Service Coverage Ratio, maximum | 125% | 125% |
Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Debt Service Coverage Ratio, maximum | 100% | 100% |
Year of Origination 2023 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | $ 58 | |
Year of Origination 2023 | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 51 | |
Year of Origination 2023 | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 7 | |
Year of Origination 2023 | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2023 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2023 | Total | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 58 | |
Year of Origination 2022 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 647 | $ 635 |
Year of Origination 2022 | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 278 | 331 |
Year of Origination 2022 | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 96 | 100 |
Year of Origination 2022 | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 187 | 181 |
Year of Origination 2022 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 86 | 23 |
Year of Origination 2022 | Total | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 647 | 635 |
Year of Origination 2021 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 735 | 777 |
Year of Origination 2021 | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 265 | 273 |
Year of Origination 2021 | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 26 | 33 |
Year of Origination 2021 | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 113 | 269 |
Year of Origination 2021 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 331 | 202 |
Year of Origination 2021 | Total | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 735 | 777 |
Year of Origination 2020 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 343 | 363 |
Year of Origination 2020 | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 242 | 259 |
Year of Origination 2020 | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 27 | 11 |
Year of Origination 2020 | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 5 | 11 |
Year of Origination 2020 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 69 | 82 |
Year of Origination 2020 | Total | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 343 | 363 |
Year of Origination 2019 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 347 | 350 |
Year of Origination 2019 | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 220 | 222 |
Year of Origination 2019 | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 45 | 54 |
Year of Origination 2019 | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 75 | 67 |
Year of Origination 2019 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 7 | 7 |
Year of Origination 2019 | Total | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 347 | 350 |
Year of Origination 2018 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 204 | 206 |
Year of Origination 2018 | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 122 | 128 |
Year of Origination 2018 | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 26 | 27 |
Year of Origination 2018 | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 56 | 51 |
Year of Origination 2018 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2018 | Total | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 204 | 206 |
Year of Origination 2017 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 3,012 | 3,114 |
Year of Origination 2017 | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 2,091 | 2,172 |
Year of Origination 2017 | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 446 | 454 |
Year of Origination 2017 | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 226 | 226 |
Year of Origination 2017 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 249 | 262 |
Year of Origination 2017 | Total | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 3,012 | 3,114 |
Total | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 3,269 | 3,385 |
Total | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 673 | 679 |
Total | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 662 | 805 |
Total | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 742 | 576 |
Total | Total | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | $ 5,346 | $ 5,445 |
Investments (excluding Conso_14
Investments (excluding Consolidated Investment Entities) - Loans by U.S. Region (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | $ 5,346 | $ 5,445 |
Year of Origination 2023 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 58 | |
Year of Origination 2023 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 20 | |
Year of Origination 2023 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2023 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 4 | |
Year of Origination 2023 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2023 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2023 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 31 | |
Year of Origination 2023 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 3 | |
Year of Origination 2023 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2023 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2023 | Total | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 58 | |
Year of Origination 2022 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 647 | 635 |
Year of Origination 2022 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 140 | 140 |
Year of Origination 2022 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 129 | 129 |
Year of Origination 2022 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 48 | 48 |
Year of Origination 2022 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 99 | 98 |
Year of Origination 2022 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 114 | 114 |
Year of Origination 2022 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 93 | 82 |
Year of Origination 2022 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 4 | 4 |
Year of Origination 2022 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 1 | 1 |
Year of Origination 2022 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 19 | 19 |
Year of Origination 2022 | Total | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 647 | 635 |
Year of Origination 2021 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 735 | 777 |
Year of Origination 2021 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 98 | 99 |
Year of Origination 2021 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 63 | 72 |
Year of Origination 2021 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 131 | 134 |
Year of Origination 2021 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 145 | 143 |
Year of Origination 2021 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 112 | 112 |
Year of Origination 2021 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 127 | 138 |
Year of Origination 2021 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 9 | 9 |
Year of Origination 2021 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 48 | 48 |
Year of Origination 2021 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 2 | 22 |
Year of Origination 2021 | Total | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 735 | 777 |
Year of Origination 2020 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 343 | 363 |
Year of Origination 2020 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 74 | 74 |
Year of Origination 2020 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 161 | 170 |
Year of Origination 2020 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 17 | 18 |
Year of Origination 2020 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 16 | 16 |
Year of Origination 2020 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 12 | 12 |
Year of Origination 2020 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 40 | 39 |
Year of Origination 2020 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2020 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 7 | 7 |
Year of Origination 2020 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 16 | 27 |
Year of Origination 2020 | Total | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 343 | 363 |
Year of Origination 2019 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 347 | 350 |
Year of Origination 2019 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 57 | 58 |
Year of Origination 2019 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 105 | 106 |
Year of Origination 2019 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 10 | 10 |
Year of Origination 2019 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 76 | 77 |
Year of Origination 2019 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 46 | 46 |
Year of Origination 2019 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 5 | 5 |
Year of Origination 2019 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 14 | 14 |
Year of Origination 2019 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 13 | 13 |
Year of Origination 2019 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 21 | 21 |
Year of Origination 2019 | Total | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 347 | 350 |
Year of Origination 2018 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 204 | 206 |
Year of Origination 2018 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 50 | 50 |
Year of Origination 2018 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 61 | 62 |
Year of Origination 2018 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 54 | 55 |
Year of Origination 2018 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 9 | 10 |
Year of Origination 2018 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 14 | 14 |
Year of Origination 2018 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 10 | 10 |
Year of Origination 2018 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2018 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 6 | 5 |
Year of Origination 2018 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2018 | Total | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 204 | 206 |
Year of Origination 2017 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 3,012 | 3,114 |
Year of Origination 2017 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 767 | 777 |
Year of Origination 2017 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 602 | 623 |
Year of Origination 2017 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 748 | 759 |
Year of Origination 2017 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 222 | 248 |
Year of Origination 2017 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 210 | 227 |
Year of Origination 2017 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 242 | 257 |
Year of Origination 2017 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 49 | 49 |
Year of Origination 2017 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 147 | 149 |
Year of Origination 2017 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 25 | 25 |
Year of Origination 2017 | Total | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 3,012 | 3,114 |
Total | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 1,206 | 1,198 |
Total | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 1,121 | 1,162 |
Total | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 1,012 | 1,024 |
Total | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 567 | 592 |
Total | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 508 | 525 |
Total | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 548 | 531 |
Total | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 79 | 76 |
Total | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 222 | 223 |
Total | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 83 | 114 |
Total | Total | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | $ 5,346 | $ 5,445 |
Investments (excluding Conso_15
Investments (excluding Consolidated Investment Entities) - Loans by Property Type (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Investment Holdings [Line Items] | ||
Commercial mortgage loans | $ 5,346 | $ 5,445 |
Year of Origination 2023 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 58 | |
Year of Origination 2023 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 15 | |
Year of Origination 2023 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 3 | |
Year of Origination 2023 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 20 | |
Year of Origination 2023 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 20 | |
Year of Origination 2023 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2023 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2023 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2023 | Total | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 58 | |
Year of Origination 2022 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 647 | 635 |
Year of Origination 2022 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 79 | 79 |
Year of Origination 2022 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 265 | 255 |
Year of Origination 2022 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 249 | 247 |
Year of Origination 2022 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 34 | 34 |
Year of Origination 2022 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 10 | 10 |
Year of Origination 2022 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 10 | 10 |
Year of Origination 2022 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2022 | Total | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 647 | 635 |
Year of Origination 2021 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 735 | 777 |
Year of Origination 2021 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 37 | 37 |
Year of Origination 2021 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 165 | 168 |
Year of Origination 2021 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 381 | 420 |
Year of Origination 2021 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 125 | 125 |
Year of Origination 2021 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2021 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 18 | 18 |
Year of Origination 2021 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 9 | 9 |
Year of Origination 2021 | Total | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 735 | 777 |
Year of Origination 2020 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 343 | 363 |
Year of Origination 2020 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 58 | 58 |
Year of Origination 2020 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 60 | 61 |
Year of Origination 2020 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 82 | 93 |
Year of Origination 2020 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 143 | 151 |
Year of Origination 2020 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2020 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2020 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2020 | Total | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 343 | 363 |
Year of Origination 2019 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 347 | 350 |
Year of Origination 2019 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 45 | 46 |
Year of Origination 2019 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 85 | 85 |
Year of Origination 2019 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 164 | 165 |
Year of Origination 2019 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 40 | 40 |
Year of Origination 2019 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 13 | 14 |
Year of Origination 2019 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2019 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2019 | Total | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 347 | 350 |
Year of Origination 2018 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 204 | 206 |
Year of Origination 2018 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 37 | 37 |
Year of Origination 2018 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 83 | 84 |
Year of Origination 2018 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 55 | 56 |
Year of Origination 2018 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 12 | 12 |
Year of Origination 2018 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2018 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 17 | 17 |
Year of Origination 2018 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2018 | Total | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 204 | 206 |
Year of Origination 2017 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 3,012 | 3,114 |
Year of Origination 2017 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 858 | 888 |
Year of Origination 2017 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 742 | 757 |
Year of Origination 2017 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 639 | 679 |
Year of Origination 2017 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 500 | 513 |
Year of Origination 2017 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 68 | 69 |
Year of Origination 2017 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 154 | 156 |
Year of Origination 2017 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 51 | 52 |
Year of Origination 2017 | Total | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 3,012 | 3,114 |
Total | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 1,129 | 1,145 |
Total | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 1,403 | 1,410 |
Total | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 1,590 | 1,660 |
Total | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 874 | 875 |
Total | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 91 | 93 |
Total | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 199 | 201 |
Total | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 60 | 61 |
Total | Total | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | $ 5,346 | $ 5,445 |
Investments (excluding Conso_16
Investments (excluding Consolidated Investment Entities) - Allowance for Losses for Commercial Mortgage Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | $ 12 | $ 58 |
Credit losses on securities for which credit losses were not previously recorded | 9 | |
Increase (decrease) on securities with allowance recorded in previous period | 2 | 2 |
Ending Balance | 12 | 12 |
Commercial Portfolio Segment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 18 | 15 |
Credit losses on securities for which credit losses were not previously recorded | 0 | 3 |
Increase (decrease) on securities with allowance recorded in previous period | (1) | 0 |
Provision for expected credit losses | 17 | 18 |
Write-offs | 0 | 0 |
Recoveries of amounts previously written-off | 0 | 0 |
Ending Balance | $ 17 | $ 18 |
Investments (excluding Conso_17
Investments (excluding Consolidated Investment Entities) - Past due commercial mortgage loans (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | |
Financing Receivable, Nonaccrual, Interest Income | 0 | |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Past due commercial mortgage loans | 5,346,000,000 | $ 5,445,000,000 |
30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due commercial mortgage loans | 0 | 0 |
60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due commercial mortgage loans | 0 | 0 |
Greater than 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due commercial mortgage loans | 0 | 0 |
Total | ||
Financing Receivable, Past Due [Line Items] | ||
Past due commercial mortgage loans | $ 5,346,000,000 | $ 5,445,000,000 |
Investments (excluding Conso_18
Investments (excluding Consolidated Investment Entities) - Net Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | $ 563 | $ 645 | |
Less: Investment expenses | 18 | 15 | |
Net investment income | 545 | 630 | |
Fixed maturities | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 458 | 479 | |
Investments in fixed maturities that did not produce net investment income | 12 | $ 11 | |
Equity securities | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 7 | 4 | |
Mortgage loans on real estate | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 61 | 59 | |
Policy loans | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 6 | 6 | |
Short-term investments and cash equivalents | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 9 | 1 | |
Limited partnerships and other | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | $ 22 | $ 96 |
Investments (excluding Conso_19
Investments (excluding Consolidated Investment Entities) - Net Realized Capital Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Realized Gain/(Losses) [Line Items] | ||
Net realized capital gains (losses) | $ (16) | $ (288) |
Fixed maturities | ||
Realized Gain/(Losses) [Line Items] | ||
Net realized capital gains (losses) | 1 | (4) |
Other derivatives, net | ||
Realized Gain/(Losses) [Line Items] | ||
Net realized capital gains (losses) | 0 | 5 |
Standalone derivatives | ||
Realized Gain/(Losses) [Line Items] | ||
Net realized capital gains (losses) | 0 | 1 |
Managed custody guarantees | ||
Realized Gain/(Losses) [Line Items] | ||
Net realized capital gains (losses) | 3 | (3) |
Derivatives | ||
Realized Gain/(Losses) [Line Items] | ||
Net realized capital gains (losses) | (54) | 94 |
Mortgage loans on real estate | ||
Realized Gain/(Losses) [Line Items] | ||
Net realized capital gains (losses) | 0 | 4 |
Other investments | ||
Realized Gain/(Losses) [Line Items] | ||
Net realized capital gains (losses) | (1) | 1 |
Fixed maturities, available-for-sale, including securities pledged | ||
Realized Gain/(Losses) [Line Items] | ||
Net realized capital gains (losses) | 1 | (73) |
Fixed maturities, at fair value option | ||
Realized Gain/(Losses) [Line Items] | ||
Net realized capital gains (losses) | 36 | (305) |
Equity securities, at fair value | ||
Realized Gain/(Losses) [Line Items] | ||
Net realized capital gains (losses) | $ (2) | $ (8) |
Investments (excluding Conso_20
Investments (excluding Consolidated Investment Entities) (Details) - Gross gains/(losses) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Gain (Loss) on Securities [Line Items] | ||
Proceeds on sales | $ 1,306 | $ 1,249 |
Gross gains | 20 | 15 |
Gross losses | $ 25 | $ 32 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Notional and Fair Values (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 418 | $ 520 |
Derivative Liability, Fair Value, Gross Liability | 428 | 441 |
Credit contracts | ||
Derivative [Line Items] | ||
Notional Amount | 188 | 174 |
Not Designated as Hedging Instrument | Credit contracts | ||
Derivative [Line Items] | ||
Notional Amount | 188 | 174 |
Not Designated as Hedging Instrument | Derivatives | Credit contracts | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 4 | 2 |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Notional Amount | 1,018 | 959 |
Foreign exchange contracts | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 185 | 160 |
Foreign exchange contracts | Not Designated as Hedging Instrument | Derivatives | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 3 | 9 |
Derivative Liability, Fair Value, Gross Liability | 1 | 2 |
Foreign exchange contracts | Fair Value Hedging | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 88 | 81 |
Foreign exchange contracts | Fair Value Hedging | Designated as Hedging Instrument | Derivatives | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 6 |
Foreign exchange contracts | Cash Flow Hedging | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 745 | 718 |
Foreign exchange contracts | Cash Flow Hedging | Designated as Hedging Instrument | Derivatives | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 59 | 71 |
Derivative Liability, Fair Value, Gross Liability | 2 | 2 |
Interest rate contracts | ||
Derivative [Line Items] | ||
Notional Amount | 13,458 | 13,328 |
Interest rate contracts | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 16,564 | 18,304 |
Interest rate contracts | Not Designated as Hedging Instrument | Derivatives | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 276 | 341 |
Derivative Liability, Fair Value, Gross Liability | 367 | 376 |
Interest rate contracts | Cash Flow Hedging | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 22 | 22 |
Interest rate contracts | Cash Flow Hedging | Designated as Hedging Instrument | Derivatives | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Equity contracts | ||
Derivative [Line Items] | ||
Notional Amount | 220 | 201 |
Equity contracts | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 268 | 248 |
Equity contracts | Not Designated as Hedging Instrument | Derivatives | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 4 | 1 |
Derivative Liability, Fair Value, Gross Liability | 2 | 1 |
Fixed maturities | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 4 | 3 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Embedded derivative on reinsurance | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 72 | 95 |
Derivative Liability, Fair Value, Gross Liability | 46 | |
Derivative Liability, Not Subject to Master Netting Arrangement | 49 | |
Managed custody guarantees | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | $ 3 | $ 6 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Offsetting Assets and Liabilities [Line Items] | ||
Asset Fair Value | $ 342 | $ 420 |
Liability Fair Value | 373 | 389 |
Counterparty netting, Assets | (241) | (295) |
Counterparty netting, Liabilities | (241) | (295) |
Cash collateral netting, Assets | (92) | (64) |
Cash collateral netting, Liabilities | (126) | (88) |
Securities collateral netting, Assets | (6) | (6) |
Securities collateral netting, Liabilities | (2) | (1) |
Net receivables/payables, Assets | 3 | 55 |
Net receivables/payables, Liabilities | 4 | 5 |
Equity contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Notional Amount | 220 | 201 |
Asset Fair Value | 4 | 1 |
Liability Fair Value | 1 | 1 |
Foreign exchange contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Notional Amount | 1,018 | 959 |
Asset Fair Value | 62 | 80 |
Liability Fair Value | 3 | 10 |
Interest rate contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Notional Amount | 13,458 | 13,328 |
Asset Fair Value | 276 | 339 |
Liability Fair Value | 365 | 376 |
Credit contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Notional Amount | 188 | 174 |
Asset Fair Value | 0 | 0 |
Liability Fair Value | $ 4 | $ 2 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Collateral and Credit Default Swaps (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Securities pledged as collateral | ||
Derivatives, Fair Value [Line Items] | ||
Securities held as collateral | $ 7 | $ 7 |
Collateral Securities Repledged, Delivered, or Used | 137 | 142 |
Over the counter | Cash collateral, included in Payables | ||
Derivatives, Fair Value [Line Items] | ||
Securities held as collateral | 96 | 56 |
Cleared derivative contract | Cash collateral, included in Payables | ||
Derivatives, Fair Value [Line Items] | ||
Securities held as collateral | $ 126 | $ 79 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Effect of Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net investment income | $ 545 | $ 630 |
Other net gains (losses) | (16) | |
Net realized capital gains (losses) | (16) | (288) |
Gain (loss) on derivative, net | (75) | 176 |
Not Designated as Hedging Instrument | Credit contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative, net | (1) | 0 |
Interest rate contracts | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative, net | (56) | 100 |
Interest rate contracts | Cash Flow Hedging | Designated as Hedging Instrument | Other Comprehensive Income (Loss) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income | 0 | (1) |
Interest rate contracts | Cash Flow Hedging | Designated as Hedging Instrument | Net investment income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income | 0 | 0 |
Foreign exchange contracts | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative, net | 1 | (1) |
Foreign exchange contracts | Cash Flow Hedging | Designated as Hedging Instrument | Other Comprehensive Income (Loss) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income | (12) | 7 |
Foreign exchange contracts | Cash Flow Hedging | Designated as Hedging Instrument | Net investment income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income | 3 | 3 |
Gain (loss) on derivative, net | 3 | 3 |
Foreign exchange contracts | Cash Flow Hedging | Designated as Hedging Instrument | Net gains/(losses) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative, net | 0 | 0 |
Foreign exchange contracts | Fair Value Hedging | Net investment income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative, net | 0 | 0 |
Foreign exchange contracts | Fair Value Hedging | Net gains/(losses) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative, net | 2 | (2) |
Foreign exchange contracts | Fair Value Hedging | Designated as Hedging Instrument | Net investment income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative, net | 0 | 0 |
Foreign exchange contracts | Fair Value Hedging | Designated as Hedging Instrument | Net gains/(losses) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative, net | (1) | 2 |
Embedded derivative on reinsurance | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative, net | (26) | 92 |
Embedded derivative on reinsurance | Level 3 | Measured at fair value on a recurring basis | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings | 1 | 0 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 1 |
Equity contracts | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative, net | 3 | (8) |
Fixed maturities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net realized capital gains (losses) | 1 | (4) |
Gain (loss) on derivative, net | 1 | (4) |
Managed Custody Guarantees | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative, net | $ 3 | $ (3) |
Fair Value Measurements (excl_3
Fair Value Measurements (excluding Consolidated Investment Entities) - Fair Value Measurement (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in separate accounts | $ 84,569 | $ 80,174 |
Total assets | 151,208 | 146,606 |
Derivatives | 376 | 389 |
Total liabilities | 145,521 | 141,609 |
Fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 30,468 | 30,357 |
U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 432 | 581 |
U.S. Government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 57 | 59 |
State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 853 | 845 |
U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 8,290 | 8,201 |
U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 4,780 | 4,692 |
Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 2,957 | 2,949 |
Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 2,992 | 3,034 |
Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 3,977 | 3,977 |
Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 3,842 | 3,883 |
Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 2,288 | 2,136 |
Measured at fair value on a recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 30,468 | 30,357 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 2,003 | 2,454 |
Assets held in separate accounts | 84,569 | 80,174 |
Total assets | $ 117,762 | $ 113,838 |
Percentage of Level to total | 100% | 100% |
Contingent consideration | $ 112 | $ 112 |
Total liabilities | 540 | 553 |
Measured at fair value on a recurring basis | Managed custody guarantees | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 3 | 6 |
Measured at fair value on a recurring basis | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 276 | 341 |
Derivatives | 367 | 376 |
Measured at fair value on a recurring basis | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 62 | 80 |
Derivatives | 3 | 10 |
Measured at fair value on a recurring basis | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 4 | 1 |
Derivatives | 2 | 1 |
Measured at fair value on a recurring basis | Embedded derivative on reinsurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 72 | 95 |
Embedded derivative on reinsurance | 49 | 46 |
Measured at fair value on a recurring basis | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 4 | 2 |
Measured at fair value on a recurring basis | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 432 | 581 |
Measured at fair value on a recurring basis | U.S. Government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 57 | 59 |
Measured at fair value on a recurring basis | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 853 | 845 |
Measured at fair value on a recurring basis | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 8,290 | 8,201 |
Measured at fair value on a recurring basis | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 4,780 | 4,692 |
Measured at fair value on a recurring basis | Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 2,957 | 2,949 |
Measured at fair value on a recurring basis | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 2,992 | 3,034 |
Measured at fair value on a recurring basis | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 3,977 | 3,977 |
Measured at fair value on a recurring basis | Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 3,842 | 3,883 |
Measured at fair value on a recurring basis | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 2,288 | 2,136 |
Measured at fair value on a recurring basis | Equity securities, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 308 | 336 |
Measured at fair value on a recurring basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 373 | 433 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 1,982 | 2,430 |
Assets held in separate accounts | 78,617 | 74,600 |
Total assets | $ 81,091 | $ 77,605 |
Percentage of Level to total | 69% | 68% |
Contingent consideration | $ 0 | $ 0 |
Total liabilities | 2 | 3 |
Measured at fair value on a recurring basis | Level 1 | Managed custody guarantees | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 3 | 2 |
Derivatives | 1 | 3 |
Measured at fair value on a recurring basis | Level 1 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 1 | 0 |
Measured at fair value on a recurring basis | Level 1 | Embedded derivative on reinsurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Embedded derivative on reinsurance | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 373 | 433 |
Measured at fair value on a recurring basis | Level 1 | U.S. Government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Equity securities, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 116 | 140 |
Measured at fair value on a recurring basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 27,699 | 27,575 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 21 | 24 |
Assets held in separate accounts | 5,603 | 5,227 |
Total assets | $ 33,734 | $ 33,341 |
Percentage of Level to total | 29% | 29% |
Contingent consideration | $ 0 | $ 0 |
Total liabilities | 365 | 374 |
Measured at fair value on a recurring basis | Level 2 | Managed custody guarantees | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 0 | 0 |
Measured at fair value on a recurring basis | Level 2 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 273 | 339 |
Derivatives | 366 | 373 |
Measured at fair value on a recurring basis | Level 2 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 62 | 80 |
Derivatives | 3 | 10 |
Measured at fair value on a recurring basis | Level 2 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 4 | 1 |
Derivatives | 1 | 1 |
Measured at fair value on a recurring basis | Level 2 | Embedded derivative on reinsurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 72 | 95 |
Embedded derivative on reinsurance | (9) | (12) |
Measured at fair value on a recurring basis | Level 2 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 4 | 2 |
Measured at fair value on a recurring basis | Level 2 | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 59 | 148 |
Measured at fair value on a recurring basis | Level 2 | U.S. Government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 56 | 58 |
Measured at fair value on a recurring basis | Level 2 | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 853 | 845 |
Measured at fair value on a recurring basis | Level 2 | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 8,269 | 8,181 |
Measured at fair value on a recurring basis | Level 2 | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 2,980 | 2,891 |
Measured at fair value on a recurring basis | Level 2 | Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 2,957 | 2,946 |
Measured at fair value on a recurring basis | Level 2 | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 2,551 | 2,602 |
Measured at fair value on a recurring basis | Level 2 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 3,921 | 3,949 |
Measured at fair value on a recurring basis | Level 2 | Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 3,842 | 3,883 |
Measured at fair value on a recurring basis | Level 2 | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 2,211 | 2,072 |
Measured at fair value on a recurring basis | Level 2 | Equity securities, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 2,396 | 2,349 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 0 | 0 |
Assets held in separate accounts | 349 | 347 |
Total assets | $ 2,937 | $ 2,892 |
Percentage of Level to total | 2% | 3% |
Contingent consideration | $ 112 | $ 112 |
Total liabilities | 173 | 176 |
Measured at fair value on a recurring basis | Level 3 | Managed custody guarantees | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 3 | 6 |
Measured at fair value on a recurring basis | Level 3 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | Embedded derivative on reinsurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Embedded derivative on reinsurance | 58 | 58 |
Measured at fair value on a recurring basis | Level 3 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | U.S. Government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 1 | 1 |
Measured at fair value on a recurring basis | Level 3 | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 21 | 20 |
Measured at fair value on a recurring basis | Level 3 | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 1,800 | 1,801 |
Measured at fair value on a recurring basis | Level 3 | Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 3 |
Measured at fair value on a recurring basis | Level 3 | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 441 | 432 |
Measured at fair value on a recurring basis | Level 3 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 56 | 28 |
Measured at fair value on a recurring basis | Level 3 | Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 77 | 64 |
Measured at fair value on a recurring basis | Level 3 | Equity securities, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 192 | $ 196 |
Fair Value Measurements (excl_4
Fair Value Measurements (excluding Consolidated Investment Entities) - Level 3 Financial Instruments (Details) - Measured at fair value on a recurring basis - Level 3 - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Embedded derivative on reinsurance | ||
Derivatives Rollforward: | ||
Fair Value, Derivatives, beginning balance | $ (58) | $ (87) |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 1 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, Derivatives, ending balance | (58) | (86) |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Change In Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Transfers in to Level 3 | 0 | 0 |
Managed custody guarantees | ||
Derivatives Rollforward: | ||
Fair Value, Derivatives, beginning balance | (6) | (20) |
Total Realized/Unrealized Gains (Losses) Included in Net income | 4 | 6 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Issuances | (1) | (1) |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, Derivatives, ending balance | (3) | (15) |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Change In Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Transfers in to Level 3 | 0 | 0 |
Short-term investments and cash equivalents | ||
Derivatives Rollforward: | ||
Fair Value, Derivatives, beginning balance | 0 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | |
Purchases | 8 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | 0 | |
Transfers out of Level 3 | 0 | |
Fair Value, Derivatives, ending balance | 8 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | |
Change In Unrealized Gains (Losses) Included in OCI | 0 | |
Transfers in to Level 3 | 0 | |
U.S. corporate public securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Fair Value, Assets, beginning balance | 16 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | (2) | |
Purchases | 21 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | 0 | |
Transfers out of Level 3 | 0 | |
Fair Value, Assets, ending balance | 71 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | (2) | |
Transfers in to Level 3 | 36 | |
U.S. corporate public securities | Available-for-sale Securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Fair Value, Assets, beginning balance | 20 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | |
Purchases | 1 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | 0 | |
Transfers out of Level 3 | 0 | |
Fair Value, Assets, ending balance | 21 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 0 | |
Transfers in to Level 3 | 0 | |
U.S. corporate private securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Fair Value, Assets, beginning balance | 1,910 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | (1) | |
Total Realized/Unrealized Gains (Losses) Included in OCI | (145) | |
Purchases | 111 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | (61) | |
Transfers out of Level 3 | (10) | |
Fair Value, Assets, ending balance | 1,925 | |
Change In Unrealized Gains (Losses) Included in Earnings | (1) | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | (145) | |
Transfers in to Level 3 | 121 | |
U.S. corporate private securities | Available-for-sale Securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Fair Value, Assets, beginning balance | 1,801 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 1 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 34 | |
Purchases | 40 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | (76) | |
Transfers out of Level 3 | 0 | |
Fair Value, Assets, ending balance | 1,800 | |
Change In Unrealized Gains (Losses) Included in Earnings | 1 | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 34 | |
Transfers in to Level 3 | 0 | |
Foreign corporate public securities and foreign governments | Available-for-sale Securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Fair Value, Assets, beginning balance | 3 | 0 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 0 | 11 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Transfers out of Level 3 | (3) | 0 |
Fair Value, Assets, ending balance | 0 | 11 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Transfers in to Level 3 | 0 | 0 |
Foreign corporate private securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Fair Value, Assets, beginning balance | 353 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | (18) | |
Total Realized/Unrealized Gains (Losses) Included in OCI | (24) | |
Purchases | 50 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | (13) | |
Transfers out of Level 3 | 0 | |
Fair Value, Assets, ending balance | 496 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | (24) | |
Transfers in to Level 3 | 148 | |
Foreign corporate private securities | Available-for-sale Securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Fair Value, Assets, beginning balance | 432 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 1 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 4 | |
Purchases | 57 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | (53) | |
Transfers out of Level 3 | 0 | |
Fair Value, Assets, ending balance | 441 | |
Change In Unrealized Gains (Losses) Included in Earnings | 1 | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 4 | |
Transfers in to Level 3 | 0 | |
Residential mortgage-backed securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Fair Value, Assets, beginning balance | 43 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | (9) | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | |
Purchases | 13 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | 0 | |
Transfers out of Level 3 | (2) | |
Fair Value, Assets, ending balance | 45 | |
Change In Unrealized Gains (Losses) Included in Earnings | (9) | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 0 | |
Transfers in to Level 3 | 0 | |
Residential mortgage-backed securities | Available-for-sale Securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Fair Value, Assets, beginning balance | 28 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | |
Purchases | 28 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | 0 | |
Transfers out of Level 3 | 0 | |
Fair Value, Assets, ending balance | 56 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 0 | |
Transfers in to Level 3 | 0 | |
Commercial mortgage-backed securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Fair Value, Assets, beginning balance | 44 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | (2) | |
Purchases | 18 | |
Issuances | 0 | |
Sales | (10) | |
Settlements | (1) | |
Transfers out of Level 3 | 0 | |
Fair Value, Assets, ending balance | 49 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | (2) | |
Transfers in to Level 3 | 0 | |
Asset-backed Securities [Member] | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Fair Value, Assets, beginning balance | 2,366 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | (28) | |
Total Realized/Unrealized Gains (Losses) Included in OCI | (173) | |
Purchases | 224 | |
Issuances | 0 | |
Sales | (10) | |
Settlements | (75) | |
Transfers out of Level 3 | (12) | |
Fair Value, Assets, ending balance | 2,597 | |
Change In Unrealized Gains (Losses) Included in Earnings | (10) | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | (173) | |
Transfers in to Level 3 | 305 | |
Asset-backed Securities [Member] | Available-for-sale Securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Fair Value, Assets, beginning balance | 64 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 1 | |
Purchases | 34 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | (1) | |
Transfers out of Level 3 | (21) | |
Fair Value, Assets, ending balance | 77 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 1 | |
Transfers in to Level 3 | 0 | |
Fixed maturities | Available-for-sale Securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Fair Value, Assets, beginning balance | 2,349 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 2 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 39 | |
Purchases | 160 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | (130) | |
Transfers out of Level 3 | (24) | |
Fair Value, Assets, ending balance | 2,396 | |
Change In Unrealized Gains (Losses) Included in Earnings | 2 | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 39 | |
Transfers in to Level 3 | 0 | |
Equity securities, at fair value | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Fair Value, Assets, beginning balance | 196 | 203 |
Total Realized/Unrealized Gains (Losses) Included in Net income | (4) | (10) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, Assets, ending balance | 192 | 203 |
Change In Unrealized Gains (Losses) Included in Earnings | (3) | (10) |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Transfers in to Level 3 | 0 | 10 |
US Government Agencies Debt Securities | Available-for-sale Securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Fair Value, Assets, beginning balance | 1 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | |
Purchases | 0 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | 0 | |
Transfers out of Level 3 | 0 | |
Fair Value, Assets, ending balance | 1 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 0 | |
Transfers in to Level 3 | 0 | |
Contingent Consideration | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Fair Value, Assets, beginning balance | (112) | (11) |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, Assets, ending balance | (112) | (11) |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Transfers in to Level 3 | 0 | 0 |
Assets held in separate accounts | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Fair Value, Assets, beginning balance | 347 | 316 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 4 | (14) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 0 | 65 |
Issuances | 0 | 0 |
Sales | (2) | (1) |
Settlements | 0 | 0 |
Transfers out of Level 3 | 0 | (38) |
Fair Value, Assets, ending balance | 349 | 334 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Transfers in to Level 3 | $ 0 | $ 6 |
Fair Value Measurements (excl_5
Fair Value Measurements (excluding Consolidated Investment Entities) - Other Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in separate accounts | $ 84,569 | $ 80,174 |
Derivatives | 376 | 389 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 30,468 | 30,357 |
Equity securities | 308 | 336 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 2,003 | 2,454 |
Derivatives | 342 | 422 |
Other investments | 70 | 68 |
Assets held in separate accounts | 84,569 | 80,174 |
Short-term debt | 143 | 141 |
Long-term debt | 2,094 | 2,094 |
Carrying Value | Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 376 | 389 |
Carrying Value | Embedded derivative on reinsurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 72 | 95 |
Derivatives | 49 | 46 |
Carrying Value | Managed custody guarantees | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 3 | 6 |
Carrying Value | Funding agreements without fixed maturities and deferred annuities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 34,958 | 35,707 |
Carrying Value | Funding agreements with fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 1,360 | 1,285 |
Carrying Value | Supplementary contracts, immediate annuities and other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 701 | 727 |
Carrying Value | Mortgage loans on real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 5,346 | 5,445 |
Carrying Value | Policy loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 359 | 363 |
Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 30,468 | 30,357 |
Equity securities | 308 | 336 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 2,003 | 2,454 |
Derivatives | 342 | 422 |
Other investments | 70 | 68 |
Assets held in separate accounts | 84,569 | 80,174 |
Short-term debt | 144 | 142 |
Long-term debt | 1,935 | 1,935 |
Estimate of Fair Value Measurement | Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 376 | 389 |
Estimate of Fair Value Measurement | Embedded derivative on reinsurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 72 | 95 |
Derivatives | 49 | 46 |
Estimate of Fair Value Measurement | Managed custody guarantees | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 3 | 6 |
Estimate of Fair Value Measurement | Funding agreements without fixed maturities and deferred annuities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 36,635 | 36,385 |
Estimate of Fair Value Measurement | Funding agreements with fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 1,358 | 1,281 |
Estimate of Fair Value Measurement | Supplementary contracts, immediate annuities and other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 640 | 636 |
Estimate of Fair Value Measurement | Mortgage loans on real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 5,078 | 5,149 |
Estimate of Fair Value Measurement | Policy loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 359 | $ 363 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs and Value of Business Acquired - DAC and VOBA Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | $ 2,363 | ||
Ending balance | 2,333 | $ 2,363 | |
Movement Analysis Of Value of Business Acquired VOBA [Roll Forward] | |||
Beginning balance | 439 | $ 473 | 473 |
Deferrals of commissions and expenses | 1 | 5 | |
Net amortization included in Condensed Consolidated Statements of Operations | 10 | 39 | |
Ending balance | 430 | 439 | |
Present Value of Future Insurance Profits, Impairment Loss | 0 | 0 | |
Wealth Solutions | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | 691 | 691 | 691 |
Deferrals of commissions and expenses | 15 | 59 | |
Net amortization included in the Consolidated Statements of Operations | 14 | 59 | |
Ending balance | 692 | 691 | |
business exited | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | 1,043 | $ 1,158 | 1,158 |
Deferrals of commissions and expenses | 0 | 0 | |
Net amortization included in the Consolidated Statements of Operations | 27 | 115 | |
Ending balance | 1,016 | 1,043 | |
Other Segments | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | 190 | ||
Ending balance | $ 195 | $ 190 |
Financial Services, Insurance_2
Financial Services, Insurance, ASU 2018-12 Transition (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 USD ($) yr | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) yr | Dec. 31, 2021 USD ($) | |
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, before Reinsurance | $ 9,784 | $ 9,719 | ||
Policyholder Account Balance [Line Items] | ||||
Interest credited to contract owner account balances | 241 | $ 233 | ||
Policyholder Account Balance | 41,709 | 42,455 | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 13,100 | 13,398 | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 814 | 805 | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 12,510 | 12,892 | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 9,612 | 9,601 | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 1,712 | 1,730 | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 415 | 405 | ||
Total discretionary rate setting products | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 38,163 | 38,831 | ||
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 24,619 | 30,725 | ||
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 234 | 5,848 | ||
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 619 | 707 | ||
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 12,269 | 12,677 | ||
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 9,459 | 9,448 | ||
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 1,626 | 1,643 | ||
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 412 | 402 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 7,754 | 3,315 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 7,296 | 2,967 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 141 | 52 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 78 | 56 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 153 | 153 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 86 | 87 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 2,991 | 1,988 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 2,899 | 1,907 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 42 | 35 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 50 | 46 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 1,258 | 1,224 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 1,146 | 1,112 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 2 | 2 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 110 | 110 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 1,493 | 1,467 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 1,487 | 1,462 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 3 | 2 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 3 | 3 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 48 | 112 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 38 | 102 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 7 | 7 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 3 | 3 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Employee Benefits, Group | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 80 | 77 | $ 93 | |
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance | 85 | 84 | 85 | |
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (5) | (7) | ||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | (7) | ||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 6 | 23 | ||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 90 | 101 | ||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | 1 | 2 | ||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | (6) | (19) | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance | 924 | 913 | 952 | |
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (23) | (32) | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 1 | (43) | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 1 | (27) | ||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 915 | 882 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | 35 | 139 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 6 | 25 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | (32) | (133) | ||
Liability for Future Policy Benefit, before Reinsurance | 821 | 804 | ||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 295 | 283 | ||
Liability for Future Policy Benefit, after Reinsurance | $ 526 | $ 521 | ||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 4% | 4.10% | ||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 4.90% | 5.20% | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | $ 901 | $ 881 | 1,048 | |
Liability for Future Policy Benefit, Weighted-Average Duration [Axis] | yr | 7 | 7 | ||
undiscounted expected gross premiums and future benefit payments [Line Items] | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | $ 1,152 | $ 1,141 | ||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | 231 | 231 | ||
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 287 | 286 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance | 924 | 913 | 952 | |
Employee Benefits, Voluntary | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 101 | 97 | 105 | |
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance | 102 | 100 | 92 | |
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (1) | (3) | ||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 5 | 20 | ||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 105 | 112 | ||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | 1 | 4 | ||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | (4) | (16) | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance | 296 | 294 | 290 | |
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 1 | (9) | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | (2) | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 5 | 11 | ||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 299 | 299 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 4 | 14 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | (7) | (19) | ||
Liability for Future Policy Benefit, before Reinsurance | 196 | 188 | ||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | ||
Liability for Future Policy Benefit, after Reinsurance | $ 196 | $ 188 | ||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 5.30% | 5.30% | ||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 5% | 5.40% | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | $ 297 | $ 285 | 359 | |
Liability for Future Policy Benefit, Weighted-Average Duration [Axis] | yr | 14,000,000 | 14,000,000 | ||
undiscounted expected gross premiums and future benefit payments [Line Items] | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | $ 591 | $ 588 | ||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | 206 | 205 | ||
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 312 | 307 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance | 296 | 294 | 290 | |
business exited | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 4,337 | 4,244 | 5,634 | |
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance | 4,093 | 4,128 | 4,226 | |
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 244 | 116 | ||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | (69) | ||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (10) | 86 | ||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 4,118 | 4,243 | ||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | 57 | 230 | ||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | (82) | (345) | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance | 8,540 | 8,644 | 9,079 | |
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 227 | (5) | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | (77) | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (9) | (52) | ||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 8,635 | 8,950 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | 4 | 13 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 110 | 458 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | (209) | (777) | ||
Liability for Future Policy Benefit, before Reinsurance | 4,430 | 4,395 | ||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 4,447 | 4,411 | ||
Liability for Future Policy Benefit, after Reinsurance | $ (17) | $ (16) | ||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 5% | 5% | ||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 5.10% | 5.70% | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | $ 8,767 | $ 8,639 | 11,444 | |
Liability for Future Policy Benefit, Weighted-Average Duration [Axis] | yr | 8,000,000 | 8,000,000 | ||
undiscounted expected gross premiums and future benefit payments [Line Items] | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance | $ 8,540 | $ 8,644 | 9,079 | |
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance, Premium Received | 76 | 310 | ||
Policyholder Account Balance, Policy Charge | (94) | (384) | ||
Policyholder Account Balance, Surrender and Withdrawal | (120) | (281) | ||
Policyholder Account Balance, Benefit Payment | (39) | (144) | ||
Transfer to (from) Policyholder Account Balance (to) from Separate Account | 0 | 0 | ||
Interest credited to contract owner account balances | 36 | 150 | ||
Policyholder Account Balance, Increase (Decrease) from Other Change | $ 0 | $ (37) | ||
Policyholder Account Balance, Weighted Average Crediting Rate | 2.50% | 2.50% | ||
Policyholder Account Balance, Net Amount at Risk | $ 847 | $ 900 | ||
Policyholder Account Balance, Cash Surrender Value | 1,730 | 1,824 | ||
Policyholder Account Balance | 5,005 | 5,146 | 5,532 | |
business exited, additional liability | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 540 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (50) | 15 | ||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 2,057 | 2,270 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 21 | 80 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | (108) | (427) | ||
Liability for Future Policy Benefit, before Reinsurance | 2,096 | 2,107 | ||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 2,044 | 2,054 | ||
Liability for Future Policy Benefit, after Reinsurance | 52 | 53 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Period Increase (Decrease) | $ 126 | $ 184 | ||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 4.10% | 4.30% | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | $ 2,107 | 1,715 | ||
Other Segments | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, before Reinsurance | $ 2,241 | 2,225 | ||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance | 3,704 | 3,687 | ||
Wealth Solutions | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder Account Balance, Premium Received | 615 | 2,962 | ||
Policyholder Account Balance, Policy Charge | (2) | (8) | ||
Policyholder Account Balance, Surrender and Withdrawal | (1,506) | (4,280) | ||
Policyholder Account Balance, Benefit Payment | (43) | (157) | ||
Transfer to (from) Policyholder Account Balance (to) from Separate Account | 93 | 1,174 | ||
Interest credited to contract owner account balances | 219 | 874 | ||
Policyholder Account Balance, Increase (Decrease) from Other Change | $ 2 | $ 13 | ||
Policyholder Account Balance, Weighted Average Crediting Rate | 2.70% | 2.60% | ||
Policyholder Account Balance, Net Amount at Risk | $ 159 | $ 199 | ||
Policyholder Account Balance, Cash Surrender Value | 32,513 | 33,125 | ||
Policyholder Account Balance | $ 33,000 | $ 33,622 | $ 33,044 |
Reinsurance - Assets and Liabil
Reinsurance - Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Premiums receivable, direct | $ 190 | $ 172 |
Premiums Receivable, assumed | 12 | 11 |
Premiums receivable, ceded | (237) | (212) |
Premiums Receivable, net | (35) | (29) |
Reinsurance recoverable, net of allowance for credit losses, ceded | 12,473 | 12,455 |
Reinsurance recoverable, net of allowance for credit losses, net | 12,473 | 12,455 |
Total assets, direct | 190 | 172 |
Total assets, assumed | 12 | 11 |
Total assets, ceded | 12,236 | 12,243 |
Total assets, net | 12,438 | 12,426 |
Liabilities | ||
Future policy benefits and contract owner account balances, direct | 50,470 | 51,137 |
Future policy benefits and contract owner account balances, assumed | 1,023 | 1,037 |
Future policy benefits and contract owner account balances, net | 51,493 | 52,174 |
Liability for funds withheld under reinsurance agreements, direct | 111 | 104 |
Liability for funds withheld under reinsurance agreements, net | 111 | 104 |
Total liabilities, direct | 50,581 | 51,241 |
Total liabilities, assumed | 1,023 | 1,037 |
Total liabilities, net | $ 51,604 | $ 52,278 |
Reinsurance - Effect of Reinusa
Reinsurance - Effect of Reinusance (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Premiums Earned, Net [Abstract] | |||
Direct Premiums Earned | $ 908 | $ 808 | |
Assumed Premiums Earned | 10 | 9 | |
Ceded Premiums Earned | 233 | 209 | |
Premiums | 685 | 608 | |
Policyholder Benefits and Claims Incurred, Net [Abstract] | |||
Revenue from Contract with Customer, Including Assessed Tax | 562 | 532 | |
Assumed Insurance Commissions and Fees | 4 | 5 | |
Ceded Insurance Commissions And Fees | 102 | 104 | |
Fee income | 464 | 433 | |
Policyholder Benefits and Claims Incurred, Assumed and Ceded [Abstract] | |||
Policyholder Benefits and Claims Incurred, Direct | 1,108 | 976 | |
Policyholder Benefits and Claims Incurred, Assumed | 19 | 8 | |
Policyholder Benefits and Claims Incurred, Ceded | 376 | 340 | |
Policyholder Interest and Other Benefits, Net | 751 | $ 644 | |
Deposit asset | $ 1,400 | $ 1,500 |
Separate Account Liability (Det
Separate Account Liability (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Assets held in separate accounts | $ 84,569 | $ 80,174 | ||
Liabilities related to separate accounts | 84,569 | 80,174 | ||
Wealth Solutions Stabilizer | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Separate Account, Liability, Policyholder Behavior | 51 | |||
Wealth Solutions | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Liabilities related to separate accounts | 80,922 | 76,348 | $ 95,018 | |
Separate Account, Liability, Policyholder Behavior | 205 | (1,377) | ||
Separate Account, Liability, Policy Charge | (109) | (457) | ||
Separate Account, Liability, Increase (Decrease) from Invested Performance | 4,478 | $ (16,838) | ||
Separate Account, Liability, Increase (Decrease) from Other Change | 0 | 2 | ||
Separate Account, Liability, Cash Surrender Value, Amount | 73,451 | 69,121 | ||
Wealth Solutions | Wealth Solutions Stabilizer | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Liabilities related to separate accounts | 7,438 | 7,196 | 8,091 | |
Separate Account, Liability, Policyholder Behavior | (68) | |||
Separate Account, Liability, Policy Charge | (8) | (34) | ||
Separate Account, Liability, Increase (Decrease) from Invested Performance | 199 | (794) | ||
Separate Account, Liability, Increase (Decrease) from Other Change | 0 | 1 | ||
Wealth Solutions | Deferred Variable Annuity | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Liabilities related to separate accounts | 73,484 | 69,152 | $ 86,927 | |
Separate Account, Liability, Policyholder Behavior | 154 | (1,309) | ||
Separate Account, Liability, Policy Charge | (101) | (423) | ||
Separate Account, Liability, Increase (Decrease) from Invested Performance | 4,279 | (16,044) | ||
Separate Account, Liability, Increase (Decrease) from Other Change | 0 | 1 | ||
Other Segments | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Liabilities related to separate accounts | 3,647 | 3,826 | ||
U.S. Government agencies and authorities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Assets held in separate accounts | 1,308 | 1,586 | ||
Corporate Debt Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Assets held in separate accounts | 1,748 | 1,647 | ||
Separate Account, Cash and Cash Equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Assets held in separate accounts | 530 | 311 | ||
Separate Account, Debt Security | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Assets held in separate accounts | 716 | 660 | ||
Separate Account, Mortgage-Backed Security | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Assets held in separate accounts | 3,395 | |||
Separate Account, Mortgage-Backed Security | Mortgage-Backed Securities, Issued by Private Enterprises | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Assets held in separate accounts | 3,434 | |||
Separate Account, Equity Security | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Assets held in separate accounts | 76,788 | 72,309 | ||
Asset-Backed Securities, Securitized Loans and Receivables | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Assets held in separate accounts | $ 84 | $ 227 |
Share-based Incentive Compens_3
Share-based Incentive Compensation Plans - Narrative (Details) | Mar. 31, 2023 shares |
2019 Omnibus Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares available for grant (in shares) | 9,000,476 |
Share-based Incentive Compens_4
Share-based Incentive Compensation Plans - Compensation Cost (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation cost | $ 63 | $ 46 |
Income tax benefit | 15 | 15 |
After-tax share-based compensation expense | 48 | 31 |
Restricted Stock Unit (RSU) awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation cost | 37 | 22 |
Performance Stock Unit (PSU) awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation cost | $ 26 | $ 24 |
Share-based Incentive Compens_5
Share-based Incentive Compensation Plans - Awards Outstanding (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
RSU awards | |
Number of Awards | |
Outstanding, beginning balance (in shares) | shares | 1,500,000 |
Adjustment for PSU performance factor (in shares) | shares | 0 |
Granted (in shares) | shares | 1,500,000 |
Vested (in shares) | shares | (700,000) |
Forfeited (in shares) | shares | 0 |
Outstanding, ending balance (in shares) | shares | 2,300,000 |
Weighted Average Grant Date Fair Value | |
Outstanding, beginning balance (usd per share) | $ / shares | $ 60.91 |
Adjustment for PSU performance factor (usd per share) | $ / shares | 0 |
Granted (usd per share) | $ / shares | 70.42 |
Vested (usd per share) | $ / shares | 62.53 |
Forfeited (usd per share) | $ / shares | 66.36 |
Outstanding, ending balance (usd per share) | $ / shares | $ 66.55 |
PSU awards | |
Number of Awards | |
Outstanding, beginning balance (in shares) | shares | 2,100,000 |
Adjustment for PSU performance factor (in shares) | shares | (100,000) |
Granted (in shares) | shares | 800,000 |
Vested (in shares) | shares | (500,000) |
Forfeited (in shares) | shares | 0 |
Outstanding, ending balance (in shares) | shares | 2,300,000 |
Weighted Average Grant Date Fair Value | |
Outstanding, beginning balance (usd per share) | $ / shares | $ 55.68 |
Adjustment for PSU performance factor (usd per share) | $ / shares | 61.50 |
Granted (usd per share) | $ / shares | 76.59 |
Vested (usd per share) | $ / shares | 63.08 |
Forfeited (usd per share) | $ / shares | 63.67 |
Outstanding, ending balance (usd per share) | $ / shares | $ 61.03 |
Stock options | |
Number of Awards | |
Outstanding, beginning balance (in shares) | shares | 1,600,000 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (300,000) |
Forfeited (in shares) | shares | 0 |
Outstanding, ending balance (in shares) | shares | 1,300,000 |
Vested, exercisable (in shares) | shares | 1,300,000 |
Weighted Average Exercise Price | |
Outstanding, beginning balance (usd per share) | $ / shares | $ 43.05 |
Granted (usd per share) | $ / shares | 0 |
Exercised (usd per share) | $ / shares | 38.21 |
Forfeited (usd per share) | $ / shares | 0 |
Outstanding, ending balance (usd per share) | $ / shares | 44.25 |
Vested, exercisable, weighted average exercise price (usd per share) | $ / shares | $ 44.25 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Stock Rollforward (Details) - shares | 3 Months Ended | 6 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Increase (Decrease) in Stockholders' Equity | ||
Common stock, shares issued, beginning balance (in shares) | 97,789,852 | |
Common shares, beginning balance (in shares) | 97,186,970 | |
Common stock acquired - share repurchase (in shares) | 11,700,000 | |
Share-based compensation programs (in shares) | 1,000,000 | 1,000,000 |
Treasury Stock retirement (in shares) | 0 | |
Common stock, shares issued, ending balance (in shares) | 99,302,325 | |
Common shares, ending balance (in shares) | 98,180,167 | |
Common Stock | ||
Increase (Decrease) in Stockholders' Equity | ||
Common stock, shares issued, beginning balance (in shares) | 97,800,000 | 109,000,000 |
Common shares, beginning balance (in shares) | 97,200,000 | 107,800,000 |
Common shares issued (in shares) | 0 | 100,000 |
Common stock acquired - share repurchase (in shares) | 0 | |
Share-based compensation programs (in shares) | 1,500,000 | 1,700,000 |
Treasury Stock retirement (in shares) | (13,000,000) | |
Common stock, shares issued, ending balance (in shares) | 99,300,000 | |
Treasury Stock | ||
Increase (Decrease) in Stockholders' Equity | ||
Common shares, held in treasury, beginning balance (in shares) | (600,000) | (1,200,000) |
Common shares issued (in shares) | 0 | 0 |
Common stock acquired - share repurchase (in shares) | 11,700,000 | |
Share-based compensation programs (in shares) | 500,000 | 700,000 |
Treasury Stock retirement (in shares) | (13,000,000) | |
Common shares, held in treasury, ending balance (in shares) | 1,100,000 |
Shareholders' Equity - Common_2
Shareholders' Equity - Common stock Dividends Declared (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Equity [Abstract] | ||
Dividends declared per share of Common Stock (usd per share) | $ 0.200 | $ 0.200 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) | 3 Months Ended | ||||
Mar. 29, 2021 $ / shares shares | May 07, 2013 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) shares | Dec. 31, 2022 shares | Oct. 28, 2021 USD ($) | |
Equity [Abstract] | |||||
Amount authorized for repurchase | $ 500,000,000 | ||||
Number of warrants issued and outstanding (in shares) | shares | 26,050,846 | ||||
Warrants issued allowing purchase of shares, percentage of common stock issued and outstanding | 9.99% | ||||
Exercise price of warrants (usd per share) | $ / shares | $ 46.82 | $ 48.75 | |||
Cash dividends, per share (usd per share) | $ / shares | $ 0.20 | $ 0.01 | |||
Warrants net share settled, fair value | $ 94,000,000 | ||||
Number of shares of common stock for which each warrant is exercisable (in shares) | shares | 1.041295182 | ||||
Preferred Stock, shares authorized (in shares) | shares | 100,000,000 | 100,000,000 | |||
Preferred Stock, amount of preferred dividends in arrears | $ 0 | ||||
Warrants agreement trading days- alternative | 30 | ||||
Warrant trading days- alternative max | 45 | ||||
Warrant trading days- agreement | 10 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Share Repurchases (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2022 | Jun. 30, 2022 | |
Equity [Abstract] | ||
Payment for share repurchases | $ 500 | |
Common stock acquired - share repurchase (in shares) | 11.7 |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Class of Stock [Line Items] | |||
Aggregate (in shares) | $ 14 | $ 14 | |
Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred Stock, shares issued (in shares) | 625,000 | 625,000 | |
Preferred Stock, shares outstanding (in shares) | 625,000 | 625,000 | |
Series A Preferred Stock | |||
Class of Stock [Line Items] | |||
Dividend rate, percentage | 0.06125% | ||
Preferred Stock, shares issued (in shares) | 325,000 | 325,000 | |
Preferred Stock, shares outstanding (in shares) | 325,000 | 325,000 | |
Per Share (usd per share) | $ 30.625 | $ 30.625 | |
Aggregate (in shares) | $ 10 | $ 10 | |
Series B Preferred Stock | |||
Class of Stock [Line Items] | |||
Dividend rate, percentage | 0.0535% | ||
Preferred Stock, shares issued (in shares) | 300,000 | 300,000 | |
Preferred Stock, shares outstanding (in shares) | 300,000 | 300,000 | |
Per Share (usd per share) | $ 13.375 | $ 13.375 | |
Aggregate (in shares) | $ 4 | $ 4 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income (loss) available to common shareholders: | ||
Income (loss) from continuing operations | $ 129 | $ 111 |
Less: Preferred stock dividends | 14 | 14 |
Less: Net income (loss) attributable to noncontrolling interest | 46 | 43 |
Net income (loss) available to common shareholders | $ 69 | $ 54 |
Weighted average common shares outstanding | ||
Basic (in shares) | 97.7 | 106.1 |
Dilutive Effects: | ||
Diluted (in shares) | 109.6 | 117 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share: | ||
Basic (usd per share) | $ 0.70 | $ 0.51 |
Diluted (usd per share) | $ 0.63 | $ 0.46 |
Warrant | ||
Dilutive Effects: | ||
Dilutive Effects (in shares) | 8.9 | 8.2 |
RSU awards | ||
Dilutive Effects: | ||
Dilutive Effects (in shares) | 1.2 | 1 |
PSU awards | ||
Dilutive Effects: | ||
Dilutive Effects (in shares) | 1.2 | 1 |
Stock options | ||
Dilutive Effects: | ||
Dilutive Effects (in shares) | 0.6 | 0.7 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Fixed maturities, net of impairment | $ (2,635) | $ 602 | |
DAC/VOBA adjustment on available-for-sale securities | 109 | 80 | |
AOCI, Liability for Future Policy Benefit, before Tax | (855) | (1,044) | |
Deferred income tax asset (liability) | 833 | 199 | |
Total | (2,548) | (163) | |
Pension and other postretirement benefits liability, net of tax | 3 | 3 | |
AOCI | (2,545) | $ (3,055) | $ (160) |
Other Contract | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Portion of AOCI expected to be reclassified into earnings within next 12 months | $ 17 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI, including Reclassification Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Available-for-sale securities, Before-Tax Amount: | ||
Fixed maturities | $ 661 | $ (2,663) |
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | (1) | 70 |
Change in unrealized gains/losses on available-for-sale securities | 660 | (2,593) |
Available-for-sale securities, Income Tax: | ||
Fixed maturities | (139) | 559 |
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | 0 | (15) |
Change in unrealized gains/losses on available-for-sale securities | (139) | 544 |
Available-for-sale securities, After-Tax Amount: | ||
Fixed maturities | 522 | (2,104) |
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | (1) | 55 |
Change in unrealized gains/losses on available-for-sale securities | 521 | (2,049) |
Derivatives, Before-Tax Amount: | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (12) | 5 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (5) | (5) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax, Total | (17) | 0 |
Derivatives, Income Tax: | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 3 | (1) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 1 | 1 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax, Total | (4) | 0 |
Derivatives, After-Tax Amount: | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (9) | 4 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (4) | (4) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Total | (13) | 0 |
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 2 | 104 |
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 0 | (22) |
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment and Tax | 2 | 82 |
Other Comprehensive Income (Loss), before Tax, Total | 645 | (2,489) |
Other comprehensive income (loss), tax | (135) | 522 |
Other comprehensive income (loss), after tax | $ 510 | $ (1,967) |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 8.50% | 9% |
Statutory tax rate | 21% | |
Income Tax Contingency [Line Items] | ||
Statutory tax rate | 21% |
Financing Agreements - Schedule
Financing Agreements - Schedule of Long-term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 17, 2015 | May 16, 2013 |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 2,237 | $ 2,235 | ||
Less: Current portion of long-term debt | 143 | 141 | ||
Total long-term debt, excluding current portion | $ 2,094 | 2,094 | ||
7.25% Voya Holdings Inc. debentures, due 2023 | Debentures | ||||
Debt Instrument [Line Items] | ||||
Annual interest rate on debt | 7.25% | |||
One Point Two Five Percent Convertible Senior Notes, due 2023 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Annual interest rate on debt | 1.25% | |||
Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Annual interest rate on debt | 1.875% | |||
Senior Notes | 3.65% Senior Notes, due 2026 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 445 | 445 | ||
Annual interest rate on debt | 3.65% | |||
Senior Notes | 5.7% Senior Notes, due 2043 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 396 | 396 | ||
Annual interest rate on debt | 5.70% | |||
Senior Notes | 4.8% Senior Notes, due 2046 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 297 | 297 | ||
Annual interest rate on debt | 4.80% | |||
Senior Notes | One Point Two Five Percent Convertible Senior Notes, due 2023 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 2 | 0 | ||
Junior Subordinated Notes | 4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048(1) | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 336 | 336 | ||
Annual interest rate on debt | 4.70% | |||
Junior Subordinated Notes | 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 388 | 388 | ||
Annual interest rate on debt | 5.65% | 5.65% | ||
Debt Instrument, Face Amount | $ 393 | |||
Debentures | 7.25% Voya Holdings Inc. debentures, due 2023 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 140 | 140 | ||
Debentures | 7.63% Voya Holdings Inc. debentures, due 2026 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 139 | 139 | ||
Annual interest rate on debt | 7.63% | |||
Debentures | 6.97% Voya Holdings Inc. debentures, due 2036 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 79 | 79 | ||
Annual interest rate on debt | 6.97% | |||
Notes payable, other | 8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 13 | 13 | ||
Annual interest rate on debt | 8.42% | |||
Loans payable | 1.00% Windsor Property Loan | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 2 | $ 2 | ||
Annual interest rate on debt | 1% |
Financing Agreements - Narrativ
Financing Agreements - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||||||
Mar. 17, 2015 | Mar. 31, 2023 | May 03, 2023 | May 01, 2023 | Dec. 31, 2022 | Nov. 01, 2019 | May 16, 2013 | |
Debt Instrument [Line Items] | |||||||
Outstanding par amount of guaranteed debentures | $ 2,237 | $ 2,235 | |||||
Maximum borrowing capacity | 700 | ||||||
Outstanding borrowings | 163 | ||||||
Business Agreement, Processing and Operation Services Period | 10 years | ||||||
Put Option Agreement, Face Amount | $ 500 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 537 | ||||||
Payments of Financing Costs | 0 | ||||||
Aetna Notes | |||||||
Debt Instrument [Line Items] | |||||||
Amount of letters of credit outstanding | 163 | ||||||
Revolving Credit agreement | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 500 | ||||||
Minimum net worth required for compliance | $ 6,150 | ||||||
Revolving Credit agreement | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 500 | ||||||
Minimum net worth required for compliance | 4,998 | ||||||
Unsecured and Committed [Member] | Voya Financial, Inc. | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 500 | ||||||
Outstanding borrowings | 0 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 500 | ||||||
Unsecured and Committed [Member] | Voya Financial, Inc. Three | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 200 | ||||||
Outstanding borrowings | 163 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 37 | ||||||
Voya Holdings Debentures | Aetna Notes | |||||||
Debt Instrument [Line Items] | |||||||
Amount of collateral for credit facility | 370 | ||||||
Amount of collateral deposited to a control account | 207 | ||||||
Short-term Debt | Revolving Credit agreement | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 25 | ||||||
Debentures | Voya Holdings Debentures | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding par amount of guaranteed debentures | 358 | ||||||
Revolving Credit agreement | |||||||
Debt Instrument [Line Items] | |||||||
Amount of letters of credit outstanding | 0 | ||||||
Outstanding borrowings | 0 | ||||||
Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Annual interest rate on debt | 1.875% | ||||||
Senior Notes | Pre-Capitalized Trust | |||||||
Debt Instrument [Line Items] | |||||||
Annual interest rate on debt | 3.976% | ||||||
Senior Notes | Pre-Capitalized Trust | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 400 | $ 400 | |||||
Junior Subordinated Notes | 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding par amount of guaranteed debentures | $ 388 | $ 388 | |||||
Annual interest rate on debt | 5.65% | 5.65% | |||||
Debt Instrument, Face Amount | $ 393 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Loss Contingencies [Line Items] | |||
Possible losses in excess of amounts accrued | $ 25 | ||
Potential future loss | 126 | ||
Pledged Collateral | 1,811 | $ 1,791 | |
Impairment of right-of-use asset | 2 | $ 3 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 47 | ||
Securities Loaned | |||
Loss Contingencies [Line Items] | |||
Securities Owned and Pledged as Collateral | 137 | 142 | |
Federal Home Loan Bank | Line of Credit | |||
Loss Contingencies [Line Items] | |||
Non-putable funding agreements issued to FHLB | 1,360 | 1,279 | |
Pledged Collateral | 1,811 | $ 1,791 | |
Acquisition of mortgage loans | |||
Loss Contingencies [Line Items] | |||
Amount of purchase commitments | 79 | ||
Purchase of limited partnership and private placement investments | |||
Loss Contingencies [Line Items] | |||
Amount of purchase commitments | 1,000 | ||
Purchase of limited partnership and private placement investments | VOEs | |||
Loss Contingencies [Line Items] | |||
Amount of purchase commitments | $ 355 |
Commitments and Contingencies_2
Commitments and Contingencies - Restricted Assets (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Loss Contingencies [Line Items] | ||
Fixed maturity collateral pledged to FHLB | $ 1,811 | $ 1,791 |
FHLB restricted stock | 69 | 67 |
Other fixed maturities-state deposits | 40 | 38 |
Cash and cash equivalents | 29 | 27 |
Total restricted assets | 3,175 | 3,085 |
Collateral Pledged | ||
Loss Contingencies [Line Items] | ||
Securities pledged | 1,226 | 1,162 |
Securities pledged as collateral | ||
Loss Contingencies [Line Items] | ||
Fair value of loaned securities | 976 | 907 |
Securities pledged under repurchase agreements, carrying value | $ 113 | $ 113 |
Consolidated and Nonconsolida_3
Consolidated and Nonconsolidated Investment Entities - General and Consolidated VIEs and VOEs and Nonconsolidated VIEs (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) CLO fund | Dec. 31, 2022 USD ($) CLO | |
Variable Interest Entity [Line Items] | ||
Consolidated collateral loan obligations | CLO | 8 | 7 |
Limited Partnerships life | 10 years | |
Consolidated funds | fund | 10 | |
Noncontrolling interest | $ 1,567 | $ 1,482 |
Consolidated Investment Entities | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 322 | $ 288 |
Consolidated and Nonconsolida_4
Consolidated and Nonconsolidated Investment Entities - Components of the Consolidated Investment Entities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Assets of Consolidated Investment Entities | ||
Assets | $ 151,208 | $ 146,606 |
Liabilities and Shareholders' Equity of Consolidated Investment Entities | ||
Liabilities | 145,521 | 141,609 |
Noncontrolling interest | 1,567 | 1,482 |
Total liabilities, mezzanine equity and shareholders' equity | $ 151,208 | $ 146,606 |
Consolidated and Nonconsolida_5
Consolidated and Nonconsolidated Investment Entities - Fair Value Measurement (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Variable Interest Entity [Line Items] | ||
Revolving lines of credit capacity | $ 700 | |
Outstanding borrowings | 163 | |
VOEs | Private Equity Funds | ||
Variable Interest Entity [Line Items] | ||
Revolving lines of credit capacity | $ 1,360 | $ 1,366 |
Renewal period for term loan | 3 years | |
Outstanding borrowings | $ 1,259 | 1,143 |
VOEs | Minimum | Private Equity Funds | ||
Variable Interest Entity [Line Items] | ||
Basis spread on notes | 1.55% | |
Term of debt | 16 months | |
VOEs | Maximum | Private Equity Funds | ||
Variable Interest Entity [Line Items] | ||
Basis spread on notes | 2% | |
Term of debt | 4 months | |
VOEs | LIBOR | Private Equity Funds | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | LIBOR | |
VOEs | EURIBOR | Private Equity Funds | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | EURIBOR | |
Senior secured corporate loans | VIEs | ||
Variable Interest Entity [Line Items] | ||
Unpaid principal exceeds fair value, amount | $ 59 | $ 85 |
Default of collateral assets, percentage | 1% | |
Weighted average maturity | 12 years | |
Senior secured corporate loans | VIEs | Maximum | ||
Variable Interest Entity [Line Items] | ||
Basis spread on loans | 10% | |
Senior secured corporate loans | VIEs | LIBOR | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | LIBOR | |
Senior secured corporate loans | VIEs | LIBOR | Minimum | ||
Variable Interest Entity [Line Items] | ||
Basis spread on notes | 1% | |
Senior secured corporate loans | VIEs | LIBOR | Maximum | ||
Variable Interest Entity [Line Items] | ||
Basis spread on notes | 8.80% | |
Senior secured corporate loans | VIEs | EURIBOR | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | EURIBOR | |
Senior secured corporate loans | VIEs | PRIME | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | PRIME | |
Senior secured corporate loans | VIEs | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | SOFR |
Consolidated and Nonconsolida_6
Consolidated and Nonconsolidated Investment Entities - Fair Value Hierarchy (Details) - Measured at fair value on a recurring basis - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Net Asset Value (NAV) | $ 3,009 | $ 2,802 |
Assets, Including NAV | 4,341 | 4,183 |
Liabilities | 1,256 | 1,234 |
VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Net Asset Value (NAV) | 0 | 0 |
Cash and cash equivalents | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 100 | 88 |
Assets, Net Asset Value (NAV) | 0 | 0 |
Corporate loans | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 1,232 | 1,293 |
Assets, Net Asset Value (NAV) | 0 | 0 |
Limited partnerships/corporations | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Net Asset Value (NAV) | 3,009 | 2,802 |
Assets, Including NAV | 3,009 | 2,802 |
CLO notes | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Net Asset Value (NAV) | 0 | 0 |
Liabilities | 1,256 | 1,234 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 100 | 88 |
Liabilities | 0 | 0 |
Level 1 | Cash and cash equivalents | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 100 | 88 |
Level 1 | Corporate loans | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Limited partnerships/corporations | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Level 1 | CLO notes | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 0 | 0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 1,232 | 1,293 |
Liabilities | 1,256 | 1,234 |
Level 2 | Cash and cash equivalents | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Level 2 | Corporate loans | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 1,232 | 1,293 |
Level 2 | Limited partnerships/corporations | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Level 2 | CLO notes | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 1,256 | 1,234 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Level 3 | Cash and cash equivalents | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Level 3 | Corporate loans | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Level 3 | Limited partnerships/corporations | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Level 3 | CLO notes | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | $ 0 | $ 0 |
Consolidated and Nonconsolida_7
Consolidated and Nonconsolidated Investment Entities - Deconsolidation and Nonconsolidated VIEs (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) loan | Dec. 31, 2022 USD ($) | |
Variable Interest Entity [Line Items] | ||
Number of deconsolidated investment entities | loan | 0 | |
Total assets | $ 151,208 | $ 146,606 |
VIEs, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Amount of ownership interest in unconsolidated CLOs | 398 | 364 |
VIEs, Not Primary Beneficiary | Limited Partnerships | ||
Variable Interest Entity [Line Items] | ||
Total assets | $ 1,794 | $ 1,781 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $ 327 | $ 72 |
Additions from business combinations | 319 | 255 |
Goodwill, Ending Balance | 646 | |
Wealth | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 17 | 17 |
Additions from business combinations | 0 | 0 |
Goodwill, Ending Balance | 17 | |
Health Solutions | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 24 | 24 |
Additions from business combinations | 319 | 0 |
Goodwill, Ending Balance | 343 | |
Investment Management | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 286 | 31 |
Additions from business combinations | 0 | $ 255 |
Goodwill, Ending Balance | $ 286 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-life intangibles, Gross Carrying Amount | $ 350 | $ 350 | |
Finite-life intangibles, Gross Carrying Amount | 1,887 | 1,728 | |
Finite-life intangibles, Accumulated Amortization | 982 | 1,097 | |
Finite-life intangibles, Net Carrying Amount | 905 | 631 | |
Amortization of Intangible Assets | $ 20 | $ 11 | |
Contractual Rights | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-life intangibles, Weighted Average Amortization Lives | 19 years | ||
Finite-life intangibles, Gross Carrying Amount | $ 741 | 741 | |
Finite-life intangibles, Accumulated Amortization | 557 | 554 | |
Finite-life intangibles, Net Carrying Amount | $ 184 | 187 | |
Customer Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-life intangibles, Weighted Average Amortization Lives | 17 years | ||
Finite-life intangibles, Gross Carrying Amount | $ 324 | 135 | |
Finite-life intangibles, Accumulated Amortization | 114 | 111 | |
Finite-life intangibles, Net Carrying Amount | $ 210 | 24 | |
Computer Software, Intangible Asset | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-life intangibles, Weighted Average Amortization Lives | 4 years | ||
Finite-life intangibles, Gross Carrying Amount | $ 457 | 502 | |
Finite-life intangibles, Accumulated Amortization | 311 | 432 | |
Finite-life intangibles, Net Carrying Amount | $ 146 | 70 | |
Trademarks | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-life intangibles, Weighted Average Amortization Lives | 8 years | ||
Finite-life intangibles, Gross Carrying Amount | $ 15 | 0 | |
Finite-life intangibles, Accumulated Amortization | 0 | 0 | |
Finite-life intangibles, Net Carrying Amount | 15 | 0 | |
Customer Lists | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-life intangibles, Gross Carrying Amount | 345 | 345 | |
Contractual Rights | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-life intangibles, Gross Carrying Amount | $ 5 | $ 5 |
Segments - Narrative (Details)
Segments - Narrative (Details) | 3 Months Ended |
Mar. 31, 2023 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segments - Operating Earnings B
Segments - Operating Earnings Before Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Total adjustments to income (loss) before income taxes | $ 141 | $ 122 |
Income (loss) attributable to noncontrolling interests | 46 | 43 |
Less: Preferred stock dividends | 14 | 14 |
Adjustments | ||
Segment Reporting Information [Line Items] | ||
Total adjustments to income (loss) before income taxes | (51) | (99) |
Net investment gains (losses) and related charges and adjustments | (9) | (112) |
Income (loss) attributable to noncontrolling interests | 46 | |
Other adjustments | (70) | (8) |
Income (loss) related to businesses exited or to be exited through reinsurance or divestment | (33) | (36) |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax | 200 | 221 |
Adjusted operating earnings before income taxes | 192 | 221 |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 8 | 0 |
Operating Segments | Wealth Solutions | ||
Segment Reporting Information [Line Items] | ||
Adjusted operating earnings before income taxes | 132 | 228 |
Operating Segments | Investment Management | ||
Segment Reporting Information [Line Items] | ||
Adjusted operating earnings before income taxes | 42 | 39 |
Operating Segments | Health Solutions | ||
Segment Reporting Information [Line Items] | ||
Adjusted operating earnings before income taxes | 94 | 21 |
Operating Segments | Corporate | ||
Segment Reporting Information [Line Items] | ||
Adjusted operating earnings before income taxes | $ (69) | $ (68) |
Segments - Operating Revenues (
Segments - Operating Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Total revenues | $ 1,835 | $ 1,506 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 11 | 22 |
Adjustments | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 137 | (97) |
Net investment gains (losses) and related charges and adjustments | (14) | (120) |
Revenues related to businesses exited or to be exited through reinsurance or divestment | 30 | (54) |
Revenues attributable to noncontrolling interests | 60 | 48 |
Other adjustments | 60 | 28 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 1,697 | 1,603 |
Operating Segments | Wealth Solutions | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 684 | 756 |
Operating Segments | Investment Management | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 229 | 178 |
Operating Segments | Health Solutions | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 774 | 647 |
Intersegment | Investment Management | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 22 | $ 22 |
Segments - Total Assets (Detail
Segments - Total Assets (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 151,208 | $ 146,606 |
Noncontrolling Interest | ||
Segment Reporting Information [Line Items] | ||
Total assets | 4,128 | 3,914 |
Total | Parent | ||
Segment Reporting Information [Line Items] | ||
Total assets | 147,080 | 142,692 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total assets | 26,333 | 26,712 |
Operating Segments | Wealth Solutions | ||
Segment Reporting Information [Line Items] | ||
Total assets | 115,777 | 111,701 |
Operating Segments | Investment Management | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,635 | 1,611 |
Operating Segments | Health Solutions | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,335 | $ 2,668 |
Uncategorized Items - voya-2023
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 1,007,000,000 |